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Registered number: 00431430









DORRINGTONS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
DORRINGTONS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
C M Sharples 
A Sharples 
W E Dorrington 
S C D Gilbert 
L F Batchelor 




COMPANY SECRETARY
C M Sharples



REGISTERED NUMBER
00431430



REGISTERED OFFICE
The Bakery
Station Road

Sawbridgeworth

Herts

CM21 9JY




INDEPENDENT AUDITORS
Peters Elworthy & Moore
Chartered Accountants & Statutory Auditors

Salisbury House

Station Road

Cambridge

CB1 2LA




BANKERS
Barclays Bank plc

Harlow

CM17 0AS





 
DORRINGTONS LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Profit and Loss Account
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11
Notes to the Financial Statements
 
12 - 26


 
DORRINGTONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

REVIEW OF THE BUSINESS
 
Dorringtons Limited is a family run bakery business that was established in 1919. The bakery and head office remain at the original site in Sawbridgeworth Herts.  The business has increased to 15 retail shops, from Harlow to Cambridge, 6 mobile snack vans and ever-increasing online sales with direct deliveries.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The process of risk management is addressed through a framework of policies procedures and internal controls, which are reviewed regularly by the directors and management of the company.
The main risks and uncertainties are as follows.
 
Recruitment of staff.
Increase in raw material prices.
Compliance with Health and Safety legislation and Food Hygiene legislation.
Compliance with Employment Law legislation.

RESULTS AND PERFORMANCE
 
The performance of the company during the year has continued in a positive way and we have been able to build on the increase we saw last year where we remained open for business throughout covid.
Like for like turnover increased 11.3% year ending March 2023 following on from a 15.3% increase year ending March 2022.
The Company continues to show a strong balance sheet and have invested £468,000 in new machinery, vehicles and shop fittings.

KEY PERFORMANCE INDICATORS
 
The directors and management monitor the progress of the company by reference to the following KPI’s:
 
Increase in Turnover2023 - 11.3% 2022 - 15.3%.
Footfall (Like for like) increase of 12.5% on previous year.
Increase in Raw materials of 3.1% on previous year.
Increase in Wages on previous year of 0.7%  (inclusive of 7% pay rise and additional staff bonuses).

FUTURE DEVELOPMENTS
 
A new shop will be opening in August 2023 and we will continue to develop our online sales.

This report was approved by the board and signed on its behalf by:





C M Sharples
Director

Date: 15 September 2023

Page 1

 
DORRINGTONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

PRINCIPAL ACTIVITY

The principal activity of the company is that of bakers, confectioners and caterers.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £214,198 (2022 - £311,827).

No dividends have been recommended for the year (2022 - £NIL).

DIRECTORS

The directors who served during the year were:

C M Sharples 
A Sharples 
W E Dorrington 
S C D Gilbert 
L F Batchelor 

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

MATTERS COVERED IN THE STRATEGIC REPORT

Future developments have been covered in the Strategic Report on page 1.

Page 2

 
DORRINGTONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsPeters Elworthy & Moorewill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





C M Sharples
Director

Date: 15 September 2023

Page 3

 
DORRINGTONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORRINGTONS LIMITED
 

OPINION


We have audited the financial statements of Dorringtons Limited (the 'Company') for the year ended 31 March 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 March 2023 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
DORRINGTONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORRINGTONS LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


OPINION 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 Directors' Responsibilities Statement set out on page 2, 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.


