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Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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Design & Management Air Conditioning |
& Mechanical Services Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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Design & Management Air Conditioning |
& Mechanical Services Limited |
Design & Management Air Conditioning |
& Mechanical Services Limited (Registered number: 02905807) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Design & Management Air Conditioning |
& Mechanical Services Limited |
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Company Information |
for the Year Ended 31 October 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
4 Riverview |
Walnut Tree Close |
Guildford |
Surrey |
GU1 4UX |
Design & Management Air Conditioning |
& Mechanical Services Limited (Registered number: 02905807) |
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Balance Sheet |
31 October 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one
year |
7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more
than one year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Design & Management Air Conditioning |
& Mechanical Services Limited (Registered number: 02905807) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2020 |
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1. | STATUTORY INFORMATION |
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Design & Management Air Conditioning & Mechanical Services Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Design & Management Air Conditioning |
& Mechanical Services Limited (Registered number: 02905807) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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3. | ACCOUNTING POLICIES - continued |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2019 |
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Additions |
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At 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 November 2019 |
and 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Design & Management Air Conditioning |
& Mechanical Services Limited (Registered number: 02905807) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 26,250 | - |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase | contracts |
2020 | 2019 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Finance charges repayable: |
Within one year |
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Net obligations repayable: |
Within one year |
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Non-cancellable | operating leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 150,718 | 150,718 |
Design & Management Air Conditioning |
& Mechanical Services Limited (Registered number: 02905807) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 November 2019 |
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Deficit for the year | ( |
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Dividends | ( |
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At 31 October 2020 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | RELATED PARTY DISCLOSURES |
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In the year the company paid to its parent company Design & Management (Holdings) Limited Dividends of £36,000 (2019: £30,000) and Administration fees of £30,000 (2019: £30,000). |
At the year end the company was owed £190,240 (2018: £252,582) by the Holding Company. The balance owed has been fully cleared subsequent to the year end. |
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14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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15. | POST BALANCE SHEET EVENTS- COVID 19 |
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See Covid-19 note for details of post balance sheet trading and the affect of the pandemic. There are no further significant events after the balance sheet date to report and no capital commitments have been entered into. |
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16. | ULTIMATE CONTROLLING PARTY |
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During the year,Mr Terry Quinn controlled the company by virtue of his 100% shareholding in the parent company Design & Management Holdings Limited. |
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17. | COVID-19- FINANCIAL IMPACT |
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The outbreak of the COVID-19 pandemic in March 2020 and the restrictions imposed had a significant impact on the company and its customers especially those in the leisure and retail industry. The company's turnover and trading was seriously affected for over 5 months in the year which caused serious issues with long term projects, due to the nature of the problems with these contracts the holding company took the decision to change the board of directors and appoint a new management team to take the company forward. As a result the turnover of the company was significantly lower in 2020 than in the 2019's financial statements |
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Furthermore in the year the Holding company and the new management team took appropriate steps to ensure finance was available having secured a CBIL'S loan along with funding from its holding company, as well as cutting costs to minimize losses in the year. |
The result of these changes is that high levels of turnover in the current year are now being attained from both new and existing customers as they have emerged from the pandemic and lockdowns, and therefore a return to full profitability has been achieved. The Director does not consider recent events as a threat to the going concern position of the company as the company has sufficient finance to enable it to achieve both its short term and long term objectives. |