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Registered number: 00431430









DORRINGTONS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DORRINGTONS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
C M Sharples 
A Sharples 
W E Dorrington 
S C D Gilbert 
L F Batchelor 




COMPANY SECRETARY
C M Sharples



REGISTERED NUMBER
00431430



REGISTERED OFFICE
The Bakery
Station Road

Sawbridgeworth

Herts

CM21 9JY




INDEPENDENT AUDITOR
Peters Elworthy & Moore
Chartered Accountants & Statutory Auditors

Salisbury House

Station Road

Cambridge

CB1 2LA




BANKERS
Barclays Bank plc

Harlow

CM17 0AS





 
DORRINGTONS LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 7
Profit and Loss Account
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11
Notes to the Financial Statements
 
12 - 26

 
DORRINGTONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

REVIEW OF THE BUSINESS
 
Dorringtons Limited is a family run bakery business that was established in 1919. The bakery and head office remain at the original site in Sawbridgeworth Herts.  The business has increased to 16 retail shops, from Harlow to Cambridge, six mobile snack vans and ever-increasing online sales with direct deliveries.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The process of risk management is addressed through a framework of policies procedures and internal controls, which are reviewed regularly by the directors and management of the company.
The main risks and uncertainties are as follows.
 
Recruitment of staff.
Increase in raw material prices.
Fluctuation in energy costs.
Compliance with Health and Safety legislation and Food Hygiene legislation.
Compliance with Employment Law legislation.
Increased competition.

RESULTS AND PERFORMANCE
 
The performance of the Company during the year has continued in a positive way and we have been able to build on the increase we saw last year. The new shop has performed extremely well.
Like for like turnover increased 14.9% from the year ending March 2024 following on from a 11.3% increase from the year ending March 2023.
The Company continues to show a strong balance sheet and have invested £623,000 in new machinery, vehicles and shop fittings.

KEY PERFORMANCE INDICATORS
 
The directors and management monitor the progress of the company by reference to the following KPI’s:
 
Increase in Turnover2024 - 14.9% 2023 - 11.3%.
Footfall increase of 12.5% on previous year (like-for-like 6.5%).
Increase in raw materials of 0.1% on previous year.
Decrease in wages on previous year of 1.4% (inclusive of 7% pay rise and additional staff bonuses), mainly due to staff shortages.

FUTURE DEVELOPMENTS
 
We will continue to develop our national online sales.

This report was approved by the board and signed on its behalf by:




C M Sharples
Director

Date: 22 July 2024
Page 1

 
DORRINGTONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is that of bakers, confectioners and caterers.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £319,644 (2023 - £214,198).

No dividends have been recommended for the year (2023 - £NIL).

DIRECTORS

The directors who served during the year were:

C M Sharples 
A Sharples 
W E Dorrington 
S C D Gilbert 
L F Batchelor 

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MATTERS COVERED IN THE STRATEGIC REPORT

Future developments have been covered in the Strategic Report on page 1.

Page 2

 
DORRINGTONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITOR

The auditor, Peters Elworthy & Moorewill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





C M Sharples
Director

Date: 22 July 2024
Page 3

 
DORRINGTONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORRINGTONS LIMITED
 

OPINION


We have audited the financial statements of Dorringtons Limited (the 'Company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 March 2024 and of its profit 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 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.


Page 4

 
DORRINGTONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORRINGTONS LIMITED (CONTINUED)


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 ReportOur 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.


OPINION 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
DORRINGTONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORRINGTONS LIMITED (CONTINUED)


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:

Audit procedures performed by the engagement team to identify and assess the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, were as follows:
 
identification of the laws and regulations which were significant in the context of the Company through discussions with management, and from our commercial knowledge and experience of the industry;
we obtained an understanding of the legal and regulatory framework applicable to the Company and how the Company is complying with that framework;
we obtained an understanding of the Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements. The laws and regulations we considered in this context included FRS 102, the Companies Act 2006 and the relevant taxation compliance legislation in the jurisdictions in which the Company operates. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items; and
in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company’s ability to operate or to avoid material penalty.
 
