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Registration number: 00975536

Dobson & Hodge Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Dobson & Hodge Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Dobson & Hodge Limited

(Registration number: 00975536)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

14,234

5,655

Current assets

 

Debtors

7

300,322

693,327

Cash at bank and in hand

 

318,953

225,781

 

619,275

919,108

Creditors: Amounts falling due within one year

8

(495,948)

(70,180)

Net current assets

 

123,327

848,928

Total assets less current liabilities

 

137,561

854,583

Creditors: Amounts falling due after more than one year

8

(36,299)

(424,133)

Provisions for liabilities

-

(505)

Net assets

 

101,262

429,945

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

554

554

Capital redemption reserve

1,000

1,000

Retained earnings

98,708

427,391

Shareholders' funds

 

101,262

429,945

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

 

Dobson & Hodge Limited

(Registration number: 00975536)
Balance Sheet as at 30 November 2023

.........................................
Mr T Austin
Company secretary and director

 

Dobson & Hodge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
11-15 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ

These financial statements were authorised for issue by the Board on 31 July 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents commissions receivable. Commissions are recognised when the respective premiums are paid to the insurers, or when received if paid directly by the insuers to the company.
Commissions on indemnity terms are recognised when received.

Insurance broking debtors and creditors are not shown on the company balance sheet in accordance with Financial Conduct Authority best practice guidelines.

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 company operates and generates taxable income.

 

Dobson & Hodge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

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

Furniture, fittings & equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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 company will not be able to collect all amounts due according to the original terms of the receivables.

 

Dobson & Hodge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 company 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.

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Dobson & Hodge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 19).

 

Dobson & Hodge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

262,699

262,699

At 30 November 2023

262,699

262,699

Amortisation

At 1 December 2022

262,699

262,699

At 30 November 2023

262,699

262,699

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

44,180

44,180

Additions

18,544

18,544

At 30 November 2023

62,724

62,724

Depreciation

At 1 December 2022

38,525

38,525

Charge for the year

9,965

9,965

At 30 November 2023

48,490

48,490

Carrying amount

At 30 November 2023

14,234

14,234

At 30 November 2022

5,655

5,655

 

Dobson & Hodge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

3,342

3,342

At 30 November 2023

3,342

3,342

Impairment

At 1 December 2022

3,342

3,342

At 30 November 2023

3,342

3,342

Carrying amount

At 30 November 2023

-

-

7

Debtors

2023
£

2022
£

Trade debtors

281,959

664,966

Other debtors

11,995

23,666

Prepayments

6,368

4,695

300,322

693,327

8

Creditors

Creditors: amounts falling due within one year

 

Dobson & Hodge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

16,511

13,088

Trade creditors

 

410

478

Amounts owed to related parties

11

5,199

5,199

Taxation and social security

 

12,725

10,463

Corporation tax

 

-

10,096

Other creditors

 

435,888

-

Accrued expenses

 

25,215

30,856

 

495,948

70,180


Creditors include net obligations under hire purchase contracts which are secured of £18,787 (2022 - £6,932.

 

Dobson & Hodge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

36,299

37,533

Other non-current financial liabilities

 

-

386,600

 

36,299

424,133

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,112

34,022

Hire purchase contracts

12,187

3,511

36,299

37,533

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,911

9,667

Hire purchase contracts

6,600

3,421

16,511

13,088

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

27,614

27,345

Later than one year and not later than five years

8,816

12,830

36,430

40,175

11

Related party transactions

Included in creditors is a loan from one of the directors for £5,199 (2022 £5,199). The loan is interest free and has no formal repayment terms.