Company registration number 00732459 (England and Wales)
THOMAS DUDLEY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THOMAS DUDLEY GROUP LIMITED
COMPANY INFORMATION
Directors
Mr M J Dudley
Mr P J Davies
Mr A Powles
Mr J Parker
Company number
00732459
Registered office
295 Birmingham New Road
Dudley
West Midlands
DY1 4SJ
Auditor
Bache Brown & Co Limited
Swinford House
Albion Street
Brierley Hill
DY5 3EE
Business address
295 Birmingham New Road
Dudley
West Midlands
DY1 4SJ
Bankers
Barclays Bank Plc
313 High Street
West Bromwich
West Midlands
B70 8LP
Solicitors
Clarke Willmott
138 Edmund Street
Birmingham
B3 2ES
THOMAS DUDLEY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
5
Profit and loss account
11
Statement of comprehensive income
10
Group balance sheet
12
Company balance sheet
15
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
16
Notes to the financial statements
17 - 41
THOMAS DUDLEY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Section 172(1) Statement

The Directors continue to have regard to the interests of the Group’s employees and other stakeholders, including the impact of its activities on the community, the environment and the Company’s reputation, when making decisions. Acting in good faith and fairly between stakeholders, the Directors consider what is most likely to promote the success of the Group for its members in the long term.

The Group continues to work with schools, trade bodies, The Black Country Skills Factory and other local employers. The aim is to encourage local, young engineers of the future by showcasing an exciting working environment and ensuring training is relevant to employer’s needs.

The Group continues to hold BSI 9001 (Quality), 14001 (Environment) and 18001 (Health and safety accreditations) to ensure we maintain a reputation for high standards of business conduct in all areas. All audits in the year were completed with positive feedback and our sites have been used as reference sites for best practice in some areas.

Principal Activities

 

The principal activity of the group is manufacturing and the areas of specialism are iron founders, plastic cistern, component and resin sanitaryware manufacturers.

 

The Foundry division supplies the Builders Merchant, Public Utility, OEM, Engineering and Automotive markets.

 

The Plastics division supplies the Builders Merchant, OEM and Retail markets.

 

There have been no significant changes in principle activities in the year under review.

 

Business Review and Future Developments

We consider the key performance indicators which best communicate the financial performance and strength of the business are turnover, return on capital employed and with our growth plans, continued investment and liquidity.

 

Group turnover on a like for like basis is up 16.7% on the prior period. The Group saw significant turnover growth in all trading subsidiaries in the first half of the year partly due to ongoing raw material and component price increases but mainly due to multiple projects with new customers coming to fruition. Unfortunately, this growth petered out in the final quarter of the year as the UK went into recession and customers reduced their orders by as much as 20% in some cases. This trend has continued into 2024. We have not lost any significant customers in 2023 and generally we still operate in markets where there is fierce competition from cheap imports.

 

Operating profit was up 52% on 2022 reflecting the increased turnover with margins protected and maintained through price increases. The Group also continued to drive cost efficiencies through the manufacturing process to maintain gross profit margins.

 

Return on capital employed based on operating profit was up at 9% compared to 6.6% for 2022. This was due to the excellent turnover growth achieved in the first half of the year in particular.

 

The liquidity ratio was up significantly at 9.7 compared to 4.8 last year with debts paid down before the year end. Liquidity still remains very strong with £6m of cash at bank at the year-end so that any investment opportunities can be pursued.

 

The balance sheet saw a 7.2% increase in shareholders’ funds over the course of the year due to the profitability of the Group. Overall therefore the financial position of the Group continues to improve with net assets of £81.1 million and net current assets of £35.7 million. This allows the Group to take advantage of any future investment opportunities as they arise.

THOMAS DUDLEY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

The main risks to the Group are falling customer demand due to the impact of inflation and high interest rates, political uncertainty and skills shortages.

 

The business environment continues to be challenging with political uncertainty making for an unstable business environment along with interest rates that are staying stubbornly high despite the recent fall in inflation. This has acted to stymie consumer demand and investment within the UK.

