REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DARLINGTONS (GROUP) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DARLINGTONS (GROUP) LIMITED |
DARLINGTONS (GROUP) LIMITED (REGISTERED NUMBER: 00378061) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DARLINGTONS (GROUP) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
One Derby Square |
Liverpool |
L2 9QR |
DARLINGTONS (GROUP) LIMITED (REGISTERED NUMBER: 00378061) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DARLINGTONS (GROUP) LIMITED (REGISTERED NUMBER: 00378061) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The financial statements were approved by the director and authorised for issue on |
DARLINGTONS (GROUP) LIMITED (REGISTERED NUMBER: 00378061) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Darlingtons (Group) Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparation of the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. Revenue for the sale of goods is recognised upon delivery. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold land 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 items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
DARLINGTONS (GROUP) LIMITED (REGISTERED NUMBER: 00378061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
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 capital element of the future payments is treated as a liability. The interest element of these obligations is charged to the profit and loss account over the relevant period so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged to the profit and loss account. |
Invoice discounting |
The company has adopted the separate presentation method of accounting, whereby gross discounted debts are included in the balance sheet as an asset and the advances from the discounter are included in creditors as a liability. |
Investments |
Investments are stated at cost less provision for diminution in value. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
DARLINGTONS (GROUP) LIMITED (REGISTERED NUMBER: 00378061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 December 2023 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2000 | 118,904 | - | - | - | 118,904 |
Valuation in 2007 | 377,657 | - | - | - | 377,657 |
Valuation in 2009 | (50,000 | ) | - | - | - | (50,000 | ) |
Valuation in 2013 | 10,000 | - | - | - | 10,000 |
Cost | 153,439 | 202,415 | 82,372 | 103,500 | 541,726 |
610,000 | 202,415 | 82,372 | 103,500 | 998,287 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 153,439 | 153,439 |
Aggregate depreciation | 26,777 | 25,560 |
Value of land in freehold land and buildings | 92,575 | 92,575 |
Freehold property was valued on an open market basis on 4 November 2013 by Mason Owen Property Consultants . |
This value has been adopted as deemed cost of the property on transition to FRS 102. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Trade debtors are subject to an invoice discounting agreement. |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
DARLINGTONS (GROUP) LIMITED (REGISTERED NUMBER: 00378061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors | 345,562 | 566,756 |
Secured creditors included above are as follows: |
The bank loan is secured by fixed and floating charges over all property and assets of the company. |
Secured other creditors comprise the balance in respect of an invoice discounting facility. The balance is secured by a fixed and floating charge over all property and assets of the company. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
"A" Ordinary | 25p | 32,000 | 32,000 |
"B" Ordinary | 25p | 48,000 | 48,000 |
80,000 | 80,000 |
The ordinary "B" shares rank pari-passu in all respects with the "A" shares including voting rights. |
12. | RELATED PARTY DISCLOSURES |
Included in other creditors is a balance of £6,682 (2022 - £11,548) due to K Jones, the director. This balance is interest free and repayable on demand. |
13. | ULTIMATE PARENT COMPANY |
The company's ultimate parent company is Safecare (Holdings) Limited whose registered office address is Bankfield Drive, Eastham, South Wirral, CH62 0AZ. |