K Dunmore Refrigeration Limited - Period Ending 2020-09-30
K Dunmore Refrigeration Limited - Period Ending 2020-09-30
Year Ended
Registration number:
K Dunmore Refrigeration Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
K Dunmore Refrigeration Limited
Company Information
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Directors |
Mrs C Dunmore Mr K A Dunmore |
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Company secretary |
Mrs C Dunmore |
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Registered office |
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Bankers |
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Accountants |
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K Dunmore Refrigeration Limited
Balance Sheet
30 September 2020
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2020 |
2019 |
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Fixed 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 liabilities |
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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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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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K Dunmore Refrigeration Limited
Balance Sheet
30 September 2020
For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05914880
K Dunmore Refrigeration Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2020
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
8 Lanherne Avenue
St Mawgan
Newquay
Cornwall
TR8 4EL
These financial statements were authorised for issue by the
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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.
K Dunmore Refrigeration Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2020
Going concern
In preparing and approving these financial statements the directors have given due consideration to going concern risks, and in particular the impact of the COVID-19 outbreak. The pandemic has led to widespread, profound economic shocks, and has caused interruptions to normal operations under government guidelines. These are being effectively managed due to the robust systems in place and use of the government support schemes. Whilst recognising that there is a degree of uncertainty, the directors are satisfied that the going concern basis of preparation remains appropriate and that the impact of the pandemic is not considered to be an adjusting post balance sheet event.
In reaching this conclusion the directors, having made all necessary enquiries, will continue to monitor the support schemes offered by central government and may access these to assist with reducing cash outflows during the period of lockdown.
After due consideration of these factors, the directors are satisfied that the company will be able to operate within their available facilities and continue as a going concern for the foreseeable future – being a period no less than 12 month from the date of approval of these financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services relating to refrigeration engineering and equipment rental. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
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.
The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
K Dunmore Refrigeration Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2020
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:
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Asset class |
Depreciation method and rate |
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Freehold Property |
Nil |
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Motor Vehicles |
25% reducing balance |
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Plant and Machinery |
15% - 25% reducing balance |
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:
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Asset class |
Amortisation method and rate |
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Goodwill |
10% straight line |
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.
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
K Dunmore Refrigeration Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2020
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
K Dunmore Refrigeration Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2020
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 October 2019 |
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At 30 September 2020 |
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Amortisation |
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At 1 October 2019 |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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Tangible assets |
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Freehold land and buildings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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Depreciation |
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At 1 October 2019 |
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Charge for the year |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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K Dunmore Refrigeration Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2020
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Debtors |
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2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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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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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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K Dunmore Refrigeration Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2020
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Loans and borrowings |
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2020 |
2019 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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Other borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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