D.R.M. Industrial Fabrics Limited - Filleted accounts

D.R.M. Industrial Fabrics Limited - Filleted accounts

JOB FILTRATION UK LIMITED - Company Information

Print Friendly Version

Registered number
00983478
D.R.M. Industrial Fabrics Limited
Unaudited Filleted Accounts
31 December 2017
D.R.M. Industrial Fabrics Limited
Registered number: 00983478
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 5,362 5,483
Tangible assets 4 120,488 101,208
Investments 5 34,662 34,662
160,512 141,353
Current assets
Stocks 349,965 267,602
Debtors 6 404,266 389,893
Cash at bank and in hand 7,645 18,776
761,876 676,271
Creditors: amounts falling due within one year 7 (420,916) (435,118)
Net current assets 340,960 241,153
Total assets less current liabilities 501,472 382,506
Creditors: amounts falling due after more than one year 8 (238,306) (85,325)
Provisions for liabilities (4,714) (3,092)
Net assets 258,452 294,089
Capital and reserves
Called up share capital 10,510 10,510
Share premium 38,911 38,911
Profit and loss account 209,031 244,668
Shareholders' funds 258,452 294,089
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P J McGuinness
Director
Approved by the board on 23 July 2018
D.R.M. Industrial Fabrics Limited
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% & 33% straight line
Motor vehicles 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 33 29
3 Intangible fixed assets £
Patents and Trade Marks:
Cost
At 1 January 2017 13,334
Additions 6,552
At 31 December 2017 19,886
Amortisation
At 1 January 2017 7,851
Provided during the year 6,673
At 31 December 2017 14,524
Net book value
At 31 December 2017 5,362
At 31 December 2016 5,483
Patents and trade morks are being written off in equal annual instalments over their estimated economic life of 2 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2017 646,727 35,795 682,522
Additions 52,380 13,450 65,830
Disposals - (7,000) (7,000)
At 31 December 2017 699,107 42,245 741,352
Depreciation
At 1 January 2017 564,700 16,614 581,314
Charge for the year 31,142 10,450 41,592
On disposals - (2,042) (2,042)
At 31 December 2017 595,842 25,022 620,864
Net book value
At 31 December 2017 103,265 17,223 120,488
At 31 December 2016 82,027 19,181 101,208
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2017 34,662
At 31 December 2017 34,662
6 Debtors 2017 2016
£ £
Trade debtors 358,258 337,610
Amounts owed by group undertakings and undertakings in which the company has a participating interest 20,466 35,127
Other debtors 25,542 17,156
404,266 389,893
7 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 79,901 37,280
Trade creditors 171,669 159,963
Amounts owed to group undertakings and undertakings in which the company has a participating interest 14,820 69,189
Taxation and social security costs 96,780 94,762
Other creditors 57,746 73,924
420,916 435,118
8 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 169,977 5,325
Amounts owed to group undertakings and undertakings in which the company has a participating interest 68,329 80,000
238,306 85,325
9 Loans 2017 2016
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 68,329 80,000
Secured bank loans 201,123 13,111
The bank loans are secured by a charge over the assets of the company, and by a guarantee from other group companies.
10 Financial commitments
The company has guaranteed any bank borrowing advanced to its parent company, DRM Limited,. There were bank loans repayable by DRM Limited, which amounted to £51,736. Any borrowing is secured by a charge over the assets of the company.
11 Consolidation
The company and its subsidiary comprise a small group. In the opinion of the directors, the company is exempt from the requirement to prepare group accounts, on the basis that it is, itself, a subsidiary undertaking.
12 Controlling party
As at 31 December 2017, the company's immediate and ultimate parent undertaking is DRM Limited, The largest and smallest group in which the results of the company are consolidated is that headed by DRM Limited, a company incorporated in the United Kingdom. No other group accounts include the results of the company. The consolidated accounts of DRM Limited may be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
13 Other information
D.R.M. Industrial Fabrics Limited is a private company limited by shares and incorporated in England. Its registered office is:
DRM Building
Bond Street
Bury
Lancashire
BL9 7BE
D.R.M. Industrial Fabrics Limited 00983478 false 2017-01-01 2017-12-31 2017-12-31 VT Final Accounts March 2018 P J McGuinness No description of principal activity 00983478 2016-01-01 2016-12-31 00983478 core:WithinOneYear 2016-12-31 00983478 core:AfterOneYear 2016-12-31 00983478 core:ShareCapital 2016-12-31 00983478 core:SharePremium 2016-12-31 00983478 core:RetainedEarningsAccumulatedLosses 2016-12-31 00983478 2017-01-01 2017-12-31 00983478 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 00983478 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 00983478 bus:Director40 2017-01-01 2017-12-31 00983478 1 2017-01-01 2017-12-31 00983478 2 2017-01-01 2017-12-31 00983478 core:CopyrightsPatentsTrademarksServiceOperatingRights 2017-01-01 2017-12-31 00983478 core:PlantMachinery 2017-01-01 2017-12-31 00983478 core:Vehicles 2017-01-01 2017-12-31 00983478 countries:England 2017-01-01 2017-12-31 00983478 bus:FRS102 2017-01-01 2017-12-31 00983478 bus:FullAccounts 2017-01-01 2017-12-31 00983478 2017-12-31 00983478 core:WithinOneYear 2017-12-31 00983478 core:AfterOneYear 2017-12-31 00983478 core:ShareCapital 2017-12-31 00983478 core:SharePremium 2017-12-31 00983478 core:RetainedEarningsAccumulatedLosses 2017-12-31 00983478 core:CopyrightsPatentsTrademarksServiceOperatingRights 2017-12-31 00983478 core:PlantMachinery 2017-12-31 00983478 core:Vehicles 2017-12-31 00983478 2016-12-31 00983478 core:CopyrightsPatentsTrademarksServiceOperatingRights 2016-12-31 00983478 core:PlantMachinery 2016-12-31 00983478 core:Vehicles 2016-12-31 iso4217:GBP xbrli:pure