 

Skilled labour continues to be in short supply so we have recruited a number of apprentices. Our exposure to the UK construction industry means that elements of the business are subject to the monetary policy adopted by the banking industry and government policy. Competition within our market continues to be fierce both from imports and two foreign competitors who purchased UK brands and businesses to assist with their UK market penetration.

 

In summary, given these risks and uncertainties, we are aware that the future development of the business may be influenced by unforeseen future events outside our control but feel that the current strategy of investment in acquisitions, plant and equipment, training and educating our workforce, increasing awareness of manufacturing in education, developing new innovative products and factoring risk into our decision making is correct for the long term success of the business.

On behalf of the board

Mr M J Dudley
Director
18 July 2024
THOMAS DUDLEY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activities of the group are those set out in the Strategic Report.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M J Dudley
Mr P J Davies
Mr A Powles
Mr J Parker
Employee involvement

The ongoing facilities for employees to be involved in, and to be informed about the performance of the company are centred on quarterly works and staff committee meetings. There is a bonus element of employee remuneration based on the performance of the companies within the group.

Within the Group employee engagement is key but this is not just scores from the Employee Satisfaction survey. There is regular communication through various channels including ‘Friday Hello’ emails, ‘Birthday lunches’ to which all employees are invited at various points of the year, H&S groups, twice yearly newsletters, learner lunches and an open door policy throughout the Group of Companies. Directors attend all of the above and are regularly on the shop floor having conversations with the employees, understanding what is going well and where they can support if there are issues and making sure employees appreciate how the company is performing.

The benefits offered to employees include a yearly performance bonus, which is communicated to all employees and every person within the Group can make a difference in achieving the targets set and the amount of bonus received.

Our values of Family, Teamwork and Partnership are not just words they are business as usual. Our values form part of each decision we make and those values are inclusive of everyone within the Group.

 

 

Business relationships

Partnership is one of our core values and is central to how we deal with all stakeholders including suppliers and customers. This was brought to the fore during the pandemic whereby we ensured all suppliers were paid on normal terms to help maintain their cashflow. We also remained open to manufacture to support those customers who were also open even though economically it would have made more sense to close in the early stages of the pandemic.

Auditor

The auditor, Bache Brown & Co Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group has consumed more than 40,000 kWh of energy in this reporting period, it is required to report on its emissions, energy consumption or energy efficiency activities.

THOMAS DUDLEY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
6,680,000
- Fuel consumed for transport
22,053
- Electricity purchased
27,000,000
33,702,053
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
1,449.00
- Fuel consumed for owned transport
35.00
1,484.00
Scope 2 - indirect emissions
- Electricity purchased
4,374.00
Total gross emissions
5,858.00
Intensity ratio
Tonnes CO2e per full-time employee
13.6
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the National Energy Foundation Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The majority of the energy consumed in the Group’s manufacturing process is electricity and therefore the fact that the electricity grid continues to be decarbonised has had the most impact in reducing CO2 emissions. In addition when buying new plant we invest in energy efficient plant where we can. Within the foundry, improved manufacturing processes and reduced scrap also help to use energy and Co2 production more efficiently.

 

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

THOMAS DUDLEY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
Mr M J Dudley
Director
18 July 2024
THOMAS DUDLEY GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THOMAS DUDLEY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMAS DUDLEY GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of Thomas Dudley Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

Other information

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THOMAS DUDLEY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS DUDLEY GROUP LIMITED
- 8 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

Approach to assessing the risks of misstatement due to irregularities, including fraud

We assessed the risk of material misstatement in respect of fraud by meeting with management to understand where it considered there was susceptibility to fraud.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant reporting frameworks which are likely to affect the company include FRS102 , the Companies Act 2006 and the relevant tax laws. In addition we determined that there were no significant laws and regulations which have a direct effect on the amounts and disclosures in the financial statements.

 

 

Audit response to risks identified

We considered the risk of fraud through management override of controls. We also considered how management bias may impact upon performance targets.

In response we performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of any significant transactions outside the normal course of business, reviewing accounting estimates for management bias.

