Company Registration No. 00373113 (England and Wales)
DURITE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
DURITE LIMITED
COMPANY INFORMATION
Directors
Pierre Nadeau
John Knox
Charles Gessler
Michael Schulte
Company number
00373113
Registered office
Durite Works
Valley Road
Dovercourt
Essex
CO12 4RX
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers
Bank of Ireland
50 - 55 Baggot Street Lower
Dublin
Ireland
Bank of America
Premier Place
2.5 Devonshire Square
London
EC2M 4UJ
DURITE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 25
DURITE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the period ended 31 December 2021.
Fair review of the business
The company has a strong focus on the UK market, with sales to UK based customers accounting for 90% of turnover in the year (31 March 2021 - 91%). Market conditions improved as the Country came out of lockdown and the UK economy grew to above pre-pandemic levels. Coupled with increased one-off sales following legislation requirements from Transport for London. Worldwide Supply Chain concerns and local UK logistic issues were counted with a strategic decision to increase stock levels which has resulted in the Company being well placed to meet increased demand as new vehicle registration increase in 2022. Turnover prorated increased by 15.3% over the prior year. The gross profit margin was 38% (31 March 2021 - 33%).
The company is committed to providing its customers with reliable high-quality products that are competitively priced and ensuring very high levels of stock availability and customer service. The dedication of the company's staff has been instrumental in the continued development and growth of the company.
Principal risks and uncertainties
The company supplies its products to a wide range of customers minimising the exposure to any one customer. The company has a diversified supplier base in the UK, Continental Europe and the Far East which minimises the risk of disruption to supply. Purchases are in different currencies and are subject to exchange rate fluctuations. The company has sought to mitigate the impact on cost of sales of the volatility of Sterling against the US Dollar and the Euro through hedging exchange rates and better purchasing. The company is exposed to the usual credit risks and cashflows associated with selling on credit and it manages these risks through credit control procedures.
Development and performance
The company made a pre-tax profit of £4,066,103 (31 March 2021 - loss of £10,359,503) on a turnover of £16,557,023 (31 March 2021 - £19,146,765).
At 31 December 2021 the company had net assets of £12,266,398 (31 March 2021 - £10,056,249)
Key performance indicators
The company uses a variety of key performance indicators to monitor the business. These key performance indicators include sales, margins, debtors, stock, cash, product quality and customer service. There is a particular focus on ensuring and monitoring product quality and maintaining high levels of customer service.
Pierre Nadeau
Director
17 August 2022
DURITE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
The directors present their annual report and financial statements for the period ended 31 December 2021.
Principal activities
The principal activity of Durite Limited is the manufacture and supply of Durite branded electrical parts for the commercial vehicle aftermarkets. Durite Limited has been trading for over 80 years and the Durite brand is synonymous with quality products and outstanding customer service.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Steven Fobel
(Resigned 14 April 2021)
Pierre Nadeau
John Knox
Charles Gessler
Michael Schulte
Results and dividends
The results for the period are set out on page 7.
Ordinary dividends were paid amounting to £1,670,000. The directors do not recommend payment of a final dividend.
Financial instruments
Interest rate risk
The company's working capital was funded by a mixture of retained earnings and borrowings during the year. The company maintains bank borrowings as part of its financial risk management.
Foreign currency risk
The company has exposure to currency risk due to purchases in either Euros or US Dollar. There is some degree of natural hedging in respect of Euros as a result of sales into the Republic of Ireland and Europe.
Interest rate and currency risk is managed.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Pierre Nadeau
Director
17 August 2022
DURITE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DURITE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DURITE LIMITED
- 4 -
Opinion
We have audited the financial statements of Durite Limited (the 'company') for the period ended 31 December 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DURITE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DURITE LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health and Safety laws, Waste and Battery Accumulator Regulations, Control of Asbestos Regulations, HMRC guidance, Packaging Producer Obligations and the impacts of the UK's departure on import amd export compliance.
