REGISTERED NUMBER: 11098900 (England and Wales) |
Report of the Directors and |
Audited Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
DEARDEN HOLDINGS LIMITED |
REGISTERED NUMBER: 11098900 (England and Wales) |
Report of the Directors and |
Audited Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
DEARDEN HOLDINGS LIMITED |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Contents of the Consolidated Financial Statements |
for the year ended 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Consolidated Statement of Income and Retained Earnings | 6 |
Consolidated Balance Sheet | 7 |
Company Balance Sheet | 8 |
Notes to the Consolidated Financial Statements | 9 |
DEARDEN HOLDINGS LIMITED |
Company Information |
for the year ended 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Thistledown Barn |
Holcot Lane |
Sywell |
Northampton |
Northamptonshire |
NN6 0BG |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Report of the Directors |
for the year ended 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
Appropriate arrangements have been put in place for the auditors, Elsby & Co (Sywell) Ltd, to be re-appointed as auditor in the absence of an Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dearden Holdings Limited |
Opinion |
We have audited the financial statements of Dearden Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Dearden Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our audit in accordance with ISAs (UK), we have exercised professional judgment and maintained professional scepticism throughout the audit. We have also: |
Assessed the risks of material misstatement whether due to fraud or error and have obtained sufficient and appropriate audit evidence to provide a basis for the opinion. |
Obtained an understanding of internal control relevant to the audit in order to design audit procedures that are |
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. |
Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
Concluded on the appropriateness of the directors' use of the going concern basis of accounting and, based on the |
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. |
Evaluated the overall presentation, structure and content of the financial statements, including the disclosures, and |
whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Dearden Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Thistledown Barn |
Holcot Lane |
Sywell |
Northampton |
Northamptonshire |
NN6 0BG |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the year ended 31 DECEMBER 2023 |
2023 | 2022 |
£ | £ |
TURNOVER | 11,470,746 | 10,004,086 |
Cost of sales | 7,733,499 | 6,999,428 |
GROSS PROFIT | 3,737,247 | 3,004,658 |
Administrative expenses | 2,669,450 | 2,269,116 |
1,067,797 | 735,542 |
Other operating income | 101,781 | 44,828 |
OPERATING PROFIT | 1,169,578 | 780,370 |
Interest receivable and similar income | 1,208 | 2,718 |
1,170,786 | 783,088 |
Interest payable and similar expenses | 3,615 | 26,935 |
PROFIT BEFORE TAXATION | 1,167,171 | 756,153 |
Tax on profit | 289,461 | 154,185 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | 1,737,398 | 1,222,975 |
Dividends | (207,545 | ) | (87,545 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR | 2,407,563 | 1,737,398 |
Profit attributable to: |
Owners of the parent | 877,710 | 601,968 |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Consolidated Balance Sheet |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 | 158,259 | 196,429 |
Tangible assets | 6 | 189,604 | 205,620 |
Investments | 7 | - | - |
347,863 | 402,049 |
CURRENT ASSETS |
Stocks | 2,733,897 | 2,233,860 |
Debtors | 8 | 1,821,589 | 1,567,526 |
Cash at bank and in hand | 133,227 | 4,185 |
4,688,713 | 3,805,571 |
CREDITORS |
Amounts falling due within one year | 9 | 1,868,634 | 1,691,017 |
NET CURRENT ASSETS | 2,820,079 | 2,114,554 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 3,167,942 | 2,516,603 |
CREDITORS |
Amounts falling due after more than one year | 10 | (23,756 | ) | (42,880 | ) |
PROVISIONS FOR LIABILITIES | (50,810 | ) | (50,512 | ) |
NET ASSETS | 3,093,376 | 2,423,211 |
CAPITAL AND RESERVES |
Called up share capital | 13 | 100 | 100 |
Share premium | 685,713 | 685,713 |
Retained earnings | 2,407,563 | 1,737,398 |
SHAREHOLDERS' FUNDS | 3,093,376 | 2,423,211 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by: |
A P Dearden - Director |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Company Balance Sheet |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 485,766 | 463,412 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Notes to the Consolidated Financial Statements |
for the year ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Dearden Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing |
stock to its present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 DECEMBER 2023 |
5. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 381,698 |
AMORTISATION |
At 1 January 2023 | 185,269 |
Charge for year | 38,170 |
At 31 December 2023 | 223,439 |
NET BOOK VALUE |
At 31 December 2023 | 158,259 |
At 31 December 2022 | 196,429 |
6. | TANGIBLE FIXED ASSETS |
Group |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 575,865 | 176,079 | 751,944 |
Additions | 42,623 | 43,533 | 86,156 |
Disposals | (929 | ) | - | (929 | ) |
At 31 December 2023 | 617,559 | 219,612 | 837,171 |
DEPRECIATION |
At 1 January 2023 | 426,148 | 120,176 | 546,324 |
Charge for year | 80,583 | 21,589 | 102,172 |
Eliminated on disposal | (929 | ) | - | (929 | ) |
At 31 December 2023 | 505,802 | 141,765 | 647,567 |
NET BOOK VALUE |
At 31 December 2023 | 111,757 | 77,847 | 189,604 |
At 31 December 2022 | 149,717 | 55,903 | 205,620 |
The net book value of tangible fixed assets includes £ 22,925 (2022 - £ 32,095 ) in respect of assets held under hire purchase contracts. |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 DECEMBER 2023 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Unit 3 Wellingborough Road, Sywell, Northampton, NN6 0BN |
Nature of business: |
% |
Class of shares: | holding |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 1,741,608 | 1,478,705 |
Other debtors | 79,981 | 88,821 |
1,821,589 | 1,567,526 |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 DECEMBER 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | 69,223 | 302,991 |
Hire purchase contracts (see note 11) | 5,235 | 4,756 |
Trade creditors | 908,673 | 734,307 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 695,464 | 460,378 |
Other creditors | 190,039 | 188,585 |
1,868,634 | 1,691,017 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans | - | 13,889 |
Hire purchase contracts (see note 11) | 23,756 | 28,991 |
23,756 | 42,880 |
11. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 5,235 | 4,756 |
Between one and five years | 23,756 | 28,991 |
28,991 | 33,747 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 63,452 | 90,178 |
Between one and five years | 49,362 | 41,389 |
112,814 | 131,567 |
DEARDEN HOLDINGS LIMITED (REGISTERED NUMBER: 11098900) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 DECEMBER 2023 |
12. | SECURED DEBTS |
The following secured debts are included within the balance sheet: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank overdrafts | 55,334 | - |
Hire purchase contracts | 28,991 | 33,747 | - | - |
Bank loans | - | 22,463 | - | 22,463 |
Invoice financing | (132,678 | ) | 224,546 | - | - |
(48,353 | ) | 280,756 |
Bank overdrafts are secured by way of a fixed and floating charge over the assets of the group. |
There is a cross guarantee in place with Serenco (UK) Limited, a wholly owned subsidiary of Dearden Holdings Limited. |
The invoice discounting advance is secured by way of a fixed and floating charge over all book debts and other debts. As at 31 December 2023, the balance was a current asset (2022 current liability) and included in Cash at bank and in hand. |
Hire purchase creditors are secured on the assets to which they relate. |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.05 | 100 | 100 |