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REGISTERED NUMBER: SC383785 (Scotland)
















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

D NESS LIMITED

D NESS LIMITED (REGISTERED NUMBER: SC383785)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


D NESS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: A G Robertson





REGISTERED OFFICE: The Cottage
2 Devanha Gardens West
Aberdeen
AB11 7UW





REGISTERED NUMBER: SC383785 (Scotland)





AUDITORS: McLay, McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St. Vincent Street
Glasgow
G2 5JF

D NESS LIMITED (REGISTERED NUMBER: SC383785)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The director presents his strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
The director is satisfied with the overall performance. During a year of subdued market conditions, turnover and profit has decreased.There is a decrease in the capital reserve position. The director anticipates an increase in turnover and profitability during the incoming year.

PRINCIPAL RISKS AND UNCERTAINTIES
The director has established risk management systems to effectively manage the risks to which the company is exposed.
The key risk facing the business is market risk whereby a downturn in markets could reduce future revenue levels. The company actively monitors their mitigation measures against such risks and respond accordingly.

ON BEHALF OF THE BOARD:





A G Robertson - Director


31 July 2024

D NESS LIMITED (REGISTERED NUMBER: SC383785)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of financial planners.

DIVIDENDS
An interim dividend of 1.68 per share was paid on 31 October 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2023 will be £ 259,000 .

DIRECTOR
A G Robertson held office during the whole of the period from 1 November 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, McLay, McAlister & McGibbon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A G Robertson - Director


31 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D NESS LIMITED

Opinion
We have audited the financial statements of D Ness Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D NESS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-the nature of the industry sector, control environment and business performance;
-results of our enquiries of management about their own assessment of risks and irregularities;
-any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation.We assessed the extent of compliance with these as part of our procedures on the related financial statement items. In addition we considered the provisions of other laws and regulations that do not have an effect on the financial statements but compliance with which may be fundamental to the company's ability to operate.These included Financial Conduct Authority and employment laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings. These limited procedures did not identify actual or suspected non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D NESS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




George Macshannon (Senior Statutory Auditor)
for and on behalf of McLay, McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St. Vincent Street
Glasgow
G2 5JF

31 July 2024

D NESS LIMITED (REGISTERED NUMBER: SC383785)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   

TURNOVER 7,741,595 7,882,063

Cost of sales 3,501,588 3,174,541
GROSS PROFIT 4,240,007 4,707,522

Administrative expenses 3,952,683 3,630,369
287,324 1,077,153

Other operating income - 38,433
GROUP OPERATING PROFIT 4 287,324 1,115,586

Share of operating profit/(loss) in
Joint ventures 3,025 (6,096 )

Income from fixed asset investments 103,747 101,007
Interest receivable and similar income 47,441 15,445
151,188 116,452
441,537 1,225,942
Gain/loss on revaluation of investments (335,627 ) (3,057,807 )
105,910 (1,831,865 )

Interest payable and similar expenses 5 199,007 149,559
LOSS BEFORE TAXATION (93,097 ) (1,981,424 )

Tax on loss 6 238,651 (242,611 )
LOSS FOR THE FINANCIAL YEAR (331,748 ) (1,738,813 )
Loss attributable to:
Owners of the parent (280,587 ) (1,523,665 )
Non-controlling interests (51,161 ) (215,148 )
(331,748 ) (1,738,813 )

D NESS LIMITED (REGISTERED NUMBER: SC383785)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £   

LOSS FOR THE YEAR (331,748 ) (1,738,813 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(331,748

)
Prior year adjustment (152,897 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(1,891,710

)

Total comprehensive income attributable to:
Owners of the parent (280,587 ) (1,676,562 )
Non-controlling interests (51,161 ) (215,148 )
(331,748 ) (1,891,710 )

D NESS LIMITED (REGISTERED NUMBER: SC383785)

CONSOLIDATED BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,323,821 3,862,092
Tangible assets 10 2,141,996 2,137,949
Investments 11
Interest in joint venture
Share of gross assets 10,338 7,551
Share of gross liabilities (10,338 ) (6,150 )
- 1,401
Other investments 1,898,281 2,200,438
7,364,098 8,201,880

CURRENT ASSETS
Debtors 12 1,299,086 1,437,323
Investments 13 902,594 933,114
Cash at bank 820,733 1,274,772
3,022,413 3,645,209
CREDITORS
Amounts falling due within one year 14 1,220,818 1,898,925
NET CURRENT ASSETS 1,801,595 1,746,284
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,165,693

9,948,164

CREDITORS
Amounts falling due after more than one
year

15

(1,907,349

)

(2,083,995

)

