Don Valley Engineering Company Limited - Accounts to registrar (filleted) - small 22.3
Don Valley Engineering Company Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
Don Valley Engineering Company Limited |
Financial Statements For The Year Ended 31 July 2022 |
Don Valley Engineering Company Limited (Registered number: 00439915) |
Contents of the Financial Statements |
For The Year Ended 31 July 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Don Valley Engineering Company Limited |
Company Information |
For The Year Ended 31 July 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
BANKERS: |
14 Commercial Street |
Sheffield |
South Yorkshire |
S1 2AT |
Don Valley Engineering Company Limited (Registered number: 00439915) |
Balance Sheet |
31 July 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
Don Valley Engineering Company Limited (Registered number: 00439915) |
Notes to the Financial Statements |
For The Year Ended 31 July 2022 |
1. | STATUTORY INFORMATION |
Don Valley Engineering Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Accounting reference date |
The company has taken advantage of the provisions in section 390 of the Companies Act 2006 which allow the company to make accounts up to a date within seven days of the accounting reference date and consequently this year the company's financial statements are made up to 5 August 2022. |
Turnover |
Turnover is the total value of work completed in the year together with the value of incomplete contracts for the supply and installation of goods. Maintenance works, manufactured goods and commissions are recognised upon completion and delivery as appropriate. |
In assessing the likely outcome of contracts, account is taken of overhead recovery and any expected costs to complete the contract and for subsequent works necessary under the contract to cover warranty and reworking. |
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. |
Tangible fixed assets |
Plant & machinery | - |
Motor vehicles | - |
Fixed assets are valued at their cost less accumulated depreciation. Depreciation is charged following the month of acquisition. |
Investments in associates |
Investments in associate undertakings are recognised at cost less any provision for impairment. |
Stock and work in progress |
Stock is valued at cost less a deduction for slow moving, damaged or obsolete stock. The directors consider the obsolescence policy annually in the light of the company's current operations and stockholding strategy. Materials stocks are written down by up to 100% of the cost of each item depending upon the sales of each item within the previous 24 months. The current provisions are considered adequate to reduce its value to that which will be recoverable in the ordinary course of its present and future activities taking into account the period of holding and the expected future sales. |
Work in progress represents the cost of labour and materials expended, plus an appropriate charge for overheads in respect of the manufacture of products and work undertaken over short periods which the company has not completed or delivered at the balance sheet date. |
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. |
Don Valley Engineering Company Limited (Registered number: 00439915) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 in respect of the directors and the employees. The assets of the scheme are held by trustees separately from the company's assets. The charge for pensions in the accounts represents the amount payable by the company in the year. |
Grants |
Grants received in respect of revenue expenditure are credited to the profit and loss account in the year to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2021 |
and 31 July 2022 |
AMORTISATION |
At 1 August 2021 |
and 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
Don Valley Engineering Company Limited (Registered number: 00439915) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant & | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 August 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
6. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 August 2021 |
and 31 July 2022 |
PROVISIONS |
At 1 August 2021 |
and 31 July 2022 | 371,661 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
7. | STOCKS |
2022 | 2021 |
£ | £ |
Raw materials & consumables |
Work-in-progress |
Finished goods |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts recoverable on contracts | 1,044,658 | 499,971 |
Prepayments and accrued income |
Don Valley Engineering Company Limited (Registered number: 00439915) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Payments on account |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Hire purchase contracts | - | 931 |
The hire purchase contracts are secured on the assets to which the contracts relate. |
12. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £0.05 | 180,500 | 180,500 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | CONTINGENT LIABILITIES |
The company has a contingent liability in respect of performance guarantees given, with recourse, by the bank to customers of this company. The maximum amount of the liability not provided for in these accounts is £2,856,450 (2021:£494,992). Of this total, the amount expiring within 12 months is £2,727,600 and the amount expiring after 12 months is £128,850. No liability had arisen at the date of approval of these financial statements. |
There is in place a cross guarantee and debenture between the company and the parent undertaking, Don Valley Engineering Group Limited and four other subsidiaries of the parent undertaking, Don Valley Engineering Construction Limited, Cleeve Materials Handling Limited, Don Valley Engineering Holdings Limited and Don Valley Materials Handling Limited dated 27 March 2019. At the balance sheet date there was there was a total indebtedness to the group's bankers of £1,372,070 (2021:£1,499,165). Against this debt, at the balance sheet date the group had total cash deposits with the group's bankers of £4,071,307 (2021:£2,103,244). |
15. | OTHER FINANCIAL COMMITMENTS |
At the year end, the company had financial commitments of £9,100 (2021: £nil). |
Don Valley Engineering Company Limited (Registered number: 00439915) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2022 |
16. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
17. | PARENT UNDERTAKING AND ULTIMATE HOLDING COMPANY |
The parent undertaking and ultimate holding company is Don Valley Engineering Group Limited, a private company, limited by shares, registered in England and Wales. The registered office is; Sandall Stones Road, Kirk Sandall, Doncaster, DN3 1QR. |