Company Registration No. 06538482 (England and Wales)
DICKSON DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DICKSON DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DICKSON DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,809
11,810
Current assets
Stocks
6,500
6,500
Debtors
4
151,985
123,911
Cash at bank and in hand
1,960
3,004
160,445
133,415
Creditors: amounts falling due within one year
5
(99,930)
(80,094)
Net current assets
60,515
53,321
Total assets less current liabilities
62,324
65,131
Creditors: amounts falling due after more than one year
6
(67,924)
(76,274)
Provisions for liabilities
(452)
(2,244)
Net liabilities
(6,052)
(13,387)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(6,054)
(13,389)
Total equity
(6,052)
(13,387)
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 31 March 2023 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 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.
DICKSON DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 November 2023
Mr J G Dickson
Director
Company Registration No. 06538482
DICKSON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Dickson Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Carbis Close, Port Solent, Portsmouth, Hampshire, England, PO6 4TW.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered to be valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets and long-term liabilities as current assets and current liabilities.
1.3
Turnover
Turnover is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them, and, services are rendered and it is probable that the economic benefits will flow to the company and can be reliably measured.
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:
Plant and machinery
33% on cost
Website
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Stocks
Stock have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of completion.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DICKSON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Debtors
Short Term debtors are measured at transaction price (which is usually the short term invoice price), less any impairment losses for bad and doubtful debts.
Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for
bad or doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest rate method.
1.8
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
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.
1.10
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
1.11
Government grants
Grant income received under the Government's Coronavirus Job Retention Scheme and Coronavirus Business Interruption Loan Scheme interest are recognised in the Profit and Loss Account as income in the period to which the underlying costs relate.
DICKSON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
4
3
Tangible fixed assets
Plant and machinery
Website
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
5,925
750
2,689
30,741
40,105
Additions
1,318
1,318
Disposals
(400)
(475)
(21,947)
(22,822)
At 31 March 2023
5,525
750
2,214
10,112
18,601
Depreciation and impairment
At 1 April 2022
4,352
732
2,006
21,204
28,294
Depreciation charged in the year
1,326
4
143
399
1,872
Eliminated in respect of disposals
(324)
(362)
(12,688)
(13,374)
At 31 March 2023
5,354
736
1,787
8,915
16,792
Carrying amount
At 31 March 2023
171
14
427
1,197
1,809
At 31 March 2022
1,572
18
683
9,537
11,810
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
-
9,259
-
9,259
DICKSON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
27,548
Corporation tax recoverable
26,584
28,903
Other debtors
96,923
68,281
Prepayments and accrued income
930
26,727
151,985
123,911
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
32,789
30,061
Obligations under finance leases
7
4,652
Trade creditors
25,827
15,741
Corporation tax
14,660
3,075
Other taxation and social security
22,619
20,959
Accruals and deferred income
4,035
5,606
99,930
80,094
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
67,924
74,723
Other creditors
1,551
67,924
76,274
7
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
4,652
In two to five years
1,551
6,203
Amounts due under hire purchase agreements are secured upon the relevant asset.
8
Directors' transactions
Dividends totalling £20,000 (2022 - £7,500) were paid in the year in respect of shares held by the company's directors.