Darlow Lloyd Group Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 June 2023 |
Darlow Lloyd Group Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 June 2023 |
Darlow Lloyd Group Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Radnor House |
Greenwood Close |
Cardiff Gate Business Park |
Cardiff |
CF23 8AA |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Strategic Report |
for the Year Ended 30 June 2023 |
REVIEW OF BUSINESS |
The results for the financial year and financial position are shown in the annexed financial statements. |
The directors continue to recognise the importance of investing for the future and continue to develop bespoke systems for recycling activity, specifically within the steel industry. These systems have enabled the Group to move into new geographical markets and the hope is that following completion of this first contract the company will obtain further overseas contracts for bespoke recycling systems. |
THIS REPORT WAS APPROVED BY THE BOARD: |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Report of the Directors |
for the Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of providing consultancy and management services. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Report of the Directors |
for the Year Ended 30 June 2023 |
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 company'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 company's auditors are aware of that information. |
THIS REPORT WAS APPROVED BY THE BOARD: |
Report of the Independent Auditors to the Members of |
Darlow Lloyd Group Limited |
Opinion |
We have audited the financial statements of Darlow Lloyd Group Limited (the 'company') for the year ended 30 June 2023 which comprise the Profit & Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 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 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 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. |
Report of the Independent Auditors to the Members of |
Darlow Lloyd Group Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 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, 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 Statement of Directors' Responsibilities set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
Darlow Lloyd Group Limited |
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: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
The laws and regulations that we determined were most significant to the company were the Companies Act and UK corporate tax laws. |
We obtained an understanding of how the company is complying with those laws and regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of board minutes and review of legal and professional spend for the year. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates. |
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 |
Darlow Lloyd Group 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 |
Chartered Accountants |
Statutory Auditor |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Profit & Loss Account |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 3 |
Income from investments |
Interest receivable & similar income |
726,140 | 660,248 |
Interest payable and similar expenses |
4 |
( |
) |
( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Balance Sheet - continued |
30 June 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about Darlow Lloyd Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Darlow Lloyd Holdings Limited, Corneldu Mawr Farm, Heol-y-Cyw, Bridgend, Mid Glamorgan, CF35 6HL. |
Turnover |
Turnover comprises revenue in respect of providing consultancy and management services. Turnover is stated gross of any applicable withholding tax. |
Investments |
Investments in subsidiary undertakings are stated at cost less any provisions for impairment in value. |
2. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 30 June 2023 nor for the year ended 30 June 2022. |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Audit fees |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Total tax charge | 145,247 | 121,133 |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Corneldu Mawr Farm, Heol-y-Cyw, Bridgend, Mid Glamorgan, CF35 6HL |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Corneldu Mawr Farm, Heol-y-Cyw, Bridgend, Mid Glamorgan, CF35 6HL |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Amounts owed by joint ventures |
Other debtors & prepayments |
Amounts falling due after more than one year: |
Amounts owed by joint ventures |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Social security and other taxes |
Accruals & deferred income |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
At 30 June 2023 |
11. | ULTIMATE PARENT COMPANY |
Darlow Lloyd Holdings Limited is the company's ultimate parent company. |
Darlow Lloyd Group Limited (Registered number: 06640852) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
12. | TOTAL FINANCIAL COMMITMENTS |
There is an unlimited inter company cross guarantee between this company, its parent undertaking, Darlow Lloyd Holdings Limited, its fellow subsidiary Darlow Lloyd Plant Limited, and fellow group members Darlow Lloyd (Construction) Limited and Darlow Lloyd & Sons Limited. |
13. | RELATED PARTY DISCLOSURES |
a) Related parties |
i) Common control: |
Lloyd Walters Industrial Services Limited |
b) Loans to/(from) related parties | Interest | Debtor/ |
Received | Paid | charged | (creditor | ) |
in year | in year | in year | at year end |
£ | £ | £ | £ |
2023 |
Lloyd Walters Industrial Services Ltd |
(94,382 |
) |
995,000 |
21,842 |
922,460 |
2022 |
Lloyd Walters Industrial Services Ltd | - | - | - | - |
c) Sales of assets, goods and services to related parties | Net value | Balance |
of supply | owed at |
in year | year end |
2023 | £ | £ |
Common control | 840,000 | 840,000 |
2022 |
Common control | 600,000 | 995,000 |
14. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party is Mr R D Lloyd by virtue of his shareholdings in Darlow Lloyd Holdings Limited. |