REGISTERED NUMBER: 02886610 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
FOR |
THOMAS DANE LIMITED |
REGISTERED NUMBER: 02886610 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
FOR |
THOMAS DANE LIMITED |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
THOMAS DANE LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Church View Chambers |
38 Market Square |
Toddington |
Bedfordshire |
LU5 6BS |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
The director presents his strategic report of the company and the group for the period 1 October 2022 to 31 March 2023. |
REVIEW OF BUSINESS |
The principal activity of the company continued to be that of operating an art gallery, and representing and supporting established and emerging artists. |
Thomas Dane Gallery is a contemporary art gallery based out of 3 & 11 Duke Street St. James's, London, England and Via Francesco Crispi 69, Naples, Italy. |
Since the pandemic interest in our programme has recovered strongly and we have seen steadily growing sales in London and in Naples. This has been possible through the continued support from the gallery's loyal clientele and their commitment to artists. During this (short) year we have opened six exhibitions including shows by Cecily Brown, Barbara Kasten and Bruce Connor. We were also very happy to open an exhibition curated by Mark Godfrey in the Naples space which included work by gallery and non-gallery artists. This period also saw us do our first show with Jake Grewal, a new artist to our program. |
We aim to present a balanced and comprehensive review of the development and performance of the group during the year and the position of the group at the year end. Key financial performance indicators are considered to be gross profit margin and net profit margin before tax. These are as follows: - |
Gross Profit Margin | Net Profit before tax |
% | % |
2023 | 21.00 | 1.34 |
2022 | 26.67 | 25.18 |
2021 | 13.14 | 10.31 |
Other key indicators are non-financial but are equally important to the culture of the group. The group is focused on developing customer relationships in order to grow market presence and develop new markets. The gallery has developed its distinctive position through a strong commitment to the moving image, a history of introducing important mid-generation artists from abroad to London, the nurturing and development of new talent and a commitment to curatorial experimentation by invited curators. |
The climate emergency is one the greatest challenges of our time. The art industry, like other industries, has an important role to play. As a commercial art gallery, we know that art freight, business flights and energy usage are our most carbon intensive areas and therefore our main environmental impact. As a founding member of Gallery Climate Coalition, we pledge to continually examine our operations to become more adaptive, responsible and most importantly aim to reduce our carbon by at least 50% by 2030. |
The Naples subsidiary continues to be supported by both Thomas Dane Limited and Dane Chantala Associates Limited as required. |
The focus for the future will continue to be on developing the artist programme. The artists represented by the gallery continue to be recognised through exhibitions at other institutions in the UK, Europe, China and the USA. |
We consider that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, we continue to adopt the going concern basis in preparing the annual report and accounts. |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The director considers the current economic climate largely attributable to the impact of the effects of war in Ukraine to be the most significant risks faced by the group. |
Principal risks are: - |
- financial risk |
- exchange rate fluctuations |
- credit risk |
The group has sufficient financial resources and meets its day to day working capital requirements through its cash reserves. With stable longstanding relationships across different geographic areas the group is well placed to manage its business risk successfully despite challenging macro-economic conditions. The group continues to invest in art and artists. |
Exchange rate fluctuations - the group is exposed to foreign exchange movements as it purchases and sells art in foreign currencies. Exposure to the risk of fluctuation in exchange rates arises from the groups dealings in Euros, Dollars and Yen. We expect ongoing fluctuations in the coming years but these are mitigated by ongoing monitoring of the foreign exchange currency markets in order to mitigate any effects of adverse movements. |
