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REGISTERED NUMBER: 08077938 (England and Wales)















DANIEL CHARLES GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16 to 28


DANIEL CHARLES GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: D Ingall
Mrs C M Heath
Mrs J S Skelton
P J Sidebottom



REGISTERED OFFICE: Honeywood Barn
Honeyholes Lane
Dunholme
Lincoln
Lincolnshire
LN2 3SU



REGISTERED NUMBER: 08077938 (England and Wales)



SENIOR STATUTORY AUDITOR: Timothy Godson FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

2023 2022 2021 2020 2019
£ £ £ £ £

Turnover 28,289,217 28,054,422 22,418,918 16,715,622 13,746,404
Cost of sales 23,510,683 22,766,598 18,813,277 14,238,459 11,889,541
Gross Profit 4,778,534 5,287,464 3,605,641 2,477,163 1,856,863

Gross profit margin % 16.89 18.85 16.08 14.82 13.51

Profit on ordinary activities before taxation 853,323 2,062,178 1,449,154 1,266,340 519,390

% of profit on ordinary activities before
taxation

2.93

7.35

6.46

7.56

3.78


The group traded extremely well during the year with highest turnover to date. Business levels have been increased due to the group's good reputation however, the gross profit margin did fall in comparison to prior years. The profit on ordinary activities before taxation has also decreased due to the economic climate. As we look forward to 2024 and beyond, we are positive that margins will return to prior levels. The Directors are happy with the overall results of the group and its future prospects.

The group's operations and assets are well diversified and as such the levels of operational and other risks are considered by the Directors to be acceptable. The group does not have any material exposure to any high risk market or geographical areas.

Position at the balance sheet date

The Directors consider the group to be in a solid financial position at the balance sheet date, with accumulated reserves of approximately £8.196million.

Management remains mindful of the competitive environment in which the group operates and the need to maintain close control over the group's working capital and financial position.



Borrowings and Risk Management

The group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group operations and capital investment in plant and machinery. The group's approach to managing other risks applicable to the financial instruments minimised the risk to a level that the Directors consider acceptable.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The group is affected by a number of factors, the principal ones of which are:

- The group is exposed to the risk of negative developments in financial markets and the sectors in which it operates, either directly or through the impact on the group's bankers, suppliers or customers. These developments can result in recession, inflation, deflation, restrictions in the availability of credit, impact on demand from customers, problems in the supplier base, increases in financing costs or in the cost of utilities and raw materials. Such developments might increase operating costs, reduce revenues, lower asset values or result in the businesses being unable to meet in full its strategic objectives.

- The group operates in a competitive market, and failure to compete effectively in terms of price, product specification and quality can have an adverse effect on demand and / or margins.

The group mitigates risk in several ways:

- The group has in place an organisational structure with clearly defined lines of responsibility and delegation of authority. There are established policies and procedures for the setting of corporate strategies; financial planning and budgeting; for information and reporting systems; for systems of operational and financial internal control; for assessment of risk; and for monitoring operations and performance.

- Management and staff at all levels work closely with customers and suppliers to operate as effectively and efficiently as possible, whilst maintaining long term working relationships, innovation and good lines of communication.

- The group operates a recruitment and selection process to ensure employees are experienced and competent in their work. The workforce is trained to be alert, responsive to customer needs, and to operate in line with the group's corporate objectives.

FUTURE DEVELOPMENTS
The group's strategy is to continue organic growth using the existing business model.

ON BEHALF OF THE BOARD:





D Ingall - Director


22 August 2024

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of land surveying, construction, quarrying of limestone and the supply of aggregates.

DIVIDENDS
Interim dividends of £106,170 were paid on the A £0.01 shares during the year. The director recommends that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 November 2023 will be £106,170.

DIRECTORS
D Ingall has held office during the whole of the period from 1 December 2022 to the date of this report.

Other changes in directors holding office are as follows:

Mrs C M Heath - appointed 7 July 2023
Mrs J S Skelton - appointed 7 July 2023
P J Sidebottom - appointed 7 July 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

ON BEHALF OF THE BOARD:





D Ingall - Director


22 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DANIEL CHARLES GROUP LIMITED

Opinion
We have audited the financial statements of Daniel Charles Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DANIEL CHARLES GROUP LIMITED


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

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 four, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DANIEL CHARLES GROUP LIMITED


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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statement audit. This included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These areas of uncertainty are disclosed in the accounting policies.

