DMC Gort & March Limited Filleted accounts for Companies House (small and micro)

DMC GORT & MARCH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07389831

DMC Gort & March Limited

Filleted Unaudited Financial Statements

31 December 2017

DMC Gort & March Limited

Statement of Financial Position

31 December 2017

	31 Dec 17		30 Sep 16
Note	£	£	£

Fixed Assets

Intangible assets	5	202,576	–
Tangible assets	6	2,036	–
		---------	----
		204,612	–

Current Assets

Stocks		40,862	–
Debtors	7	58,169	–
Cash at bank and in hand		9,826	1
		---------	----
		108,857	1

Creditors: amounts falling due within one year	8	179,514		–
		---------		----
Net Current (Liabilities)/Assets			( 70,657)	1
			---------	----
Total Assets Less Current Liabilities			133,955	1

Creditors: amounts falling due after more than one year	9	84,004	–
		---------	----
Net Assets		49,951	1
		---------	----

Capital and Reserves

Called up share capital	1	1
Profit and loss account	49,950	–
	--------	----
Shareholders Funds	49,951	1
	--------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

DMC Gort & March Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 28 September 2018 , and are signed on behalf of the board by:

A M Bland
Director

Company registration number: 07389831

DMC Gort & March Limited

Notes to the Financial Statements

Period from 1 October 2016 to 31 December 2017

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 41 Greek Street, Stockport, SK3 8AX.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	33% straight line

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee Numbers

The average number of persons employed by the company during the period amounted to 5 (2016: Nil).

5. Intangible Assets

	Goodwill
	£
Cost
Additions	225,085
	---------
At 31 December 2017	225,085
	---------
Amortisation
Charge for the period	22,509
	---------
At 31 December 2017	22,509
	---------
Carrying amount
At 31 December 2017	202,576
	---------
At 30 September 2016	–
	---------

6. Tangible Assets

	Equipment	Total
	£	£
Cost
At 1 October 2016	–	–
Additions	3,054	3,054
	-------	-------
At 31 December 2017	3,054	3,054
	-------	-------
Depreciation
At 1 October 2016	–	–
Charge for the period	1,018	1,018
	-------	-------
At 31 December 2017	1,018	1,018
	-------	-------
Carrying amount
At 31 December 2017	2,036	2,036
	-------	-------
At 30 September 2016	–	–
	-------	-------

7. Debtors

	31 Dec 17	30 Sep 16
	£	£
Trade debtors	54,103	–
Other debtors	4,066	–
	--------	----
	58,169	–
	--------	----

8. Creditors: amounts falling due within one year

	31 Dec 17	30 Sep 16
	£	£
Bank loans and overdrafts	20,262	–
Trade creditors	9,055	–
Corporation tax	11,527	–
Social security and other taxes	18,936	–
Other creditors	119,734	–
	---------	----
	179,514	–
	---------	----

9. Creditors: amounts falling due after more than one year

	31 Dec 17	30 Sep 16
	£	£
Bank loans and overdrafts	84,004	–
	--------	----

10. Related Party Transactions

The company was under the control of the director A M Bland throughout the current and previous year. As at the period end the company owed £20,166 (2016 - £Nil) to DMC Recovery Limited, a company with common directors and under common control. As at the period end the company owed £13,743 (2016 - £Nil) to Downham Mayer Clarke Limited, a company with common directors and under common control. As at the period end the company owed £875 (2016 - £Nil) and charged management fees of £3,865 (2016 - £Nil), to CAS Payroll Services Limited, a company with common directors and under common control.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.