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Registered number: 00154807









DUNCAN HOLDINGS LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DUNCAN HOLDINGS LTD
 
 
COMPANY INFORMATION


Directors
W A L Duncan 
J W Duncan 




Registered number
00154807



Registered office
Broadwater House
1 Mundells

Welwyn Garden City

Hertfordshire

AL7 1EU




Independent auditors
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

249 Silbury Boulevard

Milton Keynes

Buckinghamshire

MK9 1NA





 
DUNCAN HOLDINGS LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14 - 15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
19
Notes to the Financial Statements
 
20 - 41


 
DUNCAN HOLDINGS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the Group during the year was the manufacture of printed paperboard carton packaging.   

Business review
 
Following the previous year of material shortages and supply chain disruptions, many customers reacted by holding larger stocks. This meant the start of 2023 had softer demand from customers who were running down stock levels as the supply chain improved.
During the year demand returned from customers destocking but the Group’s overall sales were down by 20% due to the sales of Duncan Print Group Ltd in early Novemeber.
The share holding in Duncan Print Group Ltd was sold to the Cartone Group, an international Packaging group during the year under review. The Company retained the site in Welwyn Garden city and agreed a 10 year lease to Duncan Print Group. 

Principal risks and uncertainties
 
The Board reviews the nature and extent of current and future risks as part of its ongoing corporate governance procedures and has not identified any significant risk going forward

Financial key performance indicators
 
The directors consider the key Performance Indicators of the Group to consist of Gross Profit Percentage, Turnover Per Employee, and Return on Capital Employed.
Gross Profit Percentage is calculated by comparing gross profit against turnover. This ratio shows how much the Group earns taking into consideration the direct costs it incurs in manufacturing products. It is an indication of trading profitability.
Turnover Per Employee is calculated by dividing the year’s turnover by the average number of full-time equivalent employees. The ratio is a measure of productivity of the Group.
Return on Capital Employed is calculated as the operating profit divided by shareholder’s funds. The purpose of this ratio is to measure the return the Group realises from Shareholders funds.
All data used in calculating this ratio is derived from these financial statements.
Gross Profit Percentage -   41.97%  (2022 - 40.4%)
Turnover Per Employee - £149,708  (2022 - 150,210)
Return on Capital Employed - 10.9% (2022 - 19.6%)

Page 1

 
DUNCAN HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board and signed on its behalf.



................................................
W A L Duncan
Director
Date: 20 September 2024

Page 2

 
DUNCAN HOLDINGS LTD
 
 
 
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' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £3,069,708 (2022 - £713,481).

Dividends of £nil (2022: £353,262) were distributed for the year ended 31 December 2023.

Directors

The directors who served during the year were:

W A L Duncan 
J W Duncan 

Future developments

Following the sale of Duncan Print Group Ltd the Company has ceased the manufacture of printed carton packaging and is only active in the rental of its site in Welwyn Garden City. It has £3,500,000 cash at year end and will look for appropriate investments going forward.

Page 3

 
DUNCAN HOLDINGS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
W A L Duncan
Director
Date: 20 September 2024

Page 4

 
DUNCAN HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUNCAN HOLDINGS LTD
 

Opinion


We have audited the financial statements of Duncan Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 2023 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 5

 
DUNCAN HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUNCAN HOLDINGS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the 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 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 6

 
DUNCAN HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUNCAN HOLDINGS LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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.


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 an Auditors' 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 Group financial statements.


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:

assess the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 
 
Page 7

 
DUNCAN HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUNCAN HOLDINGS LTD (CONTINUED)



We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.


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. This 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 Auditors' Report.


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 2006Our 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 Auditors' 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.





Neal Carter ACA (Senior Statutory Auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
249 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 1NA

20 September 2024
Page 8

 
DUNCAN HOLDINGS LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
7,186,015
9,012,620

Cost of sales
  
(4,169,701)
(5,369,145)

Gross profit
  
3,016,314
3,643,475

Administrative expenses
  
(2,569,116)
(2,539,809)

Other operating income
 5 
120,088
74,315

Other operating charges
  
(11,639)
-

Operating profit
 6 
555,647
1,177,981

Exceptional cost
 14 
-
815,077

Profit on ordinary activities before interest
  
555,647
1,993,058

Profit on disposal and impairment of investments
  
2,864,073
-

Interest receivable and similar income
 10 
57,213
-

Interest payable and similar expenses
 11 
(83,335)
(117,430)

Profit before taxation
  
3,393,598
1,875,628

Tax on profit
 12 
(166,981)
(517,815)

Profit for the financial year
  
3,226,617
1,357,813

Profit for the year attributable to:
  

Non-controlling interests
  
156,909
644,332

Owners of the parent Company
  
3,069,708
713,481

  
3,226,617
1,357,813

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 20 to 41 form part of these financial statements.