Secondly the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the health and safety audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions or the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

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




Timothy Godson FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

22 August 2024

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 28,289,217 28,054,422

Cost of sales 23,510,683 22,930,960
GROSS PROFIT 4,778,534 5,123,462

Administrative expenses 3,721,314 2,991,656
1,057,220 2,131,806

Other operating income 73,208 40,397
OPERATING PROFIT 5 1,130,428 2,172,203

Interest receivable and similar income 19,091 2,135
1,149,519 2,174,338

Interest payable and similar expenses 6 296,196 112,160
PROFIT BEFORE TAXATION 853,323 2,062,178

Tax on profit 7 293,491 382,798
PROFIT FOR THE FINANCIAL YEAR 559,832 1,679,380
Profit attributable to:
Owners of the parent 559,832 1,679,380

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 559,832 1,679,380


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 559,832 1,679,380

Total comprehensive income attributable to:
Owners of the parent 559,832 1,679,380

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 (78,545 ) (89,766 )
Tangible assets 11 11,314,459 9,758,340
Investments 12 - -
11,235,914 9,668,574

CURRENT ASSETS
Stocks 13 325,968 151,323
Debtors 14 5,535,976 6,380,934
Cash at bank and in hand 2,512,696 2,001,989
8,374,640 8,534,246
CREDITORS
Amounts falling due within one year 15 6,779,277 7,099,404
NET CURRENT ASSETS 1,595,363 1,434,842
TOTAL ASSETS LESS CURRENT LIABILITIES 12,831,277 11,103,416

CREDITORS
Amounts falling due after more than one year 16 (3,263,452 ) (2,282,744 )

PROVISIONS FOR LIABILITIES 20 (1,372,456 ) (1,078,965 )
NET ASSETS 8,195,369 7,741,707

CAPITAL AND RESERVES
Called up share capital 21 1 1
Capital redemption reserve 22 1 1
Retained earnings 22 8,195,367 7,741,705
SHAREHOLDERS' FUNDS 8,195,369 7,741,707

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





D Ingall - Director


DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

COMPANY STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,586,725 2,800,021
Investments 12 423,207 423,207
4,009,932 3,223,228

CURRENT ASSETS
Debtors 14 2,537,200 2,340,110
Cash at bank 736,096 311,725
3,273,296 2,651,835
CREDITORS
Amounts falling due within one year 15 1,456,246 1,457,747
NET CURRENT ASSETS 1,817,050 1,194,088
TOTAL ASSETS LESS CURRENT LIABILITIES 5,826,982 4,417,316

CREDITORS
Amounts falling due after more than one year 16 (893,324 ) -

PROVISIONS FOR LIABILITIES 20 (91,368 ) (75,008 )
NET ASSETS 4,842,290 4,342,308

CAPITAL AND RESERVES
Called up share capital 21 1 1
Capital redemption reserve 22 1 1
Retained earnings 22 4,842,288 4,342,306
SHAREHOLDERS' FUNDS 4,842,290 4,342,308

Company's profit for the financial year 606,152 832,369

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





D Ingall - Director


DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 1 6,202,317 1 6,202,319

Changes in equity
Dividends - (139,992 ) - (139,992 )
Total comprehensive income - 1,679,380 - 1,679,380
Balance at 30 November 2022 1 7,741,705 1 7,741,707

Changes in equity
Dividends - (106,170 ) - (106,170 )
Total comprehensive income - 559,832 - 559,832
Balance at 30 November 2023 1 8,195,367 1 8,195,369

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 1 3,649,929 1 3,649,931

Changes in equity
Total comprehensive income - 832,369 - 832,369
Dividends - (139,992 ) - (139,992 )
Balance at 30 November 2022 1 4,342,306 1 4,342,308

Changes in equity
Total comprehensive income - 606,152 - 606,152
Dividends - (106,170 ) - (106,170 )
Balance at 30 November 2023 1 4,842,288 1 4,842,290