We assessed the susceptibility of the financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management override of controls we:
 
tested the appropriateness of journal entries and other adjustments;
designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings;
assessed whether judgements and assumptions made in determining significant accounting estimates were indicative of potential bias; and
evaluated the business rationale for any significant transactions which appeared unusual or outside the Company’s normal course of business.
 
Page 6

 
DORRINGTONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORRINGTONS LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reading minutes of meetings of those charged with governance.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Kelly Bretherick (Senior Statutory Auditor)
  
for and on behalf of
Peters Elworthy & Moore
 
Chartered Accountants
Statutory Auditor
  
Salisbury House
Station Road
Cambridge
CB1 2LA

25 July 2024
Page 7

 
DORRINGTONS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,911,014
8,625,602

Cost of sales
  
(6,781,696)
(6,026,650)

GROSS PROFIT
  
3,129,318
2,598,952

Administrative expenses
  
(2,780,290)
(2,411,870)

Other operating income
 5 
114,063
126,500

Fair value movements
 15 
20,000
(5,000)

OPERATING PROFIT
 6 
483,091
308,582

Interest receivable and similar income
 10 
7,009
761

Interest payable and similar expenses
 11 
(36,414)
(37,686)

PROFIT BEFORE TAX
  
453,686
271,657

Tax on profit
 12 
(134,042)
(57,459)

PROFIT FOR THE FINANCIAL YEAR
  
319,644
214,198

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 12 to 26 form part of these financial statements.
Page 8

 
DORRINGTONS LIMITED
REGISTERED NUMBER: 00431430

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
2,514,998
2,242,608

Investment property
 15 
2,175,000
2,155,000

  
4,689,998
4,397,608

CURRENT ASSETS
  

Stocks
 16 
126,684
128,682

Debtors: amounts falling due within one year
 17 
73,139
91,107

Cash at bank and in hand
 18 
1,484,617
1,243,590

  
1,684,440
1,463,379

Creditors: amounts falling due within one year
 19 
(1,211,619)
(1,019,870)

NET CURRENT ASSETS
  
 
 
472,821
 
 
443,509

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,162,819
4,841,117

Creditors: amounts falling due after more than one year
 20 
(340,359)
(368,155)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 22 
(692,647)
(662,793)

NET ASSETS
  
4,129,813
3,810,169


CAPITAL AND RESERVES
  

Called up share capital 
 23 
864
864

Capital redemption reserve
 24 
136
136

Profit and loss account
 24 
4,128,813
3,809,169

  
4,129,813
3,810,169


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



C M Sharples
Director

Date: 22 July 2024

The notes on pages 12 to 26 form part of these financial statements.
Page 9

 
DORRINGTONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


AT 1 APRIL 2022
864
136
3,594,971
3,595,971



Profit for the year
-
-
214,198
214,198



AT 1 APRIL 2023
864
136
3,809,169
3,810,169



Profit for the year
-
-
319,644
319,644


AT 31 MARCH 2024
864
136
4,128,813
4,129,813


The notes on pages 12 to 26 form part of these financial statements.
Page 10

 
DORRINGTONS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
319,644
214,198

ADJUSTMENTS FOR:

Depreciation of tangible assets
338,778
307,400

Profit on disposal of tangible fixed assets
(10,483)
(20,758)

Interest payable and similar expenses
36,414
37,686

Interest receivable and similar income
(7,009)
(761)

Taxation charge
134,042
57,459

Decrease/(increase) in stocks
1,998
(15,263)

Decrease in debtors
17,968
75,401

Increase in creditors
97,801
24,967

Net fair value (gains)/losses recognised in P&L
(20,000)
5,000

Corporation tax paid
(7,933)
(51,161)

NET CASH GENERATED FROM OPERATING ACTIVITIES

901,220
634,168


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(622,661)
(363,885)