We considered the incentives and opportunities that exist in the company, particularly regarding the sale of the group the Company was previously a member of, including the extent of management bias. This presents a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
DURITE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DURITE LIMITED
- 6 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of Freehold Property, stock impairment and provisions, recoverability of trade debtors and adequacy of bad debt provisions.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Performing a physical verification of key assets and stock items (including testing of the stock system).
Obtaining third-party confirmation of material bank and loan balances repaid in the year, and evidence that there had been no breaches to covenants throughout the accounting period.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Performing completeness tests regarding the Coronavirus Job Retention Scheme to identify any claims and income not accounted for.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Russell Nathan (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
17 August 2022
DURITE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 7 -
Period
Year
ended
ended
31 December
31 March
2021
2021
Notes
£
£
£
£
Turnover
3
16,557,023
19,146,765
Cost of sales
(10,208,325)
(12,736,018)
Gross profit
6,348,698
6,410,747
Distribution costs
(625,490)
(697,836)
Administrative expenses
Other Administrative expenses
(1,695,131)
(3,516,572)
Exceptional cost - Intercompany debt waiver
4
(13,444,804)
(1,695,131)
(16,961,376)
Other operating income
Coronavirus job retention scheme grant
173,857
Exceptional income - Repayment of third party debt by parent
4
886,379
-
1,060,236
Operating profit/(loss)
5
4,028,077
(10,188,229)
Interest receivable and similar income
9
636
1,384
Interest payable and similar expenses
10
-
(65,832)
Fair value gains/(losses) on derivatives
37,390
(106,826)
Profit/(loss) before taxation
4,066,103
(10,359,503)
Tax on profit/(loss)
11
(533,354)
(419,710)
Profit/(loss) for the financial period
3,532,749
(10,779,213)
Other comprehensive income
Revaluation of tangible fixed assets
463,200
Tax relating to other comprehensive income
(115,800)
Total comprehensive income for the period
3,880,149
(10,779,213)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DURITE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 8 -
31 December 2021
31 March 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
13
210,412
Tangible assets
14
1,592,817
1,355,325
Investments
15
6,339
6,339
1,809,568
1,361,664
Current assets
Stocks
17
7,719,538
4,370,574
Debtors
18
4,761,056
5,532,766
Cash at bank and in hand
1,190,013
1,569,520
13,670,607
11,472,860
Creditors: amounts falling due within one year
19
(3,018,546)
(2,660,694)
Net current assets
10,652,061
8,812,166
Total assets less current liabilities
12,461,629
10,173,830
Provisions for liabilities
Deferred tax liability
20
195,231
117,581
(195,231)
(117,581)
Net assets
12,266,398
10,056,249
Capital and reserves
Called up share capital
22
500,000
500,000
Revaluation reserve
1,105,940
773,510
Profit and loss reserves
10,660,458
8,782,739
Total equity
12,266,398
10,056,249
The financial statements were approved by the board of directors and authorised for issue on 17 August 2022 and are signed on its behalf by:
Pierre Nadeau
Director
Company Registration No. 00373113
DURITE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2020
500,000
793,870
17,660,344
18,954,214
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
-
(10,779,213)
(10,779,213)
Credit to equity for equity settled share-based payments
-
-
1,881,248
1,881,248
Transfers
-
(20,360)
20,360
-
Balance at 31 March 2021
500,000
773,510
8,782,739
10,056,249
Period ended 31 December 2021:
Profit for the period
-
-
3,532,749
3,532,749
Other comprehensive income:
Revaluation of tangible fixed assets
-
463,200
-
463,200
Tax relating to other comprehensive income
-
(115,800)
(115,800)
Total comprehensive income for the period
347,400
3,532,749
3,880,149
Dividends
12
-
-
(1,670,000)
(1,670,000)
Transfers
-
(14,970)
14,970
-
Balance at 31 December 2021
500,000
1,105,940
10,660,458
12,266,398
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 10 -
1
Accounting policies
Company information
Durite Limited is a private company limited by shares incorporated in England and Wales. The registered office is Durite Works, Valley Road, Dovercourt, Essex, CO12 4RX.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Safefleet UK Limited. These consolidated financial statements are available at Companies House.