PROVISIONS FOR LIABILITIES 19 (502,132 ) (449,276 )
NET ASSETS 6,756,212 7,414,893

CAPITAL AND RESERVES
Called up share capital 20 154,125 154,125
Retained earnings 21 5,572,945 6,112,532
SHAREHOLDERS' FUNDS 5,727,070 6,266,657

NON-CONTROLLING INTERESTS 1,029,142 1,148,236
TOTAL EQUITY 6,756,212 7,414,893

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:




A G Robertson - Director


D NESS LIMITED (REGISTERED NUMBER: SC383785)

COMPANY BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,400,998 1,400,998
1,400,998 1,400,998

CURRENT ASSETS
Debtors 12 36,942 123,588
Investments 13 711,419 742,335
Cash at bank 122,942 193,476
871,303 1,059,399
CREDITORS
Amounts falling due within one year 14 8,405 2,405
NET CURRENT ASSETS 862,898 1,056,994
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,263,896

2,457,992

CAPITAL AND RESERVES
Called up share capital 20 154,125 154,125
Share premium 21 1,081,958 1,081,958
Retained earnings 21 1,027,813 1,221,909
SHAREHOLDERS' FUNDS 2,263,896 2,457,992

Company's profit/(loss) for the financial year 64,904 (172,225 )

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





A G Robertson - Director


D NESS LIMITED (REGISTERED NUMBER: SC383785)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 November 2021 154,125 8,014,594 8,168,719 1,542,799 9,711,518
Prior year adjustment - (152,897 ) (152,897 ) - (152,897 )
As restated 154,125 7,861,697 8,015,822 1,542,799 9,558,621

Changes in equity
Dividends - (225,500 ) (225,500 ) (113,223 ) (338,723 )
Total comprehensive income - (1,523,665 ) (1,523,665 ) (215,148 ) (1,738,813 )
154,125 6,112,532 6,266,657 1,214,428 7,481,085
Acquisition of non-controlling
interest

-

-

-

(66,192

)

(66,192

)
Balance at 31 October 2022 154,125 6,112,532 6,266,657 1,148,236 7,414,893

Changes in equity
Dividends - (259,000 ) (259,000 ) (67,934 ) (326,934 )
Total comprehensive income - (280,587 ) (280,587 ) (51,161 ) (331,748 )
Balance at 31 October 2023 154,125 5,572,945 5,727,070 1,029,141 6,756,211

D NESS LIMITED (REGISTERED NUMBER: SC383785)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2021 154,125 1,619,634 1,081,958 2,855,717

Changes in equity
Dividends - (225,500 ) - (225,500 )
Total comprehensive income - (172,225 ) - (172,225 )
Balance at 31 October 2022 154,125 1,221,909 1,081,958 2,457,992

Changes in equity
Dividends - (259,000 ) - (259,000 )
Total comprehensive income - 64,904 - 64,904
Balance at 31 October 2023 154,125 1,027,813 1,081,958 2,263,896

D NESS LIMITED (REGISTERED NUMBER: SC383785)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 233,848 1,817,556
Interest paid (199,007 ) (149,559 )
Tax paid (285,622 ) (616,198 )
Net cash from operating activities (250,781 ) 1,051,799

Cash flows from investing activities
Purchase of tangible fixed assets (106,251 ) (43,704 )
Purchase of fixed asset investments - (330,656 )
Sale of tangible fixed assets - 3
Sale of fixed asset investments 3,759 -
Purchase of subsidiary (net of cash) - (250,000 )
Interest received 47,441 15,445
Dividends received 100,797 101,007
Net cash from investing activities 45,746 (507,905 )

Cash flows from financing activities
New loan in year 631,734 -
Loan repayments in year (572,575 ) (629,723 )
Loans to joint ventures 18,771 (35,500 )
Purchase of minority interest - (66,192 )
Equity dividends paid (259,000 ) (225,500 )
Dividends paid to minority interests (67,934 ) (113,223 )
Net cash from financing activities (249,004 ) (1,070,138 )

Decrease in cash and cash equivalents (454,039 ) (526,244 )
Cash and cash equivalents at beginning of
year

2

1,274,772

1,801,016

Cash and cash equivalents at end of year 2 820,733 1,274,772

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.10.23 31.10.22
£    £   
Loss before taxation (93,097 ) (1,981,424 )
Depreciation charges 640,477 681,719
Loss on revaluation of fixed assets 335,627 3,057,807
Share of profit in joint venture (3,025 ) 6,096
Finance costs 199,007 149,559
Finance income (151,188 ) (116,452 )
927,801 1,797,305
Decrease in trade and other debtors 119,463 43,437
Decrease in trade and other creditors (813,416 ) (23,186 )
Cash generated from operations 233,848 1,817,556

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 820,733 1,274,772
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 1,274,772 1,801,016


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 1,274,772 (454,039 ) 820,733
1,274,772 (454,039 ) 820,733

Liquid resources
Current asset investments 933,114 (30,520 ) 902,594
933,114 (30,520 ) 902,594
Debt
Debts falling due within 1 year (418,278 ) 14,198 (404,080 )
Debts falling due after 1 year (1,465,104 ) (73,355 ) (1,538,459 )
(1,883,382 ) (59,157 ) (1,942,539 )
Total 324,504 (543,716 ) (219,212 )

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

D Ness Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31st October 2023..