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,878,996 3,936,261
Interest paid (13,889 ) (2,551 )
Interest element of hire purchase payments paid (282,307 ) (109,609 )
Government grants - 617
Tax paid - (102,723 )
Net cash from operating activities 3,582,800 3,721,995

Cash flows from investing activities
Purchase of tangible fixed assets (448,729 ) (2,506,870 )
Sale of tangible fixed assets 672,524 114,486
Interest received 14,976 2,135
Net cash from investing activities 238,771 (2,390,249 )

Cash flows from financing activities
Loan repayments in year (382,400 ) -
New loans in year - 382,400
Capital repayments in year (2,822,294 ) (1,755,780 )
Amount introduced by directors - 99
Equity dividends paid (106,170 ) (139,992 )
Net cash from financing activities (3,310,864 ) (1,513,273 )

Increase/(decrease) in cash and cash equivalents 510,707 (181,527 )
Cash and cash equivalents at beginning of year 2 2,001,989 2,183,516

Cash and cash equivalents at end of year 2 2,512,696 2,001,989

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 853,323 2,062,178
Depreciation charges 2,186,660 1,609,297
Profit on disposal of fixed assets (100,900 ) (40,774 )
Government grants - (617 )
Finance costs 296,196 112,160
Finance income (19,091 ) (2,135 )
3,216,188 3,740,109
Increase in stocks (174,645 ) (10,401 )
Decrease/(increase) in trade and other debtors 849,074 (1,991,823 )
(Decrease)/increase in trade and other creditors (11,621 ) 2,198,376
Cash generated from operations 3,878,996 3,936,261

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 2,512,696 2,001,989
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 2,001,989 2,183,516


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.12.22 Cash flow changes At 30.11.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,001,989 510,707 2,512,696
2,001,989 510,707 2,512,696
Debt
Finance leases (3,918,711 ) 2,822,294 (4,278,532 ) (5,374,949 )
Debts falling due
within 1 year (382,400 ) 382,400 - -
(4,301,111 ) 3,204,694 (4,278,532 ) (5,374,949 )
Total (2,299,122 ) 3,715,401 (4,278,532 ) (2,862,253 )

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Daniel Charles Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Basis of consolidation
The group financial statements consolidate the financial statements of Daniel Charles Group Limited and all its subsidiary undertakings drawn up to 30 November each year. Control comprises the power to govern the financial and operating policies of the investee via control of the issued share capital of those companies.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains
control, and continue to be consolidated until the date that such control ceases. The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies.

Intercompany balances and transactions, including unrealised profits arising from intragroup transactions,
have been eliminated.

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own income statement in these financial statements.

One entity included within the group financial statements, Daniel Charles Surveys Limited (company number 06326859) is entitled to the exemption for audit under Section 479A of the Companies Act 2006 relating to the period ended 30 November 2023.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 and are covered within the accounting policies:

i) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property, plant and equipment and note 2 (Tangible Fixed Assets) for the useful economic lives for each class of asset.

ii) The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors and associated impairment provision.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Turnover
The turnover shown in the income statement represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the group has fulfilled its contractual obligations and the risks and rewards attaching to the service have been transferred to the customer.

In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion.

Revenue is recognised on contracts where the group has obtained a right to consideration. Turnover recognised in this manner is based on an assessment of the fair value of the goods & services provided at the date of financial position as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the group. Unbilled revenue is included in debtors.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and Land - Not depreciated
Plant and machinery - 25% on reducing balance and 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 15% on reducing balance
Computer equipment - 33% on cost and 30% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payment is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

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

Financial instruments
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 28,289,217 28,054,422
28,289,217 28,054,422

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 6,320,529 5,299,344
Social security costs 644,503 561,860
Other pension costs 177,621 119,667
7,142,653 5,980,871

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Direct 115 102
Admin 37 34
152 136

2023 2022
£    £   
Directors' remuneration 74,208 10,500
Directors' pension contributions to money purchase schemes 41,962 128

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 859,670 638,778
Depreciation - assets on hire purchase contracts 1,338,213 981,739
Profit on disposal of fixed assets (100,900 ) (40,774 )
Goodwill amortisation (11,221 ) (11,224 )
Auditors' remuneration 26,753 30,740
Rent 31,600 30,700
Hire of plant and machinery 1,003,045 1,199,893