Financial risk - cash flow and bank balances are regularly monitored by the directors to ensure sufficient funds are available to meet working capital requirements in line with our forecasts. The financial risk management operations are managed centrally. |
Credit risk - trade debtors are managed in respect of credit and cash flow risk by regular monitoring and open communication. |
These prime risk areas are managed and monitored on a regular basis. |
ON BEHALF OF THE BOARD: |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
The director presents his report with the financial statements of the company and the group for the period 1 October 2022 to 31 March 2023. |
DIVIDENDS |
The total distribution of dividends during the period ended 31 March 2023 was £Nil (2022: £450,000). |
DIRECTOR |
POLITICAL DONATIONS AND EXPENDITURE |
No political donations were made during the year. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
AUDITORS |
The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THOMAS DANE LIMITED |
Opinion |
We have audited the financial statements of Thomas Dane Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THOMAS DANE LIMITED |
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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director 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 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 Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- 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. |
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 |
THOMAS DANE 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 |
Church View Chambers |
38 Market Square |
Toddington |
Bedfordshire |
LU5 6BS |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
Notes | £ | £ |
TURNOVER | 14,319,310 | 22,708,598 |
Cost of sales | 11,311,613 | 16,652,918 |
GROSS PROFIT | 3,007,697 | 6,055,680 |
Administrative expenses | 2,771,814 | 2,998,152 |
235,883 | 3,057,528 |
Other operating income | 3 | 5,168 | 30,539 |
OPERATING PROFIT | 5 | 241,051 | 3,088,067 |
Interest receivable and similar income | 1,329 | 139 |
242,380 | 3,088,206 |
Interest payable and similar expenses | 6 | 50,330 | 103,202 |
PROFIT BEFORE TAXATION | 192,050 | 2,985,004 |
Tax on profit | 7 | 167,325 | 637,677 |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | (162,284 | ) | 1,838,427 |
Non-controlling interests | 187,009 | 508,900 |
24,725 | 2,347,327 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
Notes | £ | £ |
PROFIT FOR THE PERIOD | 24,725 | 2,347,327 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
24,725 |
2,347,327 |
Total comprehensive income attributable to: |
Owners of the parent | (47,784 | ) | 2,023,677 |
Non-controlling interests | 72,509 | 323,650 |
24,725 | 2,347,327 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 6,834,129 | 7,016,942 |
Investments | 11 | 10,031 | 10,031 |
6,844,160 | 7,026,973 |
CURRENT ASSETS |
Stocks | 12 | 10,262,922 | 9,317,097 |
Debtors | 13 | 5,195,484 | 5,085,458 |
Cash at bank and in hand | 2,907,806 | 3,187,610 |
18,366,212 | 17,590,165 |
CREDITORS |
Amounts falling due within one year | 14 | 7,505,619 | 6,723,668 |
NET CURRENT ASSETS | 10,860,593 | 10,866,497 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
17,704,753 |
17,893,470 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(556,019 |
) |
(695,204 |
) |
PROVISIONS FOR LIABILITIES | 18 | (40,243 | ) | - |
NET ASSETS | 17,108,491 | 17,198,266 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 100 | 100 |
Retained earnings | 20 | 15,439,040 | 15,601,324 |
SHAREHOLDERS' FUNDS | 15,439,140 | 15,601,424 |
NON-CONTROLLING INTERESTS | 21 | 1,669,351 | 1,596,842 |
TOTAL EQUITY | 17,108,491 | 17,198,266 |
The financial statements were approved and authorised for issue by the director and authorised for issue on 27 February 2024 and were signed by: |
T K S Dane - Director |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(214,691 |
) |
482,854 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
COMPANY BALANCE SHEET - continued |
31 MARCH 2023 |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2021 | 100 | 14,212,897 | 14,212,997 | 1,273,192 | 15,486,189 |
Changes in equity |
Dividends | - | (450,000 | ) | (450,000 | ) | - | (450,000 | ) |
Total comprehensive income | - | 1,838,427 | 1,838,427 | 323,650 | 2,162,077 |
Balance at 30 September 2022 | 100 | 15,601,324 | 15,601,424 | 1,596,842 | 17,198,266 |
Changes in equity |
Total comprehensive income | - | (162,284 | ) | (162,284 | ) | 72,509 | (89,775 | ) |
Balance at 31 March 2023 | 100 | 15,439,040 | 15,439,140 | 1,669,351 | 17,108,491 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2023 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 335,269 | 2,509,284 |
