REGISTERED NUMBER: 10059074 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
DSS GROUP LIMITED |
REGISTERED NUMBER: 10059074 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
DSS GROUP LIMITED |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 21 |
DSS GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Robert Watson FCA |
AUDITORS: |
Statutory Auditor |
12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The directors present their strategic report of the company and the group for the year ended 29 February 2024. |
REVIEW OF BUSINESS ACTIVITIES AND KEY PERFORMANCE INDICATORS |
Trading results have seen a downturn this year with turnover falling by 8.4% compared to 2023 results. |
Gross profit has also decreased from 30.6% in 2023 to 28.6% this year. In common with many businesses, gross profit has been affected by the inflationary pressures on consumable materials in particular. Despite this, the company has shown strong results for the year ended 28 February 2024. |
Establishment costs have increased by 15.6% as a direct result of higher business insurance premiums in the current year. |
Administration expenses have fallen by 8.8% this year. Motor, haulage, legal and professional costs and bad debts saw the most significant reductions in the year. |
Profit before tax decreased by 37.1% this year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors take a pragmatic view with respect to risk management. The company is well managed by its board of directors and a prudent approach is adopted in all financial aspects. |
All company policies are subject to continual assessment and review in line with changing legislation and industry guidelines. |
The directors remain mindful of cyclical trends and the overarching political backdrop of the construction industry. Inflationary pressures continue to be monitored and mitigated but nevertheless present ongoing risks and uncertainties across all market sectors including the construction industry. |
As with all companies within the industry the company is subject to bad debt and financial risk. The company has improved its measures at the contract stage and has implemented stronger credit control procedures. The company also invests in capital expenditure strategically to avoid significant impact on cashflow. |
The company is maintaining strong reserves to mitigate any risk of a downturn in productivity during the latter summer months and into winter due to increased interest rates and associated economic impact on housing market. |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
KEY PERFORMANCE INDICATORS |
The company monitors its performance using a number of measures. |
These include key performance indicators for gross profit margin, direct labour as a percentage of turnover and EBIT. KPI's are regularly monitored by the board. |
During the year to 28 February 2024, gross profit margins remained consistent returning to levels prior to 2022. The consistent gross profit margin, turnover, establishment and admin costs has consequently resulted in a healthy EBIT. Management are happy with the current year results and are expecting the strong results to continue. |
FUTURE |
The market conditions present during the year have continued post year end. Such conditions include price increases for materials, procurement delays and staff absences all of which are being managed. Tender pricing models are being monitored and updated where necessary, within achievable tendering parameters, to minimise the effect on profits. |
The company continues to perform well and is achieving its objectives which includes winning new tenders. In the mid to short term, business is expected to stay at a consistent level. |
The board of directors continue to invest in long-term infrastructure to expand their diverse portfolio of piling equipment, with the intention to further drive cost efficiencies long-term. |
ON BEHALF OF THE BOARD: |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of specialist foundation and piling services. |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
A Ordinary Shares £1 | - | £2573.3333 |
B Ordinary Shares £1 | - | £333.33 |
C Ordinary Shares £1 | - | £1666.66 |
D Ordinary Shares £1 | - | £333.33 |
E Ordinary Shares £1 | - | 512.42 |
F Ordinary Shares £1 | - £1666.67 |
G Ordinary shares £1 | - £144.93 |
H Ordinary shares £1 | - £333.33 |
I Ordinary shares £1 | - £3860.6666 |
K Ordinary shares £1 | - £1133.33 |
The total distribution of dividends for the year ended 29 February 2024 will be £ 877,100 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Gibson Booth Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DSS GROUP LIMITED |
