Company registration number 01629011 (England and Wales)
DULAS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DULAS LTD
COMPANY INFORMATION
Directors
Mr. G T Evans
Mrs. R S Chapman
Mr. E O White
Mr. D G Roberts
Ms. R Munday
(Appointed 28 November 2023)
Secretary
Ms A Banton
Company number
01629011
Registered office
Unit 1
Dyfi Eco Park
Machynlleth
Powys
United Kingdom
SY20 8AX
Auditor
Azets Audit Services
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
DULAS LTD
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 9
Independent auditor's report
10 - 12
Profit and loss account
13
Group statement of comprehensive income
14
Group balance sheet
15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Company statement of cash flows
20
Notes to the financial statements
21 - 41
DULAS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Dulas Ltd Directors present the Strategic Report and Financial Statements for the year ended 31 December 2023.

Dulas Limited’s core business is the provision of renewable energy products and services. Dulas is the 100% shareholder of Polestar Cooling Ltd, a specialist medical manufacturing facility based in the south of England. This report relates to the group of entities included in the consolidated reports.

The Company's Purpose and Aims

The purpose for which Dulas Ltd exists is to carry on business in accordance with cooperative principles, democratically controlled by its Members, for the benefit of society, and, in particular:-

This purpose is captured in our company tagline – People, Purpose, Planet.

Dulas Mission Statement

We aim to be the Company of choice in the humanitarian and renewable energy sectors for customers, suppliers and employees alike, striving in all we do to deliver value and excellence. In so doing, Dulas intends to be a model of self-determining, responsible, sustainable and commercially successful business operations.

 

Polestar Cooling Ltd

Polestar Cooling Ltd is a wholly owned subsidiary of Dulas and was acquired to secure the long-term manufacturing capability for the production of the company’s solar powered vaccine refrigerators. Polestar is a critical supply partner to Dulas as well as a number of other external companies who specialise in medical products. In January 2023 the previous owner retired as a Non-Executive Director and Andy Reedman, the company’s Strategic and Commercial Lead, became an appointed Director.

Business Model

Dulas Ltd is a Co-operative. Every employee has the right to become a Member of the business after 18 months in employment. This gives the employee a right to a vote at Quarterly Business Meetings and Annual General Meetings on key strategic decisions along with access to potential dividends. Dulas is therefore Member governed and Member owned.

Dulas Ltd is managed by a Board of Directors (BoD) comprising the appointed Executive Managing Director, a Non-Executive Director and three Member Elected Directors.

Polestar Cooling Ltd is a separate limited company owned by Dulas. The BoD is formed by the existing Dulas Directors and the Polestar appointed Director.

DULAS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Business Context

 

o Lower than expected orders from Unicef which was the result of delays to the main funding programme (CCEOP). Following countries focus on the covid vaccine roll-out there was a significant delay in eligible countries preparing and submitting their applications for routine immunization programmes,

o A reduction in Gross Profit on the vaccine fridges, due to higher manufacturing costs and fixed framework agreed pricing,

o A reduction in Gross Profit on Wind Monitoring projects. This was the result of delays in developers gaining planning permission and weather conditions hampering installations, particularly lattice towers,

o Additional overheads exceeding budget, in particularly a significant increase in insurance costs due to inflation and additional cover requirements.

Business Review

 

During 2023 the company has continued to achieve:

 

DULAS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Our Wind Monitoring team remained extremely busy throughout 2023. The early-stage onshore wind development market remains very active in Wales and Scotland, and our reputation for delivering complex site work to extremely high Health and Safety standards means that we have retained and expanded framework agreements with many blue-chip companies. In addition to our met mast work we continued to expand our portfolio of Vaisala ‘Windcube’ Lidar products which we rent, sell, install, maintain and manage for clients across the UK. We continue to lead on projects which are complex, due to site terrain and the requirement for higher hub height measurements. During 2023 we identified and explored a new type of met mast, a tilt up lattice mast, with a new supplier. Following a period of due diligence, we entered into an exclusive agreement in early 2024 to supply and install these masts into the UK market. This will enable us to install masts within a shorter weather window, avoiding costly weather delays to clients.