Interest paid | (50,330 | ) | (103,202 | ) |
Tax paid | (56,722 | ) | (488,703 | ) |
Net cash from operating activities | 228,217 | 1,917,379 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (52,007 | ) | (279,599 | ) |
Interest received | 1,329 | 139 |
Net cash from investing activities | (50,678 | ) | (279,460 | ) |
Cash flows from financing activities |
Loan repayments in year | (138,981 | ) | (1,016,319 | ) |
Amount introduced by directors | 352 | 458,660 |
Amount withdrawn by directors | (249,455 | ) | (233,226 | ) |
Equity dividends paid | - | (450,000 | ) |
Dividends paid to minority interests | (114,500 | ) | (185,250 | ) |
Net cash from financing activities | (502,584 | ) | (1,426,135 | ) |
(Decrease)/increase in cash and cash equivalents | (325,045 | ) | 211,784 |
Cash and cash equivalents at beginning of period |
2 |
3,187,610 |
3,003,482 |
Effect of foreign exchange rate changes | 45,241 | (27,656 | ) |
Cash and cash equivalents at end of period |
2 |
2,907,806 |
3,187,610 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
£ | £ |
Profit before taxation | 192,050 | 2,985,004 |
Depreciation charges | 120,901 | 231,993 |
Loss on disposal of fixed assets | 113,919 | - |
Finance costs | 50,330 | 103,202 |
Finance income | (1,329 | ) | (139 | ) |
475,871 | 3,320,060 |
(Increase)/decrease in stocks | (945,825 | ) | 667,346 |
Decrease/(increase) in trade and other debtors | 138,749 | (615,484 | ) |
Increase/(decrease) in trade and other creditors | 666,474 | (862,638 | ) |
Cash generated from operations | 335,269 | 2,509,284 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 March 2023 |
31.3.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 2,907,806 | 3,187,610 |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 3,187,610 | 3,003,482 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,187,610 | (279,804 | ) | 2,907,806 |
3,187,610 | (279,804 | ) | 2,907,806 |
Debt |
Debts falling due within 1 year | (1,050,535 | ) | - | (1,050,535 | ) |
Debts falling due after 1 year | (693,532 | ) | 138,980 | (554,552 | ) |
(1,744,067 | ) | 138,980 | (1,605,087 | ) |
Total | 1,443,543 | (140,824 | ) | 1,302,719 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Thomas Dane Limited is a private company, limited by shares, registered in England and Wales. Its registered office is 38 Market Square, Toddington, Dunstable, Bedfordshire, LU5 6BS. |
Its principal place of business is 3 Duke Street St James's, London, SW1Y 6BN. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Short leasehold | - |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
All fixed assets are initially recorded at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date. |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
The company operates a defined pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
3. | OTHER OPERATING INCOME |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
£ | £ |
Management charge | 5,168 | 30,539 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees by undertakings that were proportionately consolidated during the year was 20 (2022: 23). |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
£ | £ |
Director's remuneration | 144,924 | 160,565 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
£ | £ |
Depreciation - owned assets | 120,901 | 231,993 |
Loss on disposal of fixed assets | 113,919 | - |
Auditors' remuneration | 22,431 | 26,307 |
Foreign exchange differences | 355,884 | (455,071 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
£ | £ |
Bank loan interest | 50,330 | 103,202 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
£ | £ |
Current tax: |
UK corporation tax | 126,607 | 609,535 |
ATED | - | 26,050 |
Total current tax | 126,607 | 635,585 |
Deferred tax | 40,718 | 2,092 |
Tax on profit | 167,325 | 637,677 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
9. | DIVIDENDS |
Period |
1.10.22 |
to | Year Ended |
31.3.23 | 30.9.22 |
£ | £ |
Ordinary shares of £1 each |
Interim | - | 450,000 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Short | Long | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
COST |
At 1 October 2022 | 6,919,652 | 155,495 | 427,013 | 351,688 |
Additions | - | - | - | 28,917 |
Disposals | (113,919 | ) | - | - | - |
Reclassification/transfer | (1,329,248 | ) | - | - | 1,329,248 |
At 31 March 2023 | 5,476,485 | 155,495 | 427,013 | 1,709,853 |
DEPRECIATION |
At 1 October 2022 | 398,114 | 154,341 | 146,818 | 214,119 |
Charge for period | 54,765 | 791 | 21,351 | 21,002 |
Reclassification/transfer | (51,269 | ) | - | - | 51,269 |