Opinion |
We have audited the financial statements of DSS Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 29 February 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DSS GROUP LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DSS GROUP LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DSS GROUP LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
TURNOVER | 4 | 20,033,116 | 21,862,539 |
Cost of sales | 14,297,719 | 15,181,640 |
GROSS PROFIT | 5,735,397 | 6,680,899 |
Administrative expenses | 4,595,793 | 4,895,346 |
1,139,604 | 1,785,553 |
Other operating income | 13,957 | 33,570 |
OPERATING PROFIT | 6 | 1,153,561 | 1,819,123 |
Interest receivable and similar income | 27,996 | 299 |
1,181,557 | 1,819,422 |
Interest payable and similar expenses | 8 | 75,072 | 60,754 |
PROFIT BEFORE TAXATION | 1,106,485 | 1,758,668 |
Tax on profit | 9 | 350,934 | 554,494 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 620,895 | 1,127,499 |
Non-controlling interests | 134,656 | 76,675 |
755,551 | 1,204,174 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 755,551 | 1,204,174 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
755,551 |
1,204,174 |
Total comprehensive income attributable to: |
Owners of the parent | 620,895 | 1,127,499 |
Non-controlling interests | 134,656 | 76,675 |
755,551 | 1,204,174 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
CONSOLIDATED BALANCE SHEET |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 711,655 | 1,021,670 |
Tangible assets | 13 | 2,955,615 | 3,165,517 |
Investments | 14 | - | - |
3,667,270 | 4,187,187 |
CURRENT ASSETS |
Stocks | 15 | 135,701 | 210,473 |
Debtors | 16 | 3,627,092 | 4,257,066 |
Cash at bank | 1,160,425 | 1,034,998 |
4,923,218 | 5,502,537 |
CREDITORS |
Amounts falling due within one year | 17 | 2,932,604 | 3,398,983 |
NET CURRENT ASSETS | 1,990,614 | 2,103,554 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 5,657,884 | 6,290,741 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(441,243 |
) |
(789,057 |
) |
PROVISIONS FOR LIABILITIES | 22 | (522,199 | ) | (552,693 | ) |
NET ASSETS | 4,694,442 | 4,948,991 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 1,500 | 1,500 |
Share premium | 24 | 1,891,669 | 1,891,669 |
Other reserves | 24 | 8,800 | 8,800 |
Retained earnings | 24 | 2,797,289 | 3,053,494 |
SHAREHOLDERS' FUNDS | 4,699,258 | 4,955,463 |
NON-CONTROLLING INTERESTS | (4,816 | ) | (6,472 | ) |
TOTAL EQUITY | 4,694,442 | 4,948,991 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
CONSOLIDATED BALANCE SHEET - continued |
29 FEBRUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by: |
Mr R Wylie - Director | Mrs S L Townsley - Director |
Mr G Townsley - Director |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
COMPANY BALANCE SHEET |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
NET ASSETS |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
COMPANY BALANCE SHEET - continued |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 881,099 | 800,236 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 March 2022 | 1,500 | 2,757,661 | 1,891,669 |
Changes in equity |
Dividends | - | (831,666 | ) | - |
Total comprehensive income | - | 1,127,499 | - |
Balance at 28 February 2023 | 1,500 | 3,053,494 | 1,891,669 |
Changes in equity |
Dividends | - | (877,100 | ) | - |
Total comprehensive income | - | 620,895 | - |
Balance at 29 February 2024 | 1,500 | 2,797,289 | 1,891,669 |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 | 8,800 | 4,659,630 | (13,647 | ) | 4,645,983 |
Changes in equity |
Dividends | - | (831,666 | ) | (69,500 | ) | (901,166 | ) |
Total comprehensive income | - | 1,127,499 | 76,675 | 1,204,174 |
Balance at 28 February 2023 | 8,800 | 4,955,463 | (6,472 | ) | 4,948,991 |
Changes in equity |
Dividends | - | (877,100 | ) | (133,000 | ) | (1,010,100 | ) |
Total comprehensive income | - | 620,895 | 134,656 | 755,551 |
Balance at 29 February 2024 | 8,800 | 4,699,258 | (4,816 | ) | 4,694,442 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 29 February 2024 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,583,770 | 2,710,818 |
Interest paid | (42,859 | ) | (32,924 | ) |
Interest element of hire purchase payments paid |
(32,213 |
) |
(27,830 |
) |
Tax paid | (494,330 | ) | (143,332 | ) |
Net cash from operating activities | 2,014,368 | 2,506,732 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (534,593 | ) | (33,905 | ) |
Sale of tangible fixed assets | 119,411 | 3,337 |