The Consultancy team delivered a number of large-scale onshore wind and solar Environmental Impact Assessments as well as a body of technical consultancy projects. We continue to hold key framework agreements with all of the major developers and utilities and continue to be seen as a key supplier for Welsh based large scale onshore wind EIAs, due to our local knowledge and experience. We continued to advertise for further technical resource throughout the year, however the resource market remained challenging. However, additional resource has now been secured in 2024 and will enable us to take on additional projects.

The Hydro Operations and Maintenance, Optimisation and Build team continue to deliver pro-active and reactive maintenance work to a number of key clients in Wales and Scotland. In addition to these frameworks a number of optimisation projects were progressed in 2023, seeking to increase renewable energy generation from existing assets. The team also began work in late 2023 on a new build Hydro scheme in Scotland for a new client. As a result of securing this work we have expanded the Hydro construction team. The team also continue to sell our Aqua Shear Coanda product to developing hydro schemes internationally, mainly to the Nordic regions.

The Solar International team, who sell and export our solar powered vaccine fridges globally, experienced peaks and troughs in orders throughout the year. Whilst this pattern of procurement is not unusual, the main funding programme for cold chain equipment – CCEOP - experienced significant delays. Despite delays to the main funding programme, the team still secured a number of projects through other funding routes and customers. Heading into 2024, the team secured contracts with new countries, a result of our sales and marketing strategy to focus in on specific regions utilizing our in-country partner network.

Polestar Cooling

Polestar is an OEM (Original Equipment Manufacturer) business specialising in designing and building bespoke medical equipment. Due to the lumpy procurement ordering experienced by Dulas the vaccine fridge production line had to cope with peaks and troughs in demand throughout the year. Across other production lines the procurement profile from clients was also lumpy and this presented a number of challenges to managing resource, procurement and operations.

At the start of 2023 Polestar secured a Knowledge Transfer Partnership with the University of Sussex, funded by Innovate UK. This two year programme will seek to improve the performance of the vaccine fridges in high humidity environments as well as build a 3D model of the fridges for future R&D work.

With strong leadership in place a significant amount of work was carried out on the future strategy of the business. This strategy focuses on diversifying the current revenue and profit streams whilst continuing to support key customer OEM manufacturing and R&D requirements. The first step in that strategy was undertaken in early 2024 with the acquisition of a medical incubator business. Polestar were well placed to manage the integration of this business into its operations as they were already the OEM contractor for the products. Due to this acquisition a new commercial team has been secured for early 2024 to lead the sales and marketing activity for the business.

DULAS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Financial Report

The Group financial result of 2023 reflects a challenging year of high costs, delayed procurement and lower gross profit. Despite the challenges the manufacturing facility was profitable, demonstrating a much stronger position than in 2022. Despite the Dulas loss making position the Groups Balance sheet has remained strong and significant investment has taken place across the Group to diversify the profit base and achieve long term growth.

Revenues

This year total consolidated revenues of £12.8m were achieved.

The consolidated Group numbers reflect the position that Dulas is the largest customer to Polestar.

Operating Results

Overall Gross Profit was £2.49m and post tax losses were £111k.

Net loss before tax was £185k.

Assets and Liabilities

The negative goodwill relates to the purchase of Polestar Cooling Ltd in mid-2020.

Stock levels are high at £2.6m and relate mainly to the Solar International/Polestar business. However this is lower than at the end of 2022.

Debtor levels are at £1.7m.

Cash at bank and in hand is healthy at £1.4m.

Net assets and total equity have increased to £4.42m (2022: £4.34m).

Dividends

No dividends were awarded during 2023.

Charity donations

During 2023 Dulas Ltd made charitable donations to numerous local, national and international charities of £9,205 via its charity group.