Page 5

 
DORRINGTONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORRINGTONS LIMITED (CONTINUED)


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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Audit procedures performed by the engagement team to identify and assess the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, were as follows:

we identified the laws and regulations applicable to the Company through discussions with management, and from our commercial knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements including FRS 102, the Companies Act 2006 and taxation legislation or the operations of the Company including UK employment legislation;
we obtained an understanding of the Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
we assessed the extent of compliance with  the  laws  and  regulations  identified  above  through  making enquiries of management and inspecting correspondence available; and
identified  laws  and  regulations  were  communicated  to  all  engagement  team  members,  and  the  team remained alert to any indications of fraud or non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management override of controls we:
 
Tested the appropriateness of journal entries and other adjustments;
Designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings;
Assessed whether the significant accounting judgements and estimates made in the financial statements were indicative of potential bias; and
Evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.
Page 6

 
DORRINGTONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORRINGTONS LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedure which included, but were not limited to:
 
Agreeing financial statement disclosures to underlying supporting documentation;
Reading the minutes of meetings of those charged with governance; and
Enquiring of management as to actual and potential litigation and claims.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' 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 2006Our 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 Auditors' 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.





Warren Tilbury (Senior Statutory Auditor)
  
for and on behalf of
Peters Elworthy & Moore
 
Chartered Accountants
Statutory Auditors
  
Salisbury House
Station Road
Cambridge
CB1 2LA

18 September 2023
Page 7

 
DORRINGTONS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,625,602
7,754,825

Cost of sales
  
(6,026,650)
(5,072,294)

GROSS PROFIT
  
2,598,952
2,682,531

Administrative expenses
  
(2,411,870)
(2,204,534)

Other operating income
 5 
126,500
111,990

Fair value movements
  
(5,000)
7,462

OPERATING PROFIT
 6 
308,582
597,449

Interest receivable and similar income
 10 
761
40

Interest payable and similar expenses
 11 
(37,686)
(35,276)

PROFIT BEFORE TAX
  
271,657
562,213

Tax on profit
 12 
(57,459)
(250,386)

PROFIT FOR THE FINANCIAL YEAR
  
214,198
311,827

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 12 to 26 form part of these financial statements.

Page 8

 
DORRINGTONS LIMITED
REGISTERED NUMBER: 00431430

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
2,242,608
2,130,401

Investment property
 15 
2,155,000
2,160,000

  
4,397,608
4,290,401

CURRENT ASSETS
  

Stocks
 16 
128,682
113,419

Debtors: amounts falling due within one year
 17 
91,107
166,508

Cash at bank and in hand
 18 
1,243,590
993,469

  
1,463,379
1,273,396

Creditors: amounts falling due within one year
 19 
(1,019,870)
(1,030,068)

NET CURRENT ASSETS
  
 
 
443,509
 
 
243,328

TOTAL ASSETS LESS CURRENT LIABILITIES
  
4,841,117
4,533,729

Creditors: amounts falling due after more than one year
 20 
(368,155)
(324,321)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 22 
(662,793)
(613,437)

NET ASSETS
  
3,810,169
3,595,971


CAPITAL AND RESERVES
  

Called up share capital 
 23 
864
864

Capital redemption reserve
 24 
136
136

Profit and loss account
 24 
3,809,169
3,594,971

  
3,810,169
3,595,971


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



C M Sharples
Director

Date: 15 September 2023

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
DORRINGTONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


AT 1 APRIL 2021
864
136
3,283,144
3,284,144



Profit for the year
-
-
311,827
311,827



AT 1 APRIL 2022
864
136
3,594,971
3,595,971



Profit for the year
-
-
214,198
214,198


AT 31 MARCH 2023
864
136
3,809,169
3,810,169


The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
DORRINGTONS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
214,198
311,827

ADJUSTMENTS FOR:

Depreciation of tangible assets
307,400
259,253

Loss on disposal of tangible assets
(20,758)
(8,087)

Interest expense
37,686
35,276

Interest receivable
(761)
(40)

Taxation charge
57,459
250,386

(Increase) in stocks
(15,263)
(37,993)

Decrease/(increase) in debtors
75,401
(58,237)

Increase in creditors
24,967
168,484

Net fair value losses/(gains) recognised in P&L
5,000
(7,462)

Corporation tax (paid)
(51,161)
(90,684)

