Development Contracting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05132924 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

Development Contracting Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S F Smith

A P Gent

REGISTERED OFFICE:

The Old Dryer

Hinton Business Park

Tarrant Hinton

Blandford Forum

Dorset

DT11 8JF

REGISTERED NUMBER:

05132924 (England and Wales)

ACCOUNTANTS:

KingsBere Accountants Limited

The Old Dryer

Hinton Business Park

Tarrant Hinton

Blandford Forum

Dorset

DT11 8JF

FIXED ASSETS

Tangible assets

4

3,600

4,801

CURRENT ASSETS

Stocks

371,640

231,102

Debtors

5

6,264

4,092

Cash at bank

81,112

232,783

459,016

467,977

CREDITORS

Amounts falling due within one year

6

213,599

212,117

NET CURRENT ASSETS

245,417

255,860

TOTAL ASSETS LESS CURRENT LIABILITIES

249,017

260,661

CREDITORS

Amounts falling due after more than one year

7

300,000

300,000

NET LIABILITIES

(50,983

)

(39,339

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

(50,985

)

(39,341

)

SHAREHOLDERS' FUNDS

(50,983

)

(39,339

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 24 February 2022 and were signed on its behalf by:

S F Smith - Director

A P Gent - Director

1.	STATUTORY INFORMATION

Development Contracting 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.

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

-

25% on reducing balance

Stocks

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 June 2020

and 31 May 2021

4,100

3,400

7,500

DEPRECIATION

At 1 June 2020

1,849

850

2,699

Charge for year

563

638

1,201

At 31 May 2021

2,412

1,488

3,900

NET BOOK VALUE

At 31 May 2021

1,688

1,912

3,600

At 31 May 2020

2,251

2,550

4,801

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Other debtors

6,264

4,092

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Taxation and social security

363

-

Other creditors

213,236

212,117

213,599

212,117

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans

50,000

50,000

Other creditors

250,000

250,000

300,000

300,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.21

31.5.20

value:

£

£

1

Ordinary

£1

2

2

9.

RESERVES

Retained

earnings

£

At 1 June 2020

(39,341

)

Deficit for the year

(11,644

)

At 31 May 2021

(50,985

)

10.	GOING CONCERN

At the Balance Sheet date the Company was insolvent. The Company continues to benefit from the support of the Directors and consequently the Accounts are prepared on a going concern basis.

11.

CONTROL

The Company is under the control of the Directors who between them own 100% of the issued share capital.