Company registration number 02518426 (England and Wales)
D & D GRAPHIC ENGINEERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
D & D GRAPHIC ENGINEERS LIMITED
COMPANY INFORMATION
Directors
Mr D I Ross
Mr D Blakeley
Secretary
Mrs P Blakeley
Company number
02518426
Registered office
Bank Chambers
Market Street
Huddersfield
HD1 2EW
Auditor
Simpson Wood Limited
Bank Chambers
Market Street
Huddersfield
HD1 2EW
D & D GRAPHIC ENGINEERS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
D & D GRAPHIC ENGINEERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -

The directors present the strategic report for the year ended 31 January 2023.

Review of the business

A review of the operations of the company during the financial year and the results of those operations are as follows.

 

Despite the competitiveness and nature of the market in which the company operates, the directors consider the results and state of the company to be satisfactory.

Principal risks and uncertainties

Post COVID business will continue to be a challenge due to the second hand market still struggling to recover.  We are still experiencing a shortage of used machinery becoming available due to the slow increase of investment in brand new machinery.

 

As a business we will be more aware of supplying large expensive machines to customers overseas due to the risk of machinery failing to install correctly.  Replacement parts are increasing in price at a vast rate and therefore it may not be cost effective to offer an installation price.  We will concentrate on maximising profit by offering machines shipped to premises only.  As ever, we will ensure that any machinery purchased will be bought and sold in the same currency wherever possible to negate the risk of any potential exchange rate fluctuations.

Development and performance

The company has had a challenging year, there has been an internal restructure, we expect that this will increase the profitability going forwards.

On behalf of the board

Mr D I Ross
Director
21 September 2023
D & D GRAPHIC ENGINEERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of property rentals, both commercial and residential, suppliers printing industry and allied trades and reconditioning of printing machinery.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D I Ross
Mr D Blakeley
Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D I Ross
Director
21 September 2023
D & D GRAPHIC ENGINEERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

D & D GRAPHIC ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D & D GRAPHIC ENGINEERS LIMITED
- 4 -
Opinion

We have audited the financial statements of D & D Graphic Engineers Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

D & D GRAPHIC ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D & D GRAPHIC ENGINEERS LIMITED
- 5 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

D & D GRAPHIC ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D & D GRAPHIC ENGINEERS LIMITED
- 6 -
The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

D & D GRAPHIC ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D & D GRAPHIC ENGINEERS LIMITED
- 7 -
Craig Stratford FCA (Senior Statutory Auditor)
For and on behalf of Simpson Wood Limited
21 September 2023
Chartered Accountants
Statutory Auditor
Bank Chambers
Market Street
Huddersfield
HD1 2EW
D & D GRAPHIC ENGINEERS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
11,026,335
14,564,285
Cost of sales
(9,793,602)
(13,452,386)
Gross profit
1,232,733
1,111,899
Distribution costs
(734,552)
(806,326)
Administrative expenses
(496,736)
(668,879)
Other operating income
15,571
84,443
Operating profit/(loss)
4
17,016
(278,863)
Interest receivable and similar income
8
206
35
Interest payable and similar expenses
9
(81,553)
(37,549)
Loss before taxation
(64,331)
(316,377)
Tax on loss
10
(11,495)
34,587
Loss for the financial year
(75,826)
(281,790)
Loss for the financial year is all attributable to the owners of the parent company.
D & D GRAPHIC ENGINEERS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023
- 9 -
2023
2022
£
£
Loss for the year
(75,826)
(281,790)
Other comprehensive income
-
-
Total comprehensive income for the year
(75,826)
(281,790)
Total comprehensive income for the year is all attributable to the owners of the parent company.
D & D GRAPHIC ENGINEERS LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
287,487
355,004
Investment properties
12
2,212,500
2,212,500
2,499,987
2,567,504
Current assets
Stocks
15
3,337,174
2,070,985
Debtors
16
3,205,694
2,996,530
Cash at bank and in hand
304,163
261,676
6,847,031
5,329,191
Creditors: amounts falling due within one year
17
(4,831,033)
(3,297,884)
Net current assets
2,015,998
2,031,307
Total assets less current liabilities
4,515,985
4,598,811
Creditors: amounts falling due after more than one year
18
(32,500)
(52,000)
Provisions for liabilities
Deferred tax liability
21
99,316
86,816
(99,316)
(86,816)
Net assets
4,384,169
4,459,995
Capital and reserves
Called up share capital
23
21,080
21,080
Other reserves
2,697,846
2,697,846
Profit and loss reserves
1,665,243
1,741,069
Total equity
4,384,169
4,459,995
The financial statements were approved by the board of directors and authorised for issue on 21 September 2023 and are signed on its behalf by:
21 September 2023
Mr D I Ross
Director
D & D GRAPHIC ENGINEERS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
7,575
10,100
Investment properties
12
2,212,500
2,212,500
Investments
13
20,080
20,080
2,240,155
2,242,680
Current assets
Debtors
16
32,022
47,956
Cash at bank and in hand
291,690
244,080
323,712
292,036
Creditors: amounts falling due within one year
17
(212,579)
(288,773)
Net current assets
111,133
3,263
Total assets less current liabilities
2,351,288
2,245,943
Provisions for liabilities
Deferred tax liability
21
37,200
28,040
(37,200)
(28,040)
Net assets
2,314,088
2,217,903
Capital and reserves
Called up share capital
23
21,080
21,080
Profit and loss reserves
2,293,008
2,196,823
Total equity
2,314,088
2,217,903

