D M & C Ash Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02784145 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

FOR

D M & C ASH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D M Ash

Mrs C Ash

I A Wallace

S R Jones

P C Sumpter

SECRETARY:

Mrs C Ash

REGISTERED OFFICE:

Unit 1

Ghyll Road Industrial Estate

Heathfield

East Sussex

TN21 8AW

REGISTERED NUMBER:

02784145 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,317,686

1,336,330

1,317,686

1,336,330

CURRENT ASSETS

Stocks

110,124

92,312

Debtors

6

3,355,244

2,150,511

Cash at bank

-

60,789

3,465,368

2,303,612

CREDITORS

Amounts falling due within one year

7

(2,817,229

)

(1,600,753

)

NET CURRENT ASSETS

648,139

702,859

TOTAL ASSETS LESS CURRENT LIABILITIES

1,965,825

2,039,189

CREDITORS

Amounts falling due after more than one year

8

(373,506

)

(435,214

)

PROVISIONS FOR LIABILITIES

10

(26,881

)

(27,775

)

NET ASSETS

1,565,438

1,576,200

CAPITAL AND RESERVES

Called up share capital

11

103

103

Retained earnings

1,565,335

1,576,097

SHAREHOLDERS' FUNDS

1,565,438

1,576,200

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 January 2020 and were signed on its behalf by:

D M Ash - Director

1.	STATUTORY INFORMATION

D M & C Ash Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial

statements.

There were no key assumptions made concerning the future, and other key sources of estimation

uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Long term contracts are included within turnover on the basis of the sales value of work performed

during the year. The sales value is recognised as the certified value of measured works, claims and

variations on contracts in the year. Profit is recognised on long-term contracts, if the final outcome can

be assessed with reasonable certainty, by including the profit and loss account turnover and related

costs as contract activity progresses.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1995, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or

received; other debt instruments are initially measured at present value of the future payments and

subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales

value of the work done after provision for contingencies and anticipated future losses on contracts,

less amounts received as progress payments on account. Excess progress payments are included in

creditors a payments on account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2018 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2018

and 30 April 2019

10,000

AMORTISATION

At 1 May 2018

and 30 April 2019

10,000

NET BOOK VALUE

At 30 April 2019

-

At 30 April 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 May 2018

1,168,451

346,513

146,009

193,536

1,854,509

Additions

-

4,231

22,058

-

26,289

Disposals

-

-

-

(17,593

)

(17,593

)

At 30 April 2019

1,168,451

350,744

168,067

175,943

1,863,205

DEPRECIATION

At 1 May 2018

-

264,615

103,187

150,377

518,179

Charge for year

-

21,262

12,646

10,733

44,641

Eliminated on disposal

-

-

-

(17,301

)

(17,301

)

At 30 April 2019

-

285,877

115,833

143,809

545,519

NET BOOK VALUE

At 30 April 2019

1,168,451

64,867

52,234

32,134

1,317,686

At 30 April 2018

1,168,451

81,898

42,822

43,159

1,336,330

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

291,824

97,979

Retentions

512,303

298,532

Bad debt provision

(60,077

)

(131,236

)

Amounts owed by group undertakings

1,123,921

1,273,921

Amounts recoverable on contract

1,177,007

416,970

VAT

-

30,595

Prepayments

98,131

82,794

3,143,109

2,069,555

2019

2018

£

£

Amounts falling due after more than one year:

Retentions

212,135

80,956

Aggregate amounts

3,355,244

2,150,511

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

304,123

59,403

Trade creditors

1,421,714

1,190,104

Retentions held

157,326

102,905

Tax

54,166

83,413

Social security and other taxes

86,638

77,186

Wages

(222

)

8,582

VAT

38,710

-

Other creditors

894

894

Directors' current accounts

612,188

1,188

Accrued expenses

141,692

77,078

2,817,229

1,600,753

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

64,106

61,709

Bank loans - 2-5 years

207,655

199,886

Bank loans more 5 yr by instal

101,745

173,619

373,506

435,214

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

101,745

173,619

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

242,414

-

Bank loans

435,215

494,617

677,629

494,617

Bank overdraft secured by an unscheduled mortgage debenture dated 1 August 2011 incorporating a

fixed and floating charge over all current and future assets of the company. Further security provided

on bank borrowings by a unlimited multilateral guarantee dated 20 July 2011 given by D M & C Ash

Limited and Ash Drywall Limited.

Bank loan secured by a legal charge dated 23 June 2015 over the freehold property Unit 1, Ghyll

Road, Heathfield, TN21 8AW.

Bank loan secured by a legal charge dated 20 December 2016 over the freehold property known as

Land on the South-East side of Unit 1, Ghyll Road, Heathfield, TN21 8AW.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

26,881

27,775

Deferred

tax

£

Balance at 1 May 2018

27,775

Provided during year

(894

)

Profit and loss account

Balance at 30 April 2019

26,881

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary 'A'

£1

100

100

1

Ordinary 'B'

£1

1

1

1

Ordinary 'C'

£1

1

1

1

Ordinary 'D'

£1

1

1

103

103

The 'B', 'C' and 'D' shares do not have voting rights or rights to any distribution on winding up but rank

pari passu with the ordinary 'A' shares in all other respects.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

13.	RELATED PARTY DISCLOSURES

14.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and

submit returns to the tax authorities and assist with the preparation of the financial statements.

15.	ULTIMATE CONTROLLING PARTY