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Registration number: 02434450

T L Dallas Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2021

 

T L Dallas Group Limited

Contents

Strategic Report

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Consolidated Profit and Loss Account

7

Consolidated Balance Sheet

8

Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Statement of Changes in Equity

11

Consolidated Statement of Cash Flows

12

Notes to the Financial Statements

13 to 30

 

T L Dallas Group Limited

Strategic Report for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

Principal activity

The company is a holding company and the principal activity of its subsidiary undertakings continues to be the broking of general insurance business in the United Kingdom.

Fair review of the business

The hard insurance market that was highlighted in last year’s report, continued into 2021 as expected. Our teams have continued to use their skills to place insurances despite the ongoing difficult market, and through increased premiums, a “bounce back” for many clients through 2021 and improved new business efforts we have achieved an increase in turnover of over 5% (approximately £500,000). We expect this “hard” market to continue well into 2022, although there are signs of a flattening of rate increases. This represents both an opportunity and a challenge to our business with more companies reviewing their insurances leading to more new business opportunities, although in many cases there are not a large level of alternative cover options available.

Consolidation in our sector continues apace and we continue to view this largely as an opportunity. Indeed, we have established two new majority owned subsidiaries, established by entrepreneurial insurance professionals who wish to “grow their own” businesses and not operate within a consolidator model. We continue to try to attract high quality individuals to join the business through 2022.

Despite these two new “start-up businesses” posting losses (as budgeted and expected) in Year 1, Group profit before tax has held up well showing a significant increase of some £89,000, or 10% from £924,000 to £1,013,000.

The Group Balance Sheet shown on page 8 of the Financial Statements shows continued strong reserves with net assets (excluding Minority Interests) increasing by over 10% from £7,043,000 to £7,811,000 with positive cash generation of over £500,000 also being seen during the year.

Principal risks and uncertainties

Distribution channels for insurance continue to change and we constantly monitor and adapt to ensure that the Group is able to retain a strong position in the industry – we still believe there is a place in our industry for personal & bespoke service for clients of all sizes.

As the country continues to recover from the pandemic, we have largely adopted a hybrid style of working from home and the offices, which seems to suit most staff, and is in fact expected by new recruits now. This does create challenges in terms of ensuring our culture continues to be embedded across our businesses, but we are making full use of video conferencing and bring teams together regularly. We are also investing in staff wellbeing and are aware of, and are addressing, the cost of living pressures that some of our colleagues may be feeling.

The hard market continues to provide uncertainty as noted above and we try to address this through staff training and continuing to maintain excellent and professional, working relationships with our insurer partners.

Approved and authorised by the Board on 22 June 2022 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

T L Dallas Group Limited

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the for the year ended 31 December 2021.

Director of the group

The directors who held office during the year were as follows:

J D Butterworth (resigned 30 June 2021)

P E O Staveley

G H Reid

M P Martin

J Hollowood

M J W Dallas

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 22 June 2022 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

T L Dallas Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

T L Dallas Group Limited

Independent Auditor's Report to the Members of T L Dallas Group Limited

Opinion

We have audited the financial statements of T L Dallas Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 year 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.

Basis for opinion

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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:

 

T L Dallas Group Limited

Independent Auditor's Report to the Members of T L Dallas Group Limited

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors’ 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 Statement of Directors' Responsibilities [set out on page 3], 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 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.

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud to be sales completeness and cut off.

We also obtained an understanding of the legal and regulatory frameworks that the group operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the group operates, to enable us to identify the key laws and regulations applicable to the group. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including FCA, Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

 

T L Dallas Group Limited

Independent Auditor's Report to the Members of T L Dallas Group Limited

We then performed audit procedures after consideration of the above risks which included the following:

reviewing insurance policies to determine income allocated in correct period;

reviewing post year end activity and external documentation to verify year end insurance debtors and creditors;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC and the group's legal advisors;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance; and;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our 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.