Sale of tangible fixed assets
21,976
68,490

Interest received
7,009
761

HP interest paid
(4,414)
(5,686)

NET CASH FROM INVESTING ACTIVITIES

(598,090)
(300,320)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of/new finance leases
(30,103)
(51,727)

Preference dividends paid
(32,000)
(32,000)

NET CASH USED IN FINANCING ACTIVITIES
(62,103)
(83,727)

INCREASE IN CASH AND CASH EQUIVALENTS
241,027
250,121

Cash and cash equivalents at beginning of year
1,243,590
993,469

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,484,617
1,243,590


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,484,617
1,243,590


Page 11

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Dorringtons Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is The Bakery, Station Road, Sawbridgeworth, Herts, CM21 9JY.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of the sale of confectionery, bakery items and catering during the year, exclusive of Value Added Tax. Revenue is recognised as the fair value of the consideration received or receivable and is recognised on delivery of goods.

 
2.4

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 12

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

PENSIONS

The Company operates a defined contribution plan for its employees as well as contributing to the personal pension plans of the directors and contributing to the personal pension plan of a former director.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 13

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line (buildings), 
30 years straight line (improvements)
Plant and machinery
-
10 years straight line, 3 years straight line
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.12

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.  Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

Page 14

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price.

 
2.16

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 15

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may be different from these estimates.
Information about assumptions and estimation uncertainties that have significant risk of resulting in material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic
lives and residual values of the assets. The useful economic lives and residual values are re-assessed
annually based on industry knowledge and historical useful economic lives of previously owned tangible
fixed assets. In making this assessment, management has taken into consideration industry conditions,
the expected use period and the resale market for second hand assets.
Investment property valuation
The directors have considered professional advice from local property experts and a judgement has been made as to the fair value of investment properties.


4.


TURNOVER

The whole of the turnover is attributable to  the sale of confectionery, bakery items and catering during the year.

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Other operating income
-
9,900

Net rents receivable
114,063
116,600

114,063
126,500


Page 16

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Profit on disposal of tangible fixed assets
(10,483)
(20,758)

Depreciation of tangible fixed assets
338,778
307,400

Exchange differences
-
550

Other operating lease rentals
106,037
101,244


7.


AUDITOR'S REMUNERATION

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
11,600
11,000

8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,362,238
3,839,039

Social security costs
363,715
330,960

Cost of defined contribution scheme
156,435
150,797

4,882,388
4,320,796


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
5
5



Management
17
16



Administration
6
7



Production
34
30



Shops / distribution
145
126

207
184

Page 17

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
858,118
681,922

Company contributions to defined contribution pension schemes
78,000
78,000

936,118
759,922


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £226,281 (2023 - £226,281).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).


10.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Other interest receivable
7,009
761


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Finance leases and hire purchase contracts
4,414
5,686

Dividends on equity shares treated as debt
32,000
32,000

36,414
37,686

Page 18

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
104,188
8,103

TOTAL CURRENT TAX
104,188
8,103

DEFERRED TAX


Origination and reversal of timing differences
29,854
49,356

TOTAL DEFERRED TAX
29,854
49,356


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
134,042
57,459

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25.00% (2023 - 19.00%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
453,686
271,657


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023 - 19.00%)
113,422
51,615

EFFECTS OF:


Expenses not deductible for tax purposes
13,365
10,609

Fixed asset differences
13,271
(15,660)

Non-taxable income
(5,000)
-

Chargeable gains/(losses)
5,000
(950)

Movement in deferred tax not recognised
(6,016)
-

Remeasurement of deferred tax for changes in tax rates
-
11,845

TOTAL TAX CHARGE FOR THE YEAR
134,042
57,459


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 19

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


INTANGIBLE ASSETS




Goodwill

£





At 1 April 2023
53,999


Disposals
(53,999)



At 31 March 2024

-





At 1 April 2023
53,999


On disposals
(53,999)



