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REGISTERED NUMBER: 01378621 (England and Wales)












GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

D.I.P.T. LIMITED

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2021










Page

Company Information 1

Group Strategic Report 2

Directors' Report 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Notes to the Consolidated Financial Statements 13


D.I.P.T. LIMITED

COMPANY INFORMATION
for the year ended 31 December 2021







DIRECTORS: N Dawson
N P Rooney
C K Sanders
R B Sanders
M J Bradshaw



SECRETARY: M J Bradshaw



REGISTERED OFFICE: Sidney Robinson Business Park
Ascot Drive
Derby
DE24 8EH



REGISTERED NUMBER: 01378621 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Orton ACA FCCA



AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

GROUP STRATEGIC REPORT
for the year ended 31 December 2021


The directors present their strategic report of the company and the group for the year ended 31 December 2021.

REVIEW OF BUSINESS
During 2021 the group recorded increased turnover results driven by increased sales activity whilst we continued to increase our valued customer base. In part turnover growth was also influenced by supplier driven increases on certain product lines however the impact of such increases was staged through the year due to proactive purchase planning.

Crucial to the group's ongoing growth is the support offered by our team, our carefully considered network of suppliers, the strategically positioned group warehousing facilities and our 'Best Value No Messin' proposition which allows us to ensure key decisions are made in real-time.

The groups' strategy continues to deliver growth and efficiencies and we are now better placed than ever to target further advancement and efficiencies in line with our strategic objectives.

Consolidated turnover increased on the previous year, increasing from 11.18m in 2020 to 13.45m in 2021. Gross Margins held at acceptable levels however all results exceeded original budget expectations ensuring the board protected the liquidity of the business whilst making significant investments in stock holdings to ensure market price inflation was controlled and availability of required products was secured during the period. Distribution costs remained under scrutiny throughout the period and administrative expenses were reasonably contained with the company benefitting from earlier years investments which drove efficiencies. Further, significant time and funds have been invested in safety, training and I.T. systems to ensure the infrastructure which will be key to future success is robust and able to incorporate the ever-changing needs of our evolving marketplace.

The health and safety of our team and customers remains as a key consideration alongside the high service levels delivered in all areas, a diverse product range offering benefits to our customers and a robust delivery of daily operational targets.

The Directors have continued to invest in reducing the environmental impact the business places upon the environment with aspirations to significantly reduce emissions further over the coming years. It is recognised that our overall contribution to reducing global emissions will be key to protecting not only the environment of the future but also the marketplace we rely upon.

During the year the company continued to purchase subsidiary shares previously owned by minority shareholders thus increasing D.I.P.T. Ltd's ownership percentage of subsidiary companies. This further investment demonstrates confidence going forwards and a phased change in group ownership whilst ensuring cashflow is invested strategically to support further growth.

The market remains competitive and uncertain however the company continues to closely monitor market shifts and accurately predict market fluctuations to ensure we continue to excel at providing leading products and services backed up by a class leading repairs centre which in turn ensures we can provide a market leading solution to any customer issues raised.

Our strategy remains in place and unchanged - We strive to excel at satisfying our customers' needs and expectations and are motivated by ensuring the economic, social and environmental sustainability of the group alongside delivery of controlled growth in a safe manner.

PRINCIPAL RISKS AND UNCERTAINTIES
The team has performed admirably when faced with the challenges/impacts presented by COVID-19, Brexit and the conflict in Ukraine. We look forward to the future with momentum and confidence whilst aware of potential difficulties external factors may place upon the coming years.


D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

GROUP STRATEGIC REPORT
for the year ended 31 December 2021

KEY PERFORMANCE INDICATORS
Sales/ profits over the last few years have been as follows:

2019 2020 2021
(£m) (£m) (£m)
Sales 10.949 11.181 13.450
Profit before tax 0.763 1.052 1.153
Shareholders funds 3.413 3.963 4.627

We consider that our top-level key financial performance indicators are those that accurately communicate the financial performance and strength of the company. Specifically, turnover, gross margin, operating profit and return on capital employed.

During the year a satisfactory return on capital employed of 19% (2020 - 18%) was achieved. The calculation is based on profit after tax and non-controlling interests share as a percentage of net assets before non-controlling interests share.

SUMMARY
Ultimately a year which demonstrated the capabilities and determination of the team employed during the period. A positive result.