Page 9

 
DUNCAN HOLDINGS LTD
REGISTERED NUMBER: 00154807

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 15 
-
283,912

Tangible assets
 16 
2,080,490
4,949,708

  
2,080,490
5,233,620

Current assets
  

Stocks
 18 
-
539,816

Debtors: amounts falling due within one year
 19 
699,414
1,620,908

Cash at bank and in hand
 20 
3,511,170
1,299,465

  
4,210,584
3,460,189

Creditors: amounts falling due within one year
 21 
(191,299)
(2,672,440)

Net current assets
  
 
 
4,019,285
 
 
787,749

Total assets less current liabilities
  
6,099,775
6,021,369

Creditors: amounts falling due after more than one year
 22 
-
(1,797,534)

Provisions for liabilities
  

Deferred taxation
 25 
-
(676,287)

Net assets
  
6,099,775
3,547,548


Capital and reserves
  

Called up share capital 
 26 
7,230
7,230

Revaluation reserve
 27 
1,015,157
1,015,157

Capital redemption reserve
 27 
656,638
656,638

Profit and loss account
 27 
4,420,750
1,351,042

Equity attributable to owners of the parent Company
  
6,099,775
3,030,067

Non-controlling interests
  
-
517,481

  
6,099,775
3,547,548


Page 10

 
DUNCAN HOLDINGS LTD
REGISTERED NUMBER: 00154807
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
W A L Duncan
Director
Date: 20 September 2024

The notes on pages 20 to 41 form part of these financial statements.

Page 11

 
DUNCAN HOLDINGS LTD
REGISTERED NUMBER: 00154807

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 16 
2,080,490
2,095,813

Investments
 17 
-
185,290

  
2,080,490
2,281,103

Current assets
  

Debtors: amounts falling due within one year
 19 
699,414
105,443

Cash at bank and in hand
 20 
3,511,170
1,756

  
4,210,584
107,199

Creditors: amounts falling due within one year
 21 
(191,299)
(396,594)

Net current assets/(liabilities)
  
 
 
4,019,285
 
 
(289,395)

  

  

Net assets
  
6,099,775
1,991,708


Capital and reserves
  

Called up share capital 
 26 
7,230
7,230

Revaluation reserve
 27 
716,128
716,128

Capital redemption reserve
 27 
656,638
656,638

Profit and loss account brought forward
  
611,712
899,715

Profit for the year
  
4,108,067
111,053

Other changes in the profit and loss account

  

-
(399,056)

Profit and loss account carried forward
  
4,719,779
611,712

  
6,099,775
1,991,708


Page 12

 
DUNCAN HOLDINGS LTD
REGISTERED NUMBER: 00154807
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
W A L Duncan
Director
Date: 20 September 2024

The notes on pages 20 to 41 form part of these financial statements.

Page 13

 

 
DUNCAN HOLDINGS LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 January 2023
7,230
656,638
1,015,157
1,351,042
3,030,067
517,481
3,547,548



Comprehensive income for the year


Profit for the year
-
-
-
3,069,708
3,069,708
156,909
3,226,617

Total comprehensive income for the year
-
-
-
3,069,708
3,069,708
156,909
3,226,617



Contributions by and distributions to owners


Disposal of subsidiary
-
-
-
-
-
(674,390)
(674,390)



Total transactions with owners
-
-
-
-
-
(674,390)
(674,390)



At 31 December 2023
7,230
656,638
1,015,157
4,420,750
6,099,775
-
6,099,775



The notes on pages 20 to 41 form part of these financial statements.

Page 14

 

 
DUNCAN HOLDINGS LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 January 2022
632,794
31,074
1,015,157
1,036,617
2,715,642
8,149
2,723,791



Comprehensive income for the year


Profit for the year
-
-
-
713,481
713,481
644,332
1,357,813

Total comprehensive income for the year
-
-
-
713,481
713,481
644,332
1,357,813



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(353,262)
(353,262)
(135,000)
(488,262)


Purchase of own shares
-
625,564
-
(45,794)
579,770
-
579,770


Shares redeemed during the year
(625,564)
-
-
-
(625,564)
-
(625,564)



Total transactions with owners
(625,564)
625,564
-
(399,056)
(399,056)
(135,000)
(534,056)



At 31 December 2022
7,230
656,638
1,015,157
1,351,042
3,030,067
517,481
3,547,548



The notes on pages 20 to 41 form part of these financial statements.

Page 15

 
DUNCAN HOLDINGS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
632,794
31,074
716,128
899,715
2,279,711


Comprehensive income for the year

Profit for the year
-
-
-
111,053
111,053
Total comprehensive income for the year
-
-
-
111,053
111,053


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(353,262)
(353,262)

Purchase of own shares
-
625,564
-
(45,794)
579,770

Shares redeemed during the year
(625,564)
-
-
-
(625,564)


Total transactions with owners
(625,564)
625,564
-
(399,056)
(399,056)



At 1 January 2023
7,230
656,638
716,128
611,712
1,991,708


Comprehensive income for the year

Profit for the year
-
-
-
4,108,067
4,108,067
Total comprehensive income for the year
-
-
-
4,108,067
4,108,067


Total transactions with owners
-
-
-
-
-


At 31 December 2023
7,230
656,638
716,128
4,719,779
6,099,775


The notes on pages 20 to 41 form part of these financial statements.

Page 16

 
DUNCAN HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,226,617
1,357,813

Adjustments for:

Amortisation of intangible assets
84,048
106,667

Depreciation of tangible assets
304,236
426,113

Change in estimate - fixed assets
-
(815,077)

Loss on disposal of tangible assets
-
22,591

Government grants
(167)
(2,149)

Interest paid
83,334
117,430

Interest received
(57,213)
-

Taxation charge
166,981
517,815

Decrease in stocks
539,816
306,649

Decrease/(increase) in debtors
921,494
(214,837)

(Decrease) in creditors
(2,030,400)
(276,951)

Corporation tax (paid)
(774,232)
(57,478)

Net cash generated from operating activities

2,464,514
1,488,586


Cash flows from investing activities

Purchase of intangible fixed assets
-
(32,000)

Purchase of tangible fixed assets
-
(103,548)

Sale of tangible fixed assets
1,041,393
516,342

Government grants received
167
2,149

Sale of fixed asset investments
879,265
-

Interest received
57,213
-

HP interest paid
(7,340)
(11,630)

Net cash from investing activities

1,970,698
371,313

Cash flows from financing activities

Repayment of loans
(1,869,840)
(377,442)

Repayment of/new finance leases
(277,507)
(104,019)

Movements on invoice discounting
(166)
(20,643)

Dividends paid
-
(353,262)

Interest paid
(75,994)
(105,800)

Dividends paid to non-controlling interests
-
(135,000)

Net cash used in financing activities
(2,223,507)
(1,096,166)

Net increase in cash and cash equivalents
2,211,705
763,733
Page 17

 
DUNCAN HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£


Cash and cash equivalents at beginning of year
1,299,465
535,732

Cash and cash equivalents at the end of year
3,511,170
1,299,465


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,511,170
1,299,465

3,511,170
1,299,465


The notes on pages 20 to 41 form part of these financial statements.

Page 18

 
DUNCAN HOLDINGS LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Acquisition and disposal of subsidiaries
At 31 December 2023
£

£

£

£

Cash at bank and in hand

1,299,465

3,352,940

(1,141,235)

3,511,170

Debt due after 1 year

(1,589,626)

1,589,626

-

-

Debt due within 1 year

(672,406)

659,964

-

(12,442)

Finance leases

(277,507)

80,825

196,682

-


(1,240,074)
5,683,355
(944,553)
3,498,728

The notes on pages 20 to 41 form part of these financial statements.