1.2
Going concern
The directors have considered the effect of the Covid-19 pandemic on the business. The business has traded through the Covid-19 crisis and has demonstrated resilience as an important supplier to the vital HGV and LCV transport infrastructure. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Reporting period
The reporting period is the 9 month period from 1 April 2021 to 31 December 2021. The comparative reporting period is the year to 31 March 2021.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
15% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
4% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
20% straight line
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
1.9
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank facilities. Bank facilities are shown within borrowings in liabilities.
1.10
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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank facilities and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.13
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.
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
1.16
Share-based payments
The company participates in a share-based payment arrangement granted to its employees. Equity-settled share-based payments are measured at the value at the date of grant. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense.
The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.18
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.
1.19
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.
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 15 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
Stock impairment and provision
Stock is measured at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stock. Calculation of these provisions require judgements to be made which include forecasting, consumer demand, competitive and economic environment and inventory loss trends.
At the year end, the carrying value of the stock provision was £306,737 (31 March 2021: £383,223).
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of land and buildings
In accordance with the accounting standards adopted by the company, its property used for the trade of the business is stated at valuation with changes in fair value being recognised through other comprehensive income. The directors have consulted with external valuers to ascertain the fair value of the land and buildings. The most recent professional valuation took place on 7 July 2022. The directors have estimated the valuation at 31 December 2021 by apportioning the increase in value since the last valuation at 31 March 2019 on a straight line basis. The professional valuation was determined by using recognised valuation techniques and taking into consideration any recent market transactions for similar properties in similar locations to the property held by the company. The valuation is inherently subjective, as the valuations are made on the basis of the assumptions made by the valuer and the directors which may not prove accurate. Deferred tax has been recognised on the revalued property, based on the estimated carrying value at period end.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
31 December 2021
31 March 2021
£
£
Turnover analysed by class of business
Sale of goods
16,557,023
19,146,765
31 December 2021
31 March 2021
£
£
Other significant revenue
Interest income
636
1,384
Grants received
173,857
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
3
Turnover and other revenue
(Continued)
- 16 -
31 December 2021
31 March 2021
£
£
Turnover analysed by geographical market
United Kingdom
14,945,199
17,348,042
Europe
1,506,999
1,612,155
Rest of world
104,825
186,568
16,557,023
19,146,765
4
Exceptional items
31 December 2021
31 March 2021
£
£
Exceptional cost - Intercompany debt waiver
-
13,444,804
Exceptional income - Repayment of third party debt by parent
-
(886,379)
Exceptional costs relate to the waiver of intercompany debts owing from group entities following the sale of the Company's previous ultimate parent, Spring Topco Limited, in the year. All outstanding debts between group entities were waived as part of a group restructuring on 31 March 2021.
Exceptional income relates to the repayment of third party debt by Safe Fleet UK Limited, the immediate parent of the Company following a share purchase arrangement executed on 1 March 2021. As part of the purchase agreement, all third party loans were repaid on behalf of the company, with no amounts expecting to be settled in the future.
For more details on the share purchase agreement and restructuring, please see note 24.
