Derwent Fencing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05308726 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2019

for

Derwent Fencing Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

P J Brockley

J P Brockley

SECRETARY:

P J Brockley

REGISTERED OFFICE:

Unit 32a

Hilton Industrial Estate

Sutton Lane

Hilton

Derbyshire

DE65 5FE

REGISTERED NUMBER:

05308726 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

The Lion Buildings

8 Market Place

Uttoxeter

Staffordshire

ST14 8HP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

105,403

102,800

Investment property

6

170,000

170,000

275,403

272,800

CURRENT ASSETS

Stocks

140,500

65,500

Debtors

7

2,100,906

2,178,482

Cash at bank and in hand

119,469

10,705

2,360,875

2,254,687

CREDITORS

Amounts falling due within one year

8

964,450

971,153

NET CURRENT ASSETS

1,396,425

1,283,534

TOTAL ASSETS LESS CURRENT LIABILITIES

1,671,828

1,556,334

CREDITORS

Amounts falling due after more than one year

9

(122,137

)

(124,623

)

PROVISIONS FOR LIABILITIES

(19,383

)

(19,383

)

NET ASSETS

1,530,308

1,412,328

CAPITAL AND RESERVES

Called up share capital

6

6

Other reserves

10

22,145

22,145

Retained earnings

10

1,508,157

1,390,177

1,530,308

1,412,328

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 and authorised for issue on 29 June 2020 and were signed on its behalf by:

J P Brockley - Director

1.	STATUTORY INFORMATION

Derwent Fencing 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 as modified by the revaluation of certain assets.

The financial statements are presented in £ Sterling.

Turnover

Turnover represents the value of work completed, excluding value added tax and discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been

amortised in full over its estimated useful life of ten 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on cost and 20% on cost

Investment property

Investment properties are initially recorded at cost including incidental costs in bringing the property

into ownership. Investment properties are reviewed each year by the directors and stated at fair value.

Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss.

Deferred tax is provided on these changes in fair value at the current rate.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after

making due allowance for obsolete and slow moving.

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 statement of financial position date.

Deferred tax

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

the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

Dividend

Dividends were declared and paid during the year of £29,333.33 per share to all registered

shareholders on the 21 March 2018.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2018 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2018

and 30 June 2019

60,813

AMORTISATION

At 1 July 2018

and 30 June 2019

60,813

NET BOOK VALUE

At 30 June 2019

-

At 30 June 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2018

365,402

Additions

81,643

Disposals

(21,240

)

At 30 June 2019

425,805

DEPRECIATION

At 1 July 2018

262,602

Charge for year

68,420

Eliminated on disposal

(10,620

)

At 30 June 2019

320,402

NET BOOK VALUE

At 30 June 2019

105,403

At 30 June 2018

102,800

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2018

228,127

Additions

78,143

Disposals

(21,240

)

At 30 June 2019

285,030

DEPRECIATION

At 1 July 2018

143,788

Charge for year

57,957

Eliminated on disposal

(10,620

)

At 30 June 2019

191,125

NET BOOK VALUE

At 30 June 2019

93,905

At 30 June 2018

84,339

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2018

and 30 June 2019

170,000

NET BOOK VALUE

At 30 June 2019

170,000

At 30 June 2018

170,000

Fair value at 30 June 2019 is represented by:

£

Valuation in 2015

22,145

Cost

147,855

170,000

If investment property had not been revalued it would have been included at the following historical

cost:

2019

2018

£

£

Cost

147,855

147,855

Investment property was valued on an open market basis on 30 June 2019 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

652,775

785,487

Other debtors

1,448,131

1,392,995

2,100,906

2,178,482

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

35,256

44,771

Hire purchase contracts

57,799

61,963

VAT on applications received

185,329

180,423

Trade creditors

542,859

414,518

Taxation and social security

120,342

262,017

Other creditors

22,865

7,461

964,450

971,153

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

65,691

70,819

Hire purchase contracts

56,446

53,804

122,137

124,623

Amounts falling due in more than five years:

Repayable by instalments

Mortgage due after 5 years

44,042

49,630

10.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 July 2018

1,390,177

22,145

1,412,322

Profit for the year

293,980

293,980

Dividends

(176,000

)

(176,000

)

At 30 June 2019

1,508,157

22,145

1,530,302

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Derwent Fencing Limited for the year ended 30 June 2019 which comprise the

Income Statement, Statement of Financial Position and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Derwent Fencing Limited, as a body, in accordance with the terms of our engagement letter dated 31 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Derwent Fencing Limited and state those matters that we have agreed to state to the Board of Directors of Derwent Fencing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Derwent Fencing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Derwent Fencing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Derwent Fencing Limited. You consider that Derwent Fencing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Derwent Fencing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HSKS Greenhalgh

Chartered Accountants

The Lion Buildings

8 Market Place

Uttoxeter

Staffordshire

ST14 8HP

29 June 2020