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £96,185 (2022 - £74,408 profit).

These 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 21 September 2023 and are signed on its behalf by:
21 September 2023
Mr D I Ross
Director
Company Registration No. 02518426
D & D GRAPHIC ENGINEERS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2021
21,080
2,697,846
2,022,859
4,741,785
Year ended 31 January 2022:
Loss and total comprehensive income
-
-
(281,790)
(281,790)
Balance at 31 January 2022
21,080
2,697,846
1,741,069
4,459,995
Year ended 31 January 2023:
Loss and total comprehensive income
-
-
(75,826)
(75,826)
Balance at 31 January 2023
21,080
2,697,846
1,665,243
4,384,169
D & D GRAPHIC ENGINEERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2021
21,080
2,122,415
2,143,495
Year ended 31 January 2022:
Profit and total comprehensive income for the year
-
74,408
74,408
Balance at 31 January 2022
21,080
2,196,823
2,217,903
Year ended 31 January 2023:
Profit and total comprehensive income
-
96,185
96,185
Balance at 31 January 2023
21,080
2,293,008
2,314,088
D & D GRAPHIC ENGINEERS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(1,178,966)
123,400
Interest paid
(81,553)
(37,549)
Income taxes refunded/(paid)
60,729
(19,697)
Net cash (outflow)/inflow from operating activities
(1,199,790)
66,154
Investing activities
Purchase of tangible fixed assets
(6,666)
(112,489)
Proceeds from disposal of tangible fixed assets
839
34,200
Interest received
206
35
Net cash used in investing activities
(5,621)
(78,254)
Financing activities
Repayment of bank loans
1,216,597
(712,198)
Payment of finance leases obligations
(20,611)
63,166
Net cash generated from/(used in) financing activities
1,195,986
(649,032)
Net decrease in cash and cash equivalents
(9,425)
(661,132)
Cash and cash equivalents at beginning of year
(199,031)
462,101
Cash and cash equivalents at end of year
(208,456)
(199,031)
Relating to:
Cash at bank and in hand
304,163
261,676
Bank overdrafts included in creditors payable within one year
(512,619)
(460,707)
D & D GRAPHIC ENGINEERS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
76,151
75,320
Interest paid
(8,397)
(15,024)
Income taxes refunded/(paid)
3,389
(19,736)
Net cash inflow from operating activities
71,143
40,560
Financing activities
Repayment of bank loans
(23,533)
(58,205)
Net cash used in financing activities
(23,533)
(58,205)
Net increase/(decrease) in cash and cash equivalents
47,610
(17,645)
Cash and cash equivalents at beginning of year
244,080
261,725
Cash and cash equivalents at end of year
291,690
244,080
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 16 -
1
Accounting policies
Company information

D & D Graphic Engineers Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of D & D Graphic Engineers Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, 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. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company D & D Graphic Engineers Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 January 2023. 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.

