D. M. Clarkson Ltd - Accounts to registrar (filleted) - small 23.2.5

D. M. CLARKSON LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr D K Clarkson

REGISTERED OFFICE:

Borderline Garage

Boghall Road

Biggar

ML12 6JJ

REGISTERED NUMBER:

SC244556 (Scotland)

ACCOUNTANTS:

JRW

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

150,432

151,686

150,432

151,686

CURRENT ASSETS

Stocks

1,423

302

Debtors

12,945

14,026

Cash at bank

737,759

732,065

752,127

746,393

CREDITORS

Amounts falling due within one year

25,404

35,452

NET CURRENT ASSETS

726,723

710,941

TOTAL ASSETS LESS CURRENT LIABILITIES

877,155

862,627

PROVISIONS FOR LIABILITIES

850

1,010

NET ASSETS

876,305

861,617

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

876,205

861,517

876,305

861,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 year ended 31st March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17th November 2023 and were signed by:

Mr D K Clarkson - Director

1.	STATUTORY INFORMATION

D. M. Clarkson Ltd is a private company, limited by shares , registered in Scotland. 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.

Going concern

The directors have considered the potential impact of ongoing worldwide events on the business and are satisfied that the Company has sufficient cash reserves to meet all financial obligations for the foreseeable future. The accounts have therefore been prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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

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

Improvements to property

-

15% on reducing balance

Plant and machinery

-

at variable rates on reducing balance

Stocks

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

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are recognised at transaction price. At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement. Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as no-current liabilities. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation id discharged, Cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2022

and 31st March 2023

20,000

AMORTISATION

At 1st April 2022

and 31st March 2023

20,000

NET BOOK VALUE

At 31st March 2023

-

At 31st March 2022

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2022

188,232

Additions

425

At 31st March 2023

188,657

DEPRECIATION

At 1st April 2022

36,546

Charge for year

1,679

At 31st March 2023

38,225

NET BOOK VALUE

At 31st March 2023

150,432

At 31st March 2022

151,686

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The directors' loan account was not in debit at any time during the year.