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Registration number: 01519778

Dainton Group Services Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Dainton Group Services Limited
(Registration number: 01519778)

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 31

 

Dainton Group Services Limited
(Registration number: 01519778)

Company Information

Directors

P G Maddicott

L J Bennett

M Ramsay

J M Winslow

Registered office

Dainton Business Park
Heathfield
Newton Abbot
Devon
TQ12 6RG

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Dainton Group Services Limited
(Registration number: 01519778)

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is supplying equipment to the building and construction industry and the provision of storage solutions and related services to commercial and domestic customers.

Fair review of the business

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and profit margins.

Overall the directors are satisfied with the profitability of the company.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

11,471,769

11,241,334

Turnover growth

%

2

(9)

Profit before tax

£

4,685,212

4,150,101

Net assets

£

26,414,120

25,387,261

Principal risks and uncertainties

The board of directors undertake a regular review of the company and the board of directors have identified that the principal risks faced by Dainton Group Services Limited relate to competition and the effects of the current economic climate.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
P G Maddicott
Director

 

Dainton Group Services Limited
(Registration number: 01519778)

Directors' Report for the Year Ended 31 December 2023

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

Directors of the company

The directors who held office during the year were as follows:

P G Maddicott

L J Bennett

M Ramsay

J M Winslow

Financial instruments

Objectives and policies

The company's principal financial instruments comprise the bank balance, trade creditors, trade debtors, hire purchase agreements and bank borrowings. The main purpose of these instruments is to raise funds for the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The company's approach to managing risks applicable to the financial instruments is shown below.

In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank borrowings at various rates of interest.

The hire purchase agreements are provided by financial institutions at fixed and variable rates of interest. The company ensures that there are sufficient funds to meet these requirements.

Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Future developments

The directors do not envisage the business of the company changing in the foreseeable future, but continually look for opportunities for further expansion.

 

Dainton Group Services Limited
(Registration number: 01519778)

Directors' Report for the Year Ended 31 December 2023

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
P G Maddicott
Director

 

Dainton Group Services Limited
(Registration number: 01519778)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Dainton Group Services Limited
(Registration number: 01519778)

Independent Auditor's Report to the Members of Dainton Group Services Limited

Opinion

We have audited the financial statements of Dainton Group Services Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and 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 company's affairs as at 31 December 2023 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Dainton Group Services Limited
(Registration number: 01519778)

Independent Auditor's Report to the Members of Dainton Group Services Limited

We have nothing to report in this regard.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

 

Dainton Group Services Limited
(Registration number: 01519778)

Independent Auditor's Report to the Members of Dainton Group Services Limited

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, fire safety, and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

 

Dainton Group Services Limited
(Registration number: 01519778)

Independent Auditor's Report to the Members of Dainton Group Services Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of this 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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Simon Lewis (Senior Statutory Auditor)
For and on behalf of Thompson Jenner LLP, Statutory Auditor

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

6 September 2024

 

Dainton Group Services Limited
(Registration number: 01519778)

Profit and Loss Account for the Year Ended 31 December 2023

Note

Total
31 December
2023
£

Total
31 December
2022
£

Turnover

3

11,471,769

11,241,334

Cost of sales

 

(3,642,072)

(3,837,196)

Gross profit

 

7,829,697

7,404,138

Administrative expenses

 

(3,020,159)

(3,048,271)

Operating profit

4

4,809,538

4,355,867

Other interest receivable and similar income

5

8,858

-

Interest payable and similar expenses

6

(133,184)

(206,681)

Profit before tax

 

4,685,212

4,149,186

Taxation

10

(1,158,353)

(811,478)

Profit for the financial year

 

3,526,859

3,337,708

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Statement of Comprehensive Income for Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

3,526,859

3,337,708

Total comprehensive income for the year

3,526,859

3,337,708

 

Dainton Group Services Limited
(Registration number: 01519778)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

11

166,661

253,749

Tangible assets

12

23,406,534

22,391,116

Other financial assets

14

400

400

 

23,573,595

22,645,265

Current assets

 

Stocks

15

622,641

660,667

Debtors

16

8,326,282

7,866,969

Cash at bank and in hand

17

1,583,859

1,707,491

 

10,532,782

10,235,127

Creditors: Amounts falling due within one year

18

(3,591,450)

(2,947,272)

Net current assets

 

6,941,332

7,287,855

Total assets less current liabilities

 

30,514,927

29,933,120

Creditors: Amounts falling due after more than one year

18

(1,306,560)

(2,052,138)

Provisions for liabilities

19

(2,794,247)

(2,493,721)

Net assets

 

26,414,120

25,387,261

Capital and reserves

 

Called up share capital

21

62,661

62,661

Share premium reserve

22

993,327

993,327

Capital redemption reserve

22

47,194

47,194

Other reserves

22

22,441

37,693

Profit and loss account

22

25,288,497

24,246,386

Total equity

 