......................................
Gillian Craven FCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

22 June 2022

 

T L Dallas Group Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2021

Note

2021
 £

2020
 £

Turnover

3

9,782,859

9,304,070

Administrative expenses

 

(8,820,613)

(8,462,833)

Other operating income

45,236

48,642

Operating profit

4

1,007,482

889,879

Other interest receivable and similar income

5,800

33,918

Profit before tax

 

1,013,282

923,797

Taxation

9

(199,015)

(180,758)

Profit for the financial year

 

814,267

743,039

Profit/(loss) attributable to:

 

Owners of the company

 

768,243

662,464

Minority interests

 

46,024

80,575

 

814,267

743,039

 

T L Dallas Group Limited

(Registration number: 02434450)
Consolidated Balance Sheet as at 31 December 2021

Note

2021
  £

2020
  £

Fixed assets

 

Intangible assets

10

652,044

805,552

Tangible assets

11

1,537,558

1,637,744

Other financial assets

13

-

-

 

2,189,602

2,443,296

Current assets

 

Debtors

14

3,953,465

3,493,732

Cash at bank and in hand

15

19,986,951

19,439,591

 

23,940,416

22,933,323

Creditors: Amounts falling due within one year

16

(18,284,591)

(18,267,119)

Net current assets

 

5,655,825

4,666,204

Net assets

 

7,845,427

7,109,500

Capital and reserves

 

Called up share capital

19

68,518

68,518

Share premium reserve

21

377,196

377,196

Capital redemption reserve

21

29,501

29,501

Profit and loss account

21

7,336,190

6,567,947

Equity attributable to owners of the company

 

7,811,405

7,043,162

Minority interests

 

34,022

66,338

Total equity

 

7,845,427

7,109,500

Approved and authorised by the Board on 22 June 2022 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

T L Dallas Group Limited

(Registration number: 02434450)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

10

439,416

511,749

Tangible assets

11

1,456,700

1,472,700

Investments

12

880,462

880,322

Other financial assets

13

-

-

 

2,776,578

2,864,771

Current assets

 

Debtors

14

374,936

1,837,297

Cash at bank and in hand

15

2,801,690

715,230

 

3,176,626

2,552,527

Creditors: Amounts falling due within one year

16

(21,161)

(14,478)

Net current assets

 

3,155,465

2,538,049

Net assets

 

5,932,043

5,402,820

Capital and reserves

 

Called up share capital

19

68,518

68,518

Share premium reserve

21

377,196

377,196

Capital redemption reserve

21

29,501

29,501

Profit and loss account

21

5,456,828

4,927,605

Total equity

 

5,932,043

5,402,820

Approved and authorised by the Board on 22 June 2022 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

T L Dallas Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2021
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 January 2021

68,518

377,196

29,501

6,567,947

7,043,162

66,338

7,109,500

Profit for the year

-

-

-

768,243

768,243

46,024

814,267

Dividends

-

-

-

-

-

(78,400)

(78,400)

Acquisition of non-controlling interest, that does not result in a change of control

-

-

-

-

-

60

60

At 31 December 2021

68,518

377,196

29,501

7,336,190

7,811,405

34,022

7,845,427

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 January 2020

68,518

377,196

29,501

6,223,018

6,698,233

(14,237)

6,683,996

Profit for the year

-

-

-

662,464

662,464

80,575

743,039

Dividends

-

-

-

(317,535)

(317,535)

-

(317,535)

At 31 December 2020

68,518

377,196

29,501

6,567,947

7,043,162

66,338

7,109,500

 

T L Dallas Group Limited

Statement of Changes in Equity for the Year Ended 31 December 2021

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2021

68,518

377,196

29,501

4,927,605

5,402,820

Profit for the year

-

-

-

529,223

529,223

At 31 December 2021

68,518

377,196

29,501

5,456,828

5,932,043

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2020

68,518

377,196

29,501

4,698,785

5,174,000

Profit for the year

-

-

-

546,355

546,355

Dividends

-

-

-

(317,535)

(317,535)

At 31 December 2020

68,518

377,196

29,501

4,927,605

5,402,820

 

T L Dallas Group Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2021

Note

2021
 £

2020
 £

Cash flows from operating activities

Profit for the year

 

814,267

743,039

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

 

281,582

318,636

Finance income

(5,800)

(33,918)

Corporation tax expense

9

199,015

180,758

 

1,289,064

1,208,515

Working capital adjustments

 

(Increase)/decrease in trade debtors

 

(412,272)

1,529,156

Decrease in trade creditors

 

