Registered number
00679033
Daften Diecasting Limited
Unaudited Filleted Accounts
30 June 2017
Daften Diecasting Limited
Registered number: 00679033
Balance Sheet
as at 30 June 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 1,578,468 1,327,330
Current assets
Stocks 177,931 105,727
Debtors 4 550,387 531,387
Cash at bank and in hand 44,393 47,069
772,711 684,183
Creditors: amounts falling due within one year 5 (835,054) (651,563)
Net current (liabilities)/assets (62,343) 32,620
Total assets less current liabilities 1,516,125 1,359,950
Creditors: amounts falling due after more than one year 6 (162,613) (184,981)
Provisions for liabilities (219,101) (190,185)
Net assets 1,134,411 984,784
Capital and reserves
Called up share capital 20,200 20,200
Revaluation reserve 8 481,496 346,833
Profit and loss account 632,715 617,751
Shareholders' funds 1,134,411 984,784
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.
G J Weedon
Director
Approved by the board on 21 September 2017
Daften Diecasting Limited
Notes to the Accounts
for the year ended 30 June 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).

This is the first year of adoption and has resulted in a number of changes in accounting policies compared to those used previously. The date of transition to FRS 102 1A was 1 July 2015. Further details of the change can be found in note 9.
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.
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:
Freehold buildings over 50 years
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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 48 46
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2016 836,485 1,759,522 96,794 2,692,801
Additions - 238,436 - 238,436
Surplus on revaluation 163,515 - - 163,515
Disposals - (30,925) - (30,925)
At 30 June 2017 1,000,000 1,967,033 96,794 3,063,827
Depreciation
At 1 July 2016 97,669 1,225,454 42,348 1,365,471
Charge for the year 20,169 115,672 13,611 149,452
On disposals - (29,564) - (29,564)
At 30 June 2017 117,838 1,311,562 55,959 1,485,359
Net book value
At 30 June 2017 882,162 655,471 40,835 1,578,468
At 30 June 2016 738,816 534,068 54,446 1,327,330
Freehold land and buildings: 2017 2016
£ £
Historical cost 348,735 348,735
Cumulative depreciation based on historical cost 18,785 17,680
329,950 331,055
Land and buildings were re-valued at 30 June 2017 by the directors, based on the site and buildings open market value. The directors used their knowledge of the local area to value the land and buildings.
4 Debtors 2017 2016
£ £
Trade debtors 439,502 423,655
Value of unbilled work 110,004 102,000
Other debtors 881 5,732
550,387 531,387
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 48,405 45,825
Obligations under finance lease and hire purchase contracts 102,994 80,754
Trade creditors 224,879 132,361
Sales invoiced - factored 359,487 315,783
Other taxes and social security costs 82,988 69,209
Other creditors 16,301 7,631
835,054 651,563
6 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 14,064 64,381
Obligations under finance lease and hire purchase contracts 148,549 120,600
162,613 184,981
7 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 251,535 311,561
Bank loans and hire purchase agreements are secured against the assets the loan was used to fund.
8 Revaluation reserve 2017 2016
£ £
At 1 July 2016 346,833 361,267
Gain/(loss) on revaluation of land and buildings 150,132 (9,755)
Deferred taxation arising on the revaluation of land and buildings (15,469) (4,679)
At 30 June 2017 481,496 346,833
9 Reconciliation of equity
Profit and loss Fair value
account reserve
At 1 July 2015 under old UK GAAP 511,869 442,470
Deferred tax - (81,203)
At 1 July 2015 under FRS 102 1A 511,869 361,267
At 30 June 2016 under old UK GAAP 617,751 432,715
Deferred tax - (85,882)
At 30 June 2016 under FRS 102 1A 617,751 346,833
10 Controlling party
The company is ultimately controlled by the directors.
11 Other information
Daften Diecasting Limited is a private company limited by shares and incorporated in England. Its registered office is:
Trevilling Road
Wadebridge
Cornwall
PL27 6HF
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