26,414,120

25,387,261

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
P G Maddicott
Director

 

Dainton Group Services Limited
(Registration number: 01519778)

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2023

62,661

993,327

47,194

37,693

24,246,386

25,387,261

Profit for the year

-

-

-

-

3,526,859

3,526,859

Dividends

-

-

-

-

(2,500,000)

(2,500,000)

Transfers

-

-

-

(15,252)

15,252

-

At 31 December 2023

62,661

993,327

47,194

22,441

25,288,497

26,414,120

Share capital
£

Share premium
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2022

62,661

993,327

47,194

56,239

22,390,132

23,549,553

Profit for the year

-

-

-

-

3,337,708

3,337,708

Dividends

-

-

-

-

(1,500,000)

(1,500,000)

Transfers

-

-

-

(18,546)

18,546

-

At 31 December 2022

62,661

993,327

47,194

37,693

24,246,386

25,387,261

 

Dainton Group Services Limited
(Registration number: 01519778)

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Dainton Business Park
Heathfield
Newton Abbot
Devon
TQ12 6RG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company.

Summary of disclosure exemptions

The Company has taken advantage of the following exemptions in line with FRS 102 paragraph 1.12 on the basis that the information is contained within the consolidated financial statements:
i. from preparing a statement of cash flows;
ii. from disclosing the company key management personnel compensation.

Group accounts not prepared

The company is a wholly owned subsidiary of Denvern Limited. It is included in the consolidated financial statements of Denvern Limited which are publicly available. The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Denvern Limited. The address of the parent’s registered office is Dainton Business Park, Heathfield, Newton Abbot, Devon, TQ12 6RG.

Exemption from preparing group accounts

The financial statements contain information about Dainton Group Services Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Denvern Limited.

 

Dainton Group Services Limited
(Registration number: 01519778)

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

Key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are addressed below:

a) Useful economic lives and residual values of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the tangible fixed assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Turnover in respect of cabin and container sales is recognised on despatch. Rental income is recognised over the period for which the space is occupied by the customer and on a time apportionment basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Dainton Group Services Limited
(Registration number: 01519778)

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

Depreciation

Depreciation is charged so as to write off the cost of assets, less any estimated residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% per annum on a straight line basis on buildings only

Leasehold

5-8.62% per annum on a straight line basis

Plant and machinery: plant

25% per annum on a reducing balance basis

Plant and machinery: portable cabins and containers

5% per annum on a straight line basis

Plant and machinery: static cabins

10% per annum on a straight line basis

Plant and machinery: solar panels

4% per annum on a straight line basis

Office equipment

20-25% per annum on a straight line basis

Vehicles

20% per annum on a straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum on a straight line basis

Other intangible assets

33% per annum on a straight line basis

 

Dainton Group Services Limited
(Registration number: 01519778)

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Dainton Group Services Limited
(Registration number: 01519778)

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

The company has entered into several sale and leaseback transactions during the year, where the substance of the transaction is such that a hire purchase agreement has been created over several of the containers held by the company, These items therefore continue to be recorded as fixed assets of the company, with a corresponding hire purchase loan being recorded in liabilities. The assets have continued to be depreciated in line with the policies disclosed for 'Plant and machinery: portable cabins and containers', as this is considered to best reflect the pattern of usage.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Dainton Group Services Limited
(Registration number: 01519778)

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

2,982,439

3,087,343

Rendering of services

8,372,893

8,020,184

Other revenue

116,437

133,807

11,471,769

11,241,334

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

412,662

351,070

Amortisation expense

87,088

90,028

Loss on disposal of property, plant and equipment

19,970

52,580

 

Dainton Group Services Limited
(Registration number: 01519778)

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

5

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

8,858

-

6

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

44,468

134,612

Interest on obligations under finance leases and hire purchase contracts

49,464

28,608

Interest expense on other finance liabilities

39,252

43,461

133,184

206,681

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,641,297

1,550,059

Social security costs

176,294

183,643

Pension costs, defined contribution scheme

68,797

62,872

Other employee expense

15,143

18,149

1,901,531

1,814,723

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

15

16

Sales, marketing and distribution

37

35

52

51

 

Dainton Group Services Limited
(Registration number: 01519778)

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

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

497,132

437,294

Contributions paid to money purchase schemes

40,342

36,721

537,474

474,015

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2023
£

2022
£

Remuneration

161,117

100,000

9

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

7,650

7,650


 

 

Dainton Group Services Limited
(Registration number: 01519778)

