Company Registration No. 02680825 (England and Wales)
S.D.C. MANUFACTURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
S.D.C. MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
S.D.C. MANUFACTURING LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
375,081
231,522
Current assets
Stocks
115,682
80,794
Debtors
4
232,533
192,087
Cash at bank and in hand
240,624
223,565
588,839
496,446
Creditors: amounts falling due within one year
5
(402,970)
(402,829)
Net current assets
185,869
93,617
Total assets less current liabilities
560,950
325,139
Creditors: amounts falling due after more than one year
6
(156,920)
(103,553)
Provisions for liabilities
7
(71,191)
(43,878)
Net assets
332,839
177,708
Capital and reserves
Called up share capital
30
30
Profit and loss reserves
332,809
177,678
Total equity
332,839
177,708
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 January 2022 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 members have 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.
S.D.C. MANUFACTURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2022
31 January 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2022 and are signed on its behalf by:
Mr D A Barrett
Mrs B E Barrett
Director
Director
Mr C M Barrett
Director
Company Registration No. 02680825
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
1
Accounting policies
Company information
S.D.C. Manufacturing Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4/5 Elm Units, Grace Road, Marsh Barton, Exeter, Devon, EX2 8QE.
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
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 and other sales related taxes
.
Revenue from the sale of goods
and amounts for work in progress are
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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
10% Straight line basis
Plant and machinery
10% Straight line basis/ 20% Straight line basis
Fixtures, fittings & equipment
20% Reducing balance basis
Motor vehicles
25% Reducing balance basis
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
1.5
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 the net profit as reported in the profit and loss account because it excludes items of income or expenses 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic charge.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.7
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
21
18
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2021
11,340
733,542
744,882
Additions
204,954
204,954
At 31 January 2022
11,340
938,496
949,836
Depreciation and impairment
At 1 February 2021
10,754
502,606
513,360
Depreciation charged in the year
195
61,200
61,395
At 31 January 2022
10,949
563,806
574,755
Carrying amount
At 31 January 2022
391
374,690
375,081
At 31 January 2021
586
230,936
231,522
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
205,922
178,374
Other debtors
26,611
13,713
232,533
192,087
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
13,000
7,583
Trade creditors
166,526
161,051
Taxation and social security
72,442
60,747
Other creditors
151,002
173,448
402,970
402,829
The bank loan balance represents the current portion of the company's
Coronavirus Business Interruption Loan
which is backed by a government guarantee of 100%.
Included in other creditors is £
48
,
917
(20
21
: £
58
,
849
) of hire purchase contracts that are secured against the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
45,500
57,417
Other creditors
111,420
46,136
156,920
103,553
The bank loan balance represents the
non-
current portion of the company's
Coronavirus Business Interruption Loan
which is backed by a government guarantee of 100%.
Included in other creditors is £
111
,
420
(20
21
: £
46
,
136
) of hire purchase contracts that are secured against the assets to which they relate.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
5,417
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
71,191
43,878
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
7
Deferred taxation
(Continued)
- 7 -
2022
Movements in the year:
£
Liability at 1 February 2021
43,878
Charge to profit or loss
27,313
Liability at 31 January 2022
71,191
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
59,200
59,200
Between two and five years
236,800
236,800
In over five years
59,200
118,400
355,200
414,400