Company registration number 11496474 (England and Wales)
DAHLGREN DUCK UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DAHLGREN DUCK UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
DAHLGREN DUCK UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
5,490
6,476
Current assets
Stocks
94,808
138,637
Debtors
6
562,768
1,173,260
Cash at bank and in hand
110,678
297,344
768,254
1,609,241
Creditors: amounts falling due within one year
7
(792,195)
(1,423,588)
Net current (liabilities)/assets
(23,941)
185,653
Total assets less current liabilities
(18,451)
192,129
Creditors: amounts falling due after more than one year
8
(248,620)
(218,999)
Net liabilities
(267,071)
(26,870)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves (deficit)
(267,171)
(26,970)
Total equity
(267,071)
(26,870)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 August 2024 and are signed on its behalf by:
M Pucher
Director
Company Registration No. 11496474
DAHLGREN DUCK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Dahlgren Duck UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128 Buckingham Palace Road, London, United Kingdom, SW1W 9SA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company has been supported via an inter company loan from its immediate parent company that has stated it will not demand repayment of the loan at the detriment of the company's ability to continue to operate as a going concern.The director understands that this existing financial support will continue for a period of at least 12 months from the date of approving these financial statements, and that this will be supplemented by additional financial support should this be required during that timeframe to enable the company to continue trading as a going concern. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods). In many instances a project is shipped all at once so the revenue is recognised for the whole project. While other projects may ship in stages and in this case the revenue is recognised only for the products that were dispatched for that stage so that the amount of revenue can be measured reliably.

 

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
10 years straight line
Computers
5 years straight line

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

DAHLGREN DUCK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

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

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

 

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

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

1.6
Stock of finished goods & Work in progress

Stocks and Work in progress are both stated by the director at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises purchase price of finished goods and where applicable those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DAHLGREN DUCK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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

 

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

1.8
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.9
Employee benefits

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

 

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

 

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

1.10
Retirement benefits

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

DAHLGREN DUCK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company - current year accrual
20,000
7,500
Audit of the financial statements of the company - prior year extra fees
2,000
-
22,000
7,500

The auditor's remuneration relating to 2022 totalled £17,000 of which £7,500 was recharged to the immediate parent company.

4
Employees

The average monthly number of persons (including directors with UK service contracts) employed by the company during the year was:

2023
2022
Number
Number
Total
6
4
DAHLGREN DUCK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
6,880
-
0
1,961
8,841
Additions
-
0
776
3,969
4,745
Disposals
(6,880)
-
0
-
0
(6,880)
At 31 December 2023
-
0
776
5,930
6,706
Depreciation and impairment
At 1 January 2023
2,172
-
0
193
2,365
Depreciation charged in the year
-
0
62
961
1,023
Eliminated in respect of disposals
(2,172)
-
0
-
0
(2,172)
At 31 December 2023
-
0
62
1,154
1,216
Carrying amount
At 31 December 2023
-
0
714
4,776
5,490
At 31 December 2022
4,708
-
0
1,768
6,476
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
472,737
1,105,676
Other debtors
90,031
67,584
562,768
1,173,260
7
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Trade creditors
311,216
84,197
Taxation and social security
13,143
33,328
Other creditors
467,836
1,306,063
792,195
1,423,588
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
248,620
218,999
DAHLGREN DUCK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The audit report was signed on 09/08/2024 by Mark Cassidy FCA (senior statutory auditor) For and on behalf of Mercer & Hole LLP.
2024-08-09
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due within 1 year as follows:

2023
2022
£
£
2,397
-
0
12
Related party transactions
Transactions with related parties

As at the year end date the company owed its immediate parent company £248,620 (2022: £218,999). This loan is interest free with no set repayment date. This is shown at note 8 as Amounts owed to group undertakings.

13
Parent company

The company's immediate parent company is Dahlgren Duck Associates LLC whose registered office is 1617 Hi Lane, Dr. Suite 260, Dallas, Texas, United States, TX 75207.

The ultimate parent company is Sterling Private Capital LLC whose registered office is 5950 Berkshire Lane, Dallas, Texas, United States, TX 75225.

14
Prior period adjustment

The financial statements for the year ended 31 December 2022 have been restated to reflect specific customer project income which had been fully delivered by that date. An element of this income had incorrectly been included within Work in Progress (WIP) and deferred income in the previously approved 2022 financial statements.

The financial impact of correcting the recognition of turnover and related costs is set out below in detail and resulted in an overall increase in pre- and post-tax profit for 2022 of £33,518.

 

DAHLGREN DUCK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Prior period adjustment
(Continued)
- 8 -
Changes to the balance sheet
As previously reported at 31 Dec 2022
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Stocks (WIP)
160,014
(21,377)
138,637
Creditors due within one year
Deferred income (included within Other Creditors)
(204,925)
54,895
(150,030)
Net liabilities/assets
(60,388)
33,518
(26,870)
Capital and reserves
Profit and loss reserves (deficit)
(60,488)
33,518
(26,970)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
2,431,245
54,895
2,486,140
Cost of sales (closing WIP adjusted)
(1,675,327)
(21,377)
(1,696,704)
Profit for the financial period
13,504
33,518
47,022
Reconciliation of changes in equity
1 January
31 December
2022
2022
Notes
£
£
Adjustments to prior year
Deferred income to Sales
1
-
54,895
WIP reversed to Cost of Sales
2
-
(21,377)
Total adjustments
-
33,518
Equity as previously reported
(73,892)
(60,388)
Equity as adjusted
(73,892)
(26,870)
Analysis of the effect upon equity
Profit and loss reserves
-
33,518
DAHLGREN DUCK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in profit for the previous financial period
2022
Notes
£
Adjustments to prior year
Deferred income to Sales
1
54,895
WIP reversed to Cost of Sales
2
(21,377)
Total adjustments
33,518
Profit as previously reported
13,504
Profit as adjusted
47,022
Notes to reconciliation
1. Deferred Income reversal

A prior year adjustment was made to the 2022 Sales income by reversing the deferred income carried forward from 2021.

2. Work in Progress reversal

A prior year adjustment was made to the 2022 Cost of Sales figure by reversing the Work in progress carried forward from 2021.

 

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