Company registration number 03890699 (England and Wales)
DELTEC INDUSTRIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
332,688
115,636
Current assets
Stocks
458,124
427,227
Debtors
5
338,140
279,471
Cash at bank and in hand
40,129
102,708
836,393
809,406
Creditors: amounts falling due within one year
6
(168,654)
(190,750)
Net current assets
667,739
618,656
Total assets less current liabilities
1,000,427
734,292
Creditors: amounts falling due after more than one year
7
(190,865)
(5,974)
Provisions for liabilities
(47,966)
(19,608)
Net assets
761,596
708,710
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
761,496
708,610
Total equity
761,596
708,710
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
DELTEC INDUSTRIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 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 2022
- 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 directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
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 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 and cash equivalents 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 2022
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.
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.
1.10
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.
1.11
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.
DELTEC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
15
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
152,500
Amortisation and impairment
At 1 January 2022 and 31 December 2022
152,500
Carrying amount
At 31 December 2022
At 31 December 2021
DELTEC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022
27,212
500,327
78,321
36,022
641,882
Additions
135,000
117,895
252,895
At 31 December 2022
27,212
635,327
78,321
153,917
894,777
Depreciation and impairment
At 1 January 2022
24,815
399,373
67,024
35,034
526,246
Depreciation charged in the year
359
25,268
1,696
8,520
35,843
At 31 December 2022
25,174
424,641
68,720
43,554
562,089
Carrying amount
At 31 December 2022
2,038
210,686
9,601
110,363
332,688
At 31 December 2021
2,397
100,954
11,297
988
115,636
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2022
2021
£
£
Plant and machinery
138,021
15,466
Motor vehicles
109,622
247,643
15,466
Depreciation charge for the year in respect of leased assets
20,718
2,729
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
229,621
205,162
Other debtors
108,519
74,309
338,140
279,471
DELTEC INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
20,499
Net obligations due under hire purchase contracts
44,510
4,480
Trade creditors
62,706
103,024
Corporation tax
14,771
28,011
Other taxation and social security
42,867
27,092
Accruals and deferred income
3,800
7,644
168,654
190,750
Net obligations due under hire purchase contracts are secured by fixed charges on the assets concerned.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Net obligations due under hire purchase contracts
190,865
5,974
8
Called up share capital
2022
2021
£
£
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
9
Directors' transactions
During the year, the company operated a loan account with a director, Mrs K McGregor. At the balance sheet date an amount of £108,078 (2021 - £72,599) was owed to the company. Interest of £1,667 (2021 - £1,083) has been charged on the outstanding amount. The maximum overdrawn balance during the year was £111,376 (2021 - £72,599).