Company No: SC658928 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2022		31.03.2021
		£		£
Fixed assets
Tangible assets	3	55,210		1,129
		55,210		1,129
Current assets
Stocks	4	38,500		0
Debtors	5	268,220		174,542
Cash at bank and in hand	6	135,495		160,824
		442,215		335,366
Creditors
Amounts falling due within one year	7	( 315,362)		( 308,775)
Net current assets		126,853		26,591
Total assets less current liabilities		182,063		27,720
Provision for liabilities	8, 9	( 13,803)		( 215)
Net assets		168,260		27,505
Capital and reserves
Called-up share capital	10	2		2
Profit and loss account		168,258		27,503
Total shareholders' funds		168,260		27,505

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of DB Modular Buildings Ltd (registered number: SC658928) were approved and authorised for issue by the Director on 08 September 2022. They were signed on its behalf by:

David George Brown Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

DB Modular Buildings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Errol Airfield, Errol, Perth, PH2 7TB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Reporting period length

The financial statements cover the year from 01 April 2021 to 31 March 2022. The comparative period covered from incorporation on 07 April 2020 to 31 March 2021 and as such the comparatives are not directly comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of goods and services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

4 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	Year ended 31.03.2022		Period from 07.04.2020 to 31.03.2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2021	1,397		1,397
Additions	57,034		57,034
At 31 March 2022	58,431		58,431
Accumulated depreciation
At 01 April 2021	268		268
Charge for the financial year	2,953		2,953
At 31 March 2022	3,221		3,221
Net book value
At 31 March 2022	55,210		55,210
At 31 March 2021	1,129		1,129

4. Stocks

	31.03.2022		31.03.2021
	£		£
Stocks	38,500		0

5. Debtors

	31.03.2022		31.03.2021
	£		£
Trade debtors	266,029		173,852
Other debtors	2,191		690
	268,220		174,542

6. Cash and cash equivalents

	31.03.2022		31.03.2021
	£		£
Cash at bank and in hand	135,495		160,824

7. Creditors: amounts falling due within one year

	31.03.2022		31.03.2021
	£		£
Trade creditors	15,755		15,477
Other creditors	266,929		259,760
Corporation tax	31,945		13,926
Other taxation and social security	733		19,612
	315,362		308,775

8. Provision for liabilities

	31.03.2022		31.03.2021
	£		£
Deferred tax	13,803		215

9. Deferred tax

	31.03.2022		31.03.2021
	£		£
At the beginning of financial year/period	( 215)		0
Charged to the Profit and Loss Account	( 13,588)		( 215)
At the end of financial year/period	( 13,803)		( 215)

10. Called-up share capital

	31.03.2022		31.03.2021
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.03.2022		31.03.2021
	£		£
- within one year	7,200		6,000
- between one and five years	0		0
	7,200		6,000

12. Related party transactions

Transactions with the entity's directors

	31.03.2022		31.03.2021
	£		£
Amounts due to directors	22,284		29,244

This loan is unsecured, interest free and repayable on demand.