REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
DPS TABLEWARE LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
DPS TABLEWARE LIMITED |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 | to | 4 |
Report of the Directors | 5 | to | 6 |
Report of the Independent Auditors | 7 | to | 10 |
Statement of Income and Retained Earnings | 11 |
Statement of Financial Position | 12 |
Notes to the Financial Statements | 13 | to | 24 |
DPS TABLEWARE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered accountants & statutory auditors |
Stone House |
Stone Road Business Park |
Stoke-On-Trent |
ST4 6SR |
BANKERS: |
1 Centenary Square |
Birmingham |
B1 1HQ |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
The directors present their strategic report for the year ended 30 September 2023. |
The principal activity of the company is the wholesale of tableware. |
REVIEW OF BUSINESS |
The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced. |
The company's turnover is generated by the importation and supply of tableware, cutlery, glassware and associated tabletop products throughout the UK, Europe and Rest of the World. The company has an established network of customers and continues to retain high levels of repeat business. |
The company's turnover for the 12 month period was £15,116,787, which is an increase of £769,285 (5.36%) in comparison to the 12 month prior period. |
Gross profit has increased from 19.35% in the prior period, to 23.57% in the current period. The increase in gross profit margin is primarily as a result of decreases in costs in the year. |
Administrative expenses have increased from £1,816,519 in the prior period to £2,628,930 in the current period. |
Operating profit has decreased from £962,876 in the prior period to £934,583 in the current period. |
At the balance sheet date, company net assets have increased from £2,707,612 to £2,989,132. |
Cash at bank and in hand balances decreased from £45,604 at the prior year end to £10,325 at the current period end. |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are a range of risks facing the company and the company seeks to manage its exposure to all forms of risk. |
Financial instrument risk |
The company is exposed to the risk that the financial instruments held by the company impact on its ability to operate effectively and profitably. The risks which are relevant to the company's operations are: |
Credit risks |
The company has policies in place that require appropriate credit checks on new customers before sales are made. Polices are in places to ensure that provisions for bad debts are made when considered necessary. |
Foreign currency risk |
The company's transactions are predominantly in Sterling, US Dollar and Euros. Throughout the financial year, the influences of foreign exchange rates has impacted on the company's financial forecasting. The company's existing relationship with HSBC global markets provides continued guided information on movements, along with the access to the use of forward contracts. This, along with quarterly comparisons across the exchange market, provides confidence that the most beneficial rates are secured. |
Cashflow risks |
The company carefully manages its stock holding and debtor book to ensure that sufficient cash is available to meet operational needs. |
Liquidity risks |
The company funds working capital needs through the generation and retention of profits. The company regularly obtains finance to fund stock purchases through its import loan facility. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FUTURE DEVELOPMENTS |
The Directors expect the company to continue to grow, by way of introducing new and innovative hospitality products to the existing customer base, whilst continuing to expand the sales operation in the UK, Europe and the Rest of the World. |
Throughout the year, the company identified the need to improve efficiency in both software and warehouse operations and to implement improvements to accommodate future growth and efficiency, within the current premises. |
As a result, the Directors have identified several key operational priorities for the next financial year, which are summarised below: |
1: Software upgrades to enable improved information output. |
The company are continuing to develop a fully integrated CRM system to give insight into sales activity, quoting and potential future planned sales to increase proactivity between the sales and administration departments. This will enable the company to monitor KPI's quickly and effectively. Further development of the barcoding system in the warehouse will continue to improve picking accuracy, and efficiency in transfers and checks of stocks etc., with the added advanced reporting and visibility of performance and efficiency of each user. |
2: Extension to existing site warehouse |
2022/23 saw the initial plans for an extension to the warehouse, in the means of a larger, more long-term temporary building to be directly joined to our existing warehouse. This would enable the present premises to support the growth of existing product sales, along with plans for multiple product developments. This is an ongoing development, and is currently at the stage of planning permissions to be approved. Once granted, it is hoped that the completion of works will be before the end of FY23/24. |
The Directors are extremely optimistic about the substantial benefits that all the above planned improvements will bring to the company. The implementation of these solutions provides some certainty on future direction and will enable the business to offer improved service. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
KEY PERFORMANCE INDICATORS |
The company has several KPIs which are used to analyse current performance and assist with business development. Monthly KPIs are used to monitor financial and operational performance and are used to inform of progress and improvements. |
