DCFM (Quotas) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03667782 (England and Wales)

DCFM (QUOTAS) LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2021 TO 31 MARCH 2022

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D C R Clark

Mrs J S Clark

SECRETARY:

D C R Clark

REGISTERED OFFICE:

Newstead Farm

Station Road

Stixwould

Woodhall Spa

Lincolnshire

LN10 5HW

REGISTERED NUMBER:

03667782 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Boston)

The Old Vicarage

Church Close

Boston

Lincolnshire

PE21 6NA

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

470,598

544,754

Investment property

5

300,000

300,000

770,598

844,754

CURRENT ASSETS

Stocks

127,212

137,488

Debtors

33,625

68,751

Cash at bank and in hand

21,880

121,855

182,717

328,094

CREDITORS

Amounts falling due within one year

75,685

46,166

NET CURRENT ASSETS

107,032

281,928

TOTAL ASSETS LESS CURRENT LIABILITIES

877,630

1,126,682

CREDITORS

Amounts falling due after more than one year

6

(333,028

)

(290,041

)

PROVISIONS FOR LIABILITIES

-

(80,429

)

NET ASSETS

544,602

756,212

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

8

55,425

179,309

Investment revaluation reserve

113,066

91,583

Retained earnings

375,111

484,320

SHAREHOLDERS' FUNDS

544,602

756,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 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.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 April 2023 and were signed on its behalf by:

D C R Clark - Director

1.	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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being an amount paid in connection with the acquisition of a business in 2002, has been fully amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

1% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 period 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 period 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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2021 - 2 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2021

and 31 March 2022

15,000

AMORTISATION

At 1 May 2021

and 31 March 2022

15,000

NET BOOK VALUE

At 31 March 2022

-

At 30 April 2021

-

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 May 2021

666,014

Additions

111,512

Disposals

(27,381

)

Revaluations

(155,591

)

At 31 March 2022

594,554

DEPRECIATION

At 1 May 2021

121,260

Charge for period

29,048

Eliminated on disposal

(25,657

)

Revaluation adjustments

(695

)

At 31 March 2022

123,956

NET BOOK VALUE

At 31 March 2022

470,598

At 30 April 2021

544,754

Cost or valuation at 31 March 2022 is represented by:

Totals

£

Valuation in 2020

211,016

Valuation in 2022

(155,591

)

Cost

539,129

594,554

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2021

and 31 March 2022

300,000

NET BOOK VALUE

At 31 March 2022

300,000

At 30 April 2021

300,000

Fair value at 31 March 2022 is represented by:

£

Valuation in 2012

171,066

Valuation in 2020

(65,892

)

Valuation in 2021

7,892

Cost

186,934

300,000

If investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

186,934

186,934

Investment property was valued on an open market basis on 31 March 2022 by Masons .

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2022

2021

£

£

Repayable by instalments

Bank loans more 5 yr by instal

121,191

144,768

7.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

227,048

250,625

Hire purchase contracts

10,448

15,672

237,496

266,297

8.

RESERVES

Revaluation

reserve

£

At 1 May 2021

179,309

Transfer from revaluation

reserve

(123,884

)

At 31 March 2022

55,425