ON BEHALF OF THE BOARD:





M J Bradshaw - Director


12 September 2022

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

DIRECTORS' REPORT
for the year ended 31 December 2021


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale, hire and servicing of industrial power tools and ancillary equipment.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2021 will be £ 240,712 .

FUTURE DEVELOPMENTS
Information relating to future developments is given in the Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

N Dawson
N P Rooney
C K Sanders
R B Sanders
M J Bradshaw

FINANCIAL INSTRUMENTS
Information relating to financial instruments is given in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Directors' 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

DIRECTORS' REPORT
for the year ended 31 December 2021


AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Bradshaw - Director


12 September 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D.I.P.T. LIMITED


Opinion
We have audited the financial statements of D.I.P.T. Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity 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 group's and of the parent company affairs as at 31 December 2021 and of the group's 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 Auditors' 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 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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors 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 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 the audit:
- the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the 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 the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D.I.P.T. LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

- discussions with management including consideration of known or suspected instances of non-compliance with
laws and regulation and fraud;
- challenging assumptions made by management in their significant accounting estimates, in particular in relation
to the stock valuation and judgements formed;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 Report of the Auditors.

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 a Report of the Auditors 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.




Paul Orton ACA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

13 September 2022

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2021

2021 2020
Notes £    £   

TURNOVER 4 13,450,062 11,181,178

Cost of sales (9,260,150 ) (7,737,486 )
GROSS PROFIT 4,189,912 3,443,692

Distribution costs (352,499 ) (306,989 )
Administrative expenses (2,757,197 ) (2,434,444 )
1,080,216 702,259

Other operating income 5 73,190 348,357
OPERATING PROFIT 7 1,153,406 1,050,616

Interest receivable and similar income - 1,319
1,153,406 1,051,935

Interest payable and similar expenses 8 (39 ) -
PROFIT BEFORE TAXATION 1,153,367 1,051,935

Tax on profit 9 (232,983 ) (202,432 )
PROFIT FOR THE FINANCIAL YEAR 920,384 849,503

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

920,384

849,503

Profit attributable to:
Owners of the parent 876,785 767,761
Non-controlling interests 43,599 81,742
920,384 849,503

Total comprehensive income attributable to:
Owners of the parent 876,785 767,761
Non-controlling interests 43,599 81,742
920,384 849,503

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

CONSOLIDATED BALANCE SHEET
31 December 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 12 135,919 105,676
Investments 13 - -
135,919 105,676

CURRENT ASSETS
Stocks 14 3,381,268 2,559,689
Debtors 15 2,009,159 2,264,968
Cash at bank 1,362,470 2,190,577
6,752,897 7,015,234
CREDITORS
Amounts falling due within one year 16 (2,124,711 ) (2,358,669 )
NET CURRENT ASSETS 4,628,186 4,656,565
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,764,105

4,762,241

CREDITORS
Amounts falling due after more than one
year

17

-

(237,500

)

PROVISIONS FOR LIABILITIES 21 (31,694 ) (18,350 )
NET ASSETS 4,732,411 4,506,391

CAPITAL AND RESERVES
Called up share capital 22 131,413 131,413
Share premium 23 208,000 208,000
Retained earnings 23 4,288,389 3,623,754
SHAREHOLDERS' FUNDS 4,627,802 3,963,167

NON-CONTROLLING INTERESTS 104,609 543,224
TOTAL EQUITY 4,732,411 4,506,391

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2022 and were signed on its behalf by:





M J Bradshaw - Director


D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

COMPANY BALANCE SHEET
31 December 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 12 87,152 41,011
Investments 13 865,315 411,663
952,467 452,674

CURRENT ASSETS
Stocks 14 3,381,268 2,559,689
Debtors 15 259,267 319,286
Cash at bank 1,359,668 2,186,756
5,000,203 5,065,731
CREDITORS
Amounts falling due within one year 16 (5,112,660 ) (4,350,105 )
NET CURRENT (LIABILITIES)/ASSETS (112,457 ) 715,626
TOTAL ASSETS LESS CURRENT
LIABILITIES

840,010

1,168,300

CREDITORS
Amounts falling due after more than one
year

17

-

(237,500

)

PROVISIONS FOR LIABILITIES 21 (19,500 ) (6,000 )
NET ASSETS 820,510 924,800

CAPITAL AND RESERVES
Called up share capital 22 131,413 131,413
Share premium 208,000 208,000
Retained earnings 481,097 585,387
SHAREHOLDERS' FUNDS 820,510 924,800

