Company registration number 4788278 (England and Wales)
DELTA TOOLING (HORSHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
DELTA TOOLING (HORSHAM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DELTA TOOLING (HORSHAM) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
220,603
250,251
Current assets
Stocks
5
36,400
58,775
Debtors
6
283,230
242,404
Cash at bank and in hand
226,751
251,558
546,381
552,737
Creditors: amounts falling due within one year
7
(202,300)
(226,865)
Net current assets
344,081
325,872
Total assets less current liabilities
564,684
576,123
Creditors: amounts falling due after more than one year
8
(127,091)
(180,775)
Provisions for liabilities
Deferred tax liability
9
35,916
40,176
(35,916)
(40,176)
Net assets
401,677
355,172
Capital and reserves
Called up share capital
10
100
100
Share premium account
1,485
1,485
Profit and loss reserves
400,092
353,587
Total equity
401,677
355,172
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
DELTA TOOLING (HORSHAM) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2022
30 September 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 April 2023
G P Childs
Director
Company Registration No. 4788278
DELTA TOOLING (HORSHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
1
Accounting policies
Company information
Delta Tooling (Horsham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19, Farncombe Road, Worthing, West Sussex BN11 2AY and the place of business is Units 3 and 4, Prime Buildings, Daux Road, Billingshurst, West Sussex RH14 9SJ.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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.
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
Over the term of the lease
Plant and machinery
10% on a straight line basis
Fixtures, fittings & equipment
20% on a straight line basis
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.
1.5
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DELTA TOOLING (HORSHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:-
2022
2021
Number
Number
Employees
8
8
3
Director's remuneration
2022
2021
£
£
Remuneration for qualifying services
14,200
10,000
Company pension contributions to defined contribution schemes
3,000
3,000
Healthcare costs
4,992
3,685
22,192
16,685
DELTA TOOLING (HORSHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 October 2021
9,542
1,036,963
21,337
1,067,842
Additions
4,344
4,344
At 30 September 2022
9,542
1,041,307
21,337
1,072,186
Depreciation and impairment
At 1 October 2021
5,594
790,660
21,337
817,591
Depreciation charged in the year
952
33,040
33,992
At 30 September 2022
6,546
823,700
21,337
851,583
Carrying amount
At 30 September 2022
2,996
217,607
220,603
At 30 September 2021
3,948
246,303
250,251
5
Stocks
2022
2021
£
£
Raw materials and consumables
36,400
58,775
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
232,461
180,361
Corporation tax recoverable
44,893
Other debtors
33,119
Prepayments and accrued income
17,650
17,150
283,230
242,404
DELTA TOOLING (HORSHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
7
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Obligations under finance leases
48,709
46,293
Trade creditors
74,843
71,752
Corporation tax
29,213
32,372
Other taxation and social security
37,086
55,540
Other creditors
7,699
16,258
Accruals and deferred income
4,750
4,650
202,300
226,865
8
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
45,025
50,000
Obligations under finance leases
82,066
130,775
127,091
180,775
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Balances:
£
£
£
£
Accelerated capital allowances
35,916
40,176
-
-
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
10
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
DELTA TOOLING (HORSHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 7 -
11
Directors' transactions
Dividends totalling £60,000 (2021 - £60,000) were paid in the year.
Dividends of £30,000 (2021 - £30,000) were paid in respect of shares held by the company's director.