Interest received | 27,996 | 299 |
Net cash from investing activities | (387,186 | ) | (30,269 | ) |
Cash flows from financing activities |
Bank loan capital repayments | (751,915 | ) | (481,677 | ) |
Capital repayments in year | (49,832 | ) | (601,515 | ) |
Net amounts introduced by directors | 310,092 | 19,797 |
Equity dividends paid | (877,100 | ) | (831,666 | ) |
Dividends paid to minority interests | (133,000 | ) | (69,500 | ) |
Net cash from financing activities | (1,501,755 | ) | (1,964,561 | ) |
Increase in cash and cash equivalents | 125,427 | 511,902 |
Cash and cash equivalents at beginning of year |
2 |
1,034,998 |
523,096 |
Cash and cash equivalents at end of year |
2 |
1,160,425 |
1,034,998 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
29.2.24 | 28.2.23 |
£ | £ |
Profit before taxation | 1,106,485 | 1,758,668 |
Depreciation charges | 930,494 | 1,013,868 |
Loss on disposal of fixed assets | 4,604 | 3,083 |
Finance costs | 75,072 | 60,754 |
Finance income | (27,996 | ) | (299 | ) |
2,088,659 | 2,836,074 |
Decrease in stocks | 74,772 | 8,440 |
Decrease/(increase) in trade and other debtors | 433,867 | (234,206 | ) |
(Decrease)/increase in trade and other creditors | (13,528 | ) | 100,510 |
Cash generated from operations | 2,583,770 | 2,710,818 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 29 February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 1,160,425 | 1,034,998 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 1,034,998 | 523,096 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,034,998 | 125,427 | 1,160,425 |
1,034,998 | 125,427 | 1,160,425 |
Debt |
Finance leases | (1,030,170 | ) | 49,832 | (980,338 | ) |
Debts falling due within 1 year | (532,856 | ) | 532,856 | - |
Debts falling due after 1 year | (219,059 | ) | 219,059 | - |
(1,782,085 | ) | 801,747 | (980,338 | ) |
Total | (747,087 | ) | 927,174 | 180,087 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
DSS Group Limited is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements are prepared in sterling which is the functional currency of the entity and rounded to the nearest pound. |
The significant accounting policies applied in the preparation of these financial statements have been set out below. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements comprise the results of the parent company; DSS Group Limited and its subsidiary; Bessacarr Properties Limited together with its subsidiaries; M & D Foundations & Building Services Limited, M & D Foundations Eastern Limited and M & D Foundations (Midlands) Limited. |
Significant judgements and estimates |
No judgements have been made in the process of applying the below policies that have had the most significant effect on amounts recognised in the financial statements. |
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the value of the work performed. |
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. |
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
Goodwill |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Freehold property | - 2% on cost |
Plant and machinery | - 20%/25% on reducing balance |
Fixtures and fittings | - 15% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 20% on reducing balance |
Freehold land (included within freehold property) is not depreciated. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition. |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors receivable and creditors payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
5. | EMPLOYEES AND DIRECTORS |
29.2.24 | 28.2.23 |
£ | £ |
Wages and salaries | 3,268,853 | 3,314,979 |
Social security costs | 410,405 | 358,112 |
Other pension costs | 172,507 | 64,829 |
3,851,765 | 3,737,920 |
The average number of employees during the year was as follows: |
29.2.24 | 28.2.23 |
Directors | 3 | 3 |
Administrative and office staff | 29 | 29 |
Site and yard staff | 48 | 50 |
29.2.24 | 28.2.23 |
£ | £ |
Directors' remuneration | 417,451 | 38,357 |
Directors' pension contributions to money purchase schemes | 105,361 | 110 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director for the year ended 29 February 2024 is as follows: |
29.2.24 |
£ |
Emoluments etc | 16,695 |
Pension contributions to money purchase schemes | 100,000 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
29.2.24 | 28.2.23 |
£ | £ |
Hire of plant and machinery | 629,838 | 687,757 |
Depreciation - owned assets | 258,348 | 339,521 |
Depreciation - assets on hire purchase contracts | 362,132 | 364,332 |
Loss on disposal of fixed assets | 4,604 | 3,083 |