Company's profit for the financial year 50,184 50,067

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2022 and were signed on its behalf by:





M J Bradshaw - Director


D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2021

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1 January 2020 131,413 3,073,895 208,000

Changes in equity
Dividends - (190,227 ) -
Total comprehensive income - 767,761 -
Acquisition of non-controlling
interest

-

(27,675

)

-
Balance at 31 December 2020 131,413 3,623,754 208,000

Changes in equity
Dividends - (240,712 ) -
Total comprehensive income - 876,785 -
Acquisition of non-controlling
interest

-

28,562

-
Balance at 31 December 2021 131,413 4,288,389 208,000
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1 January 2020 3,413,308 628,807 4,042,115

Changes in equity
Dividends (190,227 ) - (190,227 )
Total comprehensive income 767,761 81,742 849,503
Acquisition of non-controlling
interest

(27,675

)

(167,325

)

(195,000

)
Balance at 31 December 2020 3,963,167 543,224 4,506,391

Changes in equity
Dividends (240,712 ) - (240,712 )
Total comprehensive income 876,785 43,599 920,384
Acquisition of non-controlling
interest

28,562

(482,214

)

(453,652

)
Balance at 31 December 2021 4,627,802 104,609 4,732,411

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2021

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 January 2020 131,413 582,001 208,000 921,414

Changes in equity
Dividends - (46,681 ) - (46,681 )
Total comprehensive income - 50,067 - 50,067
Balance at 31 December 2020 131,413 585,387 208,000 924,800

Changes in equity
Dividends - (154,474 ) - (154,474 )
Total comprehensive income - 50,184 - 50,184
Balance at 31 December 2021 131,413 481,097 208,000 820,510

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2021


1. STATUTORY INFORMATION

D.I.P.T. Limited is a private limited company and group, registered in England and Wales. Its registered office address is Sidney Robinson Business Park, Ascot Drive, Derby, DE24 8EH and the registered number is 01378621.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been 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. The financial statements have been prepared under the historical cost convention.

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 £.

Going concern
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. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements incorporate those of D.I.P.T. Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the acquisition method of accounting. The results are incorporated from the date control passes. All financial statements are made up to 31 December.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised on the date that goods are despatched.

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.

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


2. ACCOUNTING POLICIES - continued

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:

Long leasehold land & buildingsOver remaining period of lease
Plant and machinery10% to 33% straight line
Fixtures and fittings15% to 20% straight line
Computer equipment25% straight line

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 recognised in the profit and loss account.

Government grants
The company received funding in the form of grants relating to Coronavirus Job Retention Scheme (CJRS). The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
Financial instruments are recognised in the company's balance sheet 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.

(i) 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.

(ii) Financial liabilities
Basic financial liabilities, including creditors, 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. 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.


D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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.

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Judgements and key sources of estimation uncertainty
In the application of the group’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.

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.

(i) Depreciation of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful lives and the residual are reassessed annually. They are amended where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the assets and note 2 for the useful economic lives for each class of asset.

(ii) Stock provisioning
The group's products are subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of the stock and the associated provisioning required. When calculating the stock provision, management considers the nature, age and condition of the stock, as well as applying assumptions around the saleability of the stock.

(iii) Impairment of debtors
The group makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 15 for the net carrying amount of trade debtors.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2021 2020
£    £   
United Kingdom 13,421,040 11,129,191
Europe 16,239 34,823
Rest of World 12,783 17,164
13,450,062 11,181,178

5. OTHER OPERATING INCOME
2021 2020
£    £   
Management charge receivable 30,000 25,000
Government grants received 40,157 320,615
Sundry receipts 3,033 2,742
73,190 348,357

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


6. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 1,707,810 1,437,207
Social security costs 120,219 108,445
Other pension costs 150,894 83,619
1,978,923 1,629,271

The average number of employees during the year was as follows:
2021 2020

Sales 34 33
Administration 14 14
Production 20 18
68 65

The average number of employees by undertakings that were proportionately consolidated during the year was 26 (2020 - 27 ) .

