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Registered number: 04836300










DALCOUR MACLAREN LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DALCOUR MACLAREN LIMITED
 
 
COMPANY INFORMATION


Directors
A Barker 
G Gray-Cheape 
J Neil 
A Robertson (resigned 14 March 2023)
M Ferens 
M J Lee 




Company secretary
G Gray-Cheape



Registered number
04836300



Registered office
The Barn
Bignell Park Barns

Chesterton

Bicester

Oxfordshire

OX26 1TD




Independent auditors
Wellers
Accountants & Statutory Auditors

Millweye Court

73 Southern Road

Thame

Oxon

OX9 2ED





 
DALCOUR MACLAREN LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Income and Retained Earnings
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13 - 14
Consolidated Statement of Changes in Equity
15 - 16
Company Statement of Changes in Equity
17 - 18
Consolidated Statement of Cash Flows
19
Consolidated Analysis of Net Debt
20
Notes to the Financial Statements
21 - 42


 
DALCOUR MACLAREN LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report on the Company for the year ending 31 December 2023. 

Business review
 
Dalcour Maclaren is a leading land and environmental consultancy, known for challenging the norm and delivering innovative professional services to the Energy, Utility and Infrastructure sectors.  2023 introduces the consolidated accounts of both Dalcour Maclaren and Dalcour Maclaren Ireland Limited.   
The directors are proud of the continued financial performance of the business during 2023 with turnover increasing by over 19% to £32.9m, generating an increased gross profit margin of 34%.  Company growth has stemmed from a combination of securing new clients, wider skills and services being provided through more innovative means and increased instructions from existing clients.
The Company has transformed well into a more sophisticated organisational structure to support expanding operations and delivering strategic goals, with key management roles throughout the structure responsible for optimising efficiency, driving innovation and facilitating growth.  Leadership throughout the structure is focussed on delivery of their business plans whilst continually developing strategic plans with the Executive Team.
The directors wish to commend the exceptional efforts of every employee, each of whom have contributed towards our One Team focus to create a unique and vibrant culture providing an unrivalled level of service to clients.  We are also proud to have supported communities throughout the UK and Ireland through our recruitment from an increasingly wider demographic enabling for a richer diversity of the Dalcour Maclaren team, together with a gender split of 51%f:49%m and an industry leading gender pay gap performance.
2023 saw increased levels of investment in our People ensuring career visibility and happiness are the norm at Dalcour Maclaren as we focus and strive to always be the Employer of Choice.  The inhouse DM Academy provided a record number of hours supporting both career and personal development of our staff, ensuring we have the absolute best people delivering our services across the UK and Ireland.  
Our investment, development and use of bespoke industry focused technological solutions is critical to our long-term success.  We have, and intend to continue, increasing levels of investment in both our people and our technology ensuring we retain our place as the Employer of Choice for our existing and future colleagues and the Supplier of Choice for our valued clients.
We remain steadfastly committed to minimising the negative and maximising the positive impact we have on our world, as we head towards achieving our goal of net zero emissions across all scopes by 2030.  Our emissions data is now captured live and monitored against our Science Based Targets, all of which is accredited to our ISO50001 certification.
During 2023 the entire company is proud to have raised £50,000 for Alzheimer’s Research UK through a series of fun events participated by all staff throughout the year.  
We have retained our Ecovadis silver medal, ranking our CSR (Corporate Social Responsibility) performance in the top 15% of companies being assessed globally.  We aim to elevate this to a gold medal in 2024 putting Dalcour Maclaren in the top 5%.  Our CSR working group has a clear strategy and implementation plan to deliver record emissions reductions and brave positive contributions to communities throughout 2024, all aligned with the UN's Sustainable Development Goals and underpinned by science-based targets.
Business Environment
Our skills and professional services are increasingly being called upon across the Utilities and Infrastructure sectors, as legislative requirements and project delivery complexities increase.  We see an increased requirement for us to support our clients with the challenges faced in delivering Net Zero, water, energy security,
Page 1

 
DALCOUR MACLAREN LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

biodiversity and natural resource management; all during a future of population growth and substantial housebuilding. 
Decades of government underspend on infrastructure, combined with regulatory bodies having focused on affordability of bills rather than investment for the future, has brought a very current need to catch up.  Our niche focus on these sectors puts DM in a unique position to support across so many exciting future opportunities. 

