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Don Valley Engineering Group Limited |
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Financial Statements For The Year Ended 31 July 2019 |
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REGISTERED NUMBER:
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Don Valley Engineering Group Limited |
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Financial Statements For The Year Ended 31 July 2019 |
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Don Valley Engineering Group Limited (Registered number: 06389130) |
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Contents of the Financial Statements |
For The Year Ended 31 July 2019 |
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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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Don Valley Engineering Group Limited |
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Company Information |
For The Year Ended 31 July 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
Don Valley Engineering Group Limited (Registered number: 06389130) |
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Balance Sheet |
31 July 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Don Valley Engineering Group Limited (Registered number: 06389130) |
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Notes to the Financial Statements |
For The Year Ended 31 July 2019 |
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1. | STATUTORY INFORMATION |
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Don Valley Engineering Group Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Notwithstanding the deficiency in net assets of £127,673 at the year end, the accounts have been prepared on |
the going concern basis. The directors consider this basis to be appropriate as the subsidiary undertaking has |
provided an undertaking to support the company for a period of at least one year from the date of approval of |
these financial statements. The amount owed to group undertakings at the year end was £1,023,476. |
Furthermore, following the year end, the board of directors have taken the decision to transfer ownership of the |
property from the subsidiary undertaking to the company with related distribution of reserves from the subsidiary |
undertaking. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Don Valley Engineering Group Limited (Registered number: 06389130) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 July 2019 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Sandall Stones Road, Kirk Sandall, Doncaster, DN3 1QR |
Nature of business:
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Class of shares: | holding |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Bank borrowings are secured by a cross guarantee and debenture over the group's assets and a combined total |
of £150,000 of guarantees provided by the directors. |
Don Valley Engineering Group Limited (Registered number: 06389130) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 July 2019 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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A Ordinary | £0.01 | 75,000 | 1 |
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B Ordinary | £0.01 | 25,000 | - |
100,000 | 1 |
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The following shares were allotted and fully paid for cash at par during the year: |
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During the year, the £1 Ordinary share was sub-divided and re classified into 100 A Ordinary shares of £0.01 |
each. |
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10. | 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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11. | CONTINGENT LIABILITIES |
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There is in place a cross guarantee and debenture between the company and its subsidiaries Don Valley |
Engineering Holdings Limited, Don Valley Engineering Limited, Don Valley Construction Limited and Cleeve |
Materials Handling Limited dated 27 March 2019. At the balance sheet date there was no indebtedness to the |
bank |
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12. | RELATED PARTY DISCLOSURES |
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The directors have provided a combined total of £150,000 of guarantees in respect of the bank loan. |
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13. | POST BALANCE SHEET EVENTS |
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Following the year end, the directors took the decision to transfer ownership of the property from the subsidiary |
undertaking to the company with related distribution of reserves by the subsidiary undertaking to the company. |
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14. | COVID-19 |
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Since the start of 2020 the world has been suffering from the gradual impact caused by the Coronavirus, which |
in March 2020 began to impact in the UK in a major way. The UK government introduced restrictions from 24 |
March on the population's movements to reduce the spread of the virus and the full impact of these restrictions |
on the company and group's customers, suppliers and staff is not clear at the present time. The government's |
forms of assistance will assist the company and group to continue until the restrictions are lifted and business |
activity returns to normal.The Don Valley Engineering Group do work for businesses within the food sector and |
we are requested to support them with our teams being considered critical workers. We will be able to continue |
certain business whilst taking all possible steps to safeguard our work force. Discussions with the Group's |
bankers and revised short term forecasts for the period anticipated to be affected by the virus and restrictions |
has given the directors confidence that the company and group will have sufficient resources to continue trading |
for the period of 12 months from the date of approval of these accounts. The directors acknowledge the impact |
of the virus and the restrictions do create material uncertainties on the ability of the company and group to |
continue trading for the foreseeable future and it could also impact upon the ability of its customers and suppliers |
to be able to continue. Based upon the limited information available about the impact of the virus on the UK and |
world economy in the future, the directors consider that it remains appropriate to prepare the accounts on a |
going concern basis but it is acknowledged that this could change if the effects of the virus continue for a longer |
period than currently forecast. It is assumed that the support available to businesses from the government will |
continue for an extended period, if needed, given statements made by the Prime Minister and Chancellor in |
March 2020 that the government would provide whatever support was needed. |