The Directors consider that the key financial performance indicators are those that communicate the financial performance of the company as a whole, these being turnover, turnover growth, gross profit margin, operating profit margin and cash management (cash at bank and in hand). |
2023 | 2022 | 2021 |
Turnover | £15,116,787 | £14,347,502 | £8,551,777 |
Increase/(Decrease) in turnover |
5.36% |
67.7% |
(43.9%) |
Gross profit margin | 23.6% | 19.3% | 22.9% |
Operating profit margin | 6.2% | 6.7% | 0.4% |
Cash at bank and in hand | £10,325 | £45,604 | £16,491 |
An explanation of the key performance indicators detailed above can be found in the review of business section of this report. |
ON BEHALF OF THE BOARD: |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
DIVIDENDS |
Interim dividends of £400,000 were paid during the year (2022: £328,833). |
The total distribution of dividends for the year ended 30 September 2023 will be £400,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 in relation to future developments of the company. |
The strategic report can be found on page 2 of these financial statements. |
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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
AUDITORS |
The auditors is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DPS TABLEWARE LIMITED |
Opinion |
We have audited the financial statements of DPS Tableware Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 September 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DPS TABLEWARE LIMITED |
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 five, 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 |
DPS TABLEWARE 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit |
evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and |
non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of |
irregularities; |
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to; |
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any |
instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information. |
Audit response to risks identified |
As a result of performing the above, we did not identify any key audit matters related to the potential risk of |
fraud or irregularities. Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of |
journal entries and other adjustments; assessing whether the judgements made in making accounting |
estimates are indicative of a potential bias; and evaluating the business rationale of any significant |
transactions that are unusual or outside the normal course of business. |
Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DPS TABLEWARE LIMITED |
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain 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 company's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude 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 company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern. |
- | Evaluate 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. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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 auditors |
Stone House |
Stone Road Business Park |
Stoke-On-Trent |
ST4 6SR |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
934,583 | 960,414 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 9 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 10 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
DPS Tableware Limited is a |
The principal activity of the company is the wholesale of tableware. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency. Monetary amounts in these financial statements are rounded to the nearest £. |
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statement are consolidated into the financial statements of Porcelite Vitrified Hotelware Limited which can be obtained from Opal Way, Stone Business Park, Stone, England, ST15 0SS. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: |
(a) No cash flow statement has been presented for the company. |
(b) Disclosures in respect of financial instruments have not been presented. |
(c) No disclosure has been given for the aggregate remuneration of key management personnel. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
GOING CONCERN |
The company's business activities, together with factors likely to affect its future development, performance and position are set out in the Review of Business section of the Strategic Report. The company's procedures for managing its financial instrument risks which include credit risk, liquidity risk and cashflow risk are described in the strategic report. |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
TURNOVER |
Turnover is recognised at the fair value of the consideration received or receivable for goods 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. |
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 despatch 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. |
GOODWILL |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected useful life, which is 3 years. |
INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL |
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 |
Short leasehold | - |
Plant and machinery | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
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. |
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
STOCKS |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials. |
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. |
Stocks are valued on a first in first out basis. |
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. |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
EMPLOYEE BENEFITS |
The company provides a range of benefits to employees. |
Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
30.9.23 | 30.9.22 |
£ | £ |
United Kingdom |
Europe |
Worldwide | 30,205 | 80,653 |
4. | OTHER OPERATING INCOME |
30.9.23 | 30.9.22 |
£ | £ |
Government grants |
Included in grants received for the year ended 30 September 2022 is amounts relating to Coronavirus Job Retention Scheme of £2,462. |
5. | EMPLOYEES AND DIRECTORS |
30.9.23 | 30.9.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.9.23 | 30.9.22 |
Directors | 3 | 3 |
Office | 15 | 14 |
Warehouse | 12 | 13 |
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022: 2). |
30.9.23 | 30.9.22 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
30.9.23 | 30.9.22 |
£ | £ |
Emoluments etc |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
During the year the company also paid social security contributions for the directors totalling £98,048 (2022: £38,237), employer's pension contributions totalling £2,642 (2022: £2,298), and benefits in kind totalling £34,091 (2022: £34,674). |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.23 | 30.9.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Computer software amortisation |
Exchange losses/gains | ( |
) |
7. | AUDITORS' REMUNERATION |
30.9.23 | 30.9.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
10,125 |
17,750 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.23 | 30.9.22 |
£ | £ |
Bank loan interest |
Interest on overdue taxation |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.23 | 30.9.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
9. | TAXATION - continued |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.23 | 30.9.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Under provision of prior year deferred tax | (4,268 | ) | (28 | ) |
Change in tax rate of deferred tax | - | (1,571 | ) |
Total tax charge | 192,353 | 168,175 |
10. | DIVIDENDS |
30.9.23 | 30.9.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
11. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
12. | TANGIBLE FIXED ASSETS |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
13. | STOCKS |
30.9.23 | 30.9.22 |
£ | £ |
Stocks |
Goods in transit | 594,381 | - |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 9,000 | - |
Prepayments and accrued income |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 116,901 | - |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. |
16. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.23 | 30.9.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
17. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.9.23 | 30.9.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans |
Import loan facilities | 806,484 | 795,066 |
Invoice discounting | 1,088,158 | 1,384,935 |
Import loan facilities included in other creditors are secured by all assets, debentures and a general pledge over the company. |
Bank loans are secured by all assets, debentures and a general pledge over the company. |
Invoice discounting facilities are secured on the book of debts to which they relate. |
19. | PROVISIONS FOR LIABILITIES |
30.9.23 | 30.9.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 30 September 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary | £1 | 102 | 102 |
21. | RESERVES |
The retained earnings for the company represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
22. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £16,044 (2022: £15,886). |
Contributions totalling £1,730 (2022: £1,994 ) were payable to the scheme at the year end and are included in creditors. |
23. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
The company has given a guarantee to HMRC for £380,000 dated 9 March 2021 which relates to the deferment account. |
At the balance sheet date, the company had guaranteed borrowings of fellow group undertakings. At 30 September 2023, these borrowings amounted to £174,412 (2022: £303,662). As at the date of approval of these financial statements, the directors do not anticipate that the guarantees will be called upon. |
24. | RELATED PARTY DISCLOSURES |
Directors' transactions |
Interest free loans have been granted by the directors to the company as follows: |
During the period ended 30 September 2023 advances of £11,300 (2022: £Nil) were made to the company by directors. Repayments of £23,300 (2022: £11,700) were made during the year by the company to directors and the highest paid amount outstanding by the company to directors during the year was £9,000 (2022: £32,300). |
At the period end the directors owed the company £9,000 (2022: £21,000). |
Interest was charged on the directors loan account during the period amounting to £Nil (2022: £Nil). |
The amounts advanced are interest free, unsecured and repayable on demand. |
Key management personnel remuneration is disclosed in note 5. |
30.9.23 | 30.9.22 |
£ | £ |
Amount due from related party |
Amount due to related party |
25. | ULTIMATE CONTROLLING PARTY |
The company is a 100% owned subsidiary of Porcelite Vitrified Hotelware Limited, which is the ultimate parent company. The ultimate parent company prepared consolidated financial statements as at 30 September 2023 and these financial statements may be obtained from Opal Way, Stone Business Park, Stone, Staffordshire, ST15 0SS. |
The ultimate controlling party is A L M Bate by virtue of his controlling interest in the company's parent entity. |
DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
26. | GOING CONCERN |
The company's business activities, together with factors likely to affect its future development, performance and position are set out in the Review of Business section of the Strategic Report. The company's procedures for managing its financial instrument risks which include credit risk, liquidity risk and cashflow risk are described in the strategic report. |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |