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Registration number: 09402403

Bert Dalton Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Bert Dalton Holdings Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Statement of Cash Flows

16

Notes to the Financial Statements

17 to 28

 

Bert Dalton Holdings Limited

Company Information

Directors

A P Dalton

J M Dalton

Registered office

Newton Place
Hockley
Birmingham
B18 5JY

Auditors

Bissell & Brown Midlands Ltd
Statutory Auditor
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Bert Dalton Holdings Limited

Strategic Report for the Year Ended 31 December 2023

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

Principal activity

The principal activity of the group is that of providing holiday lets.

Fair review of the business

The company did not trade in the period, whilst the work in renovating the property continued.

The results of the main trading subsidiary A Surman & Co Limited, remains strong,

Principal risks and uncertainties

The director's consider that the principal risk to the operations of the group to be exposures arising from working on substantial contracts and the fluctuations in the timing of cash flows relating to these contracts. Care is taken during the negotiation of contract payment terms to alleviate working capital pressures as much as possible.

There is a credit risk arising from exposure to customers defaulting on trade debts. The risk is minimised through tight credit control procedures and in only dealing with reputable clients.

The group meets its day to day working capital requirements primarily through significant cash held.

The group's forecasts and projections, taking account of reasonable potential changes in trading performance, show that the group should be able to operate within its current cash held for the forseeable future.

Approved and authorised by the Board on 16 May 2024 and signed on its behalf by:
 

.........................................
A P Dalton
Director

.........................................
J M Dalton
Director

 

Bert Dalton Holdings Limited

Directors' Report for the Year Ended 31 December 2023

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

Directors of the group

The directors who held office during the year were as follows:

A P Dalton

J M Dalton

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 16 May 2024 and signed on its behalf by:
 

.........................................
A P Dalton
Director

.........................................
J M Dalton
Director

 

Bert Dalton Holdings Limited

Statement of Directors' Responsibilities

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Bert Dalton Holdings Limited

Independent Auditor's Report to the Members of Bert Dalton Holdings Limited

Opinion

We have audited the financial statements of Bert Dalton Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 the parent company's affairs as at 31 December 2023 and of the group's 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 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.

The comparative period has not been audited.

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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Bert Dalton Holdings Limited

Independent Auditor's Report to the Members of Bert Dalton Holdings Limited (continued)

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 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 Statement of Directors' Responsibilities [set out on page 4], 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.

Auditor 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.

Capability of the auditor in detecting irregularities, including fraud

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

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:

 

Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK and European regulatory principles, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company.

 

We also considered those laws and regulations that have a direct impact on the financial statements of the Company, such as the Companies Act 2006 and UK tax legislation and equivalent local laws and regulations applicable to in-scope components.

 

We have also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls and determined that the principal risks are related to management bias in accounting estimates and judgemental areas of the financial statements.

 

Audit procedures performed by the engagement team included:

discussions with the Board of Directors and management, regarding consideration of known or suspected instances of non-compliance with laws and regulation and fraud

evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

reviewing relevant meeting minutes including those of the Board of Directors;

identifying and testing journal entries based on risk criteria;

 

Bert Dalton Holdings Limited

Independent Auditor's Report to the Members of Bert Dalton Holdings Limited (continued)

 

We designed our audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and testing transactions entered into outside of the normal course of the Company's business specifically in respect of acquisitions and disposals.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control;

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a
going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

 

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

 

Bert Dalton Holdings Limited

Independent Auditor's Report to the Members of Bert Dalton Holdings Limited (continued)

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 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.

......................................
John James Taheny (Senior Statutory Auditor)
For and on behalf of Bissell & Brown Midlands Ltd, Statutory Auditor

Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

10 June 2024

 

Bert Dalton Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

14,373,162

18,153,471

Cost of sales

 

(12,622,595)

(15,581,717)

Gross profit

 

1,750,567

2,571,754

Administrative expenses

 

1,196,887

801,879

Other operating income

4

(7,445)

(1,345)

Operating profit

5

561,125

1,771,220

Interest payable and similar expenses

6

35,107

31,944

Profit before tax

 

526,018

1,739,276

Tax on profit

10

(152,567)

(336,565)

Profit for the financial year

 

373,451

1,402,711

Profit/(loss) attributable to:

 

Owners of the company

 

373,451

1,402,711

The group has no recognised gains or losses for the year other than the results above.