 

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% reducing balance
Plant and equipment
15%/25% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 18 -
1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic 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 payments 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 & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 22 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 23 -
2
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.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of printing machinery
11,026,335
14,564,285
2023
2022
£
£
Other revenue
Interest income
206
35
Grants received
-
84,068
4
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange gains
(54,502)
(48,490)
Government grants
-
(84,068)
Depreciation of owned tangible fixed assets
74,182
69,815
Profit on disposal of tangible fixed assets
(838)
(19,794)
Operating lease charges
1,046
1,046
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,900
6,900
Audit of the financial statements of the company's subsidiaries
14,654
13,534
21,554
20,434
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 24 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Sales
14
17
-
-
Management
3
3
2
2
Total
17
20
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
540,082
649,837
10,000
40,000
Social security costs
53,268
56,845
-
-
Pension costs
31,328
63,044
-
0
-
0
624,678
769,726
10,000
40,000
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
10,000
40,000
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
206
35
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
206
35
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 25 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
71,951
23,356
Other interest on financial liabilities
8,222
13,229
80,173
36,585
Other finance costs:
Interest on finance leases and hire purchase contracts
1,380
964
Total finance costs
81,553
37,549
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(3,065)
-
0
Deferred tax
Origination and reversal of timing differences
1,860
(34,587)
Changes in tax rates
12,700
-
0
Total deferred tax
14,560
(34,587)
Total tax charge/(credit)
11,495
(34,587)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(64,331)
(316,377)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(12,223)
(60,112)
Tax effect of expenses that are not deductible in determining taxable profit
12,508
3,701
Unutilised tax losses carried forward
22,596
41,906
Adjustments in respect of prior years
(11,386)
-
0
Group relief
-
0
(13,951)
Other permanent differences
-
0
(6,131)
Taxation charge/(credit)
11,495
(34,587)
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 26 -
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2022
47,318
1,342,143
55,642
51,564
108,580
1,605,247
Additions
-
0
-
0
-
0
6,666
-
0
6,666
Disposals
-
0
(4,000)
-
0
-
0
-
0
(4,000)
At 31 January 2023
47,318
1,338,143
55,642
58,230
108,580
1,607,913
Depreciation and impairment
At 1 February 2022
40,584
1,041,667
54,251
39,381
74,360
1,250,243
Depreciation charged in the year
673
60,231
748
3,975
8,555
74,182
Eliminated in respect of disposals
-
0
(3,999)
-
0
-
0
-
0
(3,999)
At 31 January 2023
41,257
1,097,899
54,999
43,356
82,915
1,320,426
Carrying amount
At 31 January 2023
6,061
240,244
643
14,874
25,665
287,487
At 31 January 2022
6,734
300,476
1,391
12,183
34,220
355,004
Company
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
91,268
12,000
103,268
Depreciation and impairment
At 1 February 2022
87,637
5,531
93,168
Depreciation charged in the year
908
1,617
2,525
At 31 January 2023
88,545
7,148
95,693
Carrying amount
At 31 January 2023
2,723
4,852
7,575
At 31 January 2022
3,631
6,469
10,100
12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 February 2022 and 31 January 2023
2,212,500
2,212,500
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
12
Investment property
(Continued)
- 27 -

Investment property comprises of both commercial and residential lettings. The fair value of the investment properties has been arrived at on the basis of a valuation carried out on 07 May 2021 by an independent Chartered Surveyor firm, Michael Steel & Co.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
20,080
20,080
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2022 and 31 January 2023
20,080
Carrying amount
At 31 January 2023
20,080
At 31 January 2022
20,080
14
Subsidiaries

