Year Ended
Registration number:
Dennis Clothier & Sons Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Dennis Clothier & Sons Limited
Company Information
Director |
Mr J R D Clothier |
Company secretary |
Mr J R D Clothier |
Registered office |
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Accountants |
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Dennis Clothier & Sons Limited
Balance Sheet
31 July 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Shareholders' funds |
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Dennis Clothier & Sons Limited
Balance Sheet
31 July 2023
For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 02559465
Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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 dispatch 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.
Revenue from contacts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be measured reliably. The stage of completion is calculated by comparing costs incurred mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% straight line / land at nil rate |
Plant and machinery |
15% reducing balance |
Property improvements |
2% straight line |
Motor vehicles |
20% reducing balance |
Investment property
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
Intangible assets |
BPS Entitlements |
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Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Amortisation |
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At 1 August 2022 |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
- |
At 31 July 2022 |
- |
Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
Tangible assets |
Freehold land and buildings |
Plant and machinery |
Property improvements |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 August 2022 |
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Additions |
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Disposals |
- |
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- |
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( |
At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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Eliminated on disposal |
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( |
- |
- |
( |
At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
Investment properties |
2023 |
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At 1 August 2018 and 31 July 2019 |
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Fair value adjustments |
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At 31 July |
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The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2023 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
There has been no valuation of investment property by an independent valuer.
Stocks |
2023 |
2022 |
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Other inventories |
526,052 |
515,662 |
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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Dennis Clothier & Sons Limited
Notes to the Unaudited Financial Statements
Year Ended 31 July 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Retained earnings |
Total |
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Surplus/deficit on revaluation of other assets |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Retained earnings |
Total |
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Surplus/deficit on revaluation of other assets |
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As at 31 July 2023, the profit and loss account included £387,780 (2022: £365,280) of non-distributable reserves. This relates to the revaluation surplus on investment properties.