NET CASH GENERATED FROM OPERATING ACTIVITIES

634,168
822,723


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(363,885)
(485,196)

Sale of tangible fixed assets
68,490
23,937

Purchase of investment properties
-
(2,538)

Interest received
761
40

HP interest paid
(5,686)
(3,276)

NET CASH FROM INVESTING ACTIVITIES

(300,320)
(467,033)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of/new finance leases
(51,727)
(70,285)

Preference dividends paid
(32,000)
(32,000)

NET CASH USED IN FINANCING ACTIVITIES
(83,727)
(102,285)

INCREASE IN CASH AND CASH EQUIVALENTS
250,121
253,405

Cash and cash equivalents at beginning of year
993,469
740,064

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,243,590
993,469


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,243,590
993,469


Page 11

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Dorringtons Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is The Bakery, Station Road, Sawbridgeworth, Hertfordshire, CM21 9JY.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of the sale of confectionery, bakery items and catering during the year, exclusive of Value Added Tax. Revenue is recognised as the fair value of the consideration received or receivable and is recognised on delivery of goods.

 
2.4

OPERATING LEASES

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 12

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

PENSIONS

The Company operates a defined contribution plan for its employees as well as contributing to the personal pension plans of the directors and contributing to the personal pension plan of a former director.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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.

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

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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 13

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line (buildings), 
30 years straight line (improvements)
Plant and machinery
-
10 years straight line, 3 years straight line
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.12

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.  Cost is based on the cost of purchase on a first in, first out basis.
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.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

Page 14

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price.

 
2.16

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.17

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation  of  the  financial  statements  requires  management  to  make  significant  judgements  and estimates. The items in the financial statements where these judgements and estimates have been made include:
Investment property valuation
A judgement has been made by the directors as to the fair value of investment properties.


4.


TURNOVER

The whole of the turnover is attributable to  the sale of confectionery, bakery items and catering during the year.

All turnover arose within the United Kingdom.

Page 15

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
9,900
-

Net rents receivable
116,600
111,990

126,500
111,990



6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
550
2,566

Other operating lease rentals
101,244
101,792


7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,000
8,350
Page 16

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,839,039
3,444,446

Social security costs
330,960
283,848

Cost of defined contribution scheme
150,797
145,497

4,320,796
3,873,791


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
5
5



Management
16
12



Administration
7
7



Production
30
28



Shops / distribution
126
123

184
175


9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
681,922
674,528

Company contributions to defined contribution pension schemes
78,000
78,000

759,922
752,528


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £226,281 (2022 - £231,384).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

Page 17

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
761
40


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Finance leases and hire purchase contracts
5,686
3,276

Dividends on equity shares treated as debt
32,000
32,000

37,686
35,276


12.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
8,103
51,208

TOTAL CURRENT TAX
8,103
51,208

DEFERRED TAX


Origination and reversal of timing differences
49,356
68,360

Effect of increased/decreased tax rate on opening balance
-
130,818

TOTAL DEFERRED TAX
49,356
199,178


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
57,459
250,386
Page 18

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19.00% (2022 - 19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
271,657
562,213


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.00% (2022 - 19.00%)
51,615
106,820

EFFECTS OF:


Expenses not deductible for tax purposes
10,609
10,508

Fixed asset differences
(15,660)
(14,167)

Chargeable gains/(losses)
(950)
-

Remeasurement of deferred tax for changes in tax rates
11,845
147,225

TOTAL TAX CHARGE FOR THE YEAR
57,459
250,386


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The main rate of corporation tax for companies earning annual taxable profits in excess of £250,000 rose to 25% with effect from 1 April 2023, having been substantively enacted on 24 May 2021. Accordingly the closing deferred tax liabilities have been measured at the rate of 25.00% (2022 - 25.00%).