At 31 March 2024

-



NET BOOK VALUE



At 31 March 2024
-



At 31 March 2023
-



Page 20

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST


At 1 April 2023
1,300,010
3,009,076
582,568
4,891,654


Additions
316,858
215,992
89,811
622,661


Disposals
-
(6,664)
(49,251)
(55,915)



At 31 March 2024

1,616,868
3,218,404
623,128
5,458,400



DEPRECIATION


At 1 April 2023
480,599
1,924,362
244,085
2,649,046


Charge for the year on owned assets
41,127
200,793
73,800
315,720


Charge for the year on financed assets
-
-
23,058
23,058


Disposals
-
(6,664)
(37,758)
(44,422)



At 31 March 2024

521,726
2,118,491
303,185
2,943,402



NET BOOK VALUE



At 31 March 2024
1,095,142
1,099,913
319,943
2,514,998



At 31 March 2023
819,411
1,084,714
338,483
2,242,608

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
62,532
92,233

Page 21

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2023
2,155,000


Surplus on revaluation
20,000



AT 31 MARCH 2024
2,175,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.




16.


STOCKS

2024
2023
£
£

Raw materials and consumables
126,684
128,682



17.


DEBTORS

2024
2023
£
£


Trade debtors
-
2,397

Other debtors
25,353
57,206

Prepayments and accrued income
47,786
31,504

73,139
91,107



18.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,484,617
1,243,590


Page 22

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
310,027
275,979

Corporation tax
108,345
12,090

Other taxation and social security
82,595
102,482

Obligations under finance lease and hire purchase contracts
28,633
30,940

Other creditors
129,075
109,355

Accruals and deferred income
552,944
489,024

1,211,619
1,019,870



Obligations under finance agreements are secured against the assets concerned.


20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Obligations under finance leases and hire purchase contracts
20,359
48,155

Share capital treated as debt
320,000
320,000

340,359
368,155


Obligations under finance agreements are secured against the assets concerned.
Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.


21.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
28,633
30,940

Between 1-5 years
20,359
48,155

48,992
79,095
Page 23

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
662,793
613,437


Charged to profit or loss
29,854
49,356



AT END OF YEAR
692,647
662,793

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(334,409)
(303,312)

Short term timing differences
(1,151)
(924)

Capital gains
359,389
360,405

692,647
662,793


23.


SHARE CAPITAL

2024
2023
£
£
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID



864 (2023 - 864) Ordinary shares of £1.00 each
864
864

2024
2023
£
£
SHARES CLASSIFIED AS DEBT

ALLOTTED, CALLED UP AND FULLY PAID



320,000 (2023 - 320,000) Preference shares of £1.00 each
320,000
320,000


Preference shares are not redeemable or repayable on demand and receive no voting rights. On cessation of trade the shares are repayable at par value. Holders of preference shares are entitled to a fixed annual dividend of 10% of the nominal value held.

Page 24

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


RESERVES

Capital redemption reserve

Includes the nominal value of shares repurchased by the company in previous years.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

25.


ANALYSIS OF NET DEBT




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,243,590

241,027

1,484,617

Debt due after 1 year

(320,000)

-

(320,000)

Finance leases

(79,095)

30,103

(48,992)



844,495
271,130
1,115,625


26.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £156,435 (2023 - £150,797). Contributions totalling £11,005 (2023 - £9,043) were payable to the fund at the balance sheet date and are included in creditors.


27.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
106,069
91,659

Later than 1 year and not later than 5 years
346,680
280,108

Later than 5 years
170,688
185,900

623,437
557,667

Page 25

 
DORRINGTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


RELATED PARTY TRANSACTIONS

During the year, dividends on equity shares treated as debt of £24,000 were paid to the Directors (2023 - £24,000).
 
The Company has taken advantage of the exemptions contained within FRS 102.33.7A not to disclose key management personnel compensation in total as the key management personnel and directors are considered to be the same. See note 9 for disclosure of directors' remuneration.


29.


CONTROLLING PARTY

The company is under the control of its shareholders and no single shareholder exercises overall control.

 
Page 26