(20,660)

(1,487,404)

Cash generated from operations

 

856,132

1,250,267

Corporation taxes paid

 

(208,344)

(138,044)

Net cash flow from operating activities

 

647,788

1,112,223

Cash flows from investing activities

 

Interest received

5,800

33,918

Acquisition of intangible assets

10

(11,400)

(19,598)

Acquisitions of tangible assets

11

(16,488)

(72,820)

Net cash flows from investing activities

 

(22,088)

(58,500)

Cash flows from financing activities

 

Proceeds from issue of ordinary shares, net of issue costs

 

60

-

Dividends paid

(78,400)

(317,535)

Net cash flows from financing activities

 

(78,340)

(317,535)

Net increase in cash and cash equivalents

 

547,360

736,188

Cash and cash equivalents at 1 January

 

19,439,591

18,703,403

Cash and cash equivalents at 31 December

 

19,986,951

19,439,591

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

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:
Dallas House
Low Moor
Bradford
West Yorkshire
BD12 0HF

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 were prepared in accordance with Financial Reporting Standard 102 '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.

The group's presentation currency is the pound sterling.

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2021.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006. Its profit for the financial year was £529,223 (2020 - £546,355).

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature and estimation means that actual outcomes could differ from those estimates. The following judgements (apart from these involving estimates) had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The net carrying amount is £1,537,558 (2020 -£1,637,744).

Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors which include the current credit rating of the debtor, the ageing profile of debtors and historical experience. The net carrying amount is £3,196,481 (2020 -£3,022,141).

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Revenue recognition

Turnover represents: commissions and fees, which are taken to revenue in full at the later of the binding contract date and the renewal or commencement date of the policy; risk management fees, which are taken to revenue as they are invoiced; management charges from group companies, which are taken to revenue as they are invoiced; and certain other fees and commissions which are recognised on receipt. The group recognises profit deals received from insurers on a cash receipts basis.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold buildings

2% straight line basis

Office equipment

33.33% straight line basis

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Other intangible assets relate to client lists, initially recognised as assets at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill on consolidation

5% - 33% straight line basis

Software

33.33% straight line basis

Other intangible assets

5% - 33% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Provisions for liabilities

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Dividends

Dividend distribution to the group’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 group 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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

2021
£

2020
£

Rendering of services

9,782,859

9,304,070

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

4

Operating profit

Arrived at after charging/(crediting)

2021
 £

2020
 £

Depreciation expense

116,674

138,567

Amortisation expense

164,908

180,069

Loss on disposal of property, plant and equipment

-

559

5

Government grants

During the year the company has received grant income of £8,736 in respect of the Coronavirus Job Retention Scheme.

During the year the company has received grant income of £2,500 in respect of the Apprenticeship Scheme.

The amount of grants recognised in the financial statements was £11,236 (2020 - £14,642).

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2021
 £

2020
 £

Wages and salaries

5,392,705

5,176,082

Social security costs

606,941

582,613

Pension costs, defined contribution scheme

775,990

697,983

6,775,636

6,456,678

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2021
No.

2020
No.

Administration and support

129

122

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

536,420

480,736

Contributions paid to money purchase schemes

64,673

55,247

601,093

535,983

During the year the number of directors who were receiving benefits was as follows:

2021
No.

2020
No.

Accruing benefits under money purchase pension scheme

4

4

In respect of the highest paid director:

2021
£

2020
£

Remuneration

163,423

162,475

Company contributions to money purchase pension schemes

16,800

16,800

8

Auditors' remuneration

2021
£

2020
£

Audit of these financial statements

3,850

3,000


 

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

9

Taxation

Tax charged/(credited) in the income statement

2021
£

2020
£

Current taxation

UK corporation tax

267,100

208,344

UK corporation tax adjustment to prior periods

(20,624)

-

246,476

208,344

Deferred taxation

Arising from origination and reversal of timing differences

(40,012)

(27,586)

Arising from changes in tax rates and laws

(7,449)

-

Total deferred taxation

(47,461)

(27,586)

Tax expense in the income statement

199,015

180,758

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2020 - higher than the standard rate of corporation tax in the UK) of 19% (2020 - 19%).