Principal risks and uncertainties
 
Attracting and retaining the best talent remains a risk for Dalcour Maclaren, as it does across the entire industry. We are investing more than ever in our People; empowering and developing colleagues to embrace both the challenges and opportunities ahead.  Competition for resource remains high, as it does across many professional service organisations, however through our genuine focus on being the employer of choice with a community culture and to provide the highest levels of service to clients, we are mitigating this risk. 
 
Changing Government Policy across our clients' scopes of industry poses a risk, especially with our projects being delivered over many years with governments and policies often changing more regularly.  This risk exists across many other industries and businesses but is relevant to the Company due to the fast-changing environment of utilities, energy and infrastructure. 

Financial key performance indicators
 
Primarily the Company monitors its performance using KPIs in the areas of people opportunities, happiness and client satisfaction scores.  Our Gender Pay Gap Report is available separately on the Company's website.   
Set out below are the Financial KPIs:


2023
2022
2021
2020
Turnover Growth

£5.40m

£4.81m

£4.30m
 
£4.26m
 
GP Margin %

34%

33%

31%
 
35%
 

Future Developments
 
The future remains exciting for Dalcour Maclaren as the opportunities to contribute towards a cleaner, greener and growing world directly aligns with the Company’s capabilities. The Directors will continue to implement ambitious people and technology strategies creating opportunities for all. As a visionary organisation, our passion for innovation and technology enables us to embrace the power of data and artificial intelligence. We aim to offer industry firsts and bespoke solutions to our clients bringing speed, transparency, automation and value to their projects.  


This report was approved by the board and signed on its behalf.



G Gray-Cheape
Director

Date: 14 August 2024

Page 2

 
DALCOUR MACLAREN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company's principal activity throughout the period was that of providing specialist land and environmental services to the land, energy and infrastructure sectors.

Results and dividends

The profit for the year, after taxation, amounted to £1,893,614 (2022 - £2,449,957).

Directors

The directors who served during the year and their interests in the Group's issued share capital were:

Ordinary A shares
of 1p each
Ordinary B shares
of £1 each
Ordinary C shares
of 1p each

31/12/23

1/1/23


31/12/23

1/1/23


31/12/23

1/1/23


A Barker 
2,404
2,404
1
1
1
1
G Gray-Cheape 
3,400
3,400
1
1
1
1
J Neil 
6,396
6,396
1
1
1
1
A Robertson (resigned 14 March 2023)
-
1,000
-
1
-
1
M Ferens 
269
269
1
1
-
-
M J Lee 
151
151
1
1
-
-


Page 3

 
DALCOUR MACLAREN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Environmental matters

The Board is proud of the progress being made to minimise our adverse impacts on the environment.  Dalcour Maclaren's Silver award from Ecovadis places us among the top 15% of globally ranked businesses, recognising our outstanding Sustainability program.  We are resolutely committed to improving our ranking to make a positive difference to our business and the environment in which we work.

Future developments

Of note in 2024, we will occupy our new Head Office, which together with our Bristol office has an A+ EPC rating.  Bold initiatives are also being implemented to substantially reduce emissions from travel.
Our embedded carbon emissions data capture and reporting enables accurate visibility of our progress to achieve Net Zero across all scopes by 2023 using a Science Based Target approach.
We remain committed to continuously reducing our impacts while inspiring others to join our cause. Our empowered teams are dedicated to managing future developments, ensuring they bring about genuine and meaningful improvements to our communities.
 

Engagement with employees

Developing the ability to understand the key messages of the wider employee base continues to be a focus for our business.  Over the past two years our employees have become comfortable in reporting opinions using external employee engagement survey providers.  This level of confidence is demonstrated through exceptional response rates.  During this period, we integrated survey providers Peakon into our systems, ensuring we a greater ability to interrogate the data, increase our understanding of what is important and build response plans that will support our goal of becoming a recognised ‘Employer of Choice’.   Information gleaned from the Peakon survey is already informing the development of employment policies and practice with particular focus on Culture and flexible working patterns.
Our continued expansion in terms of geography and developing business activity will result in Dalcour Maclaren exceeding the 500-employee mark during 2024.  Whilst this is an internal milestone, it strengthens our offer as a stable organisation able to provide solid career development and progression.  We know this to be a key consideration for prospective employees and the continued development of the DM Academy underpins our proposition of being an employer you can professionally grow with.  Our activities this year to attract talent from wider sources is also paying off with new university relationships being established and new apprenticeships being introduced into other parts of the business.
Our focus on skills, talent & leadership have reached significant milestones this year through projects focussing specifically on knowledge, skills & technical capabilities and the continued development of our leadership capabilities.  Both projects will unlock capacity and expertise that can be targeted at the greatest opportunities together with effective and focused leadership.
During the period the directors confirm that the company has applied policies for giving full and fair consideration to applications for employment by the company made by disabled persons, having regard to their aptitudes and abilities.  In addition, policy has been applied for continuing the employment of, and for arranging appropriate training for, employees of the company who have become disabled persons during the period when they were employed by the company, and otherwise for the training, career development and promotion of disabled persons employed by the company.      

Page 4

 
DALCOUR MACLAREN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
-  so far as the director is aware, there is no relevant audit information of which the Company's auditors are
unaware, and
-  the director has taken all the steps that ought to have been taken as a director in order to be aware of
any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Following the year end, the company issued 3,384 ordinary £0.001 D shares for a consideration of £272,649.

Auditors

The auditorsWellerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



G Gray-Cheape
Director
Date: 14 August 2024

Page 5

 
DALCOUR MACLAREN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DALCOUR MACLAREN LIMITED
 

Opinion


We have audited the financial statements of Dalcour Maclaren Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
DALCOUR MACLAREN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DALCOUR MACLAREN LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

 
DALCOUR MACLAREN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DALCOUR MACLAREN LIMITED (CONTINUED)



Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and  enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were
shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial
reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with
governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of
board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing
transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


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. 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.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and,
Page 8

 
DALCOUR MACLAREN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DALCOUR MACLAREN LIMITED (CONTINUED)


based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 Auditors' 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.



Stuart Peter Crook (Senior Statutory Auditor)
for and on behalf of
Wellers
Accountants
Statutory Auditors
Millweye Court
73 Southern Road
Thame
Oxon
OX9 2ED

16 August 2024
Page 9

 
DALCOUR MACLAREN LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
32,669,569
27,914,792

Cost of sales
  
(21,643,225)
(18,814,358)

Gross profit
  
11,026,344
9,100,434

Administrative expenses
  
(8,457,170)
(6,840,866)

Operating profit
 5 
2,569,174
2,259,568

Interest receivable and similar income
 9 
143
8,495

Interest payable and similar expenses
 10 
(31,557)
-

Profit before tax
  
2,537,760
2,268,063

Tax on profit
 11 
(644,146)
181,894

Profit after tax
  
1,893,614
2,449,957

  

  

Retained earnings at the beginning of the year
  
7,573,216
6,195,759

  
7,573,216
6,195,759

Profit for the year attributable to the owners of the parent
  
1,893,614
2,449,957

Dividends declared and paid
  
(975,767)
(1,072,500)

Retained earnings at the end of the year
  
8,491,063
7,573,216

Non-controlling interest at the end of the year
  

The notes on pages 21 to 42 form part of these financial statements.