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

10

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

857,827

429,231

UK corporation tax adjustment to prior periods

-

1,246

857,827

430,477

Deferred taxation

Arising from origination and reversal of timing differences

284,335

381,001

Arising from changes in tax rates and laws

16,191

-

Total deferred taxation

300,526

381,001

Tax expense in the income statement

1,158,353

811,478

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

4,685,212

4,149,186

Corporation tax at standard rate

1,101,985

788,345

Effect of expense not deductible in determining taxable profit (tax loss)

3,586

15,659

Decrease from effect of tax incentives

(26)

(102,219)

Deferred tax expense from unrecognised temporary difference from a prior period

33,018

-

Tax increase from effect of capital allowances and depreciation

19,790

109,693

Total tax charge

1,158,353

811,478

 

Dainton Group Services Limited
(Registration number: 01519778)

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

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddles this date, a blended corporation tax rate of 23.52% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Origination and reversal of timing differences

2,794,247

2,794,247

2022

Liability
£

Origination and reversal of timing differences

2,493,721

2,493,721

11

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

935,880

8,800

944,680

At 31 December 2023

935,880

8,800

944,680

Amortisation

At 1 January 2023

682,131

8,800

690,931

Amortisation charge

87,088

-

87,088

At 31 December 2023

769,219

8,800

778,019

Carrying amount

At 31 December 2023

166,661

-

166,661

At 31 December 2022

253,749

-

253,749

Amortisation of goodwill is included in administration expenses in the profit and loss account.

 

Dainton Group Services Limited
(Registration number: 01519778)

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

12

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

12,972,235

99,550

426,204

12,529,699

26,027,688

Additions

215,680

12,545

259,340

1,274,594

1,762,159

Disposals

-

(4,546)

(220,870)

(238,900)

(464,316)

At 31 December 2023

13,187,915

107,549

464,674

13,565,393

27,325,531

Depreciation

At 1 January 2023

617,963

92,751

172,685

2,753,173

3,636,572

Charge for the year

44,703

6,228

67,767

293,964

412,662

Eliminated on disposal

-

(4,546)

(75,627)

(50,064)

(130,237)

At 31 December 2023

662,666

94,433

164,825

2,997,073

3,918,997

Carrying amount

At 31 December 2023

12,525,249

13,116

299,849

10,568,320

23,406,534

At 31 December 2022

12,354,272

6,799

253,519

9,776,526

22,391,116

Included within land and buildings and other tangible assets are the cost of assets acquired for the purposes of letting under operating leases totalling £12,067,102 (2022: £11,297,192) and the related accumulated depreciation totalling £1,692,182 (2022: £1,596,688).

Included within other tangible assets are the net book value of assets held under hire purchase arrangements totalling £1,754,653 (2022: £1,906,385).

Included within the net book value of land and buildings above is £11,490,625 (2022 - £11,411,206) in respect of freehold land and buildings and £1,034,624 (2022 - £943,066) in respect of long leasehold land and buildings.
 

 

Dainton Group Services Limited
(Registration number: 01519778)

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

13

Investments

2023
£

2022
£

Investments

-

-

Subsidiaries

£

Cost or valuation

At 1 January 2023

683,268

At 31 December 2023

683,268

Provision

At 1 January 2023

683,268

At 31 December 2023

683,268

Carrying amount

At 31 December 2023

-

At 31 December 2022

-

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Dainton Portable Buildings Limited

Dainton Business Park
Heathfield
Newton Abbot
Devon
TQ12 6RG

Ordinary

100%

100%

 

UK

     

Dainton Self Store Limited

Dainton Business Park
Heathfield
Newton Abbot
Devon
TQ12 6RG

Ordinary

100%

100%

 

UK

     
 

Dainton Group Services Limited
(Registration number: 01519778)

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Dainton Portable Building Systems Limited

Dainton Business Park
Heathfield
Newton Abbot
Devon
TQ12 6RG

Ordinary

100%

100%

 

UK

     

Subsidiary undertakings

Dainton Portable Buildings Limited

The principal activity of Dainton Portable Buildings Limited is a dormant company. The profit for the financial period of Dainton Portable Buildings Limited was £- and the aggregate amount of Capital and reserves at the end of the period was £1,000.

Dainton Self Store Limited

The principal activity of Dainton Self Store Limited is a dormant company. The profit for the financial period of Dainton Self Store Limited was £- and the aggregate amount of Capital and reserves at the end of the period was £552.

Dainton Portable Building Systems Limited

The principal activity of Dainton Portable Building Systems Limited is a dormant company. The profit for the financial period of Dainton Portable Building Systems Limited was £- and the aggregate amount of Capital and reserves at the end of the period was £552.

