Company Registration No. 07339255 (England and Wales)
DURKAN & SONS LTD
Unaudited accounts
for the year ended 28 February 2022
DURKAN & SONS LTD
Unaudited accounts
Contents
DURKAN & SONS LTD
Company Information
for the year ended 28 February 2022
Director
Brendan James DURKAN
Company Number
07339255 (England and Wales)
Registered Office
21 HYDE PARK ROAD
LEEDS
LS6 1PY
Accountants
HLA Accountants
21 Hyde Park Road
Leeds
West Yorkshire
LS6 1PY
DURKAN & SONS LTD
Statement of financial position
as at 28 February 2022
Tangible assets
3,703
53,905
Inventories
411,993
675,316
Debtors
2,338,375
1,147,714
Cash at bank and in hand
133,047
141,586
Creditors: amounts falling due within one year
(1,684,245)
(820,772)
Net current assets
1,199,170
1,143,844
Total assets less current liabilities
1,202,873
1,197,749
Creditors: amounts falling due after more than one year
(42,890)
(78,525)
Provisions for liabilities
Other provisions
-
(46,000)
Net assets
1,159,983
1,073,224
Called up share capital
1
1
Profit and loss account
1,159,982
1,073,223
Shareholders' funds
1,159,983
1,073,224
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 November 2022 and were signed on its behalf by
Brendan James DURKAN
Director
Company Registration No. 07339255
DURKAN & SONS LTD
Notes to the Accounts
for the year ended 28 February 2022
DURKAN & SONS LTD is a private company, limited by shares, registered in England and Wales, registration number 07339255. The registered office is 21 HYDE PARK ROAD, LEEDS, LS6 1PY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Expenditure on research and development is written off in the year in which it is incurred.
Government grants in relation to job retention scheme are credited to profit and loss account , whereas those in relation to expenditure are charged to profit and loss.
Also, local council grants are received in terms of Covid-19 pandemic are credit to profit and loss account under other operating expenses, whereas all fixed cost against these are debited in the profit and loss account too.
DURKAN & SONS LTD
Notes to the Accounts
for the year ended 28 February 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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 accounts. 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.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2021
9,621
475,752
-
485,373
At 28 February 2022
9,621
475,752
5,555
490,928
At 1 March 2021
8,211
423,257
-
431,468
Charge for the year
1,410
52,495
1,852
55,757
At 28 February 2022
9,621
475,752
1,852
487,225
At 28 February 2022
-
-
3,703
3,703
At 28 February 2021
1,410
52,495
-
53,905
Amounts falling due within one year
Trade debtors
1,441,096
900,521
Other debtors
627,911
119,711
DURKAN & SONS LTD
Notes to the Accounts
for the year ended 28 February 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
3,111
-
Trade creditors
1,205,238
751,047
Amounts owed to group undertakings and other participating interests
360,000
-
Taxes and social security
16,073
1,370
Other creditors
99,823
68,355
7
Creditors: amounts falling due after more than one year
2022
2021
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
The company was under the control of Mr B Durkan throughout the current year. Mr B Durkan is
the managing director and majority shareholder.
No transactions with related parties were undertaken such as are required to be disclosed.
10
Average number of employees
During the year the average number of employees was 5 (2021: 5).