The differences are reconciled below:

2021
£

2020
£

Profit before tax

1,013,282

923,797

Corporation tax at standard rate

192,524

175,521

Effect of expense not deductible in determining taxable profit (tax loss)

34,564

4,422

Deferred tax credit relating to changes in tax rates or laws

(7,449)

-

Deferred tax credit from unrecognised temporary difference from a prior period

-

(2,223)

Tax (decrease)/increase from other short-term timing differences

(20,624)

3,038

Total tax charge

199,015

180,758

Deferred tax

Group

Deferred tax assets and liabilities

2021

Asset
£

Accelerated capital allowances

31,292

Other timing differences

39,750

 

71,042

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

2020

Asset
£

Accelerated capital allowances

(3,042)

Other timing differences

26,623

 

23,581

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £78,668 (2020 - £50,478).

Company

Deferred tax assets and liabilities

2021

Asset
£

Accelerated capital allowances

1,370

   

2020

Asset
£

Accelerated capital allowances

1,270

   

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £277 (2020 - £1,203).

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

10

Intangible assets

Group

Goodwill on consolidation
 £

Software
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2021

230,514

124,553

3,521,701

3,876,768

Additions acquired separately

-

8,400

3,000

11,400

At 31 December 2021

230,514

132,953

3,524,701

3,888,168

Amortisation

At 1 January 2021

97,346

99,279

2,874,591

3,071,216

Amortisation charge

11,525

12,980

140,403

164,908

At 31 December 2021

108,871

112,259

3,014,994

3,236,124

Carrying amount

At 31 December 2021

121,643

20,694

509,707

652,044

At 31 December 2020

133,168

25,274

647,110

805,552

Company

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2021

2,639,048

2,639,048

At 31 December 2021

2,639,048

2,639,048

Amortisation

At 1 January 2021

2,127,299

2,127,299

Amortisation charge

72,333

72,333

At 31 December 2021

2,199,632

2,199,632

Carrying amount

At 31 December 2021

439,416

439,416

At 31 December 2020

511,749

511,749

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

11

Tangible fixed assets

Group

Freehold land and buildings
£

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2021

1,664,700

1,598,238

3,262,938

Additions

-

16,488

16,488

At 31 December 2021

1,664,700

1,614,726

3,279,426

Depreciation

At 1 January 2021

192,000

1,433,194

1,625,194

Charge for the year

16,000

100,674

116,674

At 31 December 2021

208,000

1,533,868

1,741,868

Carrying amount

At 31 December 2021

1,456,700

80,858

1,537,558

At 31 December 2020

1,472,700

165,044

1,637,744

Company

Land and buildings
£

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2021

1,664,700

394,607

2,059,307

At 31 December 2021

1,664,700

394,607

2,059,307

Depreciation

At 1 January 2021

192,000

394,607

586,607

Charge for the year

16,000

-

16,000

At 31 December 2021

208,000

394,607

602,607

Carrying amount

At 31 December 2021

1,456,700

-

1,456,700

At 31 December 2020

1,472,700

-

1,472,700

Group and company

Included within the net book value of freehold land and buildings above is £864,700 (2020 - £864,700) in respect of non-depreciable land.
 

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

12

Investments

Company

2021
£

2020
£

Investments in subsidiaries

880,462

880,322

Subsidiaries

£

Cost or valuation

At 1 January 2021

880,322

Additions

140

At 31 December 2021

880,462

Carrying amount

At 31 December 2021

880,462

At 31 December 2020

880,322

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2021

2020

Subsidiary undertakings

T L Dallas & Co Limited

Ordinary

100%

100%

T L Dallas (City) Limited

Ordinary

100%

100%

T L Dallas Independent Financial Services Limited

Ordinary

51%

51%

T L Dallas (Scotland) Limited

Ordinary

100%

100%

T L Dallas (NI) Limited

Ordinary

51%

51%

Dallas Wilding Drew Limited

Ordinary

70%

0%

Dallas Scott Davey Limited

Ordinary

70%

0%

The registered address of all of the above subsidiaries is Dallas House, Low Moor, Bradford, West Yorkshire, BD12 0HF.