2021 2020
£    £   
Directors' remuneration 208,294 163,406
Directors' pension contributions to money purchase schemes 67,385 32,782

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director for the year ended 31 December 2021 is as follows:
2021
£   
Emoluments etc 89,135
Pension contributions to money purchase schemes 37,211

7. OPERATING PROFIT

The operating profit is stated after charging:

2021 2020
£    £   
Hire of plant and machinery 23,892 23,871
Other operating leases 227,474 218,858
Depreciation - owned assets 60,384 48,452
Loss on disposal of fixed assets 558 311
Auditors' remuneration 8,750 8,350

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2021 2020
£    £   
Bank loan interest 39 -

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2021 2020
£    £   
Current tax:
UK corporation tax 219,639 205,882

Deferred tax 13,344 (3,450 )
Tax on profit 232,983 202,432

UK corporation tax has been charged at 19 % (2020 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit before tax 1,153,367 1,051,935
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2020 - 19 %)

219,140

199,868

Effects of:
Expenses not deductible for tax purposes 1,156 1,255
Income not taxable for tax purposes (512 ) -
Depreciation in excess of capital allowances 3,151 1,309
Losses carried forward 10,048 -
Total tax charge 232,983 202,432

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2021 2020
£    £   
Interim 240,712 190,227

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


12. TANGIBLE FIXED ASSETS

Group
Long
leasehold Fixtures
land & Plant and and Computer
buildings machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 93,299 221,034 301,453 111,076 726,862
Additions 14,081 16,599 58,619 1,885 91,184
Disposals (22,136 ) (90,323 ) (15,184 ) (9,522 ) (137,165 )
At 31 December 2021 85,244 147,310 344,888 103,439 680,881
DEPRECIATION
At 1 January 2021 91,200 187,849 242,200 99,937 621,186
Charge for year 6,135 24,052 23,536 6,661 60,384
Eliminated on disposal (22,136 ) (90,117 ) (15,171 ) (9,184 ) (136,608 )
At 31 December 2021 75,199 121,784 250,565 97,414 544,962
NET BOOK VALUE
At 31 December 2021 10,045 25,526 94,323 6,025 135,919
At 31 December 2020 2,099 33,185 59,253 11,139 105,676

Company
Long
leasehold Fixtures
land & Plant and and Computer
buildings machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 93,299 150,624 214,406 111,076 569,405
Additions 14,081 6,860 53,892 1,885 76,718
Disposals (22,136 ) (82,634 ) (13,187 ) (9,522 ) (127,479 )
Transfer to ownership - - - 1,687 1,687
Reallocation - - (3,149 ) - (3,149 )
At 31 December 2021 85,244 74,850 251,962 105,126 517,182
DEPRECIATION
At 1 January 2021 91,200 141,644 195,613 99,937 528,394
Charge for year 6,135 3,582 11,360 6,661 27,738
Eliminated on disposal (22,136 ) (82,634 ) (13,187 ) (9,184 ) (127,141 )
Transfer to ownership - - - 1,039 1,039
At 31 December 2021 75,199 62,592 193,786 98,453 430,030
NET BOOK VALUE
At 31 December 2021 10,045 12,258 58,176 6,673 87,152
At 31 December 2020 2,099 8,980 18,793 11,139 41,011

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2021 411,663
Additions 453,652
At 31 December 2021 865,315
NET BOOK VALUE
At 31 December 2021 865,315
At 31 December 2020 411,663

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Metal Fabrication Supplies Limited
Registered office: England and Wales
Nature of business: Sales of industrial power tools and related goods
%
Class of shares: holding
Ordinary 90.00

Protrade Ltd
Registered office: England and Wales
Nature of business: Sales, hire and servicing of industrial power tools
%
Class of shares: holding
Ordinary 100.00

Joinery Fit-Out Supplies Limited
Registered office: England and Wales
Nature of business: Non trading company
%
Class of shares: holding
Ordinary 100.00


14. STOCKS

Group Company
2021 2020 2021 2020
£    £    £    £   
Stocks 3,381,268 2,559,689 3,381,268 2,559,689

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2021 2020 2021 2020
£    £    £    £   
Trade debtors 1,753,640 1,949,298 3,748 3,616
Amounts owed by group undertakings - 63,809 - 63,809
Other debtors 126,150 113,569 126,150 113,569
Directors' loan accounts 13,442 12,755 13,442 12,755
Prepayments 115,927 125,537 115,927 125,537
2,009,159 2,264,968 259,267 319,286

