Registered number:
FOR THE YEAR ENDED 30 JUNE 2023
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DANIEL OWEN LTD
COMPANY INFORMATION
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DANIEL OWEN LTD
CONTENTS
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DANIEL OWEN LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.
The profit for the year, after taxation and minority interests, amounted to £2,527,474 (2022 - £2,212,271).
Dividends of £650,535 (2022: £891,223) were paid during the year.
The directors who served during the year were:
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DANIEL OWEN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The leadership team have produced a strategy to secure profitable growth over the next 5 years which will ensure Daniel Owen is one of the largest national recruitment agencies in the built environment sector. We have identified that recruitment and training, and coordination of sales strategies, are key to successful growth over the next 5 years and have a plan in place to strengthen both these areas.
Daniel Owen works in partnership with its customers to ensure their requirements are met. Our aim is to deliver exceptional service to our clients, and provide them with quality temporary or permanent personnel. Daniel Owen recognises that our suppliers assist us to meet our operational goals. We work with our suppliers to achieve our common goal, paying invoices on time and communicating effectively. We perform substantial due diligence within our labour supply chain, regularly auditing activity.
Engagement with Employees The most valuable asset for the company is its employees. We invest significant resources into employee engagement and have recently gained 3 stars in the 2022 best companies survey. We engage with our employees in numerous ways through reviews, one to ones, company newsletters, emails, personal development plans, reward and team building trips and recognition events. We started providing private medical insurance and group life cover for all employees who have passed probation in the last financial year. We also have qualified mental health first aiders throughout the business. We are implementing strategies on employee health and wellbeing ensuring compliance with legislation, health and safety and improving the working environment. With regular health and safety meetings. Our recruitment and hiring policies and procedures are made in accordance with our equality, diversity and inclusion policy to ensure there is no discrimination. We provide comprehensive training and career development for all employees, from both internal and external sources.
The company acknowledges its responsibility to sustainability and the environment. We source our temporary workers from the local community and encourage public transport where possible to reduce carbon emissions. We are constantly looking at how to improve our office buildings to reduce carbon emissions, for example replacing old windows with new more effective double glazing. We have introduced a number of measures to reduce waste and carbon emissions, reducing the number of company cars in the business to which we will be looking to change to greener vehicles in 2024, encouraging use of public transport for movement between offices and we are looking to implement a green car scheme in 2024. The directors are constantly reviewing our procedures for improvements.
The carbon footprint for the Company was as followed: 2023 2022 Scope 1 emissions (kgCO2e) 51,692 61,985 Scope 2 emissions (kgCO2e) 7,049 9,262 Total 58,741 71,247
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DANIEL OWEN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DANIEL OWEN LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
Business strategy & business model
Year ended 30th June 2023 saw 14% growth in the group turnover, 11% increase in gross margin and 13% increase in profit before tax. This was due to continued growth in Construction and Property Services division. The results were due to the directors focus on key areas of client service, candidate care, employee engagement and financial stability. Economies of scale also provide further efficiencies. The company continued with the expansion plan by opening a new office in Farnborough. Operationally the implementation of Azure was completed, increasing system scalability, flexibility, security and speed. A complete review of all our IT and systems is underway to ensure we are optimizing performance. The board use financial and non-financial key performance indicators to assess the performance of the group. These are Gross Margin, Gross Margin Percentage and Profitability. Gross Margin increased from £10.56M to £11.69M in the year, Gross margin percentage decreased from 17.7% to 11% due to a larger proportion of temporary placements in the sales mix. Temporary placement margin increased by 15.13% to 15.24% Profitability increased from £2.8M profit before tax in 2022 to £3.2M in 2023. The business plan was exceeded in all three areas again this year.
The directors use credit insurance to reduce the financial risk to the business. During the year the company has improved systems and procedures to improve effective coverage of debt by credit insurance and ensure greater compliance with payment terms by all clients. After Covid 19 and with current inflation and economic pressures this is considered key to reducing financial risk.
The directors consider operational risks from changes to legislation to be a key risk area. Engagement with legal advisers and conducting constant reviews of systems and processes ensure that compliance with any changes is maintained. Going concern The board are confident that the existing financing available to the business will continue with either the existing provider or alternative providers in the market and therefore have based projections on the continued availability of these facilities. The directors have reviewed the group's going concern basis by considering the group cash flow forecasts and projections. At the end of the financial year net current assets were £5.1M with cash of £843k. Cash flow is closely monitored, and detailed forecasts produced for the next 12 months. These cash flow forecasts indicate that there is sufficient headroom in the current facilities to meet the business needs. The financial forecasts show that the group will be able to meet its financial obligations as they fall due for the foreseeable future, therefore the accounts have been prepared on a going concern basis.
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DANIEL OWEN LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The directors have a duty to promote the success of the Group and this relies on all operations running smoothly and with the support of all stakeholders. We understand the capabilities and opinions of the different stakeholders and ensure there is effective communication between stakeholders and the leadership teams to ensure any stakeholder concerns are addressed.
This report was approved by the board and signed on its behalf.
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DANIEL OWEN LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANIEL OWEN LTD
We have audited the financial statements of Daniel Owen Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or 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.
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DANIEL OWEN LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANIEL OWEN LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Group strategic report or the Directors' report.
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DANIEL OWEN LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DANIEL OWEN LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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 Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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DANIEL OWEN LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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DANIEL OWEN LTD
REGISTERED NUMBER: 02142070
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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DANIEL OWEN LTD
REGISTERED NUMBER: 02142070
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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DANIEL OWEN LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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DANIEL OWEN LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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DANIEL OWEN LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Daniel Owen Limited is a private limited company, which is limited by shares incorporated in England and Wales with registration number 02142070. Its registered office is Hadwyn House, Field Road, Reading, Berkshire, RG1 6AP. The principal activity is permanent and temporary employment agency.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Revenue in respect of permanent placements is recognised by the company on the date the candidate starts employment. Revenue in respect of contract placements is recognised by the company following submission of an authorised timesheet evidencing the contractors hours worked.
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on a number of factors. Bad debt provisions Provisions are estimated by the company in respect of specific debts based upon the age of the debt and knowledge of known issues. Accrued expenses Accrued expenses are estimated by the company based upon past experience, with knowledge of known issues at the balance sheet date, and management information available after the balance sheet date, in respect of matters for which management are confident there will be an outflow of economic benefit from the company.
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 19
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 20
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
10.Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 22
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
12.Tangible fixed assets (continued)
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 24
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The bank loan is charged at an interest of 2.5% per year and repayable within 5 years.
Page 25
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Page 26
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
19.Deferred taxation (continued)
Page 27
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DANIEL OWEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Share premium account
Profit & loss account
Debtors include a loan of £10,258 (2022: £13,169) to White Space Recruitment Ltd. R O Andrews, P D Andrews and A P Tigg hold a shareholding in White Space Recruitment Ltd. Debtors include a loan of £863 (2022: £8,967) to Elevate Projects Ltd. R O Andrews, P D Andrews and A P Tigg hold a shareholding in Elevate Projects Ltd. Debtors include a loan of £6,474 (2022; £nil) to GSC Executives Ltd for which K Burnett, S Jellyman and J Underwood hold a shareholding in GSC Executives Ltd.
The company is controlled by the directors
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