Page 10

 
DALCOUR MACLAREN LIMITED
REGISTERED NUMBER: 04836300

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
849,553
1,163,041

Tangible assets
 14 
515,589
695,394

  
1,365,142
1,858,435

Current assets
  

Debtors: amounts falling due within one year
 16 
9,016,656
9,286,667

Cash at bank and in hand
 17 
1,829,326
1,114,655

  
10,845,982
10,401,322

Creditors: amounts falling due within one year
 18 
(4,180,526)
(4,259,570)

Net current assets
  
 
 
6,665,456
 
 
6,141,752

Total assets less current liabilities
  
8,030,598
8,000,187

Provisions for liabilities
  

Deferred taxation
 20 
(154,798)
(178,426)

Other provisions
 21 
(59,334)
(40,617)

  
 
 
(214,132)
 
 
(219,043)

Net assets
  
7,816,466
7,781,144


Capital and reserves
  

Called up share capital 
 22 
131
142

Share premium account
 23 
207,717
207,717

Capital redemption reserve
 23 
80
69

Profit and loss account
 23 
7,608,538
7,573,216

Equity attributable to owners of the parent Company
  
7,816,466
7,781,144

  
7,816,466
7,781,144


Page 11

 
DALCOUR MACLAREN LIMITED
REGISTERED NUMBER: 04836300
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2024.




J Neil
Director

The notes on pages 21 to 42 form part of these financial statements.

Page 12

 
DALCOUR MACLAREN LIMITED
REGISTERED NUMBER: 04836300

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
849,553
1,163,041

Tangible assets
 14 
515,589
695,394

Investments
 15 
86
86

  
1,365,228
1,858,521

Current assets
  

Debtors: amounts falling due within one year
 16 
9,131,588
9,286,581

Cash at bank and in hand
 17 
1,690,171
1,114,655

  
10,821,759
10,401,236

Creditors: amounts falling due within one year
  
(4,162,527)
(4,259,570)

Net current assets
  
 
 
6,659,232
 
 
6,141,666

Total assets less current liabilities
  
8,024,460
8,000,187

  

Provisions for liabilities
  

Deferred taxation
 20 
(154,798)
(178,426)

Other provisions
 21 
(59,334)
(40,617)

  
 
 
(214,132)
 
 
(219,043)

Net assets
  
7,810,328
7,781,144


Capital and reserves
  

Called up share capital 
 22 
131
142

Share premium account
 23 
207,717
207,717

Capital redemption reserve
 23 
80
69

Profit and loss account brought forward
  
7,573,216
6,195,759

Profit for the year
  
1,887,476
2,449,957

Other changes in the profit and loss account

  

(1,858,292)
(1,072,500)

Profit and loss account carried forward
  
7,602,400
7,573,216

  
7,810,328
7,781,144


Page 13

 
DALCOUR MACLAREN LIMITED
REGISTERED NUMBER: 04836300
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2024.


J Neil
Director

The notes on pages 21 to 42 form part of these financial statements.

Page 14

 

 
DALCOUR MACLAREN LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£


At 1 January 2022
142
207,717
69
6,195,759
6,403,687
6,403,687



Comprehensive income for the year


Profit for the year

-
-
-
2,449,957
2,449,957
2,449,957



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
2,449,957
2,449,957
2,449,957



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(1,072,500)
(1,072,500)
(1,072,500)



Total transactions with owners
-
-
-
(1,072,500)
(1,072,500)
(1,072,500)




At 1 January 2023
142
207,717
69
7,573,216
7,781,144
7,781,144



Comprehensive income for the year


Profit for the year

-
-
-
1,893,614
1,893,614
1,893,614



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
1,893,614
1,893,614
1,893,614
Page 15

 

 
DALCOUR MACLAREN LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023




Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(975,767)
(975,767)
(975,767)


Purchase of own shares
-
-
11
(882,525)
(882,514)
(882,514)


Shares redeemed during the year
(11)
-
-
-
(11)
(11)



Total transactions with owners
(11)
-
11
(1,858,292)
(1,858,292)
(1,858,292)



At 31 December 2023
131
207,717
80
7,608,538
7,816,466
7,816,466



The notes on pages 21 to 42 form part of these financial statements.

