DRM Industrial Fabrics Limited
for the
Year Ended 31 December 2019
Registration number:
DRM Industrial Fabrics Limited
Contents
Page
Company Information |
|
Abridged Balance Sheet |
|
Notes to the Abridged Financial Statements |
DRM Industrial Fabrics Limited
Company Information
Directors |
P J McGuinness A Kuehne |
Company secretary |
Aspen UK Limited |
Registered office |
|
Accountants |
|
DRM Industrial Fabrics Limited
(Registration number: 00983478)
Abridged Balance Sheet as at 31 December 2019
Note |
2019 |
(As restated) |
|||
Fixed assets |
|||||
Intangible assets |
- |
|
|||
Tangible assets |
|
|
|||
Investments |
|
|
|||
|
|
||||
Current assets |
|||||
Stocks |
|
|
|||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Prepayments and accrued income |
|
|
|||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current assets |
|
|
|||
Total assets less current liabilities |
|
|
|||
Creditors: Amounts falling due after more than one year |
- |
( |
|||
Accruals and deferred income |
( |
( |
|||
Net assets |
|
|
|||
Capital and reserves |
|||||
Called up share capital |
|
|
|||
Share premium reserve |
|
|
|||
Profit and loss account |
|
|
|||
Total capital and reserves |
|
|
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
DRM Industrial Fabrics Limited
(Registration number: 00983478)
Abridged Balance Sheet as at 31 December 2019
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
DRM Industrial Fabrics Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales and the company number is 00983478.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Prior period adjustments
To be consistent, the comparatives have been amended to restate the parent company's bank loan previously included in this company. There is no impact on the 2018 results for this adjustment.
Turnover
Turnover represents the invoiced value of sales of goods, net of value added tax, recognised on shipment.
Foreign currency transactions and balances
Deferred tax
Deferred tax is provided in full on timing differences at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets and liabilities are not discounted. Deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Property improvements |
10% straight line |
Plant and machinery |
10% and 33% straight line |
Motor vehicles |
25% straight line |
Computer equipment |
33% straight line |
DRM Industrial Fabrics Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2019
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents and trademarks |
33% straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
Leases
Rentals payable under operating leases are charged in the profit and loss account on a straightline basis over the lease term.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Total |
|
Cost or valuation |
|
At 1 January 2019 |
|
At 31 December 2019 |
|
Amortisation |
|
At 1 January 2019 |
|
Amortisation charge |
|
At 31 December 2019 |
|
Carrying amount |
|
At 31 December 2019 |
- |
At 31 December 2018 |
|
DRM Industrial Fabrics Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2019
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 January 2019 |
|
Additions |
|
Disposals |
( |
At 31 December 2019 |
|
Depreciation |
|
At 1 January 2019 |
|
Charge for the year |
|
Eliminated on disposal |
( |
At 31 December 2019 |
|
Carrying amount |
|
At 31 December 2019 |
|
At 31 December 2018 |
|
Investments |
2019 |
2018 |
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2019 |
2018 |
Subsidiary undertakings |
||||
|
DRM Building, Bond Street, Bury, Lancashire, BL9 7BE |
40,000 ordinary £1 shares |
|
|
England and Wales |
The principal activity of Trenslo Limited is |
DRM Industrial Fabrics Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2019
Stocks |
2019 |
2018 |
|
Work in progress |
|
|
Finished goods and goods for resale |
|
|
Raw materials and consumables |
|
|
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Amounts disclosed in the balance sheet
Included in the balance sheet are outstanding employer pension contributions of £2,064 (2018 - £3,238).
Consolidation |
The company and its subsidiary comprise a small group. In the opinion of the directors, the company is exempt from the requirement to prepare group accounts, on the basis that it is, itself, a subsidiary undertaking.
Parent undertaking |
The company's immediate parent is