Page 19

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 April 2022
53,999



At 31 March 2023

53,999



AMORTISATION


At 1 April 2022
53,999



At 31 March 2023

53,999



NET BOOK VALUE



At 31 March 2023
-



At 31 March 2022
-



Page 20

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST


At 1 April 2022
1,300,010
2,875,629
441,872
4,617,511


Additions
-
133,447
333,892
467,339


Disposals
-
-
(193,196)
(193,196)



At 31 March 2023

1,300,010
3,009,076
582,568
4,891,654



DEPRECIATION


At 1 April 2022
441,947
1,728,028
317,135
2,487,110


Charge for the year on owned assets
38,652
196,334
45,592
280,578


Charge for the year on financed assets
-
-
26,822
26,822


Disposals
-
-
(145,464)
(145,464)



At 31 March 2023

480,599
1,924,362
244,085
2,649,046



NET BOOK VALUE



At 31 March 2023
819,411
1,084,714
338,483
2,242,608



At 31 March 2022
858,063
1,147,601
124,737
2,130,401

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
92,233
55,353

Page 21

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2022
2,160,000


Surplus on revaluation
(5,000)



AT 31 MARCH 2023
2,155,000

The 2023 valuations were made by the directors, on an open market value for existing use basis, based on professional advice received.




16.


STOCKS

2023
2022
£
£

Raw materials and consumables
128,682
113,419



17.


DEBTORS

2023
2022
£
£


Trade debtors
2,397
612

Other debtors
57,206
134,521

Prepayments and accrued income
31,504
31,375

91,107
166,508



18.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,243,590
993,469


Page 22

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
275,979
285,216

Corporation tax
12,090
55,148

Other taxation and social security
102,482
52,795

Obligations under finance lease and hire purchase contracts
30,940
23,047

Other creditors
109,355
94,185

Accruals and deferred income
489,024
519,677

1,019,870
1,030,068



Obligations under finance agreements are secured against the assets concerned.


20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Obligations under finance leases and hire purchase contracts
48,155
4,321

Share capital treated as debt
320,000
320,000

368,155
324,321


Obligations under finance agreements are secured against the assets concerned.
Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.


21.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
30,940
23,047

Between 1-5 years
48,155
4,321

79,095
27,368

Page 23

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
613,437
414,259


Charged to profit or loss
49,356
199,178



AT END OF YEAR
662,793
613,437

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
303,312
252,593

Short term timing differences
(924)
(811)

Capital gains
360,405
361,655

662,793
613,437


23.


SHARE CAPITAL

2023
2022
£
£
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID



864 (2022 - 864) Ordinary shares of £1.00 each
864
864

2023
2022
£
£
SHARES CLASSIFIED AS DEBT

ALLOTTED, CALLED UP AND FULLY PAID



320,000 (2022 - 320,000) Preference shares of £1.00 each
320,000
320,000


Preference shares are not redeemable or repayable on demand and receive no voting rights. On cessation of trade the shares are repayable at par value. Holders of preference shares are entitled to a fixed annual dividend of 10% of the nominal value held.

Page 24

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

24.


RESERVES

Capital redemption reserve

Includes the nominal value of shares repurchased by the company in previous years.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

25.


ANALYSIS OF NET DEBT





At 1 April 2022
Cash flows
New finance leases
At 31 March 2023
£

£

£

£

Cash at bank and in hand

993,469

250,121

-

1,243,590

Debt due after 1 year

(320,000)

-

-

(320,000)

Finance leases

(27,368)

41,661

(93,388)

(79,095)



646,101
291,782
(93,388)
844,495


26.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £150,797 (2022 - £145,497). Contributions totalling £9,043 (2022 - £7,812) were payable to the fund at the balance sheet date and are included in creditors.


27.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
47,189
36,839

Later than 1 year and not later than 5 years
98,167
58,148

Later than 5 years
49,025
19,688

194,381
114,675

Page 25

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

28.


CONTROLLING PARTY

The company is under the control of its shareholders and no single shareholder exercises overall control.

 
Page 26