 

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquires with management around actual and potential claims. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

THOMAS DUDLEY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS DUDLEY GROUP LIMITED
- 9 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr Ian Baker (Senior Statutory Auditor)
For and on behalf of Bache Brown & Co Limited
18 July 2024
Chartered Certified Accountants
Statutory Auditor
Swinford House
Albion Street
Brierley Hill
DY5 3EE
THOMAS DUDLEY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
6,250,904
2,158,574
Other comprehensive income
Actuarial gain on defined benefit pension schemes
828,000
15,406,000
De-recognition of pension scheme asset
(1,624,000)
(4,032,000)
De-recogntion of corresponding deferred tax
-
0
766,080
Tax relating to other comprehensive income
-
0
(2,999,340)
Other comprehensive income for the year
(796,000)
9,140,740
Total comprehensive income for the year
5,454,904
11,299,314
Total comprehensive income for the year is all attributable to the owners of the parent company.
THOMAS DUDLEY GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
71,192,259
60,980,435
Cost of sales
(50,504,931)
(44,272,538)
Gross profit
20,687,328
16,707,897
Distribution costs
(6,531,181)
(5,660,215)
Administrative expenses
(9,194,733)
(8,366,473)
Other operating income
2,081,105
1,936,564
Operating profit
4
7,042,519
4,617,773
Interest receivable and similar income
7
255,740
118,348
Interest payable and similar expenses
8
(61,932)
(307,354)
Movement in investments
10
824,025
(882,530)
Profit before taxation
8,060,352
3,546,237
Taxation
12
(1,809,448)
(1,387,663)
Profit for the financial year
30
6,250,904
2,158,574

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THOMAS DUDLEY GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
343,264
501,148
Tangible assets
13
21,650,792
21,275,366
Investment properties
14
28,913,501
28,913,501
50,907,557
50,690,015
Current assets
Stocks
17
13,665,693
13,676,595
Debtors
20
13,904,452
11,166,110
Investments
19
6,172,841
5,513,936
Cash at bank and in hand
6,034,904
7,698,149
39,777,890
38,054,790
Creditors: amounts falling due within one year
22
(4,108,063)
(7,879,006)
Net current assets
35,669,827
30,175,784
Total assets less current liabilities
86,577,384
80,865,799
Creditors: amounts falling due after more than one year
21
(118,893)
(497,823)
Provisions for liabilities
23
(5,308,843)
(4,673,232)
Net assets
81,149,648
75,694,744
Capital and reserves
Called up share capital
25
318,852
318,852
Revaluation reserve
27
987,389
987,389
Other reserves
28
39,010
39,010
Capital redemption reserve
29
1,121,267
1,121,267
Profit and loss reserves
30
78,683,130
73,228,226
Total equity
81,149,648
75,694,744
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
18 July 2024
Mr M J Dudley
Director
THOMAS DUDLEY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2022
318,852
987,389
1,121,267
39,010
61,928,912
64,395,430
Year ended 31 December 2022:
Profit for the year
-
-
-
-
2,158,574
2,158,574
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
15,406,000
15,406,000
Net de-recognition of pension scheme asset
-
-
-
-
(3,265,920)
(3,265,920)
Tax relating to other comprehensive income
-
-
0
-
-
(2,999,340)
(2,999,340)
Total comprehensive income for the year
-
-
-
-
11,299,314
11,299,314
Balance at 31 December 2022
318,852
987,389
1,121,267
39,010
73,228,226
75,694,744
Year ended 31 December 2023:
Profit for the year
-
-
-
-
6,250,904
6,250,904
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
828,000
828,000
Net de-recognition of pension scheme asset
-
-
-
-
(1,624,000)
(1,624,000)
Total comprehensive income for the year
-
-
-
-
5,454,904
5,454,904
Balance at 31 December 2023
318,852
987,389
1,121,267
39,010
78,683,130
81,149,648
THOMAS DUDLEY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
318,852
758,108
57,335,152
58,412,112
Year ended 31 December 2022:
Profit for the year
-
-
681,294
681,294
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
15,406,000
15,406,000
Net de-recognition of pension scheme asset
-
-
(3,265,920)
(3,265,920)
Tax relating to other comprehensive income
-
-
(2,999,340)
(2,999,340)
Total comprehensive income for the year
-
-
9,822,034
9,822,034
Balance at 31 December 2022
318,852
758,108
67,157,186
68,234,146
Year ended 31 December 2023:
Profit for the year
-
-
3,367,224
3,367,224
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
828,000
828,000
Net de-recognition of pension scheme asset
-
-
(1,624,000)
(1,624,000)
Total comprehensive income for the year
-
-
2,571,224
2,571,224
Balance at 31 December 2023
318,852
758,108
69,728,410
70,805,370
THOMAS DUDLEY GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3
3
Investment properties
14
46,078,500
46,078,500
Investments
16
6,729,292
6,729,292
52,807,795
52,807,795
Current assets
Debtors falling due after more than one year
20
7,900,000
7,900,000
Debtors falling due within one year
20
12,802,399
10,231,109
Investments
19
6,172,841
5,513,936
Cash at bank and in hand
2,855,272
3,038,906
29,730,512
26,683,951
Creditors: amounts falling due within one year
22
(7,820,937)
(7,227,600)
Net current assets
21,909,575
19,456,351
Total assets less current liabilities
74,717,370
72,264,146
Creditors: amounts falling due after more than one year
21
-
0
(342,000)
Provisions for liabilities
23
(3,912,000)
(3,688,000)
Net assets
70,805,370
68,234,146
Capital and reserves
Called up share capital
25
318,852
318,852
Capital redemption reserve
29
758,108
758,108
Profit and loss reserves
30
69,728,410
67,157,186
Total equity
70,805,370
68,234,146

