Company Registration No. 03991741 (England and Wales)
Dragon Thermals Limited
Unaudited accounts
for the year ended 30 June 2021
Dragon Thermals Limited
Unaudited accounts
Contents
Dragon Thermals Limited
Company Information
for the year ended 30 June 2021
Company Number
03991741 (England and Wales)
Accountants
Evans Entwistle
Venta House
Maes-glas
Newport
NP20 2NS
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Dragon Thermals Limited
for the year ended 30 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dragon Thermals Limited for the year ended 30 June 2021 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Chartered Management Accountants
Venta House
Maes-glas
Newport
NP20 2NS
18 August 2021
Dragon Thermals Limited
Statement of financial position
as at
30 June 2021
Tangible assets
14,377
10,242
Inventories
34,000
15,000
Cash at bank and in hand
17,851
33,787
Creditors: amounts falling due within one year
(29,604)
(31,751)
Net current assets
27,161
20,595
Total assets less current liabilities
41,538
30,837
Creditors: amounts falling due after more than one year
(7,991)
(11,867)
Provisions for liabilities
Called up share capital
4
4
Profit and loss account
32,333
18,966
Shareholders' funds
32,337
18,970
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 August 2021 and were signed on its behalf by
Michael Rounds
Director
Company Registration No. 03991741
Dragon Thermals Limited
Notes to the Accounts
for the year ended 30 June 2021
Dragon Thermals Limited is a private company, limited by shares, registered in England and Wales, registration number 03991741.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
Depreciation has previously been provided on a declining balance basis.
Depreciation has now been provided using straight line basis, with some adjustments made to previous years depreciation. In order to write off the assets over their estimated useful lives the following length of time have been used:
Plant & machinery
48 months
Fixtures & fittings
60 months
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Dragon Thermals Limited
Notes to the Accounts
for the year ended 30 June 2021
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2020
2,892
112,881
27,876
143,649
Additions
-
-
1,103
1,103
At 30 June 2021
2,892
112,881
28,979
144,752
At 1 July 2020
2,892
102,639
27,876
133,407
Charge for the year
(1,386)
3,263
(4,909)
(3,032)
At 30 June 2021
1,506
105,902
22,967
130,375
At 30 June 2021
1,386
6,979
6,012
14,377
At 30 June 2020
-
10,242
-
10,242
5
Debtors: amounts falling due within one year
2021
2020
6
Creditors: amounts falling due within one year
2021
2020
Obligations under finance leases and hire purchase contracts
3,306
2,946
Trade creditors
2,262
4,962
Taxes and social security
17,721
10,142
Loans from directors
6,315
9,291
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
7,991
11,867
Dragon Thermals Limited
Notes to the Accounts
for the year ended 30 June 2021
8
Deferred taxation
2021
2020
Accelerated capital allowances
1,210
-
Charged to the profit and loss account
1,210
-
Provision at end of year
1,210
-
9
Share capital
2021
2020
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4
4
10
Average number of employees
During the year the average number of employees was 1 (2020: 1).