5
Operating profit/(loss)
31 December 2021
31 March 2021
Operating profit/(loss) for the period is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
140,872
26,630
Government grants
(173,857)
Depreciation of owned tangible fixed assets
56,798
130,442
Amortisation of intangible assets
50,878
Share-based payments
1,881,248
Operating lease charges
47,986
60,466
6
Auditor's remuneration
31 December 2021
31 March 2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
29,250
28,000
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
6
Auditor's remuneration
(Continued)
- 17 -
7
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31 December 2021
31 March 2021
Number
Number
Directors
2
3
Sales staff
8
8
Administrative staff
19
18
Factory workforce
53
50
Total
82
79
Their aggregate remuneration comprised:
31 December 2021
31 March 2021
£
£
Wages and salaries
2,167,552
4,590,713
Social security costs
228,598
289,874
Pension costs
63,692
92,324
2,459,842
4,972,911
Included in the aggregate remuneration above are share-based payments expenses of £nil (31 March 2021: £1,881,248).
8
Directors' remuneration
31 December 2021
31 March 2021
£
£
Remuneration for qualifying services
187,381
506,239
Company pension contributions to defined contribution schemes
2,610
21,496
189,991
527,735
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (31 March 2021 - 2)
The number of directors who exercised share options during the period was 0 (31 March 2021 - 2).The aggregate amount of the gains by the directors on the exercise of share options during the financial period was £nil (31 March 2021: £983,408).
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
8
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
31 December 2021
31 March 2021
£
£
Remuneration for qualifying services (including exercise of share options)
n/a
1,095,725
Company pension contributions to defined contribution schemes
n/a
10,769
The highest paid director has exercised share options during the period.
9
Interest receivable and similar income
31 December 2021
31 March 2021
£
£
Interest income
Other interest income
636
1,384
10
Interest payable and similar expenses
31 December 2021
31 March 2021
£
£
Interest on bank overdrafts and loans
65,832
11
Taxation
31 December 2021
31 March 2021
£
£
Current tax
UK corporation tax on profits for the current period
571,504
380,234
Deferred tax
Origination and reversal of timing differences
(38,150)
39,476
Total tax charge
533,354
419,710
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
11
Taxation
(Continued)
- 19 -
The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
31 December 2021
31 March 2021
£
£
Profit/(loss) before taxation
4,066,103
(10,359,503)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (31 March 2021: 19.00%)
772,560
(1,968,306)
Tax effect of expenses that are not deductible in determining taxable profit
3,524
2,601,139
Tax effect of income not taxable in determining taxable profit
(168,412)
Adjustments in respect of prior years
(22,749)
Effect of change in corporation tax rate
19,064
Group relief
(202,933)
(14,031)
Permanent capital allowances in excess of depreciation
(2,965)
(46,366)
Depreciation on assets not qualifying for tax allowances
(33,147)
15,686
Taxation charge for the period
533,354
419,710
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
31 December 2021
31 March 2021
£
£
Deferred tax arising on:
Revaluation of property
115,800
-
12
Dividends
31 December 2021
31 March 2021
£
£
Interim paid
1,670,000
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 20 -
13
Intangible fixed assets
Software
£
Cost
At 1 April 2021
Additions
76,446
Transfers
429,766
At 31 December 2021
506,212
Amortisation and impairment
At 1 April 2021
Amortisation charged for the period
50,878
Transfers
244,922
At 31 December 2021
295,800
Carrying amount
At 31 December 2021
210,412
At 31 March 2021
Included within transfers to Intangible fixed assets are total costs brought forward of £429,766 and accumulated depreciation brought forward of £244,922. These amounts relate to software that was previously classed under tangible fixed assets but has now been reclassed for correct presentation.