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,367,224 (2022 - £681,293 profit).

The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
18 July 2024
Mr M J Dudley
Director
Company Registration No. 00732459
THOMAS DUDLEY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
35
3,970,957
4,015,330
Interest paid
(80,932)
(101,354)
Income taxes paid
(1,590,352)
(799,727)
Net cash inflow from operating activities
2,299,673
3,114,249
Investing activities
Purchase of tangible fixed assets
(2,738,573)
(3,053,451)
Proceeds on disposal of tangible fixed assets
57,643
12,416
Movement in other investments and loans
165,120
3,665,559
Interest received
169,768
10,291
Dividends received
85,972
108,057
Net cash (used in)/generated from investing activities
(2,260,070)
742,872
Financing activities
Repayment of bank loans
(1,702,848)
(1,648,320)
Net cash used in financing activities
(1,702,848)
(1,648,320)
Net (decrease)/increase in cash and cash equivalents
(1,663,245)
2,208,801
Cash and cash equivalents at beginning of year
7,698,149
5,489,348
Cash and cash equivalents at end of year
6,034,904
7,698,149
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Thomas Dudley Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 295 Birmingham New Road, Dudley, West Midlands, DY1 4SJ.

 

The group consists of Thomas Dudley Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Thomas Dudley Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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.

 

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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Negative goodwill is attributable to future reorganisation costs and losses that do not represent identifiable liabilities at the acquisition date and is being written off in equal annual instalments over the period in which reorganisation costs and losses are expected to occur.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets include investment properties which are included on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold
2% straight line
Plant and machiney
up to 25% straight line
Other plant
up to 25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Gains or losses arising from changes in the fair value of investment property are included in profit and loss for the period in which they arise.

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

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.

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.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.21
Foreign exchange

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.

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Inventory

Inventories are valued at the lower of cost and net realisation. Net realisation value includes where necessary, provisions for slow moving and obsolete stocks. The calculation of these provisions is made on a line by line basis based on a combination of the item’s age, sales history and classification as a discontinued line. The adequacy of the provision is monitored with reference to the amounts realised when old stock is cleared.

Bad debt provision

A bad debt provision is set up when the likelihood of recovering the debt is diminished. The level of

provision will be based on any current repayment plan entered into and which is being adhered to by the debtor, together with an estimate of the likelihood of the amounts due being fully recovered.

Useful economic lives of non current assets

The useful economic lives of non-current assets have been derived from the judgement of the directors, using their best estimate of write-down period.