Goodwill amortisation | 310,015 | 310,014 |
7. | AUDITORS' REMUNERATION |
28.2.23 | 28.2.22 |
£ | £ |
Fees payable to the company's auditors for the of the company's and consolidated financial statements |
1,500 |
2,000 |
Auditors' remuneration for other services | 30,900 | 29,350 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.2.24 | 28.2.23 |
£ | £ |
Bank loan interest | 42,859 | 32,924 |
Hire purchase | 32,213 | 27,830 |
75,072 | 60,754 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Current tax: |
UK corporation tax | 381,493 | 374,691 |
Under / (over) provision of |
tax | (65 | ) | 239 |
Total current tax | 381,428 | 374,930 |
Deferred tax | (30,494 | ) | 179,564 |
Tax on profit | 350,934 | 554,494 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
29.2.24 | 28.2.23 |
£ | £ |
Profit before tax | 1,106,485 | 1,758,668 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.491 % (2023 - 19 %) |
270,989 |
334,147 |
Effects of: |
Expenses not deductible for tax purposes | 1,476 | 1,100 |
Capital allowances in excess of depreciation | - | (20,045 | ) |
Depreciation in excess of capital allowances | 31,974 | - |
Adjustments to tax charge in respect of previous periods | (65 | ) | 239 |
Amortisation of goodwill | 75,926 | 58,903 |
Profit/loss on disposal of fixed assets | 1,128 | 586 |
Deferred taxation | (30,494 | ) | 179,564 |
Total tax charge | 350,934 | 554,494 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
29.2.24 | 28.2.23 |
£ | £ |
A Ordinary Shares shares of £1 each |
Interim | 193,000 | 85,000 |
B Ordinary Shares shares of £1 each |
Interim | 25,000 | 91,665 |
C Ordinary Shares shares of £1 each |
Interim | 25,000 | 91,667 |
D Ordinary Shares shares of £1 each |
Interim | 25,000 | 91,667 |
E Ordinary Shares shares of £1 each |
Interim | 84,550 | 85,000 |
F Ordinary Shares shares of £1 each |
Interim | 25,000 | 91,667 |
G Ordinary shares shares of £1 each |
Interim | 100,000 | 100,000 |
H Ordinary shares shares of £1 each |
Interim | 25,000 | 25,000 |
I Ordinary shares shares of £1 each |
Interim | 289,550 | 85,000 |
K Ordinary shares shares of £1 each |
Interim | 85,000 | 85,000 |
877,100 | 831,666 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 | 3,100,149 |
AMORTISATION |
At 1 March 2023 | 2,078,479 |
Amortisation for year | 310,015 |
At 29 February 2024 | 2,388,494 |
NET BOOK VALUE |
At 29 February 2024 | 711,655 |
At 28 February 2023 | 1,021,670 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
13. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2023 | 1,108,288 | 5,324,007 | 158,268 |
Additions | - | 101,083 | 18,823 |
Disposals | - | - | - |
At 29 February 2024 | 1,108,288 | 5,425,090 | 177,091 |
DEPRECIATION |
At 1 March 2023 | 301,601 | 3,597,115 | 103,014 |
Charge for year | 17,682 | 442,583 | 13,997 |
Eliminated on disposal | - | - | - |
At 29 February 2024 | 319,283 | 4,039,698 | 117,011 |
NET BOOK VALUE |
At 29 February 2024 | 789,005 | 1,385,392 | 60,080 |
At 28 February 2023 | 806,687 | 1,726,892 | 55,254 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 | 1,418,732 | 818 | 8,010,113 |
Additions | 414,687 | - | 534,593 |
Disposals | (499,749 | ) | - | (499,749 | ) |
At 29 February 2024 | 1,333,670 | 818 | 8,044,957 |
DEPRECIATION |
At 1 March 2023 | 842,048 | 818 | 4,844,596 |
Charge for year | 146,218 | - | 620,480 |
Eliminated on disposal | (375,734 | ) | - | (375,734 | ) |
At 29 February 2024 | 612,532 | 818 | 5,089,342 |
NET BOOK VALUE |
At 29 February 2024 | 721,138 | - | 2,955,615 |
At 28 February 2023 | 576,684 | - | 3,165,517 |
Included in the cost of freehold property is freehold land of £200,000 which is not depreciated. |
Included within the net book value above of £2,955,616 (2023: £3,165,516) is £1,479,367 (2023: £1,273,720) relating to assets held under hire purchase agreements. The depreciation charged on these assets during the year was £362,132 (2023: £364,332). |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: M & D House, Brooklands Road,Adwick Le Street, Doncaster, DN6 7BA |
Nature of business: |
% |
Class of shares: | holding |
M & D Foundations & Building Services Limited |
Registered office: M & D House, Brooklands Road, Adwick Le Street, Doncaster, DN6 7BA |
Nature of business: Specialist foundation and piling services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
M & D Foundations (Midlands) Limited |
Registered office: M & D House, Brooklands Road, Adwick Le Street, Doncaster, DN6 7BA |
Nature of business: Specialist foundation and piling services |
% |
Class of shares: | holding |
