Durose Pipework Engineering Limited - Accounts to registrar (filleted) - small 22.3

DUROSE PIPEWORK ENGINEERING LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Durose

N Durose

SECRETARY:

P Durose

REGISTERED OFFICE:

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

REGISTERED NUMBER:

04581704 (England and Wales)

FIXED ASSETS

Tangible assets

4

9,186

11,813

CURRENT ASSETS

Debtors

5

209,251

185,653

Cash at bank

39,235

47,822

248,486

233,475

CREDITORS

Amounts falling due within one year

6

247,110

198,011

NET CURRENT ASSETS

1,376

35,464

TOTAL ASSETS LESS CURRENT LIABILITIES

10,562

47,277

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10,462

47,177

SHAREHOLDERS' FUNDS

10,562

47,277

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st December 2022 and were signed on its behalf by:

N Durose - Director

1.	STATUTORY INFORMATION

Durose Pipework Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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.

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to / from related parties.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2021

and 31st March 2022

43,228

DEPRECIATION

At 1st April 2021

31,415

Charge for year

2,627

At 31st March 2022

34,042

NET BOOK VALUE

At 31st March 2022

9,186

At 31st March 2021

11,813

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

209,251

185,653

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

22,214

10,639

Taxation and social security

64,362

34,211

Other creditors

160,534

153,161

247,110

198,011

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £65,000 were paid to the directors .

Included in Other creditors are amounts of £74,987 (2021 - £75,499) owed by the company to P Durose and £83,359 (2021 - £75,499) owed by the company to N Durose, the directors of the company.