Droyt Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00322883 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

DROYT PRODUCTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C M Effendowicz

A S D McCracken

SECRETARY:

A S D McCracken

REGISTERED OFFICE:

Progress Mill

Progress Street

Chorley

Lancashire

PR6 0RZ

REGISTERED NUMBER:

00322883 (England and Wales)

ACCOUNTANTS:

Champion TLL Limited

7-9 Station Road

Hesketh Bank

Preston

Lancashire

PR4 6SN

BANKERS:

Royal Bank of Scotland

56 Market Street

Chorley

Lancashire

PR7 2SD

FIXED ASSETS

Tangible assets

4

183,487

187,401

CURRENT ASSETS

Stocks

106,975

103,625

Debtors

5

65,415

57,085

Cash at bank and in hand

69,754

105,251

242,144

265,961

CREDITORS

Amounts falling due within one year

6

45,074

74,610

NET CURRENT ASSETS

197,070

191,351

TOTAL ASSETS LESS CURRENT LIABILITIES

380,557

378,752

CREDITORS

Amounts falling due after more than one year

7

39,500

40,000

NET ASSETS

341,057

338,752

CAPITAL AND RESERVES

Called up share capital

199,000

199,000

Revaluation reserve

9

194,477

194,477

Retained earnings

(52,420

)

(54,725

)

SHAREHOLDERS' FUNDS

341,057

338,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th October 2022 and were signed on its behalf by:

C M Effendowicz - Director

1.	STATUTORY INFORMATION

Droyt Products 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Over useful economic life of 50 years

Plant and machinery

-

15% on reducing balance

Office equipment

-

33% on cost and 15% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

property

machinery

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1st April 2021

200,000

191,530

24,582

416,112

Additions

-

3,500

731

4,231

At 31st March 2022

200,000

195,030

25,313

420,343

DEPRECIATION

At 1st April 2021

36,000

170,957

21,754

228,711

Charge for year

4,000

3,611

534

8,145

At 31st March 2022

40,000

174,568

22,288

236,856

NET BOOK VALUE

At 31st March 2022

160,000

20,462

3,025

183,487

At 31st March 2021

164,000

20,573

2,828

187,401

Included in cost or valuation of land and buildings is freehold land of £ 90,000 (2021 - £ 90,000 ) which is not depreciated.

The directors subsequently revalued the freehold land and buildings themselves at £200,000 as at 31 March 2012.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

63,703

55,646

Other debtors

1,712

1,439

65,415

57,085

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

6,000

10,000

Trade creditors

1,540

14,152

Taxation and social security

17,284

29,789

Other creditors

20,250

20,669

45,074

74,610

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

39,500

40,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

45,500

50,000

9.

RESERVES

Revaluation

reserve

£

At 1st April 2021

and 31st March 2022

194,477

10.	RELATED PARTY DISCLOSURES

C.M.Effendowicz and A.S.McCracken own 73.33% of the issued ordinary share capital of the company.

During the year contributions of £2,824 (2020: £3,017) were paid to the company's pension scheme of which C.M.Effendowicz and A.S.McCracken are trustees and beneficiaries.