Strategy 2024-2026

Our existing three-year strategy (2021-2023) came to an end and a new three-year strategy was approved by Members for the Group. The overall group objective is to grow group profit through expansion and diversification of our products, markets and technical services. Unlocking the potential of our experience and expertise to deliver £2m of Net Profit by end 2026

 

DULAS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Sustainability

In September 2021 the company made a public declaration to start the journey to becoming Net Zero. Following feedback from Members, recognizing our Company Purpose and Values, and following a mandate by the Board of Directors, we joined the ‘United Nations Race to Zero Campaign’. Through this scheme, which is both UN and UK gov driven, our commitment is as follows:

Recognising that climate change poses a threat to the economy, nature and society-at-large, our company commits to take action immediately in order to:

  1. Halve our greenhouse gas emissions before 2030

  2. Achieve net zero emissions before 2050

  3. Disclose our progress on a yearly basis

In doing so, we are proud to be recognised by the United Nations Race to Zero campaign, and join governments, businesses, cities, regions, and universities around the world that share the same mission.

Our action plan to achieve Net Zero was approved by Members at the 2022 AGM. We recruited a Sustainability Project Manager in early 2023 who is leading on a number of projects focusing on our emissions under the Greenhouse Gas Protocols Scope 1 and 2 remit, with some Scope 3 emissions which includes our supply chain. We are also undertaking a specific project to understand the carbon impact of the manufacturing of our vaccine cabinets and our options for reducing this impact.

In addition to the above pledge, we continue to remain committed to the UN Global Compact. This pledge is supported by a raft of policies and procedures which support Human Rights, Environment and Anti-Corruption. For the first time in 2023 the pledge includes the requirement to disclose carbon emissions under Scope 1, 2 and 3 where possible.

On behalf of the board

Mrs. R S Chapman
Director
29 August 2024
DULAS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

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

Principal activities

The principal activity of the company and group was the provision of renewable energy products and services.

Results and dividends

The results for the year are set out on page 13.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr. G T Evans
Mrs. R S Chapman
Mr. E O White
Mr. D G Roberts
Ms. R Munday
(Appointed 28 November 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

 

Directors Statement

 

During 2023 the Dulas Board of Directors continued the focus and strategy as agreed by Members at the 2020 AGM. This strategy continued to focus on the core areas of;

 

There was continued investment in;

 

During 2023 Dulas developed a new three-year strategy to cover the 2024-2026 period which was approved at the December AGM by Dulas Members. This strategy is focussed on achieving growth through the expansion of products and services across the Life Sciences and Renewables sectors.

DULAS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

During 2023 Dulas continued to be impacted by inflation costs, which continued to add cost to the business. In addition, this also impacted our Gross Profit margins as we were unable to pass all of the increased costs onto our customers. The second half of the year was impacted by delays in orders for vaccine fridges, affecting all manufacturers in the WHO accredited marketplace, which impacted both the Dulas and Polestar Cooling accounts.

Despite the challenges 2023 provided Dulas has achieved the following:

 

The fiscal result of these achievements has been a group turnover of £12.8m and Gross Profit of £2.49m (19%) with a loss before taxation of £185k.

Energy and carbon report

The group is not defined as large in the context of the Streamlined Energy & Carbon Reporting regulations and is not therefore required to report its emissions, energy consumption or energy efficiency activities. Notwithstanding, in 2021 Dulas Ltd made a public commitment to publishing information regarding the equivalent carbon emissions footprint in its annual audited accounts. This was done in the interests of transparency and to align with the company’s core environmental values. The information was collected for Dulas Ltd only and in respect of scope 1 and scope 2 emissions (and Scope 3 only in respect of fuel used for company transport in employee-owned vehicles), as reliable data was available to establish these baselines. The company has an approved Net Zero Action Plan to drive progress to reducing its overall consumption.

Quantification and Reporting Methodology

Dulas Ltd has followed the HM Government Environmental Reporting Guidelines (SECR) for unquoted large companies and large LLPs and used the GHG Reporting Protocol Corporate Standard and relevant UK Government Conversion Factors for company reporting for each year listed.

 

 

 

 

 

 

 

DULAS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
322,553
348,017
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
10.38
10.76
- Fuel consumed for owned transport
37.72
44.49
48.10
55.25
Scope 2 - indirect emissions
- Electricity purchased
market based
2.46
2.30
location based
13.61
10.73
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
9.37
11.35
Total gross emissions
59.93
68.90
Intensity ratio
Tonnes CO2e per MWh energy consumed
0.19
0.20
Tonnes CO2e per employee
0.71
0.85
Tonnes CO2e per million
5.12
5.84
Quantification and reporting methodology

Dulas has a Net Zero action plan in place to reduce emissions for Scope 1 and Scope 2 with a Sustainability Project Manager appointed to oversee the delivery. We continue to report our emissions and progress via the UN ‘Race 2 Zero’ campaign, via the United Nations Global Compact pledge and via our Statutory Accounts.

