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Registration number: 02595870

Display Cor Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
St. Ives
Cambridgeshire
PE27 5BN

 

Display Cor Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 12

 

Display Cor Limited

Company Information

Directors

Mr J Gardiner

Mr P A Millard

Mr N J Gardiner

Mr N Gardiner

Registered office

12 The Broadway
St Ives
Cambs
PE27 5BN

Accountants

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
St. Ives
Cambridgeshire
PE27 5BN

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Display Cor Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Display Cor Limited for the year ended 31 March 2017 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Display Cor Limited, as a body, in accordance with the terms of our engagement letter dated 11 May 2004. Our work has been undertaken solely to prepare for your approval the accounts of Display Cor Limited and state those matters that we have agreed to state to the Board of Directors of Display Cor Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Display Cor Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Display Cor Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Display Cor Limited. You consider that Display Cor Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Display Cor Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
St. Ives
Cambridgeshire
PE27 5BN

7 June 2017

 

Display Cor Limited

(Registration number: 02595870)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

59,162

81,622

Current assets

 

Stocks

5

11,584

18,118

Debtors

6

764,654

967,933

Cash at bank and in hand

 

238,649

460,041

 

1,014,887

1,446,092

Creditors: Amounts falling due within one year

7

(420,062)

(583,484)

Net current assets

 

594,825

862,608

Total assets less current liabilities

 

653,987

944,230

Provisions for liabilities

(8,811)

(12,640)

Net assets

 

645,176

931,590

Capital and reserves

 

Called up share capital

1,004

1,004

Profit and loss account

644,172

930,586

Total equity

 

645,176

931,590

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Display Cor Limited

(Registration number: 02595870)
Balance Sheet as at 31 March 2017

Approved and authorised by the Board on 7 June 2017 and signed on its behalf by:
 

.........................................

Mr J Gardiner

Director

 

Display Cor Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

1,004

930,586

931,590

Profit for the year

-

27,586

27,586

Total comprehensive income

-

27,586

27,586

Dividends

-

(314,000)

(314,000)

At 31 March 2017

1,004

644,172

645,176

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2015

1,004

868,743

869,747

Profit for the year

-

310,443

310,443

Total comprehensive income

-

310,443

310,443

Dividends

-

(248,600)

(248,600)

At 31 March 2016

1,004

930,586

931,590

 

Display Cor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
12 The Broadway
St Ives
Cambs
PE27 5BN
England

The principal place of business is:
Units 3, 4 and 6 Elms Yard
Stevenage Road
Little Wymondley
Hertfordshire
SG4 7HY

These financial statements were authorised for issue by the Board on 7 June 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leashold improvements and workshop structure

Straight line over 5 years

Plant and machinery

Straight line basis between 3 and 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Display Cor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Display Cor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2016 - 20).

4

Tangible assets

Leasehold improvement and leasehold structure
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

16,722

32,027

325,767

374,516

At 31 March 2017

16,722

32,027

325,767

374,516

Depreciation

At 1 April 2016

12,277

32,019

248,598

292,894

Charge for the year

2,187

8

20,265

22,460

At 31 March 2017

14,464

32,027

268,863

315,354

Carrying amount

At 31 March 2017

2,258

-

56,904

59,162

At 31 March 2016

4,445

8

77,169

81,622

Included within the net book value of land and buildings above is £2,258 (2016 - £4,445) in respect of long leasehold land and buildings.
 

 

Display Cor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Stocks

2017
£

2016
£

Raw materials and consumables

11,584

18,118

 

Display Cor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

6

Debtors

2017
£

2016
£

Trade debtors

685,859

867,626

Other debtors

78,795

100,307

Total current trade and other debtors

764,654

967,933

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

8

-

3,412

Trade creditors

 

303,920

344,497

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

13,180

13,380

Taxation and social security

 

75,297

109,598

Other creditors

 

27,665

112,597

 

420,062

583,484

8

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

-

3,412

9

Dividends

Interim dividends paid

 

2017
£

2016
£

Interim dividend of £ 54 (2016 - £ 48.60 ) per each Ordinary share

54,000

48,600.00

Interim dividend of £ 65,000 (2016 - £ 50,000 ) per each A share

260,000

200,000

 

314,000

248,600

 

Display Cor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

10

Related party transactions

Transactions with directors

2017

At 1 April 2016
£

Advances to directors
£

Repayments by director
£

At 31 March 2017
£

Mr J Gardiner

Loan to/(from) director - interest free, unsecured and repayable on demand

10,913

-

(10,727)

186

         
       

Mr P A Millard

Loan to/(from)director - interest free, unsecured and repayable on deman

(1,671)

1,671

(1,008)

(1,008)

         
       

Mr N Gardiner

Loan to/(from) director - interest free, unsecured and repayable on demand

10,000

5,000

(15,000)

-

         
       

 

2016

At 1 April 2015
£

Advances to directors
£

Repayments by director
£

At 31 March 2016
£

Mr J Gardiner

Loan to/(from) director - interest free, unsecured and repayable on demand

3,925

10,913

(3,925)

10,913

         
       

Mr P A Millard

Loan to/(from)director - interest free, unsecured and repayable on deman

(1,704)

33

-

(1,671)

         
       

Mr N Gardiner

Loan to/(from) director - interest free, unsecured and repayable on demand

24,632

13,556

(28,188)

10,000

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2017
£

2016
£

Remuneration

253,615

245,087

 

Display Cor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Dividends paid to directors

 

2017
£

2016
£

Mr J Gardiner

   

Ordinary shares

14,850

13,365

     
         

Mr P A Millard

   

Ordinary shares

8,100

7,290

     
         

Mr N J Gardiner

   

Ordinary shares

8,100

7,290

     
         

Mr N Gardiner

   

Ordinary shares

8,100

7,290

     
         

 

11

Transition to FRS 102

The company has adopted FRS 102 for the year ended 31 March 2017. No restatement of comparative prior year amounts are necessary from this transition.