Droyt Products Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00322883 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

FOR

DROYT PRODUCTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C M Effendowicz

A S D McCracken

SECRETARY:

A S D McCracken

REGISTERED OFFICE:

Progress Mill

Progress Street

Chorley

Lancashire

PR6 0RZ

REGISTERED NUMBER:

00322883 (England and Wales)

ACCOUNTANTS:

TLL Accountants

7-9 Station Road

Hesketh Bank

Preston

Lancashire

PR4 6SN

BANKERS:

Royal Bank of Scotland

56 Market Street

Chorley

Lancashire

PR7 2SD

FIXED ASSETS

Tangible assets

4

208,142

215,601

CURRENT ASSETS

Stocks

129,394

116,174

Debtors

102,277

98,245

Cash at bank and in hand

1,087

15,777

232,758

230,196

CREDITORS

Amounts falling due within one year

135,341

137,766

NET CURRENT ASSETS

97,417

92,430

TOTAL ASSETS LESS CURRENT LIABILITIES

305,559

308,031

CREDITORS

Amounts falling due after more than one year

82,589

86,029

NET ASSETS

222,970

222,002

CAPITAL AND RESERVES

Called up share capital

209,000

209,000

Revaluation reserve

6

194,477

194,477

Retained earnings

(180,507

)

(181,475

)

SHAREHOLDERS' FUNDS

222,970

222,002

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st March 2017 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 on 19th July 2017 and were signed on its behalf by:

C M Effendowicz - Director

A S D McCracken - Director

1.	STATUTORY INFORMATION

Droyt Products 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 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.

Freehold property

-

Over useful economic life of 50 years

Plant and machinery

-

15% on reducing balance

Office equipment

-

33% on cost and 15% 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1st April 2016

403,329

Additions

2,491

At 31st March 2017

405,820

DEPRECIATION

At 1st April 2016

187,728

Charge for year

9,950

At 31st March 2017

197,678

NET BOOK VALUE

At 31st March 2017

208,142

At 31st March 2016

215,601

Included in cost or valuation of land and buildings is freehold land of £ 90,000 (2016 - £ 90,000 ) which is not

depreciated.

Cost or valuation at 31st March 2017 is represented by:

Totals

£

Valuation in 2012

65,000

Valuation in 2003

25,000

Valuation in 1999

80,266

Cost

235,554

405,820

If Freehold land and buildings had not been revalued they would have been included at the following historical

cost:

2017

2016

£

£

Cost

29,734

29,734

Aggregate depreciation

15,743

15,743

Value of land in freehold land and buildings

19,822

19,822

Freehold land and buildings were valued on an open market basis basis on 3rd January 2003 by Peter E. Gilkes & Co

.

The directors subsequently revalued the freehold land and buildings themselves at £200,000 as at 31 March

2012.

5.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

22,780

-

Bank loans

28,854

32,119

51,634

32,119

6.

RESERVES

Revaluation

reserve

£

At 1st April 2016

and 31st March 2017

194,477

7.	RELATED PARTY DISCLOSURES

C.M.Effendowicz and A.S.McCracken own 73.33% of the issued ordinary share capital of the company.

During the year contributions of £2,856 (2016: £2,856) were paid to the company's pension scheme of which

C.M.Effendowicz and A.S.McCracken are trustees and beneficiaries.