Fair value of investment properties

The group carries its investment properties at fair value, with changes in fair value being recognised in profit and loss. The fair value of the investment property has been arrived at by a valuation carried out by Chartered Surveyors, who are not connected to the company. The valuation was made on an open market value basis.

Defined benefit pension scheme

The group has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 26 for the disclosures relating to the defined benefit scheme.

 

Current asset investments

The group carries its current asset investments at fair value, with changes in fair value being recognised in profit and loss. Fair values are derived from quoted market prices for identical assets or liabilities from active market for which an entity has immediate access.

Key sources of estimation uncertainty
Rebates

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are the estimation of rebate and discount accruals by the directors which are based on turnover and agreements in place.

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sales of goods
71,192,259
60,980,435
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
60,963,309
52,948,854
Exports
10,228,950
8,031,581
71,192,259
60,980,435
2023
2022
£
£
Other revenue
Interest income
169,768
10,291
Dividends received
85,972
108,057
Grants received
43,325
85,599
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
118,626
(135,836)
Research and development costs
20,667
46,418
Government grants
(43,325)
(85,599)
Depreciation of owned tangible fixed assets
2,305,504
2,194,281
Profit on disposal of tangible fixed assets
(13,527)
(24,116)
Amortisation of intangible assets
157,884
157,884
Cost of stocks recognised as an expense
28,406,642
25,643,681
Operating lease charges
126,575
123,947
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
60
60
-
-
Selling and distribution
83
85
-
-
Works
287
291
-
-
Total
430
436
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
16,597,835
14,679,017
973,729
908,215
Social security costs
1,694,947
1,556,379
98,772
153,937
Pension costs
731,443
1,272,339
(195,352)
406,267
19,024,225
17,507,735
877,149
1,468,419
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
978,470
910,657
Company pension contributions to defined contribution schemes
49,472
48,719
1,027,942
959,376

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
674,166
638,448
Company pension contributions to defined contribution schemes
10,000
10,000
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
42,495
9,184
Other interest income
127,273
1,107
Total interest revenue
169,768
10,291
Other income from investments
Dividends received
85,972
108,057
Total income
255,740
118,348
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
159,551
9,785
Dividends from financial assets measured at fair value through profit or loss
85,972
108,057
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
81,221
101,157
Other finance costs:
Net interest on the net defined benefit liability
(19,000)
206,000
Other interest
(289)
197
Total finance costs
61,932
307,354
9
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,100
12,845
Audit of the financial statements of the company's subsidiaries
37,855
35,010
51,955
47,855
For services in respect of associated pension schemes
Audit-related assurance services
3,500
3,500
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
10
Movement in investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Amounts written back to/(written off) fair value through profit or loss
824,025
(1,555,294)
Other gains/(losses)
Gain on disposal of financial assets held at fair value through profit or loss
-
672,764
824,025
(882,530)
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,627,737
(1,765,190)
(137,453)
Amortisation and impairment
At 1 January 2023
1,126,589
(1,765,190)
(638,601)
Amortisation charged for the year
157,884
-
0
157,884
At 31 December 2023
1,284,473
(1,765,190)
(480,717)
Carrying amount
At 31 December 2023
343,264
-
0
343,264
At 31 December 2022
501,148
-
0
501,148
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,143,253
583,072
Adjustments in respect of prior periods
28,757
(53,385)
Total current tax
1,172,010
529,687
Deferred tax
Origination and reversal of timing differences
637,438
857,976
Total tax charge
1,809,448
1,387,663

A hybrid tax rate (of 23.54%) is used in the year to accommodate the movement to a corporation tax rate of 25% from 1st April 2023. As a result, the last 9 months of the accounting period use this newly established rate of 25% rather than 19% (previously applied).