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

13

Other financial assets

Group

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2021

41,562

41,562

At 31 December 2021

41,562

41,562

Impairment

At 1 January 2021

41,562

41,562

At 31 December 2021

41,562

41,562

Carrying amount

At 31 December 2021

-

-

At 31 December 2020

-

-

Company

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2021

40,562

40,562

At 31 December 2021

40,562

40,562

Impairment

At 1 January 2021

40,562

40,562

At 31 December 2021

40,562

40,562

Carrying amount

At 31 December 2021

-

-

At 31 December 2020

-

-

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

14

Debtors

 

Group

Company

2021
 £

2020
 £

2021
 £

2020
 £

Trade debtors

3,566

1

3,566

1

Amounts owed by related parties

-

-

170,000

1,541,700

Other debtors

216,072

303,188

200,000

294,326

Prepayments

466,304

144,821

-

-

Insurer client debtors

3,196,481

3,022,141

-

-

Deferred tax assets

71,042

23,581

1,370

1,270

3,953,465

3,493,732

374,936

1,837,297

15

Cash and cash equivalents

 

Group

Company

2021
 £

2020
 £

2021
 £

2020
 £

Cash on hand

2,980

3,866

-

-

Cash at bank

4,806,077

1,697,085

2,801,690

715,230

Client accounts

15,177,894

17,738,640

-

-

19,986,951

19,439,591

2,801,690

715,230

16

Creditors

 

Group

Company

2021
 £

2020
 £

2021
 £

2020
 £

Due within one year

Trade creditors

272,369

52,574

-

-

Amounts due to related parties

-

-

5,827

-

Social security and other taxes

272,657

253,706

594

-

Other creditors

8,566,387

8,903,218

140

-

Accrued expenses

730,902

560,926

-

-

Corporation tax liability

267,100

228,968

14,600

14,478

Insurer creditors

8,175,176

8,267,727

-

-

18,284,591

18,267,119

21,161

14,478

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

17

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 January 2021

(23,581)

(23,581)

Increase (decrease) in existing provisions

(47,461)

(47,461)

At 31 December 2021

(71,042)

(71,042)

Company

Deferred tax
£

Total
£

At 1 January 2021

(1,270)

(1,270)

Increase (decrease) in existing provisions

(100)

(100)

At 31 December 2021

(1,370)

(1,370)

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £775,990 (2020 - £697,983).

19

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £0.10 each

418,562

41,856

418,562

41,856

Redeemable shares of £0.10 each

266,620

26,662

266,620

26,662

 

685,182

68,518

685,182

68,518

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:

All shares rank pari passu for income, capital and voting rights.

Redeemable shares have the following rights, preferences and restrictions:

All shares rank pari passu for income and capital.

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

20

Share-based payments

Share incentive plan

The company operates a share incentive plan for all employees with qualifying service.

During the year 4,416 shares were awarded within the scheme with a value of £11.86.

The equity instruments awarded were measured with reference to turnover, which the directors believe is an accurate reflection of fair value.

The total expense recognised in the profit for the year is £31,840.

21

Reserves

Group and company

Share capital

Represents the nominal value of issues shares.

Share premium reserve

Represents the amount paid for issued ordinary shares in excess of their par value.

Capital redemption reserve

A statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of the company's own shares.

Profit and loss account

Includes all current and prior periods distributable profits and losses.

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

22

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2021
£

2020
£

Not later than one year

155,678

253,521

Later than one year and not later than five years

167,696

229,245

Later than five years

62,333

96,333

385,707

579,099

The amount of non-cancellable operating lease payments recognised as an expense during the year was £232,270 (2020 - £221,976).

23

Related party transactions

Group

Summary of transactions with other related parties

Non-executive directors, executive directors and their close family members.
 

Expenditure with and payables to related parties

2021

Other related parties
£

Receipt of services

12,011

2020

Other related parties
£

Receipt of services

12,011

Dividends paid

172,437

184,448

Company

Income and receivables from related parties

2021

Subsidiary
£

Dividends received

81,600

Amounts receivable from related party

170,000

2020

Subsidiary
£

Amounts receivable from related party

70,000

 

T L Dallas Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

24

Non adjusting events after the financial period

Post year end the company entered into a share buyback agreement of redeemable shares with a share value of £7,515. The cost to the company was £1,749,847.