 

Bert Dalton Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

373,451

1,402,711

Total comprehensive income for the year

373,451

1,402,711

Total comprehensive income attributable to:

Owners of the company

373,451

1,402,711

 

Bert Dalton Holdings Limited

(Registration number: 09402403)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

1,451,430

1,410,879

Investments

12

1

-

 

1,451,431

1,410,879

Current assets

 

Stocks

13

2,168

7,138

Debtors

14

2,540,702

3,194,593

Cash at bank and in hand

 

1,891,455

1,818,604

 

4,434,325

5,020,335

Creditors: Amounts falling due within one year

16

(2,845,445)

(3,496,095)

Net current assets

 

1,588,880

1,524,240

Total assets less current liabilities

 

3,040,311

2,935,119

Provisions for liabilities

17

(16,743)

2,998

Net assets

 

3,023,568

2,938,117

Capital and reserves

 

Called up share capital

20

1,003

1,003

Other reserves

408,508

408,508

Retained earnings

2,614,057

2,528,606

Equity attributable to owners of the company

 

3,023,568

2,938,117

Shareholders' funds

 

3,023,568

2,938,117

Approved and authorised by the Board on 16 May 2024 and signed on its behalf by:
 

.........................................
A P Dalton
Director

.........................................
J M Dalton
Director

 

Bert Dalton Holdings Limited

(Registration number: 09402403)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

1,173,264

1,173,264

Investments

12

102,481

102,480

 

1,275,745

1,275,744

Current assets

 

Debtors

14

45,370

596,545

Cash at bank and in hand

 

1,569,603

862,054

 

1,614,973

1,458,599

Creditors: Amounts falling due within one year

16

(670,010)

(678,542)

Net current assets

 

944,963

780,057

Total assets less current liabilities

 

2,220,708

2,055,801

Provisions for liabilities

17

27,433

28,713

Net assets

 

2,248,141

2,084,514

Capital and reserves

 

Called up share capital

20

1,003

1,003

Retained earnings

2,247,138

2,083,511

Shareholders' funds

 

2,248,141

2,084,514

The company made a profit after tax for the financial year of £451,627 (2022 - profit of £1,082,666).

Approved and authorised by the Board on 16 May 2024 and signed on its behalf by:
 

.........................................
A P Dalton
Director

.........................................
J M Dalton
Director

 

Bert Dalton Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Merger reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

1,003

408,508

2,528,606

2,938,117

2,938,117

Profit for the year

-

-

373,451

373,451

373,451

Dividends

-

-

(288,000)

(288,000)

(288,000)

At 31 December 2023

1,003

408,508

2,614,057

3,023,568

3,023,568


 

Share capital
£

Merger reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2022

1,003

408,508

1,452,895

1,862,406

1,862,406

Profit for the year

-

-

1,402,711

1,402,711

1,402,711

Dividends

-

-

(327,000)

(327,000)

(327,000)

At 31 December 2022

1,003

408,508

2,528,606

2,938,117

2,938,117

 

Bert Dalton Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2023


 

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,003

2,083,511

2,084,514

Profit for the year

-

451,627

451,627

Dividends

-

(288,000)

(288,000)

At 31 December 2023

1,003

2,247,138

2,248,141


 

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1,003

1,327,845

1,328,848

Profit for the year

-

1,082,666

1,082,666

Dividends

-

(327,000)

(327,000)

At 31 December 2022

1,003

2,083,511

2,084,514


 

 

Bert Dalton Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

373,451

1,402,711

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

64,447

69,056

Loss on disposal of tangible assets

1,273

-

Finance costs

6

35,107

31,944

Income tax expense

10

152,567

336,565

 

626,845

1,840,276

Working capital adjustments

 

Decrease/(increase) in stocks

13

4,970

(2,232)

Decrease/(increase) in trade debtors

14

656,608

(2,144,670)

(Decrease)/increase in trade creditors

16

(297,770)

1,300,557

Cash generated from operations

 

990,653

993,931

Income taxes paid

10

(465,032)

(112,508)

Net cash flow from operating activities

 

525,621

881,423

Cash flows from investing activities

 

Acquisitions of tangible assets

(112,071)

(80,821)

Proceeds from sale of tangible assets

 

5,800

-

Acquisition of investments in joint ventures and associates

12

(1)

-

Net cash flows from investing activities

 

(106,272)

(80,821)

Cash flows from financing activities

 

Interest paid

6

(35,107)

(31,944)

Proceeds from bank borrowing draw downs

 

(21,849)

(22,512)

Repayment of other borrowing

 

(1,542)

881

Dividends paid

(288,000)

(327,000)

Net cash flows from financing activities

 

(346,498)

(380,575)

Net increase in cash and cash equivalents

 

72,851

420,027

Cash and cash equivalents at 1 January

 

1,818,604

1,398,577

Cash and cash equivalents at 31 December

 

1,891,455

1,818,604

 

Bert Dalton Holdings Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

451,627

1,082,666

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

-

25,506

Finance income

(500,000)

(1,150,000)

Finance costs

35,107

31,944

Income tax expense

10

1,280

-

 

(11,986)

(9,884)

Working capital adjustments

 

Decrease/(increase) in trade debtors

14

551,175

(596,542)

Increase in trade creditors

16

14,858

-

Net cash flow from operating activities

 

554,047

(606,426)

Cash flows from investing activities

 

Interest received

500,000

1,150,000

Acquisition of investments in joint ventures and associates

12

(1)

-

Net cash flows from investing activities

 

499,999

1,150,000

Cash flows from financing activities

 

Interest paid

(35,107)

(31,944)

Proceeds from bank borrowing draw downs

 

(21,849)

(22,512)

Repayment of other borrowing

 

(1,541)

1,541

Dividends paid

(288,000)

(327,000)

Net cash flows from financing activities

 

(346,497)

(379,915)

Net increase in cash and cash equivalents

 

707,549

163,659

Cash and cash equivalents at 1 January

 

862,054

698,395

Cash and cash equivalents at 31 December

 

1,569,603

862,054

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Newton Place
Hockley
Birmingham
B18 5JY
England

The principal place of business is:
Newton Place
Handsworth
Birmingham
B18 5JX

These financial statements were authorised for issue by the Board on 16 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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

The results of subsidiaries 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 purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold buildings

2% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

14,373,162

18,153,471

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

7,445

1,345

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

64,447

69,056

Loss on disposal of property, plant and equipment

1,273

-

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

35,107

31,944

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

614,442

595,927

Social security costs

56,837

59,370

Other short-term employee benefits

9,560

7,675

Pension costs, defined contribution scheme

364,248

9,437

Other employee expense

15,112

28,996

1,060,199

701,405

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

6

5

Administration and support

12

11

18

16

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

35,712

59,257

Contributions paid to money purchase schemes

354,592

549

390,304

59,806

9

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

13,448

-

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

9

Auditors' remuneration (continued)


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

132,826

329,489

Deferred taxation

Arising from origination and reversal of timing differences

19,741

7,076

Tax expense in the income statement

152,567

336,565

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

accelerated tax depreciation

-

44,109

Tax losses carry-forwards

27,433

-

27,433

44,109

2022

Asset
£

Liability
£

accelerated tax depreciation

-

25,643

Tax losses carry-forwards

28,713

-

28,713

25,643

Company

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Tax losses carry-forwards

27,433

-

27,433

-

2022

Asset
£

Liability
£

Tax losses carry-forwards

28,713

-

28,713

-

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

1,376,609

49,289

237,670

53,927

1,717,495

Additions

-

24,921

76,190

10,960

112,071

Disposals

-

-

(34,745)

-

(34,745)

At 31 December 2023

1,376,609

74,210

279,115

64,887

1,794,821

Depreciation

At 1 January 2023

102,024

37,831

138,757

28,004

306,616

Charge for the year

-

13,224

42,008

9,215

64,447

Eliminated on disposal

-

-

(27,672)

-

(27,672)

At 31 December 2023

102,024

51,055

153,093

37,219

343,391

Carrying amount

At 31 December 2023

1,274,585

23,155

126,022

27,668

1,451,430

At 31 December 2022

1,274,585

11,458

98,913

25,923

1,410,879

Included within the net book value of land and buildings above is £101,321 (2022 - £101,321) in respect of freehold land and buildings and £1,173,264 (2022 - £1,173,264) in respect of long leasehold land and buildings.
 

Company

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

1,275,288

1,275,288

At 31 December 2023

1,275,288

1,275,288

Depreciation

At 1 January 2023

102,024

102,024

At 31 December 2023

102,024

102,024

Carrying amount

At 31 December 2023

1,173,264

1,173,264

At 31 December 2022

1,173,264

1,173,264

Included within the net book value of land and buildings above is £1,173,264 (2022 - £1,173,264) in respect of long leasehold land and buildings.
 