Page 16

 
DALCOUR MACLAREN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
142
207,717
69
7,573,216
7,781,144


Comprehensive income for the year

Profit for the year

-
-
-
1,887,476
1,887,476


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
1,887,476
1,887,476


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(975,767)
(975,767)

Purchase of own shares
-
-
11
(882,525)
(882,514)

Shares redeemed during the year
(11)
-
-
-
(11)


Total transactions with owners
(11)
-
11
(1,858,292)
(1,858,292)


At 31 December 2023
131
207,717
80
7,602,400
7,810,328


The notes on pages 21 to 42 form part of these financial statements.

Page 17

 
DALCOUR MACLAREN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
142
207,717
69
6,195,759
6,403,687


Comprehensive income for the year

Profit for the year

-
-
-
2,449,957
2,449,957


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
2,449,957
2,449,957


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,072,500)
(1,072,500)


Total transactions with owners
-
-
-
(1,072,500)
(1,072,500)


At 31 December 2022
142
207,717
69
7,573,216
7,781,144


The notes on pages 21 to 42 form part of these financial statements.

Page 18

 
DALCOUR MACLAREN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,893,614
2,449,957

Adjustments for:

Amortisation of intangible assets
734,650
648,121

Depreciation of tangible assets
372,983
393,852

Interest paid
31,557
-

Interest received
(143)
(8,495)

Taxation charge
644,146
(181,894)

Decrease/(increase) in debtors
270,339
(1,976,553)

(Decrease)/increase in creditors
(807,071)
767,542

Increase in provisions
18,717
40,617

Corporation tax received/(paid)
59,923
(301,170)

Net cash generated from operating activities

3,218,715
1,831,977


Cash flows from investing activities

Purchase of intangible fixed assets
(421,162)
(867,724)

Purchase of tangible fixed assets
(193,176)
(420,773)

Purchase of fixed asset investments
-
(86)

Interest received
143
8,495

Net cash from investing activities

(614,195)
(1,280,088)

Cash flows from financing activities

Purchase of ordinary shares
(882,525)
-

Dividends paid
(975,767)
(1,072,500)

Interest paid
(31,557)
-

Net cash used in financing activities
(1,889,849)
(1,072,500)

Net increase/(decrease) in cash and cash equivalents
714,671
(520,611)

Cash and cash equivalents at beginning of year
1,114,655
1,635,266

Cash and cash equivalents at the end of year
1,829,326
1,114,655


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,829,326
1,114,655

1,829,326
1,114,655


Page 19

 
DALCOUR MACLAREN LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,114,655

714,671

1,829,326


1,114,655
714,671
1,829,326

The notes on pages 21 to 42 form part of these financial statements.

Page 20

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

 
1.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2016.

 
1.3

Going concern

The accounts have been prepared on a going concern basis. 

Page 21

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
1.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. 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 turnover is recognised:

Rendering of services

Turnover 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:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 22

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
1.8

Interest income

Interest income is recognised in profit or loss as it becomes due.

 
1.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.10

Pensions

Defined contribution pension plan

The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3
years

 
1.13

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Page 24

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.13
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% straight line
Office equipment
-
25% straight line
Computer equipment
-
33% 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 profit or loss.