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 13,853 2,551
HMRC interest paid 36 -
Hire purchase interest 282,307 109,609
296,196 112,160

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Adjustment re previous years - (7,670 )

Deferred tax 293,491 390,468
Tax on profit 293,491 382,798

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 853,323 2,062,178
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 -
19 %)

213,331

391,814

Effects of:
Expenses not deductible for tax purposes 9,921 5,331
Income not taxable for tax purposes (3,080 ) (9,744 )
Capital allowances in excess of depreciation (199,188 ) (536,317 )
Utilisation of tax losses (37,689 ) -
Adjustments to tax charge in respect of previous periods - (7,670 )
Accelerated capital allowances 293,491 390,468
Chargeable gains 19,511 -
Goodwill amortisation (2,806 ) (2,132 )
Loss carried forward - 151,048
Total tax charge 293,491 382,798

8. INDIVIDUAL INCOME STATEMENT

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

The parent company's profit for the financial year was £572,993 (2022 - £832,369).

9. DIVIDENDS
2023 2022
£    £   
A shares of £0.01 each
Interim 106,170 89,992
B shares of £0.01 each
Interim - 50,000
106,170 139,992

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 (112,211 )
AMORTISATION
At 1 December 2022 (22,445 )
Amortisation for year (11,221 )
At 30 November 2023 (33,666 )
NET BOOK VALUE
At 30 November 2023 (78,545 )
At 30 November 2022 (89,766 )

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 1,853,467 10,371,368 83,733
Additions 107,058 2,771,979 -
Disposals - (574,515 ) (20,420 )
At 30 November 2023 1,960,525 12,568,832 63,313
DEPRECIATION
At 1 December 2022 445,014 3,677,199 52,029
Charge for year 307,023 1,494,528 4,705
Eliminated on disposal - (250,464 ) (16,949 )
At 30 November 2023 752,037 4,921,263 39,785
NET BOOK VALUE
At 30 November 2023 1,208,488 7,647,569 23,528
At 30 November 2022 1,408,453 6,694,169 31,704

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 2,432,853 154,864 14,896,285
Additions 1,422,330 24,259 4,325,626
Disposals (388,044 ) (59,962 ) (1,042,941 )
At 30 November 2023 3,467,139 119,161 18,178,970
DEPRECIATION
At 1 December 2022 877,003 86,700 5,137,945
Charge for year 365,917 25,710 2,197,883
Eliminated on disposal (148,013 ) (55,891 ) (471,317 )
At 30 November 2023 1,094,907 56,519 6,864,511
NET BOOK VALUE
At 30 November 2023 2,372,232 62,642 11,314,459
At 30 November 2022 1,555,850 68,164 9,758,340

The net book value of tangible fixed assets includes £ 7,079,949 (2022 - £ 5,169,244 ) in respect of assets held under hire purchase contracts.

Company
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 2,823,197 22,550 211,535 3,057,282
Additions 1,197,948 - 92,954 1,290,902
Disposals (248,575 ) - (7,270 ) (255,845 )
At 30 November 2023 3,772,570 22,550 297,219 4,092,339
DEPRECIATION
At 1 December 2022 189,618 7,934 59,709 257,261
Charge for year 301,224 2,193 41,815 345,232
Eliminated on disposal (91,686 ) - (5,193 ) (96,879 )
At 30 November 2023 399,156 10,127 96,331 505,614
NET BOOK VALUE
At 30 November 2023 3,373,414 12,423 200,888 3,586,725
At 30 November 2022 2,633,579 14,616 151,826 2,800,021

All of the company's fixed assets except those within fixtures and fittings are held for leasing.

The net book value of tangible fixed assets includes £ 1,187,500 (2022 - £ 344,161 ) in respect of assets held under hire purchase contracts.

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 423,207
NET BOOK VALUE
At 30 November 2023 423,207
At 30 November 2022 423,207

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Daniel Charles Construction Limited
Registered office:
Nature of business: Land surveying and construction
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 3,224,190 3,216,262
Profit for the year 614,098 1,578,958

The shares in Daniel Charles Construction Limited were acquired by Daniel Charles Group Limited on 16 June 2012, by way of a share for share exchange with the then owners of Daniel Charles Construction Limited.

