Company Registration No. 00443179 (England and Wales)
DUROLAS (CONTRACTORS) LIMITED
ANNUAL REPORT
AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
DUROLAS (CONTRACTORS) LIMITED
COMPANY INFORMATION
Directors
P P Monaghan
I R Best
K R Free
Secretary
J Moore
Company number
00443179
Registered office
95 Frances Road
Kings Norton
Birmingham
West Midlands
B30 3DU
Accountants
Bache Brown & Co Limited
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
Solicitors
Waters & Co.
112 High Street
Coleshill
Birmingham
West Midlands
B46 3BL
DUROLAS (CONTRACTORS) LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 13
DUROLAS (CONTRACTORS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
193,861
278,010
Current assets
Stocks
6
20,895
7,450
Debtors
7
511,807
500,671
Cash at bank and in hand
1,047,628
1,043,936
1,580,330
1,552,057
Creditors: amounts falling due within one year
8
(495,652)
(605,382)
Net current assets
1,084,678
946,675
Total assets less current liabilities
1,278,539
1,224,685
Provisions for liabilities
10
(569,833)
(592,223)
Net assets
708,706
632,462
Capital and reserves
Called up share capital
13
4,300
4,300
Share premium account
26,324
26,324
Capital redemption reserve
1,300
1,300
Profit and loss reserves
676,782
600,538
Total equity
708,706
632,462
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
- 1 -
DUROLAS (CONTRACTORS) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
The financial statements were approved by the board of directors and authorised for issue on 13 March 2018 and are signed on its behalf by:
P P Monaghan
Director
Company Registration No. 00443179
- 2 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
Company information
Durolas (Contractors) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
95 Frances Road, Kings Norton, Birmingham, West Midlands, B30 3DU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
3 to 12 years.
Plant and machinery
3 to 12 years.
Motor vehicles
3 to 12 years.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
- 3 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 4 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
- 5 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
- 6 -
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
The defined benefit pension scheme requires contributions to be made to separately administered funds.
In accordance with FRS 1
02 Employee Benefits
, the regular service cost of providing retirement benefits to employees during the year, together with the cost of any benefits relating to past service is charged to operating profit in the year. A credit representing the expected return on the assets of the retirement benefit scheme during the year is included within other financial income. This is based on the market value of the asset of the scheme at the start of the financial year. A charge within other finance charges represents the expected increase in the liabilities of the retirement benefit scheme during the year and is included within net interest. This arises from the liabilities of the scheme being one year closer to payment. The difference between the market value of assets and the present value of accrued pension liabilities is shown as an asset or liability in the balance sheet. Differences between actual and expected returns on assets during the year are recogni
s
ed in the statement of total recogni
s
ed gains and losses in the year, together with differences arising from changes in assumptions.
The defined benefit pension liability in the balance sheet comprises the total of each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds that have been rated at AA or equivalent status), less any past service cost not yet recogni
s
ed and less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information and in the case of quoted securities is the published bid price.
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 7 -
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The
net
defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
34
36
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2017
7,988
179,280
645,055
832,323
Disposals
-
(1,346)
(9,191)
(10,537)
At 31 December 2017
7,988
177,934
635,864
821,786
Depreciation and impairment
At 1 January 2017
7,988
165,660
380,665
554,313
Depreciation charged in the year
-
4,989
79,160
84,149
Eliminated in respect of disposals
-
(1,346)
(9,191)
(10,537)
At 31 December 2017
7,988
169,303
450,634
627,925
Carrying amount
At 31 December 2017
-
8,631
185,230
193,861
At 31 December 2016
-
13,620
264,390
278,010
5
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
480,790
463,644
Carrying amount of financial liabilities
Measured at amortised cost
318,416
434,151
Financial assets represents trade debtors.
Financial liabilities represents bank overdrafts, trade creditors, other creditors and accruals.
6
Stocks
2017
2016
£
£
Raw materials and consumables
20,895
7,450
- 8 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
480,790
463,644
Prepayments and accrued income
31,017
37,027
511,807
500,671
8
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
9
-
131,343
Trade creditors
238,666
194,372
Other taxation and social security
177,236
171,231
Accruals and deferred income
79,750
108,436
495,652
605,382
9
Loans and overdrafts
2017
2016
£
£
Bank overdrafts
-
131,343
Payable within one year
-
131,343
10
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
11
29,563
45,823
Retirement benefit obligations
12
540,270
546,400
569,833
592,223
- 9 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
11
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Accelerated capital allowances
29,563
45,823
2017
Movements in the year:
£
Liability at 1 January 2017
45,823
Credit to profit or loss
(16,260)
Liability at 31 December 2017
29,563
12
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £45,287 (2016 - £57,339).