A subsidiary is an entity acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where, necessary adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The acquisition method of accounting has been used to account for business combinations.The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

The merger method of accounting has been used to account for business combinations where the group reconstruction provisions have been met.Under merger accounting the net assets of subsidiaries and the consideration paid on their acquisition are entered at existing book values, nominal values in the case of shares issued and no goodwill is recognised.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination.

In vestments in joint ventures and associates
Investments in joint ventures and associates are initially recognised at cost, including transaction costs.
Subsequently they are accounted for using the equity method.

Turnover
Turnover represents gross commission received and receivable together with invoiced sales.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various businesses, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over 5 years
Freehold property - 2% on cost
Plant and machinery - 33% on cost, 25% on cost, over 5 years and Straight line over 3 years


D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 3,992,537 3,635,379
Social security costs 421,110 403,775
Other pension costs 242,493 226,091
4,656,140 4,265,245

The average number of employees during the year was as follows:
31.10.23 31.10.22

Administration and support 55 53
Planners 21 21
76 74

31.10.23 31.10.22
£    £   
Director's remuneration - -

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. OPERATING LOSS

The operating loss is stated after charging:

31.10.23 31.10.22
£    £   
Depreciation - owned assets 102,204 143,450
Goodwill amortisation 538,271 538,265
Auditors' remuneration 38,000 31,360

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
£    £   
Bank loan interest 64,346 40,750
Other loan interest 127,219 108,809
Loan 7,442 -
199,007 149,559

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 187,181 312,988
(Over)/under provision (2,053 ) (4,596 )
Joint ventures corporation tax 667 31
Total current tax 185,795 308,423

Deferred tax 52,856 (551,034 )
Tax on loss 238,651 (242,611 )

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

6. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.23 31.10.22
£    £   
Loss before tax (93,097 ) (1,981,424 )
Loss multiplied by the standard rate of corporation tax in the UK of 22.500
% (2022 - 19 %)

(20,947

)

(376,471

)

Effects of:
Expenses not deductible for tax purposes 28,089 9,107
Income not taxable for tax purposes (23,343 ) (16,791 )
Amortisation and depreciation not allowable 117,173 106,288
Adjustments in respect of previous periods (2,053 ) (4,596 )
Other timing differences (2,081 ) 38,663
Loss on joint venture carried forward 139 1,189
Adjustment due to change of deferred tax rate 141,674 -

Total tax charge/(credit) 238,651 (242,611 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.10.23 31.10.22
£    £   
Ordinary shares of 1 each
Interim 259,000 225,500

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 5,925,173
AMORTISATION
At 1 November 2022 2,063,081
Amortisation for year 538,271
At 31 October 2023 2,601,352
NET BOOK VALUE
At 31 October 2023 3,323,821
At 31 October 2022 3,862,092

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

10. TANGIBLE FIXED ASSETS

Group
Short Freehold Plant and
leasehold property machinery Totals
£    £    £    £   
COST
At 1 November 2022 183,787 2,268,178 332,190 2,784,155
Additions 3,350 - 102,901 106,251
At 31 October 2023 187,137 2,268,178 435,091 2,890,406
DEPRECIATION
At 1 November 2022 166,515 211,704 267,987 646,206
Charge for year 8,899 45,364 47,941 102,204
At 31 October 2023 175,414 257,068 315,928 748,410
NET BOOK VALUE
At 31 October 2023 11,723 2,011,110 119,163 2,141,996
At 31 October 2022 17,272 2,056,474 64,203 2,137,949

11. FIXED ASSET INVESTMENTS

Group
Interest
in joint Listed
venture investments Totals
£    £    £   
COST
At 1 November 2022 1,401 2,200,438 2,201,839
Disposals (3,759 ) (302,157 ) (305,916 )
Share of profit/(loss) 2,358 - 2,358
At 31 October 2023 - 1,898,281 1,898,281
NET BOOK VALUE
At 31 October 2023 - 1,898,281 1,898,281
At 31 October 2022 1,401 2,200,438 2,201,839
Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 1,400,998
NET BOOK VALUE
At 31 October 2023 1,400,998
At 31 October 2022 1,400,998