The value of the shares is at the par value of £2, under merger relief provisions with no fair value adjustment.

Daniel Charles Surveys Limited
Registered office:
Nature of business: Architectural activities and civil engineering
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 605,841 572,134
Profit for the year 33,717 90,888

The shares in Daniel Charles Survey Limited were acquired by Daniel Charles Group Limited on 24 November 2021.

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

12. FIXED ASSET INVESTMENTS - continued

Daniel Charles Aggregates Ltd (formerly Len Kirk Plant Hire Ltd)
Registered office:
Nature of business: Other specialised construction activities
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 24,685 123,871
Loss for the year (99,186 ) (14,042 )

The shares in Len Kirk Plant Hire Limited were acquired by Daniel Charles Group Limited on 24 November 2020.

Daniel Charles Plant Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
ordinary 100.00

The shares in Daniel Charles Plant Limited were acquired by Daniel Charles Group Limited on 1 October 2021.


13. STOCKS

Group
2023 2022
£    £   
Stocks 325,968 151,323

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 4,593,477 3,629,386 - -
Amounts owed by group undertakings - - 2,518,000 2,211,700
Amounts recoverable on contract 492,510 1,872,487 - -
Other debtors 46,614 515,209 19,200 128,410
Tax 79,115 75,000 - -
Prepayments and accrued income 324,260 288,852 - -
5,535,976 6,380,934 2,537,200 2,340,110

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) - 382,400 - 382,400
Hire purchase contracts (see note 18) 2,111,497 1,635,967 229,133 -
Trade creditors 3,367,041 3,933,159 1,242 -
Amounts owed to group undertakings - - 1,208,097 591,227
Other taxes and social security 174,147 174,216 - -
VAT 99,643 125,996 - -
Other creditors 39,382 29,233 128 128
Directors' current accounts 125 125 26 26
Accruals and deferred income 987,442 818,308 17,620 483,966
6,779,277 7,099,404 1,456,246 1,457,747

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

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 18) 3,263,452 2,282,744 893,324 -

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 382,400 - 382,400

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,111,497 1,635,967
Between one and five years 3,263,452 2,282,744
5,374,949 3,918,711

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 229,133 -
Between one and five years 893,324 -
1,122,457 -

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 28,000 28,150
Between one and five years - 28,000
28,000 56,150

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 5,374,949 3,918,711

A debenture dated 29 June 2007 is in place for the fixed and floating charges over the undertaking and all property and assets present and future including goodwill, uncalled capital, land and buildings and plant and machinery.

20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 1,372,456 1,078,965 91,368 75,008

Group
Deferred
tax
£   
Balance at 1 December 2022 1,078,965
Charge to Income Statement during year 293,491
Balance at 30 November 2023 1,372,456

Company
Deferred
tax
£   
Balance at 1 December 2022 75,008
Charge to Income Statement during year 16,360
Balance at 30 November 2023 91,368

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
92 A £0.01 1 1
8 B £0.01 - -
1 1

22. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2022 7,741,705 1 7,741,706
Profit for the year 559,832 559,832
Dividends (106,170 ) (106,170 )
At 30 November 2023 8,195,367 1 8,195,368

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2022 4,342,306 1 4,342,307
Profit for the year 606,152 606,152
Dividends (106,170 ) (106,170 )
At 30 November 2023 4,842,288 1 4,842,289

The retained earnings reserves represents cumulative profits and losses net of dividends and other adjustments.

The capital redemption reserve represents the share capital that has been bought back by the group.

23. CONTINGENT LIABILITIES

There is a cross guarantee given to National Westminster Bank plc between Daniel Charles Construction Limited and Daniel Charles Group Limited.

24. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 478,000

DANIEL CHARLES GROUP LIMITED (REGISTERED NUMBER: 08077938)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
D Ingall
Balance outstanding at start of year (126 ) (27 )
Amounts repaid - (99 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (126 ) (126 )

26. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Dividends 106,170 139,992

Other related parties
2023 2022
£    £   
Rent 28,000 28,000
Amount due from related party 918 918

27. ULTIMATE CONTROLLING PARTY

The controlling party is D Ingall.