Company registration number 02680825 (England and Wales)
S.D.C. MANUFACTURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
S.D.C. MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
S.D.C. MANUFACTURING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
389,306
375,081
Current assets
Stocks
111,501
115,682
Debtors
4
340,869
232,533
Cash at bank and in hand
294,779
240,624
747,149
588,839
Creditors: amounts falling due within one year
5
(436,102)
(402,970)
Net current assets
311,047
185,869
Total assets less current liabilities
700,353
560,950
Creditors: amounts falling due after more than one year
6
(127,664)
(156,920)
Provisions for liabilities
7
(73,931)
(71,191)
Net assets
498,758
332,839
Capital and reserves
Called up share capital
30
30
Profit and loss reserves
498,728
332,809
Total equity
498,758
332,839
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 2023 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.
The 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 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 May 2023 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 2023
- 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 amounts 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% per annum on cost
Plant and machinery
10% per annum on cost/ 20% per annum on cost
Fixtures, fittings & equipment
20% per annum on net book value
Motor vehicles
25% per annum on net book value
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 2023
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.
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 leases asset are consumed.
1.7
Government grants
Government grants are recognised at the fair value of the asset received 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
21
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2022
11,340
938,496
949,836
Additions
91,375
91,375
Disposals
(28,000)
(28,000)
At 31 January 2023
11,340
1,001,871
1,013,211
Depreciation and impairment
At 1 February 2022
10,949
563,806
574,755
Depreciation charged in the year
195
71,292
71,487
Eliminated in respect of disposals
(22,337)
(22,337)
At 31 January 2023
11,144
612,761
623,905
Carrying amount
At 31 January 2023
196
389,110
389,306
At 31 January 2022
391
374,690
375,081
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
323,204
205,922
Other debtors
17,665
26,611
340,869
232,533
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,000
13,000
Trade creditors
170,640
166,526
Taxation and social security
119,209
72,442
Other creditors
133,253
151,002
436,102
402,970
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 £54,344 (2022: £48,917) of hire purchase contracts that are secured against the assets to which they relate.
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,500
45,500
Other creditors
95,164
111,420
127,664
156,920
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 £95,164 (2022: £111,420) of hire purchase contracts that are secured against the assets to which they relate.
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
2023
2022
Balances:
£
£
Accelerated capital allowances
73,931
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:
2023
2022
£
£
Within one year
59,200
59,200
Between two and five years
236,800
236,800
In over five years
59,200
296,000
355,200