IRIS Accounts Production v24.2.0.383 SC425064 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4250642022-12-31SC4250642023-12-31SC4250642023-01-012023-12-31SC4250642021-12-31SC4250642022-01-012022-12-31SC4250642022-12-31SC425064ns15:Scotland2023-01-012023-12-31SC425064ns14:PoundSterling2023-01-012023-12-31SC425064ns10:Director12023-01-012023-12-31SC425064ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC425064ns10:SmallEntities2023-01-012023-12-31SC425064ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC425064ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC425064ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC425064ns10:FullAccounts2023-01-012023-12-31SC42506412023-01-012023-12-31SC425064ns5:CurrentFinancialInstruments2023-12-31SC425064ns5:CurrentFinancialInstruments2022-12-31SC425064ns5:Non-currentFinancialInstruments2023-12-31SC425064ns5:Non-currentFinancialInstruments2022-12-31SC425064ns5:ShareCapital2023-12-31SC425064ns5:ShareCapital2022-12-31SC425064ns5:SharePremium2023-12-31SC425064ns5:SharePremium2022-12-31SC425064ns5:RetainedEarningsAccumulatedLosses2023-12-31SC425064ns5:RetainedEarningsAccumulatedLosses2022-12-31SC425064ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC425064ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-31SC425064ns5:LandBuildings2023-01-012023-12-31SC425064ns5:PlantMachinery2023-01-012023-12-31SC425064ns5:IntangibleAssetsOtherThanGoodwill2022-12-31SC425064ns5:IntangibleAssetsOtherThanGoodwill2023-12-31SC425064ns5:IntangibleAssetsOtherThanGoodwill2022-12-31SC425064ns5:LandBuildings2022-12-31SC425064ns5:PlantMachinery2022-12-31SC425064ns5:LandBuildings2023-12-31SC425064ns5:PlantMachinery2023-12-31SC425064ns5:LandBuildings2022-12-31SC425064ns5:PlantMachinery2022-12-31SC425064ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-31SC425064ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC425064ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-31SC425064ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-31SC425064ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31SC425064ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-31SC425064ns5:Secured2023-12-31SC425064ns5:Secured2022-12-31
REGISTERED NUMBER: SC425064 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

DART Tool Group Ltd

DART Tool Group Ltd (Registered number: SC425064)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


DART Tool Group Ltd (Registered number: SC425064)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 6,416 21,130
Tangible assets 5 286,564 316,661
292,980 337,791

CURRENT ASSETS
Stocks 4,031,005 4,967,124
Debtors 6 1,482,108 1,735,008
Cash at bank 598,572 720,626
6,111,685 7,422,758
CREDITORS
Amounts falling due within one year 7 (4,219,380 ) (5,011,665 )
NET CURRENT ASSETS 1,892,305 2,411,093
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,185,285

2,748,884

CREDITORS
Amounts falling due after more than one
year

8

(519,205

)

(1,057,984

)

PROVISIONS FOR LIABILITIES (49,457 ) (47,529 )
NET ASSETS 1,616,623 1,643,371

CAPITAL AND RESERVES
Called up share capital 2,118 2,118
Share premium 6,690 6,690
Retained earnings 1,607,815 1,634,563
1,616,623 1,643,371

DART Tool Group Ltd (Registered number: SC425064)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





Mr R Paterson - Director


DART Tool Group Ltd (Registered number: SC425064)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Dart Tool Group Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC425064. The registered office is 1 Wheatfield Road, Dunnikier Business Park, Kirkcaldy, Fife, KY1 3PD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Turnover
Turnover represents net invoiced sales of goods in respect of machine tool accessories and products, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Research and development are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 5% on cost
Plant and machinery etc - 33% on cost and 20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

The directors have reviewed the depreciation policies for fixed assets as a whole and consider that it is more appropriate to depreciate assets on a straight line basis going forward.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.


DART Tool Group Ltd (Registered number: SC425064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2022 - 48 ) .

DART Tool Group Ltd (Registered number: SC425064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 473,373
AMORTISATION
At 1 January 2023 452,243
Charge for year 14,714
At 31 December 2023 466,957
NET BOOK VALUE
At 31 December 2023 6,416
At 31 December 2022 21,130

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 81,636 412,864 494,500
Additions 15,228 102,616 117,844
Disposals - (48,531 ) (48,531 )
At 31 December 2023 96,864 466,949 563,813
DEPRECIATION
At 1 January 2023 36,670 141,169 177,839
Charge for year 17,179 121,860 139,039
Eliminated on disposal - (39,629 ) (39,629 )
At 31 December 2023 53,849 223,400 277,249
NET BOOK VALUE
At 31 December 2023 43,015 243,549 286,564
At 31 December 2022 44,966 271,695 316,661

DART Tool Group Ltd (Registered number: SC425064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 129,329
DEPRECIATION
At 1 January 2023 43,101
Charge for year 26,176
At 31 December 2023 69,277
NET BOOK VALUE
At 31 December 2023 60,052
At 31 December 2022 86,228

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,358,596 1,666,955
Amounts owed by group undertakings - 31,898
Other debtors 123,512 36,155
1,482,108 1,735,008

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 212,199 263,232
Hire purchase contracts 30,800 38,588
Trade creditors 243,896 371,500
Amounts owed to group undertakings 1,528,113 1,337,728
Taxation and social security 344,620 339,894
Other creditors 1,859,752 2,660,723
4,219,380 5,011,665

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 19,205 27,184
Hire purchase contracts - 30,800
Amounts owed to group undertakings 500,000 500,000
Other creditors - 500,000
519,205 1,057,984

DART Tool Group Ltd (Registered number: SC425064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 30,800 69,388
Bank loans 231,404 290,416
Factoring creditor 1,028,532 1,203,545
1,290,736 1,563,349

Balances due under hire purchase/finance lease agreements are secured upon the assets to which they relate.

Personal guarantees have been extended by company shareholders in relation to the bank loans. There is also a security over the ground at Carberry Road Mitchelston Industrial Estate and 1 Wheatfield Road, Dunnikier Business Park.

The factoring creditor is secured over the debts to which the factoring facility relates to.

10. RELATED PARTY DISCLOSURES

A family member provided a loan to the company during the year ended 31st December 2022 of £1,500,000. Interest is charged at 2% above base rate over the term of the loan. At 31st December 2023 £500,000 of this balance remained outstanding.

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Riverside (Global) Ltd. The registered office of this company is 1 Wheatfield Road, Dunnikier Business Park, Kirkcaldy, Fife, United Kingdom, KY1 3PD.