During 2023 we have focused on our transport emissions:

•    We are working on reducing the amount we travel, and if we do need to, then re-thinking the way we do it,

•    We launched our own travel carbon calculator to help staff make greener travel choices,

•    Our first EV pool car has covered 8000 miles and saved us 2 tCO2e,

•    We swapped the plane for the train when attending conferences in Europe.

We also developed new guidelines on sustainable and ethical procurement. These include new supplier assessment procedures which will allow us to understand their environmental commitments and performance. The aim is to work with our suppliers to reduce the carbon impact of our supply chain.

In order to assess the impact from our key supplier – Polestar Cooling Ltd - we used SAGE manufacturing to start to gather data to inform us of the carbon impact of manufacturing our vaccine fridges. Key component suppliers were engaged to gather further detailed information. During 2024 work is continuing on understanding the impact and exploring how this can be reduced.

DULAS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Statement of directors' responsibilities

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

 

On behalf of the board
Mrs. R S Chapman
Director
29 August 2024
DULAS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DULAS LTD
- 10 -
Opinion

We have audited the financial statements of Dulas Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

DULAS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DULAS LTD
- 11 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

DULAS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DULAS LTD
- 12 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk 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.

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.

Craig Yearsley FCCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
29 August 2024
Chartered Accountants
Statutory Auditor
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
DULAS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
Turnover
3
12,882,690
12,853,345
Cost of sales
(10,390,440)
(9,806,131)
Gross profit
2,492,250
3,047,214
Administrative expenses
(2,740,657)
(2,225,079)
Other operating income
66,650
115,147
Operating (loss)/profit
4
(181,757)
937,282
Interest receivable and similar income
7
5,412
-
0
Interest payable and similar expenses
8
(9,097)
(11,691)
(Loss)/profit before taxation
(185,442)
925,591
Tax on (loss)/profit
10
74,175
(160,221)
(Loss)/profit for the financial year
(111,267)
765,370
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
DULAS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
£
£
(Loss)/profit for the year
(111,267)
765,370
Other comprehensive income
Revaluation of tangible fixed assets
189,911
-
0
Total comprehensive income for the year
78,644
765,370
Total comprehensive income for the year is all attributable to the owners of the parent company.
DULAS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
57,814
94,548
Negative goodwill
12
(241,171)
(482,344)
Net goodwill
(183,357)
(387,796)
Other intangible assets
12
133,599
125,846
Total intangible assets
(49,758)
(261,950)
Tangible assets
13
1,500,459
1,252,294
1,450,701
990,344
Current assets
Stocks
16
2,629,999
2,933,807
Debtors
17
1,729,987
1,605,404
Cash at bank and in hand
1,467,437
1,627,053
5,827,423
6,166,264
Creditors: amounts falling due within one year
18
(2,572,439)
(2,447,512)
Net current assets
3,254,984
3,718,752
Total assets less current liabilities
4,705,685
4,709,096
Creditors: amounts falling due after more than one year
21
(90,232)
(154,013)
Provisions for liabilities
Deferred tax liability
22
186,195
205,545
(186,195)
(205,545)
Net assets
4,429,258
4,349,538
Capital and reserves
Called up share capital
24
1,798
722
Revaluation reserve
318,693
131,074
Profit and loss reserves
4,108,767
4,217,742
Total equity
4,429,258
4,349,538
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
29 August 2024
Mrs. R S Chapman
Director
DULAS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 16 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
57,814
94,548
Other intangible assets
12
133,599
125,846
Total intangible assets
191,413
220,394
Tangible assets
13
1,151,679
872,666
Investments
14
825,002
825,002
2,168,094
1,918,062
Current assets
Stocks
16
1,514,762
1,772,291
Debtors
17
1,531,983
1,379,591
Cash at bank and in hand
769,826
1,397,000
3,816,571
4,548,882
Creditors: amounts falling due within one year
18
(2,173,533)
(2,319,644)
Net current assets
1,643,038
2,229,238
Total assets less current liabilities
3,811,132
4,147,300
Creditors: amounts falling due after more than one year
21
(90,232)
(154,013)
Provisions for liabilities
Deferred tax liability
22
127,546
139,525
(127,546)
(139,525)
Net assets
3,593,354
3,853,762
Capital and reserves
Called up share capital
24
1,798
722
Revaluation reserve
318,693
131,074
Profit and loss reserves
3,272,863
3,721,966
Total equity
3,593,354
3,853,762

