Company Registration No. 05738867 (England and Wales)
DURHAM FILTRATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
DURHAM FILTRATION LIMITED
COMPANY INFORMATION
Directors
B Goulden
B Dannatt
Secretary
B Dannatt
Company number
05738867
Registered office
3 Coldbath Square
London
EC1R 5HL
Accountants
Kingswood LLP
3 Coldbath Square
London
EC1R 5HL
Business address
Kings Court Industrial Park
Blackett Street
Jarrow
Tyne & Wear
NE32 3QS
DURHAM FILTRATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DURHAM FILTRATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
62,879
66,877
Current assets
Stocks
92,512
138,149
Debtors
5
567,586
268,380
Cash at bank and in hand
69,658
182,942
729,756
589,471
Creditors: amounts falling due within one year
6
(706,923)
(528,001)
Net current assets
22,833
61,470
Total assets less current liabilities
85,712
128,347
Creditors: amounts falling due after more than one year
7
(101,849)
(91,335)
Net (liabilities)/assets
(16,137)
37,012
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(16,237)
36,912
Total equity
(16,137)
37,012
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
DURHAM FILTRATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 February 2022 and are signed on its behalf by:
B Goulden
Director
Company Registration No. 05738867
DURHAM FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Durham Filtration Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Coldbath Square, London, EC1R 5HL.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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
As at the year end the company's total liabilities exceeded total assets. A
true
t the time of approving the financial statements
,
having considered the impact of Covid-19 and Brexit, t
he directors have a reasonable expectation that the
company
has adequate
financial facilities
to continue in operational existence for the foreseeable future. Thus
t
he directors continue 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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from
the
provision of professional services is recognised by reference to the stage of completion
.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its expected life.
DURHAM FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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:
Fixtures, fittings & equipment
20% Straight Line
Motor vehicles
20% Straight Line
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
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible
and intangible assets
and any impairment loss is recognised immediately in profit and loss
.
1.8
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Trade and other debtors
Trade and other debtors
are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Trade and other creditors
Creditors and other creditors including
loans from
fellow group companies that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
payments
discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
DURHAM FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax
is
recognised on all timing differences between the carrying amounts of assets
and liabilities in the financial statements and the corresponding tax bases used in the
computation of taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in
the period in which the liability is settled or the asset realised, based on tax rates (and tax
laws) that have been enacted or substantively enacted by the end of the reporting period.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Assets acquired under hire purchase contracts are capitalised and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
DURHAM FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
8
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
225,000
Amortisation and impairment
At 1 January 2021 and 31 December 2021
225,000
Carrying amount
At 31 December 2021
At 31 December 2020
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
233,638
Additions
16,263
Disposals
(67,381)
At 31 December 2021
182,520
Depreciation and impairment
At 1 January 2021
166,761
Depreciation charged in the year
20,261
Eliminated in respect of disposals
(67,381)
At 31 December 2021
119,641
Carrying amount
At 31 December 2021
62,879
At 31 December 2020
66,877
DURHAM FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
478,062
201,163
Corporation tax recoverable
66,275
36,255
Amounts owed by group undertakings
19,745
Other debtors
23,249
11,217
567,586
268,380
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
341,677
117,683
Trade creditors
162,874
249,751
Amounts owed to group undertakings
110,255
Taxation and social security
62,184
122,110
Other creditors
29,933
38,457
706,923
528,001
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
101,849
87,036
Other creditors
4,299
101,849
91,335
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
The company has one class of ordinary shares. The shareholders are entitled to receive dividends as and when declared and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.
DURHAM FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
9
Related party transactions
The company has taken advantage of the exemption available under FRS 102 chapter 33 not to disclose transactions or balances with its parent entity and the wholly owned fellow subsidiaries.
10
Controlling party
The immediate parent undertaking of the company is Gentleaid (13) Limited, a company registered in England and Wales with its registered office at 3 Coldbath Square, London, EC1R 5HL.
The ultimate parent undertaking and controlling party is Kingswood Property Finance Limited Partnership, a limited partnership registered in England and Wales with its registered office at 3 Coldbath Square, London, EC1R 5HL.