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2021 2020 2021 2020
£    £    £    £   
Bank loans and overdrafts (see note 18) 371,928 410,633 371,928 410,633
Trade creditors 1,153,514 1,543,764 1,153,514 1,543,764
Amounts owed to group undertakings 133,581 - 133,581 -
Tax 142,439 111,653 - 4,768
Social security and other taxes 229,645 209,729 209,968 191,805
Other creditors 66,199 53,429 18,007 17,824
Amounts due to group undertakings - - 3,198,257 2,151,850
Accruals and deferred income 27,405 29,461 27,405 29,461
2,124,711 2,358,669 5,112,660 4,350,105

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2021 2020 2021 2020
£    £    £    £   
Bank loans (see note 18) - 237,500 - 237,500

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2021 2020 2021 2020
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 371,928 398,133 371,928 398,133
Bank loans - 12,500 - 12,500
371,928 410,633 371,928 410,633
Amounts falling due between two and five years:
Bank loans - 2-5 years - 237,500 - 237,500


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


Group
Non-cancellable operating leases
2021 2020
£    £   
Within one year 291,790 281,615
Between one and five years 328,729 566,852
In more than five years 15,200 30,400
635,719 878,867

Operating lease payments represent rentals payable by the group for buildings, equipment and motor vehicles. Leases are negotiated for various periods depending on the assets concerned.

Company
Non-cancellable operating leases
2021 2020
£    £   
Within one year 143,827 131,551
Between one and five years 47,530 165,530
191,357 297,081

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2021 2020
£    £   
Bank overdrafts 371,928 398,133

The bank borrowings are secured by a debenture and cross guarantees between group companies.

21. PROVISIONS FOR LIABILITIES

Group Company
2021 2020 2021 2020
£    £    £    £   
Deferred tax 31,694 18,350 19,500 6,000

Group
Deferred
tax
£   
Balance at 1 January 2021 18,350
Charge to Statement of Comprehensive Income during year 13,344
Balance at 31 December 2021 31,694

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


21. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 January 2021 6,000
Charge to Profit and Loss Account during year 13,500
Balance at 31 December 2021 19,500

The movement in deferred tax for the group in the following period, based on current rates and information, is estimated to be a reduction of £8,000. This relates to the reversal of timing differences on capital allowances.

The movement in deferred tax for the company in the following period, based on current rates and information, is estimated to be a reduction of £5,000. This relates to the reversal of timing differences on capital allowances.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
131,413 Ordinary £1 131,413 131,413

All shares have full rights attached to them, in respect of voting, dividends and distributions.

23. RESERVES

Share premium
The share premium account represents amounts received by the company in excess of share cost price.

Retained earnings
Retained earnings represent accumulated comprehensive income for the year and prior periods less dividends paid.

24. PENSION COMMITMENTS

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. Contributions totalling £150,894 (2020 - £83,619) were paid in the period in respect of the defined contribution scheme.

25. ULTIMATE PARENT COMPANY

The directors consider that the ultimate controlling party is Project Greenline Limited, a Company registered in
England and Wales. The registered office is Sidney Robinson Business Park, Ascot Drive, Derby, DE24 8EH.

26. OTHER FINANCIAL COMMITMENTS

At the year end the group had a financial commitment to purchase forward exchange contracts of €150,000 (2020 - €230,000) and $NIL (2020 - $150,000) which was the equivalent of £125,966 (2020 - £321,494).

D.I.P.T. Holdings Limited has guaranteed the debts of all of its subsidiary companies to 31 December 2015.

D.I.P.T. LIMITED (REGISTERED NUMBER: 01378621)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


27. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
C K Sanders
Balance outstanding at start of year 5,665 5,347
Amounts advanced 678 318
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,343 5,665

S D Lovatt
Balance outstanding at start of year - 5,000
Amounts advanced - 4,500
Amounts repaid - (9,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

N P Rooney
Balance outstanding at start of year 7,000 7,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,000 7,000

R B Sanders
Balance outstanding at start of year 90 (178 )
Amounts advanced 808 1,769
Amounts repaid (799 ) (1,501 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 99 90

The loans to directors are interest free and have no fixed repayment terms.

28. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2021 2020
£    £   
Management charge receivable 30,000 25,000
Amount due from related party - 22,725
Amount due to related party 133,581 -

Other related parties
2021 2020
£    £   
Amount due from related party - 41,084

During the year, a total of key management personnel compensation of £ 295,578 (2020 - £ 211,099 ) was paid.