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Taxation
(Continued)
- 29 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
8,060,352
3,546,237
Expected tax charge based on the standard rate of corporation tax in the UK of 23.54% (2022: 19.00%)
1,897,407
673,785
Tax effect of expenses that are not deductible in determining taxable profit
(188,499)
170,305
Adjustments in respect of prior years
28,757
(53,385)
Depreciation on assets not qualifying for tax allowances
45,896
37,075
Amortisation on assets not qualifying for tax allowances
37,135
29,998
Research and development tax credit
(140,571)
(207,373)
Patent box deduction
15,985
(36,899)
Other tax adjustments
216,024
686,027
Additions qualifying in later periods
29,124
-
0
Defined benefit relief
(181,483)
(73,294)
Deferred tax reserved at 25%
49,673
161,424
Taxation charge
1,809,448
1,387,663

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
-
2,999,340
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
13
Tangible fixed assets
Group
Land and buildings Freehold
Assets under construction
Plant and machiney
Other plant
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
10,872,948
3,730,961
35,694,840
1,254,295
1,139,323
52,692,367
Additions
-
0
1,953,694
640,832
757
143,290
2,738,573
Disposals
-
0
-
0
(69,997)
(2,000)
(167,700)
(239,697)
Transfers
888,018
-
0
2,839,642
-
0
-
0
3,727,660
Other changes
-
0
(3,727,660)
-
0
-
0
-
0
(3,727,660)
At 31 December 2023
11,760,966
1,956,995
39,105,317
1,253,052
1,114,913
55,191,243
Depreciation and impairment
At 1 January 2023
2,252,501
-
0
27,444,730
908,868
810,902
31,417,001
Depreciation charged in the year
187,047
-
0
1,926,982
58,845
132,630
2,305,504
Eliminated in respect of disposals
-
0
-
0
(49,827)
(1,155)
(131,072)
(182,054)
At 31 December 2023
2,439,548
-
0
29,321,885
966,558
812,460
33,540,451
Carrying amount
At 31 December 2023
9,321,418
1,956,995
9,783,432
286,494
302,453
21,650,792
At 31 December 2022
8,620,447
3,730,961
8,250,111
345,426
328,421
21,275,366
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
Company
Other plant
£
Cost or valuation
At 1 January 2023 and 31 December 2023
25,001
Depreciation and impairment
At 1 January 2023 and 31 December 2023
24,998
Carrying amount
At 31 December 2023
3
At 31 December 2022
3

The carrying value of land within land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
2,450,209
2,450,209
-
0
-
0
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 31 December 2022
28,913,501
46,078,500

In the Group investment property comprises commercial properties let to external tenants only. In the Company investment property comprises commercial properties let to group companies and external tenants. The fair value of the investment property has been arrived at by a valuation carried out by Chartered Surveyors, who are not connected to the company, at 31 December 2021. The valuation was made on an open market value basis.

