Company Registration No. 03890699 (England and Wales)
DELTEC INDUSTRIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
DELTEC INDUSTRIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DELTEC INDUSTRIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
143,823
162,960
Current assets
Stocks
539,337
571,316
Debtors
5
256,205
253,213
Cash at bank and in hand
31,472
59,203
827,014
883,732
Creditors: amounts falling due within one year
6
(188,542)
(225,819)
Net current assets
638,472
657,913
Total assets less current liabilities
782,295
820,873
Creditors: amounts falling due after more than one year
7
(103,751)
(153,128)
Provisions for liabilities
(19,963)
(22,247)
Net assets
658,581
645,498
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
658,481
645,398
Total equity
658,581
645,498
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 December 2018 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.
DELTEC INDUSTRIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2019 and are signed on its behalf by:
Mrs K McGregor
Director
Company Registration No. 03890699
DELTEC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Deltec Industries Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 8, Wyrefields, Poulton Business Park, Poulton le Fylde, FY6 8JX.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company finances its operations by means of a bank
true
loan
facility. The directors are not aware of any reason why
this
facility
will not be maintained at
its
current level. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, 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:
Leasehold improvements
15% Reducing Balance
Plant and machinery
15% Reducing Balance
Fixtures, fittings & equipment
15% Reducing Balance
Motor vehicles
25% Reducing Balance
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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash at bank and in hand
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.
DELTEC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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
.
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.
DELTEC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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 on a straight line basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2017 - 15).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2018 and 31 December 2018
152,500
Amortisation and impairment
At 1 January 2018 and 31 December 2018
152,500
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
DELTEC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2018
27,212
454,090
78,321
36,022
595,645
Additions
-
7,350
-
-
7,350
At 31 December 2018
27,212
461,440
78,321
36,022
602,995
Depreciation and impairment
At 1 January 2018
22,624
321,656
55,600
32,806
432,686
Depreciation charged in the year
688
20,598
4,325
875
26,486
At 31 December 2018
23,312
342,254
59,925
33,681
459,172
Carrying amount
At 31 December 2018
3,900
119,186
18,396
2,341
143,823
At 31 December 2017
4,588
132,435
22,721
3,216
162,960
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2018
2017
£
£
Plant and machinery
67,268
79,139
Depreciation charge for the year in respect of leased assets
11,871
13,965
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
256,205
252,928
Other debtors
-
285
256,205
253,213
DELTEC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
40,798
35,855
Net obligations due under hire purchase contracts
6,576
9,864
Trade creditors
54,540
57,111
Corporation tax
19,283
6,298
Other taxation and social security
45,742
61,226
Other creditors
7,357
21,119
Accruals and deferred income
14,246
34,346
188,542
225,819
B
ank
borrowings are
secured by a
fixed and floating charge over the assets of the company, together with a
personal guarantee given by
a
director.
Net obligation
s due
under
hire purchase contracts are
secured by fixed charges on the assets concerned.
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
103,751
146,552
Other creditors
-
6,576
103,751
153,128
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
50 A Ordinary shares of £1 each
50
50
50 B Ordinary shares of £1 each
50
50
100
100