DUCTFORM HVAC FABRICATION & ENGINEERING LTD

DUCTFORM HVAC FABRICATION & ENGINEERING LTD - Company Information

2021-05-012022-04-302022-04-30falseSC581147DUCTFORM HVAC FABRICATION & ENGINEERING 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Registered Number
SC581147
(Scotland)

Unaudited Financial Statements for the Year ended
30 April 2022

DUCTFORM HVAC FABRICATION & ENGINEERING LTD

Company Information
for the year from 1 May 2021 to 30 April 2022


Directors	Grant George Ferry
	Roland Ferry
	Stacey-Lee Ferry
	Alan Patrick Mathieson


Registered Address	17 Faraday Road Southfield Industrial Estate
	Glenrothes
	KY6 2RU


Registered Number	SC581147 (Scotland)

DUCTFORM HVAC FABRICATION & ENGINEERING LTD

Balance Sheet as at
30 April 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	5		114,480		120,117
			114,480		120,117
Current assets
Stocks		301,829		177,004
Debtors	8	1,052,733		1,379,293
Cash at bank and on hand		2,669		3,981
		1,357,231		1,560,278
Creditors amounts falling due within one year	9	(1,099,015)		(934,411)
Net current assets (liabilities)			258,216		625,867
Total assets less current liabilities			372,696		745,984
Creditors amounts falling due after one year	10		(1,008,169)		(843,099)
Provisions for liabilities			(9,112)		(8,187)
Net assets			(644,585)		(105,302)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(644,586)		(105,303)
Shareholders' funds			(644,585)		(105,302)

The company was entitled to exemption from audit for this reporting period 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 Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 24 January 2023, and are signed on its behalf by:

Stacey-Lee Ferry
Director
Registered Company No. SC581147

DUCTFORM HVAC FABRICATION & ENGINEERING LTD

Notes to the Financial Statements
for the year ended 30 April 2022

1.	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Turnover policy
	With the exception of long term contracts, turnover represents amounts receivable during the year, excluding Value Added Tax. Revenue from long term contracts is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. If the nature of a particular contract means that costs incurred do not accurately reflect the progress of contract activity, an alternative approach is used such as the achievement of pre-determined contract milestones. Profit attributable to contract activity is recognised if the final outcome of such contracts can be reliably assessed. On all contracts, full provision is made for any losses in the year in which they are first foreseen. Revenue from services provided on a short-term or one-off basis is recognised when the service is complete.

Turnover policy

With the exception of long term contracts, turnover represents amounts receivable during the year, excluding Value Added Tax.

Revenue from long term contracts is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. If the nature of a particular contract means that costs incurred do not accurately reflect the progress of contract activity, an alternative approach is used such as the achievement of pre-determined contract milestones.

Profit attributable to contract activity is recognised if the final outcome of such contracts can be reliably assessed. On all contracts, full provision is made for any losses in the year in which they are first foreseen.

Revenue from services provided on a short-term or one-off basis is recognised when the service is complete.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Land and buildings	10
	Plant and machinery	10
	Fixtures and fittings	10

	Stocks policy
	Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. Work in progress Applications applied for are recognised as turnover. The attributable profit on contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of the work completed to date on the project. Costs associated with contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. Costs are defined as direct costs plus attributable overheads based on normal level of activity. Full provision is made for losses on all contracts in the year in which the loss is foreseen.

Stocks policy

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress

Applications applied for are recognised as turnover. The attributable profit on contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of the work completed to date on the project.

Costs associated with contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. Costs are defined as direct costs plus attributable overheads based on normal level of activity.

Full provision is made for losses on all contracts in the year in which the loss is foreseen.

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 

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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 

Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases policy

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

	Employee benefits policy
	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.

	Going concern
	The financial statements have been prepared on the going concern basis. The directors find it appropriate for the financial statements to be prepared on this basis despite the net liability position of the company. The company is reliant upon the continued support of the directors and parent company.

4.	Employee information


		2022		2021
	Average number of employees during the year	85		93

5.	Property, plant and equipment

	Land & buildings	Plant & machinery	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 May 21	122,026	16,763	11,905	150,694
Additions	4,876	5,604	-	10,480
At 30 April 22	126,902	22,367	11,905	161,174
Depreciation and impairment
At 01 May 21	25,127	2,778	2,672	30,577
Charge for year	12,690	2,237	1,190	16,117
At 30 April 22	37,817	5,015	3,862	46,694
Net book value
At 30 April 22	89,085	17,352	8,043	114,480
At 30 April 21	96,899	13,985	9,233	120,117


	Clydesdale Bank Plc hold a floating charge over all property and undertakings of the Company.

6.	Description of financial commitments other than capital commitments
	Total amount of commitments, guarantees and contingencies is £128,532 (2021: £127,788).

7.	Directors benefits
	There are no fixed repayment terms for overdrawn directors loan balances and no interest is charged.

8.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	645,102	997,460
Amounts owed by group undertakings	304,001	278,526
Other debtors	91,653	88,637
Prepayments and accrued income	11,977	14,670
Total	1,052,733	1,379,293

9.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	362,779	404,571
Taxation and social security	154,748	368,429
Other creditors	503,941	81,837
Accrued liabilities and deferred income	77,547	79,574
Total	1,099,015	934,411

10.	Creditors after one year

	2022	2021
	£	£
Amounts owed to related parties	980,669	843,099
Other creditors	27,500	-
Total	1,008,169	843,099