15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Subsidiaries
(Continued)
- 32 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
BBS Autosyphons Limited
England and Wales
Ordinary
0
100.00
Beta Ballvalves Limited
England and Wales
Ordinary
100.00
-
Cronexrabo Limited
England and Wales
Ordinary
100.00
-
Holdtite Products Limited
England and Wales
Ordinary
0
100.00
Masefield Epson Limited
England and Wales
Ordinary
100.00
-
Masefield-Beta Limited
England and Wales
Ordinary
100.00
-
McDonald Diecasting Limited
England and Wales
Ordinary
100.00
-
Rugby Plastics Liimited
England and Wales
Ordinary
0
100.00
Thomas Dudley Developments Limited
England and Wales
Ordinary
100.00
-
Thomas Dudley Foundry Limited
England and Wales
Ordinary
0
100.00
Thomas Dudley Limited
England and Wales
Ordinary
100.00
-
Waterfit Limited
England and Wales
Ordinary
0
100.00
Thomas Dudley Ireland Limited
Ireland
Ordinary
100.00
-
16
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
6,729,292
6,729,292
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 and 31 December 2023
6,729,292
Carrying amount
At 31 December 2023
6,729,292
At 31 December 2022
6,729,292
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
7,816,150
7,672,782
-
-
Work in progress
1,197,696
1,299,021
-
-
Finished goods and goods for resale
4,651,847
4,704,792
-
0
-
0
13,665,693
13,676,595
-
-
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
18
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
11,962,612
12,283,454
20,160,908
15,090,478
Equity instruments measured at cost less impairment
-
-
6,729,205
6,729,205
Instruments measured at fair value through profit or loss
6,171,317
5,266,301
6,171,317
5,266,301
Carrying amount of financial liabilities
Measured at amortised cost
3,231,997
9,797,864
7,703,835
4,648,122
19
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Listed investments
6,171,317
5,266,301
6,171,317
5,266,301
Unlisted investments
1,524
247,635
1,524
247,635
6,172,841
5,513,936
6,172,841
5,513,936
20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
11,755,492
10,521,174
748,423
597,359
Corporation tax recoverable
610,098
79,693
131,898
-
0
Amounts owed by group undertakings
-
-
11,194,461
9,528,594
Other debtors
207,120
59,717
67,222
53,372
Prepayments and accrued income
1,331,742
503,697
660,395
51,784
13,904,452
11,164,281
12,802,399
10,231,109
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
7,900,000
7,900,000
Deferred tax asset (note 23)
-
0
1,829
-
0
-
0
-
1,829
7,900,000
7,900,000
Total debtors
13,904,452
11,166,110
20,702,399
18,131,109
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
-
0
342,000
-
0
342,000
Government grants
24
118,893
155,823
-
0
-
0
118,893
497,823
-
342,000
22
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
295,152
1,656,000
295,152
1,656,000
Trade creditors
2,537,088
4,038,748
823,081
501,577
Amounts owed to group undertakings
-
0
-
0
6,495,247
4,413,945
Corporation tax payable
-
0
(11,909)
-
0
(14,476)
Other taxation and social security
559,084
1,804,317
117,102
604,603
Government grants
24
36,930
43,325
-
0
-
0
Other creditors
243,935
137,306
90,355
65,951
Accruals and deferred income
435,874
211,219
-
0
-
0
4,108,063
7,879,006
7,820,937
7,227,600
23
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
1,657,843
1,232,232
-
1,829
Investment property
2,826,000
2,826,000
-
-
Investments
825,000
615,000
-
-
5,308,843
4,673,232
-
1,829
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Deferred taxation
(Continued)
- 35 -
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
261,000
247,000
-
-
Investment property
2,826,000
2,826,000
-
-
Investments
825,000
615,000
-
-
3,912,000
3,688,000
-
-
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
4,671,403
3,688,000
Charge to profit or loss
637,440
224,000
Liability at 31 December 2023
5,308,843
3,912,000

 

24
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
155,823
199,148
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
36,930
43,325
-
0
-
0
Non-current liabilities
118,893
155,823
-
0
-
0
155,823
199,148
-
-
25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
162,615
162,615
162,615
162,615
B Ordinary shares of £1 each
116,305
116,305
116,305
116,305
C Ordinary shares of £1 each
39,932
39,932
39,932
39,932
318,852
318,852
318,852
318,852
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
26
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
658,596
577,863

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit scheme - group and company

The company operates a defined benefit scheme for qualifying employees. Under the scheme the employees are entitled to retirement benefits varying between one eightieth and one sixtieth of final salary for each completed year of pensionable service on attainment of a retirement age of between 60 and 65. No other post retirement benefits are provided.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out as at 30 April 2022 by Joanne Arnold, Fellow of the Institute and Faculty of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

2023
2022
Key assumptions
%
%
Discount rate
4.80
5.0
Expected rate of increase of pensions in payment
3.00
3.1
Expected rate of salary increases
2.65
2.7
Mortality assumptions
2023
2022

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
21.30
21.80
- Females
23.20
23.60
Retiring in 20 years
- Males
22.50
23.10
- Females
24.70
25.10
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Retirement benefit schemes
(Continued)
- 37 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