Page 19

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private limited company, incorporated in England & Wales and limited by shares. The principal activity of the Group during the year was printing and packaging. The address of the registered office is Broadwater House, 1 Mundells, Welwyn Garden City, Hertfordshire, AL7 1EU. 
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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 when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Page 21

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 22

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer Software
-
3 years straight line
Goodwill
-
5-10 years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 23

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Straight line over 50 years
Leashold improvements
-
Depreciated over the lease term of the property
Plant and machinery
-
Straight line over 5 - 20 years
Motor vehicles
-
Straight line over 4 - 5 years
Fixtures and fittings
-
Straight line over 5 - 20 years
Computer equipment
-
Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 24

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 25

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 26

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.
Value of Assets
The directors have used their knowledge of the business to estimate the useful life and residual value of all assets in the business. This is their best estimate of the timeframe over which economic benefits are expected to be derived. Where relevant the opinion of external experts have been sought to guide the directors decisions. In the year a review of residual lives was conducted and revisions to estimations were made based on the opinion of external experts.

Page 27

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to the main principal activity of the group.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
6,698,378
8,955,792

Rest of Europe
481,135
53,107

Rest of the World
6,502
3,721

7,186,015
9,012,620



5.


Other operating income

2023
2022
£
£

Other operating income
119,921
72,166

Government grants receivable
167
2,149

120,088
74,315



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
397
1,069

Other operating lease rentals
108,884
(29,746)


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
14,000
23,000

Page 28

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,782,664
2,089,783
110,104
47,522

Social security costs
157,884
202,381
10,403
-

Cost of defined contribution scheme
169,028
74,190
121,000
24,000

2,109,576
2,366,354
241,507
71,522


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Direct sales and administration
46
60
2
2


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
157,528
144,913

Group contributions to defined contribution pension schemes
108,303
7,869

265,831
152,782


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £98,388 (2022 - £116,225).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,303 (2022 - £7,869).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
57,213
-

Page 29

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
75,994
105,800

Finance leases and hire purchase contracts
7,341
11,630

83,335
117,430


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
163,561
120,190

Adjustments in respect of previous periods
3,420
(6,316)


166,981
113,874


Total current tax
166,981
113,874

Deferred tax


Origination and reversal of timing differences
-
403,941

Total deferred tax
-
403,941


Taxation on profit on ordinary activities
166,981
517,815
Page 30

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,393,598
1,875,628


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
848,400
356,369

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,520
8,744

Capital allowances for year in excess of depreciation
15,160
131,266

Utilisation of tax losses
-
62,708

Adjustments to tax charge in respect of prior periods
3,420
(6,316)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(32,682)

Changes in provisions leading to an increase (decrease) in the tax charge
802
(2,274)

Substantial Shareholding Exemption
(722,268)
-

Tax rate change during the year
5,947
-

Total tax charge for the year
166,981
517,815


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Dividends paid
-
353,262

Page 31

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Exceptional items

2023
2022
£
£


Change in accounting estimate
-
(815,077)

During the prior year the Group reviewed the residual values of tangible fixed assets, and as a result of the change in accounting estimate depreciation of £815,077 on plant and machinery was reversed.


15.


Intangible assets

Group and Company





Computer Software
Goodwill
Total

£
£
£





At 1 January 2023
112,996
523,647
636,643


Disposals
(112,996)
(523,647)
(636,643)



At 31 December 2023

-
-
-





At 1 January 2023
101,084
251,647
352,731


Charge for the year on owned assets
9,048
75,000
84,048


On disposals
(110,132)
(326,647)
(436,779)



At 31 December 2023

-
-
-



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
11,912
272,000
283,912



Page 32

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
2,555,872
198,239
4,006,317
66,756
536,557
168,202


Disposals
-
(198,239)
(4,006,317)
(66,756)
(536,557)
(168,202)



At 31 December 2023

2,555,872
-
-
-
-
-



Depreciation


At 1 January 2023
460,059
198,239
1,483,817
52,268
285,521
102,331


Charge for the year on owned assets
15,323
-
218,520
7,945
39,785
22,663


Disposals
-
(198,239)
(1,702,337)
(60,213)
(325,306)
(124,994)



At 31 December 2023

475,382
-
-
-
-
-



Net book value



At 31 December 2023
2,080,490
-
-
-
-
-



At 31 December 2022
2,095,813
-
2,522,500
14,488
251,036
65,871
Page 33

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           16.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
7,531,943


Disposals
(4,976,071)



At 31 December 2023

2,555,872



Depreciation


At 1 January 2023
2,582,235


Charge for the year on owned assets
304,236


Disposals
(2,411,089)



At 31 December 2023

475,382



Net book value



At 31 December 2023
2,080,490



At 31 December 2022
4,949,708

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
-
393,224

Motor vehicles
-
1,670

Furniture, fittings and equipment
-
4,969

-
399,863

Page 34

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£



Freehold Property
260,490
275,813

Land
1,820,000
1,820,000

2,080,490
2,095,813


Company






Freehold property

£

Cost or valuation


At 1 January 2023
2,555,872



At 31 December 2023

2,555,872



Depreciation


At 1 January 2023
460,059


Charge for the year on owned assets
15,323



At 31 December 2023

475,382



Net book value



At 31 December 2023
2,080,490



At 31 December 2022
2,095,813

Included in freehold property is land of £1,820,000 which is not depreciated. 