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 21 -
14
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2021
920,000
559,318
678,760
15,298
2,173,376
Additions
7,777
9,257
17,034
Disposals
(1,392)
(1,392)
Revaluation
406,000
406,000
Transfers
(429,766)
(429,766)
At 31 December 2021
1,326,000
567,095
256,859
15,298
2,165,252
Depreciation and impairment
At 1 April 2021
41,600
337,106
430,099
9,246
818,051
Depreciation charged in the period
15,600
25,536
14,526
1,136
56,798
Eliminated in respect of disposals
(292)
(292)
Revaluation
(57,200)
(57,200)
Transfers
(244,922)
(244,922)
At 31 December 2021
362,642
199,411
10,382
572,435
Carrying amount
At 31 December 2021
1,326,000
204,453
57,448
4,916
1,592,817
At 31 March 2021
878,400
222,212
248,661
6,052
1,355,325
The land and buildings were revalued on 7 July 2022 by FennWright Chartered Surveyors. The land and buildings were valued at £1,400,000 at 7 July 2022 based on their fair freehold vacant possession interest. The Directors have estimated the valuation at 31 December 2021 by apportioning the increase in value since the last valuation at 31 March 2019 on a straight line basis. The Directors estimate that the valuation of the land and buildings at 31 December 2021 is £1,326,000.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £17,592 (31 March 2021 - £17,922), being cost £231,221 (31 March 2021 - £231,221) and depreciation £213,629 (31 March 2021 - £213,299).
15
Fixed asset investments
31 December 2021
31 March 2021
£
£
Other fixed asset investments
6,339
6,339
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
15
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Other fixed asset investments
£
Cost
At 1 April 2021 & 31 December 2021
6,339
Carrying amount
At 31 December 2021
6,339
At 31 March 2021
6,339
16
Financial instruments
31 December 2021
31 March 2021
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
48,689
17
Stocks
31 December 2021
31 March 2021
£
£
Raw materials and consumables
3,303,149
2,030,981
Finished goods and goods for resale
4,416,389
2,339,593
7,719,538
4,370,574
18
Debtors
31 December 2021
31 March 2021
Amounts falling due within one year:
£
£
Trade debtors
4,629,242
5,492,489
Corporation tax recoverable
66,769
Amounts owed by group undertakings
10,370
Prepayments and accrued income
54,675
40,277
4,761,056
5,532,766
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 23 -
19
Creditors: amounts falling due within one year
31 December 2021
31 March 2021
£
£
Trade creditors
1,168,470
922,101
Amounts due to group undertakings
186,000
Corporation tax
37,309
Other taxation and social security
654,088
707,673
Financial liabilities
48,689
Accruals and deferred income
1,009,988
944,922
3,018,546
2,660,694
Financial liabilities include unrealised losses relating to forward exchange contracts.
20
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
31 December 2021
31 March 2021
Balances:
£
£
Revaluations
145,602
25,613
Fixed asset timing differences
63,035
96,502
Short term timing differences
(13,406)
(4,534)
195,231
117,581
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
20
Deferred taxation
(Continued)
- 24 -
31 December 2021
Movements in the period:
£
Liability at 1 April 2021
117,581
Credit to profit or loss
(38,150)
Charge to other comprehensive income
115,800
Liability at 31 December 2021
195,231
The closing provision was based on an expected corporation tax rate of 25%.
21
Retirement benefit schemes
31 December 2021
31 March 2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,692
92,324
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
31 December 2021
31 March 2021
31 December 2021
31 March 2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 25p each
1,000,000
1,000,000
250,000
250,000
B Ordinary shares of 25p each
1,000,000
1,000,000
250,000
250,000
2,000,000
2,000,000
500,000
500,000
The above shares have full voting, dividend and capital distribution rights. Further details are given in the publicly available documents filed at Companies House.
Both Ordinary A shares and Ordinary B shares issued rank pari passu.
After the year end on 18 January 2022, the company consolidated its shares into 500,000 Ordinary shares of £1 each.
DURITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 25 -
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
31 December 2021
31 March 2021
£
£
Within one year
39,183
45,146
Between two and five years
47,464
29,224
86,647
74,370
24
Ultimate controlling party
The ultimate parent undertaking of the company is Swordfish Holdings L.P., a company incorporated in the United States, with registered office at: 6800 East, 163rd Street, Belton, Missouri, 64012.
The immediate parent undertaking of the company is Safe Fleet UK Limited, a company incorporated in the United Kingdom. The results of the company are consolidated in the financial statements of Safefleet UK Limited and these can be obtained from Companies House.
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