Group and company
2023
2022
£
£
Present value of defined benefit obligations
35,298,000
34,114,000
Fair value of plan assets
(41,156,000)
38,146,000
Deficit in scheme
(5,858,000)
(4,032,000)
Asset not recognised due to asset ceiling
(5,858,000)
4,032,000
Total liability recognised
-
-
Group and company
2023
2022
Amounts recognised in the profit and loss account
£
£
Costs/(income):
Current service cost
354,000
357,000
Net interest on net defined benefit liability/(asset)
(19,000)
206,000
Other costs and income
44,000
42,000
Total costs
177,000
605,000
Group and company
2023
2022
Amounts recognised in other comprehensive income
£
£
Costs/(income):
Actual return on scheme assets
(3,148,000)
6,389,000
Less: calculated interest element
1,904,000
805,000
Return on scheme assets excluding interest income
(1,244,000)
7,194,000
Actuarial changes related to obligations
416,000
(22,600,000)
Total costs/(income)
(828,000)
(15,406,000)
Group and company
2023
Movements in the present value of defined benefit obligations
Liabilities at 1 January 2023
34,114,000
Current service cost
354,000
Benefits paid
(1,335,000)
Contributions from scheme members
66,000
Actuarial gains and losses
416,000
Interest cost
1,683,000
At 31 December 2023
35,298,000
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Retirement benefit schemes
(Continued)
- 38 -

The defined benefit obligations arise from plans which are wholly or partly funded.

Group and company
2023
Movements in the fair value of plan assets
£
Fair value of assets at 1 January 2023
38,146,000
Interest income
1,904,000
Return on plan assets (excluding amounts included in net interest)
1,244,000
Benefits paid
(1,335,000)
Contributions by the employer
1,175,000
Contributions by scheme members
66,000
Other
(44,000)
At 31 December 2023
41,156,000

The actual return on plan assets was £3,148,000 (2022: (£6,389,000)

Group and company
2023
2022
Fair value of plan assets
£
£
Equity instruments
26,818,000
27,080,000
Debt instruments
1,904,000
3,414,000
Property
4,012,000
4,407,000
Cash / other
8,422,000
3,245,000
41,156,000
38,146,000
27
Revaluation reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At beginning and end of year
987,389
987,389
-
-
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
28
Other reserves
Group
Company
Own shares
2023
2022
2023
2022
£
£
£
£
At beginning and end of year
39,010
39,010
-
-
29
Capital redemption reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At beginning and end of year
1,121,267
1,121,267
758,108
758,108
30
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
73,228,226
61,928,912
67,157,186
57,335,152
Profit for the year
6,250,904
2,158,574
3,367,224
681,294
Actuarial differences recognised in other comprehensive income
828,000
15,406,000
828,000
15,406,000
Tax on actuarial differences
-
(2,999,340)
-
(2,999,340)
Net derecognition of pension scheme asset
(1,624,000)
(3,265,920)
(1,624,000)
(3,265,920)
At the end of the year
78,683,130
73,228,226
69,728,410
67,157,186
31
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
1,277,651
253,209
-
-
Between two and five years
760,196
385,440
-
-
In over five years
615,596
-
-
-
2,653,443
638,649
-
-
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
32
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
893,660
107,628
-
-
33
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
1,777,391
1,660,407
34
Controlling party

The ultimate controlling party is The Trustees of HJT Dudley Business Property Legacy Fund.

35
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
6,250,904
2,158,574
Adjustments for:
Taxation charged
1,809,448
1,387,663
Finance costs
61,932
307,354
Investment income
(255,740)
(118,348)
Amortisation and impairment of intangible assets
157,884
157,884
Depreciation and impairment of tangible fixed assets
2,305,504
2,194,281
Amounts written off investments
(824,025)
882,530
Pension scheme non-cash movement
(777,000)
180,080
Movements in working capital:
Decrease/(increase) in stocks
10,902
(1,476,708)
(Increase) in debtors
(2,313,273)
(1,135,020)
(Decrease) in creditors
(2,418,651)
(503,940)
(Decrease) in deferred income
(36,930)
(19,020)
Cash generated from operations
3,970,955
4,015,330
THOMAS DUDLEY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
36
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
7,698,149
(1,663,245)
6,034,904
Borrowings excluding overdrafts
(1,998,000)
1,702,848
(295,152)
5,700,149
39,603
5,739,752
37
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,038,906
(183,634)
2,855,272
Borrowings excluding overdrafts
(1,998,000)
1,702,848
(295,152)
1,040,906
1,519,214
2,560,120
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