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

12

Investments

Company

2023
£

2022
£

Investments in subsidiaries

102,480

102,480

Investments in associates

1

-

102,481

102,480

Subsidiaries

£

Cost or valuation

At 1 January 2023

102,480

Provision

Carrying amount

At 31 December 2023

102,480

At 31 December 2022

102,480


 

Associates

£

Cost

Additions

1

Provision

Carrying amount

At 31 December 2023

1

Aggregate financial information of associates

2023
£

2022
£

Total assets

148,252

-

Total liabilities

(140,182)

-

Net assets

8,070

-

Revenues

269,606

-

Profit or loss

8,068

-

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

12

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Bert Dalton & Son Limited

Newton Place
Handsworth
Birmingham
B18 5JX

England and Wales

Ordinary shares

100%

100%

A Surman & Co Limited

Newton Place
Handsworth
Birmingham
B18 5JX

England and Wales

Ordinary Shares

100%

100%

Associates

Eden Electrical And Mechanical Contractors Ltd

35 Orchard Close
Polesworth
Tamworth
B78 1DB

Ordinary shares

50%

50%

England & Wales

Subsidiary undertakings

Bert Dalton & Son Limited

The principal activity of Bert Dalton & Son Limited is that of a dormant company. The profit for the financial period of Bert Dalton & Son Limited was £- and the aggregate amount of Capital and reserves at the end of the period was £50,159.

A Surman & Co Limited

The principal activity of A Surman & Co Limited is that of a building contractor. The profit for the financial period of A Surman & Co Limited was £584,111 and the aggregate amount of Capital and reserves at the end of the period was £776,010.

Associates

Eden Electrical And Mechanical Contractors Ltd

The principal activity of Eden Electrical And Mechanical Contractors Ltd is Electrical engineers. The profit for the financial period of Eden Electrical And Mechanical Contractors Ltd was £8,068 and the aggregate amount of Capital and reserves at the end of the period was £6,808.

13

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Raw materials and consumables

2,168

7,138

-

-

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

14

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

1,800,947

2,260,510

-

-

Amounts owed by related parties

27,500

-

27,500

596,542

Other debtors

 

38,343

24,141

17,870

3

Prepayments

 

85,685

74,942

-

-

Gross amount due from customers for contract work

 

585,510

835,000

-

-

Income tax asset

10

2,717

-

-

-

   

2,540,702

3,194,593

45,370

596,545

15

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

1,891,427

1,818,604

1,569,603

862,054

Short-term deposits

28

-

-

-

1,891,455

1,818,604

1,569,603

862,054

16

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

19

654,000

677,391

654,000

677,390

Trade creditors

 

1,423,750

1,555,681

-

-

Amounts due to related parties

-

-

12,410

-

Social security and other taxes

 

580,473

791,153

-

-

Outstanding defined contribution pension costs

 

2,154

3,338

-

-

Other payables

 

10,091

11,406

-

-

Accruals

 

174,977

127,637

3,600

1,152

Corporation tax liability

10

-

329,489

-

-

 

2,845,445

3,496,095

670,010

678,542

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2023

(2,998)

(2,998)

Increase (decrease) in existing provisions

19,741

19,741

At 31 December 2023

16,743

16,743

Company

Deferred tax
£

Total
£

At 1 January 2023

(28,713)

(28,713)

Increase (decrease) in existing provisions

1,280

1,280

At 31 December 2023

(27,433)

(27,433)

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £364,248 (2022 - £9,437).

Contributions totalling £2,154 (2022 - £3,338) were payable to the scheme at the end of the year and are included in creditors.

19

Loans and borrowings

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

654,000

675,849

654,000

675,849

Other borrowings

-

1,542

-

1,541

654,000

677,391

654,000

677,390

Lloyds Bank PLC holds a 1st charge over the leasehold property dated 06/09/2023.

Lloyds Bank PLC holds an unlimited debenture incorporating a fixed and floating charge dated 12/09/2018.

HSBC Bank PLC holds a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery within A Surman & Co Ltd.

 

Bert Dalton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

20

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares Class A of £1 each

1,001

1,001

1,001

1,001

Ordinary Shares Class B of £1 each

1

1

1

1

Ordinary Shares Class C of £1 each

1

1

1

1

1,003

1,003

1,003

1,003

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:

Voting rights - on a show of hands each holder of "C" shares has one vote and on a poll each holder of "C" shares has one vote per "C" share held.

Dividend rights - dividends may be paid to the holders of one or more classes of share to the exclusion of the other(s) or to all classes of shares, in each case at the same or differing rates, as determined by ordinary resolution or resolution of the directors.

Rights to capital - each share ranks equally for any distribution made on a winding up.

Rights of redemption - no shares are redeemable.