Ordinary | 75.00 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
M & D Foundations Eastern Limited |
Registered office: M & D House, Brooklands Road, Adwick Le Street, Doncaster, DN6 7BA |
Nature of business: Specialist foundation and piling services |
% |
Class of shares: | holding |
Ordinary | 88.00 |
The consolidated financial statements comprise the results of the parent company: DSS Group Limited and its subsidiary; Bessacarr Properties Limited together with its subsidiaries; M & D Foundations & Building Services Limited, M & D Foundations Eastern Limited and M & D Foundations (Midlands) Limited. |
15. | STOCKS |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Stocks | 135,701 | 210,473 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Trade debtors | 2,791,713 | 3,468,285 |
Amounts recoverable on contract | 551,743 | 327,785 |
Other debtors | 20,440 | 8,749 |
Directors' current accounts | 1 | 2,988 | - | - |
VAT | 141,035 | 334,157 |
Called up share capital not paid | 1,170 | 1,170 |
Prepayments and accrued income | 120,990 | 113,932 |
3,627,092 | 4,257,066 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | - | 532,856 |
Hire purchase contracts (see note 20) | 539,095 | 460,172 |
Trade creditors | 1,128,209 | 1,283,675 |
Amounts owed to group undertakings | - | - |
Corporation tax | 201,807 | 314,709 |
Social security and other taxes | 96,371 | 85,337 |
Other creditors | 86,195 | 99,858 |
Directors' current accounts | 330,480 | 23,376 | - | - |
Accruals and deferred income | 550,447 | 599,000 |
2,932,604 | 3,398,983 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Bank loans (see note 19) | - | 219,059 |
Hire purchase contracts (see note 20) | 441,243 | 569,998 |
441,243 | 789,057 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | - | 532,856 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | - | 219,059 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
29.2.24 | 28.2.23 |
£ | £ |
Gross obligations repayable: |
Within one year | 581,809 | 490,603 |
Between one and five years | 481,098 | 613,669 |
1,062,907 | 1,104,272 |
Finance charges repayable: |
Within one year | 42,714 | 30,431 |
Between one and five years | 39,855 | 43,671 |
82,569 | 74,102 |
Net obligations repayable: |
Within one year | 539,095 | 460,172 |
Between one and five years | 441,243 | 569,998 |
980,338 | 1,030,170 |
Group |
Non-cancellable | operating leases |
29.2.24 | 28.2.23 |
£ | £ |
Within one year | 147,251 | 101,880 |
Between one and five years | 249,562 | 14,438 |
396,813 | 116,318 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Bank loans | - | 751,915 |
Hire purchase contracts | 980,338 | 1,030,170 | - | - |
980,338 | 1,782,085 |
Bank loans are secured by; |
A debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future. |
A first legal charge over freehold property, Brooklands Road, Carcroft. |
A composite company unlimited multilateral guarantee given by DSS Group Limited, Bessacarr Properties Limited, M & D Foundations & Building Services Limited, M & D Foundations (Midlands) Limited and M & D Foundations Eastern Limited. |
Hire purchase liabilities are secured on the assets concerned. Interest is charged at normal commercial rates. |
22. | PROVISIONS FOR LIABILITIES |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 522,199 | 552,693 |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2023 | 552,693 |
Credit to Income Statement during year | (30,494 | ) |
Balance at 29 February 2024 | 522,199 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
A Ordinary Shares | £1 | 75 | 75 |
B Ordinary Shares | £1 | 75 | 75 |
C Ordinary Shares | £1 | 15 | 15 |
D Ordinary Shares | £1 | 75 | 75 |
E Ordinary Shares | £1 | 165 | 165 |
15 | F Ordinary Shares | £1 | 15 | 15 |
420 | 420 |
Allotted and issued: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
690 | G Ordinary Shares | £1 | 690 | 690 |
75 | H Ordinary Shares | £1 | 75 | 75 |
75 | I Ordinary Shares | £1 | 75 | 75 |
165 | J Ordinary Shares | £1 | 165 | 165 |
75 | K Ordinary Shares | £1 | 75 | 75 |
1,080 | 1,080 |
24. | RESERVES |
Group |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 March 2023 | 3,053,494 | 1,891,669 | 8,800 | 4,953,963 |
Profit for the year | 620,895 | 620,895 |
Dividends | (877,100 | ) | (877,100 | ) |
At 29 February 2024 | 2,797,289 | 1,891,669 | 8,800 | 4,697,758 |
DSS GROUP LIMITED (REGISTERED NUMBER: 10059074) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
24. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 March 2023 | 1,894,021 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 29 February 2024 | 1,898,020 |