14

Other financial assets

At fair value
£

Total
£

Cost or valuation

At 1 January 2023

400

400

At 31 December 2023

400

400

Carrying amount

At 31 December 2023

400

400

At 31 December 2022

400

400

15

Stocks

2023
£

2022
£

Goods for resale

622,641

660,667

 

Dainton Group Services Limited
(Registration number: 01519778)

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

16

Debtors

Note

2023
£

2022
£

Trade debtors

 

631,028

414,096

Amounts owed by related parties

 

4,798,658

5,003,571

Other debtors

 

2,651,405

2,175,336

Prepayments and accrued income

 

245,191

225,487

Corporation tax asset

10

-

48,479

Total current trade and other debtors

 

8,326,282

7,866,969

17

Cash and cash equivalents

2023
£

2022
£

Cash on hand

1,427

1,494

Cash at bank

1,582,432

1,705,997

1,583,859

1,707,491

18

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

23

607,831

679,616

Trade creditors

 

293,737

241,482

Social security and other taxes

 

390,939

335,651

Outstanding defined contribution pension costs

 

11,247

9,693

Other creditors

 

423,349

365,683

Accruals and deferred income

 

1,392,028

1,315,147

Corporation tax liability

10

472,319

-

 

3,591,450

2,947,272

Due after one year

 

Loans and borrowings

23

1,180,480

1,677,001

Other non-current financial liabilities

 

126,080

375,137

 

1,306,560

2,052,138

 

Dainton Group Services Limited
(Registration number: 01519778)

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

19

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

2,493,721

2,493,721

Increase (decrease) in existing provisions

300,526

300,526

At 31 December 2023

2,794,247

2,794,247

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £68,797 (2022 - £62,872).

Contributions totalling £11,247 (2022 - £9,693) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

62,109

62,109

62,109

62,109

Ordinary of £0.01 each

55,224

552

55,224

552

 

117,333

62,661

117,333

62,661

Rights, preferences and restrictions

Ordinary have the following rights, preferences and restrictions:
There are no restrictions on the distribution of dividends and the repayment of capital for all share classes. All share classes carry the same voting rights of 1 per share.

 

Dainton Group Services Limited
(Registration number: 01519778)

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

22

Reserves

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Profit and loss reserve

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

Share premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Other reserves

Other reserves represents the equity component of a loan at initial issue less transfers to retained earnings in respect of this component using the effective interest rate method.

23

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

137,666

132,420

Finance lease liabilities

470,165

547,196

607,831

679,616

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

889,617

1,027,283

Finance lease liabilities

290,863

649,718

1,180,480

1,677,001

Bank borrowings

The company has fixed rates loans denominated in sterling with a nominal interest rate of between 4.13% and 4.31%, the final instalment is due on 30 April 2030. The carrying amount at year end is £1,027,283 (2022 - £1,159,703).

The loans are repayable in monthly instalments.

The loans are secured by way of a fixed and floating charge over the assets of the company in addition to specific charges over some of the land and buildings of the company.

 

Dainton Group Services Limited
(Registration number: 01519778)

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

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

278,875

440,866

-

-

24

Obligations under leases and hire purchase contracts

Finance leases

The company use finance leases and hire purchase contracts to acquire plant and machinery, the remaining lease terms are between 1 and 4 years.

The liabilities are secured on the specific assets financed.

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

470,164

547,196

Later than one year and not later than five years

290,863

649,718

761,027

1,196,914

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

79,647

79,647

Later than one year and not later than five years

73,383

122,305

153,030

201,952

The amount of non-cancellable operating lease payments recognised as an expense during the year was £347,922 (2022 - £398,483).

25

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £40.2518 (2022 - £24.1511) per ordinary share

 

2,500,000

 

1,500,000

         

26

Related party transactions

The company has taken the exemption available to to not disclose details of transactions with other wholly owned group companies.

 

Dainton Group Services Limited
(Registration number: 01519778)

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

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Interest free loan repayable on demand

2,160,354

2,833,472

(2,356,721)

2,637,105

         

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Interest free loan repayable on demand

1,463,148

2,589,593

(1,892,387)

2,160,354

         
       

 

Summary of transactions with other related parties

Other relates parties includes transactions with entities under common control and with close family members of directors.

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

788

Amounts receivable from related party

2,853,429

2022

Other related parties
£

Amounts receivable from related party

2,535,968

Expenditure with and payables to related parties

2023

Other related parties
£

Rendering of services

14,828

Amounts payable to related party

31,050

2022

Other related parties
£

Leases

46,125

Amounts payable to related party

241,722

 

Dainton Group Services Limited
(Registration number: 01519778)

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

27

Parent and ultimate parent undertaking

The company's immediate parent is Denvern Limited, incorporated in UK, who own 100% of the share capital.
 

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Denvern Limited. Copies of the Denvern Limited consolidated financial statements can be obtained from Dainton Business Park, Heathfield, Newton Abbot, Devon, TQ12 6RG.

The ultimate controlling parties are P & D Maddicott.