Defined benefit schemes
Retirement and death benefits are provided for eligible employees by the Durolas (Contractors) Limited Pension and Assurance Scheme. Members of this scheme are contracted out of the State Earnings Related Pension. The fund is an externally funded defined benefit scheme based upon final pay levels.
The pension costs relating to the scheme are assessed in accordance with the advice of qualified actuaries using the projected unit credit method and are based on the latest known actuarial valuation made at 1 January 2016. The significant assumptions for the scheme were that normal retirement age is 65 for all members. Pensionable service is continuous service with the company for members who joined prior to 1 January 1977, and continuous scheme service for other members. Pensionable earnings are gross earnings in 2007 increased with inflation. Final pensionable earnings are the average of the best 3 years consecutive pensionable earnings in the 10 years immediately preceding normal retirement date. Pensions in payment in respect of service of service accrued after 6 April 1997 increases in line with RPI inflation subject to a maximum of 5% per annum. The guaranteed minimum pension in respect of services after 6 April 1988 increases at 3% per annum compound whilst in payment.
Valuation
At 1 January 2016 the market value of the assets of the scheme was £1,168,000 and the actuarial value of the assets was sufficient to cover 76% of the benefits that had accrued to members after allowing for expected future increases in earnings. The actuary recommended that the contribution rate from 1 January 2017 should be £3,700 per month payable from January 2017 to December 2025 inclusive.
- 10 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
12
Retirement benefit schemes
(Continued)
Funding policy
A decision was made to close the Durolas pension scheme to new entrants and to future accrual with effect from 31 December 2010. The scheme will operate as a closed scheme.
Other information
The valuation used for FRS 102 Employee Benefits disclosures has been based on the most recent actuarial valuation at 1 January 2016 and updated to take account of the requirements of FRS 17 in order to assess the liabilities of the scheme at 31 December 2017. Scheme assets are stated at their market values at the respective balance sheet dates.
2017
2016
Key assumptions
%
%
Discount rate
2.5
2.8
Expected rate of increase of pensions in payment
3.05
3.4
Expected rate of salary increases
3.1
3.4
Expected rate of increase in deferred pensions
2.1
2.4
Inflation assumption
3.1
3.4
Mortality assumptions
2017
2016
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
22.3
22.5
- Females
24.2
24.2
Retiring in 20 years
- Males
23.7
23.8
- Females
25.7
25.3
2017
2016
Amounts recognised in the income statement
£
£
Net interest on defined benefit liability/(asset)
18,000
18,000
Other costs and income
12,000
9,000
Total costs
30,000
27,000
- 11 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
12
Retirement benefit schemes
(Continued)
2017
2016
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
(139,000)
(311,000)
Less: calculated interest element
42,000
42,000
Return on scheme assets excluding interest income
(97,000)
(269,000)
Actuarial changes related to obligations
107,000
465,000
Total costs
10,000
196,000
The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:
2017
2016
£
£
Present value of defined benefit obligations
2,305,000
2,157,000
Fair value of plan assets
(1,638,000)
(1,474,000)
Deficit in scheme
667,000
683,000
Deferred taxation balance relating to pension scheme
(126,730)
(136,600)
Total liability recognised
540,270
546,400
2017
Movements in the present value of defined benefit obligations
£
Liabilities at 1 January 2017
2,157,000
Benefits paid
(19,000)
Actuarial gains and losses
107,000
Interest cost
60,000
At 31 December 2017
2,305,000
The defined benefit obligations arise from plans which are wholly or partly funded.
- 12 -
DUROLAS (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
12
Retirement benefit schemes
(Continued)
2017
Movements in the fair value of plan assets
£
Fair value of assets at 1 January 2017
1,474,000
Interest income
42,000
Return on plan assets (excluding amounts included in net interest)
97,000
Benefits paid
(19,000)
Contributions by the employer
56,000
Other
(12,000)
At 31 December 2017
1,638,000
2017
2016
Fair value of plan assets at the reporting period end
£
£
Equity instruments
1,638,000
1,474,000
13
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
4,300 Ordinary shares of £1 each
4,300
4,300
4,300
4,300
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which are as follows:
2017
2016
£
£
197,495
192,527
- 13 -
2017-12-31
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I R Best
K R Free
J Moore
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