REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPENDABLE SPRINGS & PRESSINGS LIMITED |
|
Unaudited Financial Statements for the Year Ended 31 July 2021 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPENDABLE SPRINGS & PRESSINGS LIMITED |
|
Unaudited Financial Statements for the Year Ended 31 July 2021 |
|
|
|
|
|
DEPENDABLE SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00332847) |
|
Contents of the Financial Statements |
for the Year Ended 31 July 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Accountants' Report | 8 |
DEPENDABLE SPRINGS & PRESSINGS LIMITED |
|
Company Information |
for the Year Ended 31 July 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Granville House |
2 Tettenhall Road |
Wolverhampton |
West Midlands |
WV1 4SB |
DEPENDABLE SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00332847) |
|
Balance Sheet |
31 July 2021 |
|
31.7.21 | 31.7.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 7 |
|
|
Other reserves |
|
|
Retained earnings | ( |
) |
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DEPENDABLE SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00332847) |
|
Balance Sheet - continued |
31 July 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
DEPENDABLE SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00332847) |
|
Notes to the Financial Statements |
for the Year Ended 31 July 2021 |
|
|
1. | STATUTORY INFORMATION |
|
Dependable Springs & Pressings Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is recognised when goods are physically delivered to the customer. |
|
Tangible fixed assets |
|
Freehold property | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. |
|
|
Financial instruments |
Basic financial instruments are recognised and amortised at cost, except for investments in non-convertible preference shares or non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
DEPENDABLE SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00332847) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2021 |
|
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
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. |
|
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. |
|
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. |
|
Government grants |
During the year the company received £6,961 from the government, relating to furlough scheme claims due to the Covid 19 pandemic. These are shown under other income on the profit and loss account. |
|
Going concern |
The financial statements have been prepared on a Going Concern basis because of the continuing financial support of the directors. The company have had another difficult trading year with the continuing covid affect and higher raw material costs. During the year there has been an extensive review of product prices and it is anticipated that the impact from this will be reflected in the 2022 results. |
|
On 30 July 2021 a further 100,000 £1 ordinary shares were issued. The consideration being the capitalisation of part of the directors loan account. The directors are committed to repeating this in the future if the need arises. |
|
The directors are of the opinion that the freehold property has a valuation in excess of the balance sheet cost. Although a professional valuation has not yet been obtained, they consider the revaluation surplus to be in the order of £150,000. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
DEPENDABLE SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00332847) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2021 |
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 August 2020 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
|
At 31 July 2021 |
|
|
|
DEPRECIATION |
At 1 August 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 31 July 2021 |
|
|
|
NET BOOK VALUE |
At 31 July 2021 |
|
|
|
At 31 July 2020 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2020 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 31 July 2021 |
|
|
|
DEPRECIATION |
At 1 August 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 31 July 2021 |
|
|
|
NET BOOK VALUE |
At 31 July 2021 |
|
|
|
At 31 July 2020 |
|
|
|
DEPENDABLE SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00332847) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2021 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
|
Other trade creditors |
|
|
Directors' current accounts | 234,668 | 238,045 |
Accrued expenses |
|
|
|
|
|
7. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.21 | 31.7.20 |
value: | £ | £ |
|
Ordinary | £1 | 101,152 | 1,152 |
(31.7.20 - 1,152 ) |
|
8. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date the company owed the directors: |
|
G.W. Turner £206,668 (2020 £221,045). The movement of £(14,377) is accounted for by capital introduced of £77,500 plus asset bought personally of £8,894 plus use of home as office of £400 less personal expenses of £1,171 less issued share capital of £100,000. |
|
A. D. Turner £28,000 (2020 £17,000). The movement of £11,000 is accounted for by capital introduced. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Dependable Springs & Pressings Limited |
|
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dependable Springs & Pressings Limited for the year ended 31 July 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of Dependable Springs & Pressings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dependable Springs & Pressings Limited and state those matters that we have agreed to state to the Board of Directors of Dependable Springs & Pressings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dependable Springs & Pressings Limited and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Dependable Springs & Pressings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Dependable Springs & Pressings Limited. You consider that Dependable Springs & Pressings Limited is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Dependable Springs & Pressings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
Granville House |
2 Tettenhall Road |
Wolverhampton |
West Midlands |
WV1 4SB |
|
|
|