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £451,394 (2022 - £643,288 profit).

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
29 August 2024
Mrs. R S Chapman
Director
Company Registration No. 01629011
DULAS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,798
133,192
3,518,254
3,653,244
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
765,370
765,370
Dividends
11
-
-
(68,000)
(68,000)
Transfers
-
(2,118)
2,118
-
Other movements
(1,076)
-
-
(1,076)
Balance at 31 December 2022
722
131,074
4,217,742
4,349,538
Year ended 31 December 2023:
Loss for the year
-
-
(111,267)
(111,267)
Other comprehensive income:
Revaluation of tangible fixed assets
-
189,911
-
189,911
Total comprehensive income
-
189,911
(111,267)
78,644
Transfers
-
(2,292)
2,292
-
Other movements
1,076
-
-
1,076
Balance at 31 December 2023
1,798
318,693
4,108,767
4,429,258
DULAS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,798
133,192
3,144,559
3,279,549
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
643,289
643,289
Dividends
11
-
-
(68,000)
(68,000)
Transfers
-
(2,118)
2,118
-
Other movements
(1,076)
-
-
(1,076)
Balance at 31 December 2022
722
131,074
3,721,966
3,853,762
Year ended 31 December 2023:
Profit for the year
-
-
(451,395)
(451,395)
Other comprehensive income:
Revaluation of tangible fixed assets
-
189,911
-
189,911
Total comprehensive income
-
189,911
(451,395)
(261,484)
Transfers
-
(2,292)
2,292
-
Other movements
1,076
-
-
1,076
Balance at 31 December 2023
1,798
318,693
3,272,863
3,593,354
DULAS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
426,782
518,293
Interest paid
(9,097)
(11,691)
Income taxes (paid)/refunded
(54,826)
38,477
Net cash inflow from operating activities
362,859
545,079
Investing activities
Purchase of intangible assets
(88,173)
(103,543)
Proceeds from disposal of intangibles
-
19,592
Purchase of tangible fixed assets
(400,469)
(561,601)
Proceeds from disposal of tangible fixed assets
37,802
8,703
Repayment of loans
800
(800)
Interest received
5,412
-
0
Net cash used in investing activities
(444,628)
(637,649)
Financing activities
Proceeds from issue of shares
1,076
(1,076)
Repayment of borrowings
(48,466)
(47,506)
Payment of finance leases obligations
(30,457)
(91,877)
Dividends paid to equity shareholders
-
0
(68,000)
Net cash used in financing activities
(77,847)
(208,459)
Net decrease in cash and cash equivalents
(159,616)
(301,029)
Cash and cash equivalents at beginning of year
1,627,053
1,928,082
Cash and cash equivalents at end of year
1,467,437
1,627,053
DULAS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(99,295)
220,917
Interest paid
(9,097)
(11,691)
Income taxes (paid)/refunded
(17,781)
38,477
Net cash (outflow)/inflow from operating activities
(126,173)
247,703
Investing activities
Purchase of intangible assets
(88,173)
(103,543)
Proceeds on disposal of intangibles
-
0
19,592
Purchase of tangible fixed assets
(355,636)
(388,939)
Proceeds on disposal of tangible fixed assets
20,655
8,703
Net cash used in investing activities
(423,154)
(464,187)
Financing activities
Proceeds from issue of shares
1,076
(1,076)
Repayment of borrowings
(48,466)
(47,506)
Payment of finance leases obligations
(30,457)
(91,877)
Dividends paid to equity shareholders
-
(68,000)
Net cash used in financing activities
(77,847)
(208,459)
Net decrease in cash and cash equivalents
(627,174)
(424,943)
Cash and cash equivalents at beginning of year
1,397,000
1,821,943
Cash and cash equivalents at end of year
769,826
1,397,000
DULAS LTD
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
1
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

Management estimation is required to determine a provision against items considered to be obsolete or those that are unlikely to achieve their carrying value when a sale is made. Stock is reviewed on a line by line basis to determine the required provision.

