Delkia Limited - Period Ending 2020-10-31
Delkia Limited - Period Ending 2020-10-31
Registration number:
Delkia Limited
(Registration number: 07339803)
Balance Sheet as at 31 October 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
|
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
|
|
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Non-distributable reserve |
14,794 |
17,183 |
|
Profit and loss account |
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Total equity |
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Delkia Limited
(Registration number: 07339803)
Balance Sheet as at 31 October 2020 (continued)
For the financial year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
K Canfield
Director
Delkia Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Government grants
Grants for the purpose of giving immediate financial support with no future related costs to be incurred
are recognised in the profit and loss account when the grant proceeds become receivable.
Other grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.
Grants receivable in the period were £10,000 in relation to the Coronavirus Small Business Grant and a Coronavirus bounce back loan business interruption payment of £1,220.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Delkia Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Buildings |
15% reducing balance |
Plant and equipment |
15% reducing balance |
Motor vehicles |
20% reducing balance |
Furniture and fittings |
25% reducing balance |
Office equipment |
25% reducing balance |
Intangible assets
Separately acquired trademarks, patents and licences are shown at historical cost.
Trademarks, patents and licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, patents and licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Intellectual Property rights are capitalised at cost.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks, patents and licences |
over 5 years |
Intellectual property |
shorter of the economic life and the period the right is legally enforceable |
Delkia Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Delkia Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Delkia Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Intangible assets |
Trademarks, patents and licenses |
Intellectual property |
Total |
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Cost or valuation |
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At 1 November 2019 |
|
- |
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Additions |
- |
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At 31 October 2020 |
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Amortisation |
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At 1 November 2019 |
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- |
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Amortisation charge |
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- |
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At 31 October 2020 |
|
- |
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Carrying amount |
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At 31 October 2020 |
- |
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At 31 October 2019 |
|
- |
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Tangible assets |
Land and buildings |
Plant and equipment |
Motor vehicles |
Furniture, fittings and office equipment |
Total |
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Cost or valuation |
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At 1 November 2019 |
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|
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Additions |
|
- |
- |
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Disposals |
- |
- |
- |
( |
( |
At 31 October 2020 |
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Depreciation |
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At 1 November 2019 |
- |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 October 2020 |
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Carrying amount |
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At 31 October 2020 |
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At 31 October 2019 |
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Delkia Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Revaluation
The fair value of the company's plant and machinery was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Debtors |
2020 |
2019 |
|
Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Other debtors |
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Creditors |
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Reserves |
A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:
Non-distributable reserve |
|
Brought forward |
17,183 |
Revaluation |
- |
Other movement |
(3,058) |
Deferred tax |
669 |
Carried forward |
|
Delkia Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Loans and borrowings |
2020 |
2019 |
|
Current loans and borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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Current loans and borrowings includes the following liabilities, on which security has been given by the company:
2020 |
2019 |
|
Bank overdrafts |
- |
27,242 |
Bank overdrafts are secured by a debenture and by personal indemnities provided by K Canfield, a director.
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
|
- |
Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Delkia Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Related party transactions |
Transactions with directors |
2020 |
At 1 November 2019 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 31 October 2020 |
K Canfield |
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Loan |
- |
|
( |
- |
- |
390 |
|
2019 |
At 1 November 2018 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 31 October 2019 |
K Canfield |
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Loan |
- |
|
( |
- |
- |
2,068 |
- |
Directors' advances are repayable on demand.
Interest has been charged at a rate of 2.5% to 5 April 2020 and 2.25% thereafter on advances to directors.