Registration number:
George Dutton Limited
for the Year Ended 30 November 2021
George Dutton Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
George Dutton Limited
Company Information
Directors |
F M Dutton G S Dutton J E Dutton |
Company secretary |
F M Dutton |
Registered office |
|
Accountants |
|
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
George Dutton Limited
for the Year Ended 30 November 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of George Dutton Limited for the year ended 30 November 2021 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of George Dutton Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of George Dutton Limited and state those matters that we have agreed to state to the Board of Directors of George Dutton Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Dutton Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that George Dutton Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of George Dutton Limited. You consider that George Dutton 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 accounts of George Dutton 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 accounts.
...........................................................
Millennium Way
Pride Park
Derby
DE24 8HG
George Dutton Limited
(Registration number: 01315638)
Balance Sheet as at 30 November 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Fair value reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
George Dutton Limited
(Registration number: 01315638)
Balance Sheet as at 30 November 2021
For the financial year ending 30 November 2021 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 and 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.
Approved and authorised by the
......................................... |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
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 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 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.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2021
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation and revaluations
Freehold land and buildings are revalued regularly. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost less depreciation, or its reversal, on an individual piece of freehold land or property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
All tangible fixed assets are initially recorded at cost. Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
2% straight line basis on buildings. Freehold land is not depreciated. |
Plant and machinery |
15% reducing balance basis and 20% straight line basis |
Fixtures, fittings and equipment |
25% reducing balance basis |
Investment property
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2021
Tangible assets |
Freehold land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Total |
|
Cost or valuation |
||||
At 1 December 2020 |
|
|
|
|
Revaluations |
|
- |
- |
|
At 30 November 2021 |
|
|
|
|
Depreciation |
||||
At 1 December 2020 |
|
|
|
|
Charge for the year |
|
|
|
|
Property depreciation adjustments |
( |
- |
- |
( |
At 30 November 2021 |
- |
|
|
|
Carrying amount |
||||
At 30 November 2021 |
|
|
|
|
At 30 November 2020 |
|
|
|
|
Revaluation
The land and buildings class of fixed assets was revalued on 13 April 2022 by Gadsby Nichols who are external to the company. The basis of this valuation was at market value. This class of fixed assets has a current value of £50,000 (2020 - £37,723).
Had this class of asset been measured on a historical cost basis, the carrying amount would have been: |
||
2021 |
2020 |
|
£ |
£ |
|
Aggregate cost |
31,368 |
31,368 |
Aggregate accumulated depreciation |
2,738 |
2,291 |
Aggregate carrying amount |
28,630 |
29,077 |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2021
Investment properties |
2021 |
|
At 1 December |
|
Revaluation adjustment |
|
At 30 November |
|
The investment property class of fixed assets was revalued on 13 April 2022 by Gadsby Nichols who are external to the company. The basis of this valuation was at market value.
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Note |
2021 |
2020 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Loans and borrowings |
2021 |
2020 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
30,000 |
|
30,000 |
|
|
1,500 |
|
1,500 |
|
|
750 |
|
750 |
|
|
250 |
|
250 |
|
|
250 |
|
250 |
|
|
250 |
|
250 |
|
|
|
|
Financial commitments, guarantees and contingencies |
The total amount of future rental income expected to be received on the investment properties based on signed leases with tenants, but not included in the balance sheet is £2,018,524 (2020 - £2,352,180).
Related party transactions |
Transactions with directors
The director’s have loan balances with the company. Interest is paid on credit balances but if the loan becomes overdrawn no interest is charged to the director's by the company.
Non adjusting events after the financial period |
|