Warranty provisions

Management estimation is required in order to determine the value of warranty provision required against the relevant goods sold in the year. Historical warranty expenses are compared to prior sales to determine a ratio which is then applied to current period sales, along with reflection of known events, to determine the required provision.

2
Accounting policies
Company information

Dulas Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1, Dyfi Eco Park, Machynlleth, Powys, United Kingdom, SY20 8AX.

 

The group consists of Dulas Ltd and all of its subsidiaries.

2.1
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.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 22 -
2.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

2.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Dulas Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

2.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 23 -
2.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

2.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

2.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development costs
33% on cost
2.9
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.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 24 -

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:

Freehold land and buildings
3% on cost
Leasehold land and buildings
20% straight line
Plant and equipment
7 - 33% on cost
Fixtures and fittings
7 - 33% on cost
Motor vehicles
7 - 33% on cost

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 recognised in the profit and loss account.

2.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 25 -

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.

2.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

2.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 26 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. 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.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 27 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

2.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

2.16
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 group’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 if, and only if, there is 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.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 28 -
2.17
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.

2.18
Retirement benefits

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

2.19
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.21
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.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Renewable energy products and services
12,882,690
12,853,345
2023
2022
£
£
Other significant revenue
Interest income
5,412
-
Grants received
14,434
49,752
2023
2022
£
£
Turnover analysed by geographical market
UK
5,484,004
5,326,860
Europe
372,040
200,549
Rest of World
7,026,646
7,325,936
12,882,690
12,853,345
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange gains
(29,838)
(20,825)
Government grants
(14,434)
(49,752)
Depreciation of owned tangible fixed assets
248,363
185,136
Depreciation of tangible fixed assets held under finance leases
49,926
-
Loss/(profit) on disposal of tangible fixed assets
6,124
(8,703)
Amortisation of intangible assets
(124,019)
(142,867)
Operating lease charges
241,786
240,359
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
5
5
4
4
Technical & Administration
112
107
81
77
Total
117
112
85
81

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,110,974
2,548,199
2,114,083
1,732,750
Social security costs
294,662
269,041
199,894
186,188
Pension costs
253,366
216,754
224,146
197,015
3,659,002
3,033,994
2,538,123
2,115,953
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,950
18,950
Audit of the financial statements of the company's subsidiaries
9,950
6,550
30,900
25,500
For other services
Taxation compliance services
3,400
3,100
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
5,412
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5,412
-
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
6,013
7,488
Other finance costs:
Interest on finance leases and hire purchase contracts
3,084
4,203
Total finance costs
9,097
11,691
9
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
228,092
215,566
Company pension contributions to defined contribution schemes
34,248
29,550
262,340
245,116
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
100,678
101,522
Company pension contributions to defined contribution schemes
19,305
18,100
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(54,825)
55,004
Deferred tax
Origination and reversal of timing differences
(19,350)
105,217
Total tax (credit)/charge
(74,175)
160,221

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(185,442)
925,591
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(35,234)
175,862
Tax effect of expenses that are not deductible in determining taxable profit
11,956
(35,637)
Tax effect of income not taxable in determining taxable profit
-
0
(2,710)
Effect of change in corporation tax rate
(50,447)
49,331
Permanent capital allowances in excess of depreciation
88
-
0
Depreciation on assets not qualifying for tax allowances
(538)
-
0
Enhanced expenditure
-
0
(8,169)
Super deduction
-
0
(18,456)
Taxation (credit)/charge
(74,175)
160,221
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
-
49,950
Interim paid
-
18,050
-
68,000

