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REGISTERED NUMBER: 02508699 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

DUDLEY ASSOCIATES LIMITED

DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DUDLEY ASSOCIATES LIMITED

COMPANY INFORMATION
for the year ended 30 November 2023







DIRECTORS: A J McIntyre
J W Churchard





SECRETARY: A J McIntyre





REGISTERED OFFICE: 3 Elizabethan Way
Lutterworth
Leicestershire
LE17 4ND





REGISTERED NUMBER: 02508699 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699)

BALANCE SHEET
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 567,584 713,112

CURRENT ASSETS
Stocks 343,434 472,281
Debtors 5 446,707 436,154
Cash at bank and in hand 288,745 265,563
1,078,886 1,173,998
CREDITORS
Amounts falling due within one year 6 (469,973 ) (573,750 )
NET CURRENT ASSETS 608,913 600,248
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,176,497

1,313,360

CREDITORS
Amounts falling due after more than one
year

7

(440,915

)

(560,990

)

PROVISIONS FOR LIABILITIES 11 (59,076 ) (81,002 )
NET ASSETS 676,506 671,368

CAPITAL AND RESERVES
Called up share capital 10,004 10,004
Retained earnings 666,502 661,364
SHAREHOLDERS' FUNDS 676,506 671,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:




A J McIntyre - Director


DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2023


1. STATUTORY INFORMATION

Dudley Associates Limited is a private company, limited by shares, registered in England and Wales, registration number 02508699. The address of the registered office is 3 Elizabethan Way, Lutterworth, Leicestershire, LE17 4ND.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is sterling (£) and amounts are rounded to the nearest £1.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

i) the amount of revenue can be measured reliably;
ii) it is probable that the Company will receive the consideration due under the contract;
iii) the stage of completion of the contract at the end of the reporting period can be measured reliably; and
iv) the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line basis, as indicated below.

Improvements to property-straight line over the shorter of the lease term and useful economic life
Plant and machinery-10 - 20% straight line
Fixtures and fittings-10% straight line
Computer equipment-33% straight line
Motor vehicles-25% Straight line


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

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

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in the profit and loss account except that a charge attributable to an item of income and
expense recognised as other comprehensive income or to an item recognised directly in equity is also
recognised in the profit and loss account or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

i) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and

ii) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful economic lives.

The interest element of these obligations is charged to the profit and loss account on a straight line basis over the period of the lease.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 28 ) .

DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 222,043 2,040,948 58,205
Additions 7,485 42,377 -
Disposals - (44,000 ) -
At 30 November 2023 229,528 2,039,325 58,205
DEPRECIATION
At 1 December 2022 178,125 1,428,279 56,620
Charge for year 7,846 144,992 377
Eliminated on disposal - (21,500 ) -
At 30 November 2023 185,971 1,551,771 56,997
NET BOOK VALUE
At 30 November 2023 43,557 487,554 1,208
At 30 November 2022 43,918 612,669 1,585

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 53,170 290,507 2,664,873
Additions - 3,000 52,862
Disposals - - (44,000 )
At 30 November 2023 53,170 293,507 2,673,735
DEPRECIATION
At 1 December 2022 15,521 273,216 1,951,761
Charge for year 13,292 9,383 175,890
Eliminated on disposal - - (21,500 )
At 30 November 2023 28,813 282,599 2,106,151
NET BOOK VALUE
At 30 November 2023 24,357 10,908 567,584
At 30 November 2022 37,649 17,291 713,112


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 364,305 282,734
Other debtors 3,460 81,473
Prepayments 78,942 71,947
446,707 436,154

DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 8) 102,689 96,748
Hire purchase contracts (see note 9) 30,714 49,194
Trade creditors 185,600 207,270
Tax 1,425 -
Social security and other taxes 18,714 20,231
VAT 51,655 61,008
Other creditors 63,111 66,639
Directors' current accounts - 50,000
Accruals and deferred income 16,065 22,660
469,973 573,750

At the year end unpaid pension contributions totalling £8,153 (2022: £6,646) are included in other creditors.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans (see note 8) 136,701 239,390
Hire purchase contracts (see note 9) 54,214 71,600
Directors' loan accounts 250,000 250,000
440,915 560,990

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans 102,689 96,748

Amounts falling due between two and five years:
Other loans - 2-5 years 136,701 239,390

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 30,714 49,194
Between one and five years 54,214 71,600
84,928 120,794

DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 84,928 120,794

Hire purchase debts are secured on the assets to which they relate.

The invoice discounting facility is secured by a debenture over the assets of the company. The debenture contains both fixed and floating charges. The floating charge covers all the property or undertaking of the company.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 78,011 130,874
Tax losses carried forward (18,935 ) (49,872 )
59,076 81,002

Deferred
tax
£   
Balance at 1 December 2022 81,002
Utilised during year (21,926 )
Balance at 30 November 2023 59,076

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year £10,000 (2022: £12,000) of consultancy fees were incurred from a company controlled by a director of Dudley Associates Limited. At 30 November 2023 £NIL (2022: £1,000) was owed to this company.

During the year £84,000 (2021: £79,903) of lease rentals were incurred from a company controlled by a director of Dudley Associates Limited. At 30 November 2023 £NIL (2022: £2,569) was owed to this company.

During the year £42,000 (2022: £38,333) of lease rentals were incurred from a company controlled by a director of Dudley Associates Limited. At 30 November 2023 £NIL (2022: £1,377) was owed to this company.