At 31 March 2023 | 401,610 | 155,132 | 168,169 | 286,390 |
NET BOOK VALUE |
At 31 March 2023 | 5,074,875 | 363 | 258,844 | 1,423,463 |
At 30 September 2022 | 6,521,538 | 1,154 | 280,195 | 137,569 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 | 683 | 210,744 | 86,008 | 8,151,283 |
Additions | - | 3,235 | 19,855 | 52,007 |
Disposals | - | - | - | (113,919 | ) |
Reclassification/transfer | - | - | - | - |
At 31 March 2023 | 683 | 213,979 | 105,863 | 8,089,371 |
DEPRECIATION |
At 1 October 2022 | 155 | 159,851 | 60,943 | 1,134,341 |
Charge for period | 51 | 14,024 | 8,917 | 120,901 |
Reclassification/transfer | - | - | - | - |
At 31 March 2023 | 206 | 173,875 | 69,860 | 1,255,242 |
NET BOOK VALUE |
At 31 March 2023 | 477 | 40,104 | 36,003 | 6,834,129 |
At 30 September 2022 | 528 | 50,893 | 25,065 | 7,016,942 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Improvements | Fixtures |
Freehold | to | and | Computer |
property | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
Reclassification/transfer | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 30 September 2022 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 October 2022 |
and 31 March 2023 | 10,031 |
NET BOOK VALUE |
At 31 March 2023 | 10,031 |
At 30 September 2022 | 10,031 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 30 September 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the period/year |
12. | STOCKS |
Group | Company |
31.3.23 | 30.9.22 | 31.3.23 | 30.9.22 |
£ | £ | £ | £ |
Valuation | 10,262,922 | 9,317,097 | 5,753,048 | 5,500,130 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
13. | DEBTORS |
Group | Company |
31.3.23 | 30.9.22 | 31.3.23 | 30.9.22 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,294,066 | 2,531,324 |
Other debtors | 502,254 | 378,020 |
Directors' current accounts | 444,458 | 198,332 | 444,458 | 198,332 |
VAT | 136,330 | 143,203 |
Deferred tax asset | - | 475 | - | - |
Prepayments and accrued income | 797,190 | 1,816,042 |
5,174,298 | 5,067,396 |
Amounts falling due after more than one | year: |
Directors' loan accounts | 21,186 | 18,062 | - | - |
Aggregate amounts | 5,195,484 | 5,085,458 |
Deferred tax asset |
Group | Company |
31.3.23 | 30.9.22 | 31.3.23 | 30.9.22 |
£ | £ | £ | £ |
Deferred tax | - | 475 | - | - |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 30.9.22 | 31.3.23 | 30.9.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 1,050,535 | 1,050,535 |
Trade creditors | 4,258,802 | 3,465,243 |
Tax | 788,268 | 672,791 |
Social security and other taxes | 57,878 | 38,532 |
VAT | - | - | - | 9,440 |
Other creditors | 404,960 | 404,133 |
Root2 creditor | 677,215 | 813,217 | 677,215 | 813,217 |
Accruals and deferred income | 29,631 | 29,963 |
Accrued expenses | 238,330 | 249,254 |
7,505,619 | 6,723,668 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.23 | 30.9.22 | 31.3.23 | 30.9.22 |
£ | £ | £ | £ |
Bank loans (see note 16) | 554,552 | 693,532 |
Amounts owed to group undertakings | - | - | - | 323,150 |
Directors' loan accounts | 1,467 | 1,672 | - | - |
556,019 | 695,204 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.3.23 | 30.9.22 | 31.3.23 | 30.9.22 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loan 1 | 49,242 | 49,242 | 49,242 | 49,242 |
Bank loan 2 | 1,001,293 | 1,001,293 | 1,001,293 | 1,001,293 |
1,050,535 | 1,050,535 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 55,403 | 55,403 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 239,814 | 239,814 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans due after more than |
5 years by instalments | 259,335 | 398,315 | 259,335 | 314,982 |
259,335 | 398,315 | 259,335 | 314,982 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
31.3.23 | 30.9.22 |
£ | £ |
Bank loans |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.23 | 30.9.22 | 31.3.23 | 30.9.22 |
£ | £ | £ | £ |
Deferred tax | 40,243 | - | 4,880 | 3,881 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2022 | (475 | ) |
Movement in year | 40,718 |
Balance at 31 March 2023 | 40,243 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Movement in the year | 999 |
Balance at 31 March 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 30.9.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 October 2022 | 15,601,324 |
Deficit for the period | (162,284 | ) |
At 31 March 2023 | 15,439,040 |
21. | NON-CONTROLLING INTERESTS |
30.9.20 | 30.9.19 |
£ | £ |
Brought forward | 939,263 | 594,701 |
Share of profit | (42,593 | ) | 433,561 |
Dividends | (29,450 | ) | (89,000 | ) |
Decrease in shareholding | - | - |
867,218 | 939,263 |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is T K S Dane. |