No ordinary dividends were paid in the year. The directors do not recommend payment of a further dividend.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
330,609
(1,205,863)
828,743
(46,511)
Additions
-
0
-
0
88,173
88,173
At 31 December 2023
330,609
(1,205,863)
916,916
41,662
Amortisation and impairment
At 1 January 2023
236,061
(723,519)
702,897
215,439
Amortisation charged for the year
36,734
(241,173)
80,420
(124,019)
At 31 December 2023
272,795
(964,692)
783,317
91,420
Carrying amount
At 31 December 2023
57,814
(241,171)
133,599
(49,758)
At 31 December 2022
94,548
(482,344)
125,846
(261,950)
Company
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2023
330,609
828,743
1,159,352
Additions
-
0
88,173
88,173
At 31 December 2023
330,609
916,916
1,247,525
Amortisation and impairment
At 1 January 2023
236,061
702,897
938,958
Amortisation charged for the year
36,734
80,420
117,154
At 31 December 2023
272,795
783,317
1,056,112
Carrying amount
At 31 December 2023
57,814
133,599
191,413
At 31 December 2022
94,548
125,846
220,394
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
280,600
36,218
1,627,557
158,996
127,124
2,230,495
Additions
-
0
-
0
270,775
1,148
128,546
400,469
Disposals
-
0
-
0
(17,147)
-
0
(31,819)
(48,966)
Revaluation
139,400
-
0
-
0
-
0
-
0
139,400
At 31 December 2023
420,000
36,218
1,881,185
160,144
223,851
2,721,398
Depreciation and impairment
At 1 January 2023
42,093
17,204
753,016
125,790
40,098
978,201
Depreciation charged in the year
8,418
3,621
227,983
18,270
39,997
298,289
Eliminated in respect of disposals
-
0
-
0
(400)
-
0
(4,640)
(5,040)
Revaluation
(50,511)
-
0
-
0
-
0
-
0
(50,511)
At 31 December 2023
-
0
20,825
980,599
144,060
75,455
1,220,939
Carrying amount
At 31 December 2023
420,000
15,393
900,586
16,084
148,396
1,500,459
At 31 December 2022
238,507
19,014
874,541
33,206
87,026
1,252,294
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 35 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
280,600
1,203,737
147,460
125,209
1,757,006
Additions
-
0
227,090
-
0
128,546
355,636
Disposals
-
0
-
0
-
0
(31,819)
(31,819)
Revaluation
139,400
-
0
-
0
-
0
139,400
At 31 December 2023
420,000
1,430,827
147,460
221,936
2,220,223
Depreciation and impairment
At 1 January 2023
42,093
681,245
122,011
38,991
884,340
Depreciation charged in the year
8,418
178,972
12,776
39,189
239,355
Eliminated in respect of disposals
-
0
-
0
-
0
(4,640)
(4,640)
Revaluation
(50,511)
-
0
-
0
-
0
(50,511)
At 31 December 2023
-
0
860,217
134,787
73,540
1,068,544
Carrying amount
At 31 December 2023
420,000
570,610
12,673
148,396
1,151,679
At 31 December 2022
238,507
522,492
25,449
86,218
872,666
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
825,000
825,000
Unlisted investments
-
0
-
0
2
2
-
0
-
0
825,002
825,002
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
825,000
2
825,002
Carrying amount
At 31 December 2023
825,000
2
825,002
At 31 December 2022
825,000
2
825,002
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Polestar Cooling Limited
United Kingdom
Ordinary
100.00
Chillwind Limited (Dormant)
United Kingdom
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 6-7 Beeding Close, Bognor Regis, Sussex, England. PO22 9TS
2
Unit 3 Site 6, Dalcross Industrial Estate, Inverness. IV2 7XB
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Polestar Cooling Limited
1,931,751
128,629
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
88,567
75,957
88,567
75,957
Finished goods and goods for resale
2,541,432
2,857,850
1,426,195
1,696,334
2,629,999
2,933,807
1,514,762
1,772,291
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
891,728
876,990
714,877
703,840
Corporation tax recoverable
55,293
468
54,825
-
0
Amounts owed by group undertakings
-
-
62,223
20,947
Other debtors
367,984
331,718
367,984
330,918
Prepayments and accrued income
414,982
396,228
332,074
323,886
1,729,987
1,605,404
1,531,983
1,379,591
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
46,136
61,278
46,136
61,278
Other borrowings
19
48,000
48,000
48,000
48,000
Trade creditors
537,844
511,385
383,633
345,330
Amounts owed to group undertakings
-
0
-
0
213,544
307,010
Corporation tax payable
-
0
54,826
-
0
54,826
Other taxation and social security
161,649
163,923
35,410
54,340
Other creditors
343,186
129,922
330,020
124,812
Accruals and deferred income
1,435,624
1,478,178
1,116,790
1,324,048
2,572,439
2,447,512
2,173,533
2,319,644
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
125,308
173,774
125,308
173,774
Payable within one year
48,000
48,000
48,000
48,000
Payable after one year
77,308
125,774
77,308
125,774

