Company Registration No. 03090769 (England and Wales)
Dacre, Son & Hartley Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Dacre, Son & Hartley Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
Dacre, Son & Hartley Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
682,233
750,222
Investments
5
101
101
682,334
750,323
Current assets
Debtors
8
1,063,099
851,202
Investments
9
77,620
Cash at bank and in hand
1,304,215
2,621,640
2,367,314
3,550,462
Creditors: amounts falling due within one year
10
(650,943)
(609,367)
Net current assets
1,716,371
2,941,095
Total assets less current liabilities
2,398,705
3,691,418
Creditors: amounts falling due after more than one year
11
(126,428)
(181,488)
Provisions for liabilities
(69,447)
(71,027)
Net assets
2,202,830
3,438,903
Capital and reserves
Called up share capital
12
50,222
86,157
Capital redemption reserve
81,528
45,593
Own shares
(362,127)
(362,127)
Profit and loss reserves
2,433,207
3,669,280
Total equity
2,202,830
3,438,903
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Dacre, Son & Hartley Limited
Statement of financial position (continued)
As at 31 December 2023
2
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
P J McCutcheon
Director
Company Registration No. 03090769
Dacre, Son & Hartley Limited
Statement of changes in equity
For the year ended 31 December 2023
3
Share capital
Capital redemption reserve
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
86,157
45,593
(362,127)
4,042,293
3,811,916
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
75,713
75,713
Dividends
-
-
-
(448,726)
(448,726)
Balance at 31 December 2022
86,157
45,593
(362,127)
3,669,280
3,438,903
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(268,813)
(268,813)
Dividends
-
-
-
(296,228)
(296,228)
Own shares acquired
(35,935)
35,935
(671,032)
(671,032)
Balance at 31 December 2023
50,222
81,528
(362,127)
2,433,207
2,202,830
Dacre, Son & Hartley Limited
Notes to the financial statements
For the year ended 31 December 2023
4
1
Accounting policies
Company information
Dacre, Son & Hartley Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dacre Son & Hartley, 1-5 The Grove, Ilkley, LS29 9HS.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements the directors have a reasonable expectation that the company 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. The directors have prepared, reviewed and discussed forecasts and are confident that the company will continue to be a going concern for at least twelve months after the date of signing the accounts.
1.3
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
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
2% per annum on buildings
Leasehold improvements
10 to 15% per annum
Fixtures and fittings
15% per annum
Computers
33% per annum
Dacre, Son & Hartley Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
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 credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.7
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.
1.8
Financial instruments
The company 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 company's statement of financial position when the company 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 debtors, 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.
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 company after deducting all of its liabilities.
Dacre, Son & Hartley Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6
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.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
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 income statement 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 company’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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.
Dacre, Son & Hartley Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
7
1.11
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.
The company has set up an Employee Benefit Trust for the benefit of its employees. The trust is constituted as an employees' share scheme under section 1166 of the Companies Act 2006. The company has de facto control of the shares held by the trust and bears their benefits and risks, and thus records the assets and liabilities of the trust as its own. Consideration paid by the Employee Benefit Trust for shares of the company is deducted from equity until such time that the equity instruments vest unconditionally with employees. Finance costs and administrative expenses incurred by the company in relation to the Employee Benefit Trust are recognised on an accruals basis.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 statement of financial position 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 leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’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. Management do not believe there to be any critical accounting judgements or key sources of estimation uncertainty applied in the preparation of these financial statements.
Dacre, Son & Hartley Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
101
98
4
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
1,057,549
774,810
695,075
239,460
2,766,894
Additions
46,595
23,063
13,515
83,173
At 31 December 2023
1,057,549
821,405
718,138
252,975
2,850,067
Depreciation and impairment
At 1 January 2023
620,451
570,466
665,237
160,518
2,016,672
Depreciation charged in the year
30,678
34,132
21,522
64,830
151,162
At 31 December 2023
651,129
604,598
686,759
225,348
2,167,834
Carrying amount
At 31 December 2023
406,420
216,807
31,379
27,627
682,233
At 31 December 2022
437,098
204,344
29,838
78,942
750,222
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
101
101
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Dacre, Son & Hartley Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
Subsidiaries (continued)
9
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Dacres Commercial Limited
As above
Commercial property consultancy
Ordinary shares
100
-
Dacres Limited
As above
Dormant
Ordinary shares
100
-
Dacres Company Secretarial Ltd
As above
Dormant
Ordinary shares
100
-
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)
£
£
Dacres Commercial Limited
82,631
14,833
Dacres Limited
1
Dacres Company Secretarial Ltd
1
7
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
77,620
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
407,726
370,134
Corporation tax recoverable
31,403
44,997
Other debtors
1,041
Prepayments and accrued income
623,970
435,030
1,063,099
851,202
9
Current asset investments
2023
2022
£
£
Listed investments
77,620
Dacre, Son & Hartley Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
10
10
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
27,145
27,067
Obligations under finance leases
1,440
Other borrowings
29,518
29,518
Trade creditors
119,429
84,258
Amounts owed to group undertakings
99,692
37,322
Corporation tax
34,592
Other taxation and social security
211,535
149,264
Other creditors
1,492
Accruals and deferred income
160,692
247,346
650,943
609,367
11
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
36,193
63,415
Obligations under finance leases
1,680
Other borrowings
88,555
118,073
126,428
181,488
The bank loan is secured on a freehold property in Harrogate. Interest on this loan is payable at 1.75% above base rate. The bank loan is repayable in annual instalments of £27,145 with amounts repayable after five years of £nil. The loan was fully repaid after the year end.
Finance leases represents the supply of equipment from BNP Paribas Leasing Solutions Ltd. The finance lease is interest free and repayable in monthly instalments of £120 with amounts repayable after five years of £nil.
Other borrowings represent a loan relating to the acquisition of shares in the company by the Dacre, Son & Hartley Limited Employee Benefit Trust during 2018. The loan carries interest at 3.5% and is repayable via annual instalments ending in January 2027. The amount repayable after five years is £nil.
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,222
86,157
50,222
86,157
During the year 35,935 ordinary shares were bought back by the company for total consideration (including associated costs) of £671,032. The nominal value of the cancelled shares has been added to the capital redemption reserve as required under company law.
Dacre, Son & Hartley Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
11
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,060,406
1,082,820
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Services received
Rent payable
2023
2022
2023
2022
£
£
£
£
Other related parties
24,778
21,830
8,437
8,360
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Subsidiary undertakings
99,692
37,322
Other related parties
1,700
1,292
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Subsidiary undertakings
281,126
220,000
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