 
1.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
1.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

 
1.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 25

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
1.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
1.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 26

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Page 27

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.21
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
1.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 28

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


General information

Dalcour Maclaren Limited is a private company limited by shares. Incorporated in England, United Kingdom whose registered office is The Barn, Bignell Park Barns, Chesterton, Bicester, Oxfordshire, OX26 1TD.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements the directors' make a number of judgements and assumptions about the recognition and measurement of assets and liabilities. These key estimates are considered to Include:
Property, plant and equipment and intangible assets are depreciated over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of the asset, it's projected disposal value and future market conditions are taken into account.
The valuation of amounts recoverable on contracts and the recoverability of debtors are a principle estimate that could have a significant impact upon the company's financial results. 
 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Professional services
32,669,569
27,914,792

32,669,569
27,914,792


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
1,778
-

Operating lease rentals
940,824
637,538

Page 29

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
18,750
11,480


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
17,072,970
14,345,964
17,048,365
14,345,964

Social security costs
1,781,857
1,500,281
1,779,627
1,500,281

Cost of defined contribution scheme
836,624
840,249
836,624
840,249

19,691,451
16,686,494
19,664,616
16,686,494


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
5
6
5
6



Cost of sales
414
360
414
360



Administration
33
25
33
25

452
391
452
391

Page 30

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
468,125
645,274

Group contributions to defined contribution pension schemes
33,159
36,000

501,284
681,274


The highest paid director received remuneration of £91,000 (2022 - £80,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £33,159 (2022 - £36,000).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
143
8,495

143
8,495


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
31,557
-

31,557
-

Page 31

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
667,307
221,304

Adjustments in respect of previous periods
-
(274,310)


667,307
(53,006)

Foreign tax


Foreign tax on income for the year
468
-

468
-

Total current tax
667,775
(53,006)

Deferred tax


Origination and reversal of timing differences
(23,629)
(128,888)

Total deferred tax
(23,629)
(128,888)


Taxation on profit/(loss) on ordinary activities
644,146
(181,894)
Page 32

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,537,760
2,268,063


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (19% to 31 March 2023 & 25% to 31 December 2024) (2022 - 19%)
596,374
430,932

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
31,666
35,294

Capital allowances for year in excess of depreciation
35,239
(35,406)

Short-term timing difference leading to an increase (decrease) in taxation
4,997
630

Other timing differences leading to an increase (decrease) in taxation
(23,629)
(128,888)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(484,456)

Other differences leading to an increase (decrease) in the tax charge
(501)
-

Total tax charge for the year
644,146
(181,894)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Ordinary A
694,934
750,000


Ordinary B
280,833
322,500

975,767
1,072,500

Page 33

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group





Development expenditure

£



Cost


At 1 January 2023
3,192,040


Additions
421,162



At 31 December 2023

3,613,202



Amortisation


At 1 January 2023
2,028,999


Charge for the year on owned assets
734,650



At 31 December 2023

2,763,649



Net book value



At 31 December 2023
849,553



At 31 December 2022
1,163,041



Page 34

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           13.Intangible assets (continued)

Company




Development expenditure

£



Cost


At 1 January 2023
3,192,040


Additions
421,162



At 31 December 2023

3,613,202



Amortisation


At 1 January 2023
2,028,999


Charge for the year
734,650



At 31 December 2023

2,763,649



Net book value



At 31 December 2023
849,553



At 31 December 2022
1,163,041

Page 35

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
641,049
21,794
1,123,080
1,785,923


Additions
45,792
-
147,384
193,176



At 31 December 2023

686,841
21,794
1,270,464
1,979,099



Depreciation


At 1 January 2023
340,822
19,868
729,838
1,090,528


Charge for the year on owned assets
118,905
1,446
252,631
372,982



At 31 December 2023

459,727
21,314
982,469
1,463,510



Net book value



At 31 December 2023
227,114
480
287,995
515,589



At 31 December 2022
300,227
1,926
393,241
695,394

Page 36

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Company






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£

Cost or valuation


At 1 January 2023
641,049
21,794
1,123,080
1,785,923


Additions
45,792
-
147,384
193,176



At 31 December 2023

686,841
21,794
1,270,464
1,979,099



Depreciation


At 1 January 2023
340,822
19,868
729,838
1,090,528


Charge for the year on owned assets
118,905
1,446
252,631
372,982



At 31 December 2023

459,727
21,314
982,469
1,463,510



Net book value



At 31 December 2023
227,114
480
287,995
515,589



At 31 December 2022
300,227
1,926
393,241
695,394





The net book value of land and buildings may be further analysed as follows:





15.