The long-term loan is secured by fixed and floating charges over the assets of the company. The company has a commercial loan on which 2% interest per annum is charged.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
46,136
61,278
46,136
61,278
In two to five years
12,924
28,239
12,924
28,239
59,060
89,517
59,060
89,517

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. The average lease term is 2-3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
12,924
28,239
12,924
28,239
Other borrowings
19
77,308
125,774
77,308
125,774
90,232
154,013
90,232
154,013
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
231,091
214,684
Tax losses
(43,363)
-
Other short term timing differences
(1,533)
(9,139)
186,195
205,545
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
171,324
147,967
Tax losses
(43,363)
-
Other short term timing differences
(415)
(8,442)
127,546
139,525
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
205,545
139,525
Credit to profit or loss
(19,350)
(11,979)
Liability at 31 December 2023
186,195
127,546
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
253,366
216,754

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
94
47
94
47
Ordinary B of £1 each
1,704
675
1,704
675
1,798
722
1,798
722

Ordinary A shares carry full voting rights and must be sold back to the company at par once employment ceases.

 

Ordinary B shares carry full rights in respect of dividends and must be sold back to the company at par once employment ceases. They do not carry any voting rights.

 

25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
92,374
64,433
92,374
64,433
Between two and five years
299,670
114,120
299,670
114,120
In over five years
356,667
164,000
356,667
164,000
748,711
342,553
748,711
342,553
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
587,489
545,114
27
Controlling party

The company is controlled by its employees who in turn hold one voting share each. There is no ultimate controlling party of Dulas Limited.

28
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(111,267)
765,370
Adjustments for:
Taxation (credited)/charged
(74,175)
160,221
Finance costs
9,097
11,691
Investment income
(5,412)
-
0
Loss/(gain) on disposal of tangible fixed assets
6,124
(8,703)
Amortisation and impairment of intangible assets
(124,019)
(142,867)
Depreciation and impairment of tangible fixed assets
298,289
185,136
Movements in working capital:
Decrease/(increase) in stocks
303,808
(533,220)
(Increase)/decrease in debtors
(70,558)
520,110
Increase/(decrease) in creditors
194,895
(439,445)
Cash generated from operations
426,782
518,293
DULAS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
29
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
(Loss)/profit for the year after tax
(451,395)
643,289
Adjustments for:
Taxation (credited)/charged
(103,849)
122,142
Finance costs
9,097
11,691
Loss/(gain) on disposal of tangible fixed assets
6,524
(8,703)
Amortisation and impairment of intangible assets
117,154
98,306
Depreciation and impairment of tangible fixed assets
239,355
148,905
Movements in working capital:
Decrease/(increase) in stocks
257,529
(226,311)
(Increase)/decrease in debtors
(97,567)
547,545
Decrease in creditors
(76,143)
(1,115,947)
Cash (absorbed by)/generated from operations
(99,295)
220,917
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,627,053
(159,616)
1,467,437
Borrowings excluding overdrafts
(173,774)
48,466
(125,308)
Obligations under finance leases
(89,517)
30,457
(59,060)
1,363,762
(80,693)
1,283,069
31
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,397,000
(627,174)
769,826
Borrowings excluding overdrafts
(173,774)
48,466
(125,308)
Obligations under finance leases
(89,517)
30,457
(59,060)
1,133,709
(548,251)
585,458
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