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 2020

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

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Intangible assets

4

201

-

Tangible assets

5

216,537

1,317,686

216,738

1,317,686

CURRENT ASSETS

Stocks

45,475

110,124

Debtors

6

2,975,916

3,355,244

3,021,391

3,465,368

CREDITORS

Amounts falling due within one year

7

(1,801,805

)

(2,817,229

)

NET CURRENT ASSETS

1,219,586

648,139

TOTAL ASSETS LESS CURRENT LIABILITIES

1,436,324

1,965,825

CREDITORS

Amounts falling due after more than one year

8

-

(373,506

)

PROVISIONS FOR LIABILITIES

11

(39,900

)

(26,881

)

NET ASSETS

1,396,424

1,565,438

CAPITAL AND RESERVES

Called up share capital

12

103

103

Retained earnings

1,396,321

1,565,335

SHAREHOLDERS' FUNDS

1,396,424

1,565,438

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 19 April 2021 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.

Computer software is being amortised evenly over its estimated useful life of five years.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 31 (2019 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 May 2019

10,000

-

10,000

Additions

2

199

201

At 30 April 2020

10,002

199

10,201

AMORTISATION

At 1 May 2019

and 30 April 2020

10,000

-

10,000

NET BOOK VALUE

At 30 April 2020

2

199

201

At 30 April 2019

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 May 2019

1,168,451

350,744

168,067

175,943

1,863,205

Additions

34,330

65,005

23,668

31,999

155,002

Disposals

(1,202,781

)

-

-

(14,591

)

(1,217,372

)

At 30 April 2020

-

415,749

191,735

193,351

800,835

DEPRECIATION

At 1 May 2019

-

285,877

115,833

143,809

545,519

Charge for year

-

23,001

16,940

13,082

53,023

Eliminated on disposal

-

-

-

(14,244

)

(14,244

)

At 30 April 2020

-

308,878

132,773

142,647

584,298

NET BOOK VALUE

At 30 April 2020

-

106,871

58,962

50,704

216,537

At 30 April 2019

1,168,451

64,867

52,234

32,134

1,317,686

6.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

124,193

291,824

Retentions

369,478

512,303

Bad debt provision

(72,690

)

(60,077

)

Amounts owed by group undertakings

1,617,798

1,123,921

Amounts recoverable on contract

614,010

1,177,007

Prepayments

50,446

98,131

2,703,235

3,143,109

Amounts falling due after more than one year:

Retentions

272,681

212,135

Aggregate amounts

2,975,916

3,355,244

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

194,733

304,123

Trade creditors

698,222

1,421,714

Retentions held

117,063

157,326

Tax

3,001

54,166

Social security and other taxes

240,229

86,638

Wages

(222

)

(222

)

VAT

3,945

38,710

Other creditors

894

894

Directors' current accounts

400,683

612,188

Accrued expenses

143,257

141,692

1,801,805

2,817,229

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

-

64,106

Bank loans - 2-5 years

-

207,655

Bank loans more 5 yr by instal

-

101,745

-

373,506

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

101,745

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

87,000

-

Between one and five years

348,000

-

In more than five years

391,500

-

826,500

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

194,733

242,414

Bank loans

-

435,215

194,733

677,629

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.In addition an unlimited multilateral guarantee dated 29 October 2019 is given by DMCA Developments, D M & C Ash Limited and Ash Drywall Limited.

11.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

39,900

26,881

Deferred

tax

£

Balance at 1 May 2019

26,881

Provided during year

13,019

Profit and loss account

Balance at 30 April 2020

39,900

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

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.

13.	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

14.	RELATED PARTY DISCLOSURES

15.	FRC 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.

16.	ULTIMATE CONTROLLING PARTY