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Acumen Holdings (Aberdeen) Limited
Registered office: 2 Devanha Gardens Aberdeen AB11 7UW
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

The Financial Planning Group Limited
Registered office: 37 Albyn Place Aberdeen
Nature of business: Holding company
%
Class of shares: holding
Ordinary 77.00

Acumen Financial Planning Limited
Registered office: 4 Kingshill Park Venture Drive Arnhall Business Westhill Aberdeenshire AB32 6FL
Nature of business: Financial Planners
%
Class of shares: holding
Ordinary 77.00

Loch Fyne Financial Management Limited
Registered office: 4 Kingshill Park Venture Drive Arnhall Business Westhill Aberdeenshire AB32 6FL
Nature of business: Financial Planners
%
Class of shares: holding
Ordinary 77.00

Acumen Employee Benefits Limited
Registered office: 4 Kingshill Park Venture Drive Arnhall Business Westhill Aberdeenshire AB32 6FL
Nature of business: Financial Planners
%
Class of shares: holding
Ordinary 77.00

Forty Two Financial Planning Limited
Registered office: 4 Kingshill Park Venture Drive Arnhall Business Westhill Aberdeenshire AB32 6FL
Nature of business: Non Trading
%
Class of shares: holding
Ordinary 77.00

Medical and Dental Financial Planners Ltd
Registered office: 4 Kingshill Park Venture Drive Arnhall Business Westhill Aberdeenshire AB32 6FL
Nature of business: Non Trading
%
Class of shares: holding
Ordinary 77.00


D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Trade debtors 13,057 14,771 - -
Amounts owed by joint ventures 25,729 44,500 - -
Other debtors 440,836 539,035 14,248 123,588
Deferred tax - - 22,694 -
Accrued income 472,429 463,806 - -
Prepayments 347,035 375,211 - -
1,299,086 1,437,323 36,942 123,588

13. CURRENT ASSET INVESTMENTS

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Listed investments 902,594 933,114 711,419 742,335

Market value of listed investments at 31 October 2023 held by the group - £902,594 (2022 - £933,114). and by the company - £ (711,419) (2022 - £ (742,335) ).

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Bank loans and overdrafts (see note 16) 100,000 100,000 - -
Other loans (see note 16) 304,080 318,278 - -
Trade creditors 87,567 81,155 - -
Tax 103,910 204,404 - -
Social security and other taxes 109,097 111,676 - -
VAT 4,869 8,002 - -
Other creditors 297,946 847,681 5 5
Accrued expenses 213,349 227,729 8,400 2,400
1,220,818 1,898,925 8,405 2,405

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.10.23 31.10.22
£    £   
Bank loans (see note 16) 860,000 955,000
Other loans (see note 16) 678,459 510,104
Other creditors 368,890 618,891
1,907,349 2,083,995

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

16. LOANS

An analysis of the maturity of loans is given below:

Group
31.10.23 31.10.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 100,000 100,000
Other loans 304,080 318,278
404,080 418,278
Amounts falling due between one and two years:
Bank loans - 1-2 years 100,000 100,000
Other loans - 1-2 years 200,230 151,750
300,230 251,750
Amounts falling due between two and five years:
Bank loans - 2-5 years 300,000 300,000
Other loans - 2-5 years 478,229 358,354
778,229 658,354
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 460,000 555,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 86,767 88,342
Between one and five years 316,015 347,068
In more than five years - 93,724
402,782 529,134

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.10.23 31.10.22
£    £   
Loans 1,849,772 1,883,382

The loans are secured by a fixed charge over the property and a bond and floating charge over the assets of the group, subject to a ranking agreement.

19. PROVISIONS FOR LIABILITIES

Group
31.10.23 31.10.22
£    £   
Deferred tax 502,132 449,276

Group
Deferred
tax
£   
Balance at 1 November 2022 449,276
Provided during year 52,856
Balance at 31 October 2023 502,132

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
154,125 Ordinary 1 154,125 154,125

21. RESERVES

Group
Retained
earnings
£   

At 1 November 2022 6,112,532
Deficit for the year (280,587 )
Dividends (259,000 )
At 31 October 2023 5,572,945

D NESS LIMITED (REGISTERED NUMBER: SC383785)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

21. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2022 1,221,909 1,081,958 2,303,867
Profit for the year 64,904 64,904
Dividends (259,000 ) (259,000 )
At 31 October 2023 1,027,813 1,081,958 2,109,771


22. RELATED PARTY DISCLOSURES

Loans of £103,840 due to D Ness Limited from a connected party were written off in the year.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A G Robertson.