Page 35

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
185,290


Disposals
(160,290)



At 31 December 2023
25,000



Impairment


Impairment on disposals
25,000



At 31 December 2023

25,000



Net book value



At 31 December 2023
-



At 31 December 2022
185,290

Subsidiary undertakings
The following were subsidiary undertakings of the Company during the year under review:
Duncan Print Group Limited - 55% holding
DHSPARE Ltd (previously Duncan Print and Packaging Limited) - 100% holding
Edward J.Wood & Co. (Printers) Ltd - 100% subsidiary of Duncan Print Group Limited
During the year, the Company disposed of its investment in Duncan Print Group Limited, with Edward J.Wood & Co. (Printers) Ltd. 

Page 36

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
-
146,026

Work in progress
-
68,674

Finished goods and goods for resale
-
325,116

-
539,816


The difference between purchase price or production cost of stocks and their replacement cost is not material.


19.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
98,717
1,447,408
98,717
-

Amounts owed by group undertakings
-
-
-
71,628

Other debtors
600,697
94,208
600,697
33,815

Prepayments and accrued income
-
79,292
-
-

699,414
1,620,908
699,414
105,443



20.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,511,170
1,299,465
3,511,170
1,756


Page 37

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
280,214
-
-

Trade creditors
-
962,414
-
-

Corporation tax
19,428
120,190
19,428
109,186

Other taxation and social security
-
317,310
-
-

Obligations under finance lease and hire purchase contracts
-
94,599
-
-

Invoice discounting
-
166
-
-

Other creditors
95,898
737,469
95,898
260,408

Accruals and deferred income
75,973
160,078
75,973
27,000

191,299
2,672,440
191,299
396,594



22.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
-
1,589,626

Net obligations under finance leases and hire purchase contracts
-
182,908

Other creditors
-
25,000

-
1,797,534




Page 38

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
-
280,214

Amounts falling due 1-2 years

Bank loans
-
278,436

Amounts falling due 2-5 years

Bank loans
-
1,311,190


-
1,869,840



24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
-
94,599

Between 1-2 years
-
156,730

Between 2-5 years
-
26,178

-
277,507


25.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
676,287
272,346


Charged to profit or loss
(676,287)
403,941



At end of year
-
676,287

Page 39

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
25.Deferred taxation (continued)

Group
Group
2023
2022
£
£

Accelerated capital allowances
-
676,287


26.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,133 (2022 - 1,133) Ordinary 'A' shares of £1.00 each
1,133
1,133
2,701 (2022 - 2,701) Ordinary 'E' shares of £1.00 each
2,701
2,701
3,396 (2022 - 3,396) Ordinary 'F' shares of £1.00 each
3,396
3,396

7,230

7,230



27.


Reserves

Revaluation reserve

Represents non-distributable unrealised revaluation on land and buildings, which was completed in 2002. Land and buildings are now held at revalued cost and are not subject to further revaluations. 

Capital redemption reserve

Relates to share capital value repurchased by the company to date. 

Profit and loss account

Represents accumulated reserves to date less distributions. 


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £169,028 (2022: £74,190). Contributions totalling £nil (2022: £12,799) were payable to the fund at the balance sheet date and are included in creditors.

Page 40

 
DUNCAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
-
17,377
-
10,525

Later than 1 year and not later than 5 years
-
12,478
-
6,198

-
29,855
-
16,723


30.


Related party transactions

The directors are considered to be the key management personnel, see Note 9 for details of remuneration.
Included in other creditors in the consolidated balance sheet are amounts due to shareholders of £nil (2022: £135,000), amounts due to Group directors of £5,000 (2022: £197,716) and amounts owed by other related parties of £7,442 (2022: £59,476).


31.


Controlling party

The ultimate controlling party is considered to be W A L Duncan by virtue of his majority shareholding.

 
Page 41