Fixed asset investments

Page 37

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
86



At 31 December 2023
86





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Dalcour Maclaren Ireland Limited
Block 3, Harcourt Centre, Harcourt Road, Dublin 2, Ireland, D02 A339
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Dalcour Maclaren Ireland Limited
7,100
7,014




16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
7,276,681
7,336,359
7,261,738
7,336,359

Amounts owed by group undertakings
-
-
130,670
-

Other debtors
7,607
4,176
6,846
4,090

Prepayments and accrued income
792,894
742,607
792,860
742,607

Amounts recoverable on long-term contracts
939,474
1,203,525
939,474
1,203,525

9,016,656
9,286,667
9,131,588
9,286,581

Page 38

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.Debtors (continued)



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,829,326
1,114,655
1,690,171
1,114,655

1,829,326
1,114,655
1,690,171
1,114,655



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Payments received on account
177,067
315,966
177,067
315,966

Trade creditors
597,459
1,041,463
597,257
1,041,463

Corporation tax
667,307
(60,721)
667,307
(60,721)

Other taxation and social security
2,211,455
2,450,691
2,207,963
2,450,691

Other creditors
257,144
356,611
257,144
356,611

Accruals and deferred income
270,094
155,560
255,789
155,560

4,180,526
4,259,570
4,162,527
4,259,570



19.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
9,082,581
8,451,011


Financial liabilities

Financial liabilities measured at amortised cost
(774,327)
(1,357,427)

Page 39

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation


Group





2023
2022


£

£






At beginning of year
(178,426)
(307,314)


Charged to profit or loss
23,628
128,888



At end of year
(154,798)
(178,426)

Company




2023
2022


£

£






At beginning of year
(178,426)
(307,314)


Charged to profit or loss
23,628
128,888



At end of year
(154,798)
(178,426)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(154,798)
(178,426)
(154,798)
(178,426)

(154,798)
(178,426)
(154,798)
(178,426)


21.


Provisions


Group and Company





Dilapidation provision

£





At 1 January 2023
40,617


Charged to profit or loss
18,717



At 31 December 2023
59,334

Page 40

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



12,620 (2022 - 13,620) Ordinary A shares of £0.01 each
126
136
5 (2022 - 6) Ordinary B shares of £1.00 each
5
6
3 (2022 - 4) Ordinary C shares of £0.01 each
-
-

131

142

The company carried out a share buyback transaction in the year to repurchase 1,000 Ordinary A, 1 Ordinary B & 1 Ordinary C shares for a consideration of £882,525.



23.


Reserves

Share premium account

The share premium from previously issued share capital is reflected in these accounts. No share capital was issued in the year. 

Profit and loss account

Profit for the financial year is £1,893.614.


24.


Pension commitments

The  company  contributes to  a  defined  contributions  pension  scheme.  The  assets  of  the  scheme  are  held separately  from those of the  company in an independently  administered fund.  The pension  cost charge represents  contributions  payable  by  the  company  to  the  fund  and  amounted  to  £836,625 (2022 - £840,249).


25.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
Group
£
£


Not later than 1 year
1,050,000
622,060

Later than 1 year and not later than 5 years
2,409,750
1,121,051

Later than 5 years
2,604,000
745,520

6,063,750
2,488,631

Page 41

 
DALCOUR MACLAREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Post balance sheet events

Following the year end, the company issued 3,384 ordinary £0.001 D shares for a consideration of £272,649.


27.


Controlling party

During this and the preceding year the company had no overall controlling party.

 
Page 42