Details of the company's subsidiaries at 31 January 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
B.B.R. Graphic Engineers (Yorkshire) Limited
England
Ordinary
100.00
BBR Graphic Sales Limited
England
Ordinary
100.00
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
12,000
15,000
-
-
Work in progress
3,500
26,244
-
-
Finished goods and goods for resale
3,321,674
2,029,741
-
0
-
0
3,337,174
2,070,985
-
-
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 28 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,861,258
2,440,626
21,445
39,744
Corporation tax recoverable
-
0
57,268
-
0
-
0
Other debtors
26,200
165,539
1,450
8,047
Prepayments and accrued income
273,710
286,512
9,127
165
3,161,168
2,949,945
32,022
47,956
Amounts falling due after more than one year:
Deferred tax asset (note 21)
44,526
46,585
-
0
-
0
Total debtors
3,205,694
2,996,530
32,022
47,956
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
2,429,793
1,161,284
-
0
23,533
Obligations under finance leases
20
19,500
20,611
-
0
-
0
Trade creditors
1,352,572
1,061,380
2,100
2,700
Corporation tax payable
-
0
(397)
-
0
(397)
Other taxation and social security
76,176
105,539
5,551
2,514
Other creditors
542,866
558,862
198,053
234,173
Accruals and deferred income
410,126
390,605
6,875
26,250
4,831,033
3,297,884
212,579
288,773
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
32,500
52,000
-
0
-
0
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 29 -
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,917,174
700,577
-
0
23,533
Bank overdrafts
512,619
460,707
-
0
-
0
2,429,793
1,161,284
-
23,533
Payable within one year
2,429,793
1,161,284
-
0
23,533

The bank overdraft and loan are secured by a cross guarantee and debenture dated 11 June 1999 in favour of Barclays Bank PLC.

 

Barclays Security Trustee Limited also have a fixed and floating charge dated 4 February 2019 over the undertaking of the company.

The bank overdraft is repayable on demand with a variable interest rate. The bank loan is a short term trade loan to meet working capital requirements.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
52,000
72,611
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
99,316
86,816
-
-
Tax losses
-
-
44,526
46,585
99,316
86,816
44,526
46,585
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
21
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
37,200
28,040
-
-
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 February 2022
40,231
28,040
Charge to profit or loss
14,269
310
Effect of change in tax rate - profit or loss
290
8,850
Liability at 31 January 2023
54,790
37,200

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
31,328
63,044

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
21,080
21,080
21,080
21,080

The company has one class of ordinary shares which carry no right to fixed income and equal voting rights.

D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 31 -
24
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Loss for the year after tax
(75,826)
(281,790)
Adjustments for:
Taxation charged/(credited)
11,495
(34,587)
Finance costs
81,553
37,549
Investment income
(206)
(35)
Gain on disposal of tangible fixed assets
(838)
(19,794)
Depreciation and impairment of tangible fixed assets
74,182
69,815
Movements in working capital:
(Increase)/decrease in stocks
(1,266,189)
1,240,337
Increase in debtors
(268,491)
(90,314)
Increase/(decrease) in creditors
265,354
(797,781)
Cash (absorbed by)/generated from operations
(1,178,966)
123,400
25
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
96,185
74,408
Adjustments for:
Taxation charged
6,168
230
Finance costs
8,397
15,024
Depreciation and impairment of tangible fixed assets
2,525
3,366
Movements in working capital:
Decrease in debtors
15,934
13,612
Decrease in creditors
(53,058)
(31,320)
Cash generated from operations
76,151
75,320
D & D GRAPHIC ENGINEERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 32 -
26
Analysis of changes in net debt - group
1 February 2022
Cash flows
31 January 2023
£
£
£
Cash at bank and in hand
261,676
42,487
304,163
Bank overdrafts
(460,707)
(51,912)
(512,619)
(199,031)
(9,425)
(208,456)
Borrowings excluding overdrafts
(700,577)
(1,216,597)
(1,917,174)
Obligations under finance leases
(72,611)
20,611
(52,000)
(972,219)
(1,205,411)
(2,177,630)
27
Analysis of changes in net funds - company
1 February 2022
Cash flows
31 January 2023
£
£
£
Cash at bank and in hand
244,080
47,610
291,690
Borrowings excluding overdrafts
(23,533)
23,533
-
220,547
71,143
291,690
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