Denvern Limited 04984927 false 2023-01-01 2023-12-31 2023-12-31 2023-12-31 The principal activity of the company is that of a property rental and the provision of storage solutions and related services to commercial and domestic customers. Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false false false true true true false false false false 04984927 2023-01-01 2023-12-31 04984927 2023-12-31 04984927 bus:Director1 bus:Consolidated 1 2023-12-31 04984927 bus:OrdinaryShareClass1 bus:Consolidated 2023-12-31 04984927 bus:OrdinaryShareClass2 bus:Consolidated 2023-12-31 04984927 bus:Consolidated 2023-12-31 04984927 bus:Consolidated 1 2023-12-31 04984927 bus:Consolidated 2 2023-12-31 04984927 bus:Consolidated 1 2023-12-31 04984927 2 2023-12-31 04984927 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-12-31 04984927 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2023-12-31 04984927 core:Non-controllingInterests bus:Consolidated 2023-12-31 04984927 core:OtherMiscellaneousReserve bus:Consolidated 2023-12-31 04984927 core:OtherReservesSubtotal bus:Consolidated 2023-12-31 04984927 core:RetainedEarningsAccumulatedLosses 2023-12-31 04984927 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-12-31 04984927 core:ShareCapital 2023-12-31 04984927 core:ShareCapital bus:Consolidated 2023-12-31 04984927 core:SharePremium 2023-12-31 04984927 core:SharePremium bus:Consolidated 2023-12-31 04984927 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-12-31 04984927 core:FinanceLeases core:CurrentFinancialInstruments 2023-12-31 04984927 core:FinanceLeases core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 04984927 core:FinanceLeases core:Non-currentFinancialInstruments 2023-12-31 04984927 core:FinanceLeases core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 04984927 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-12-31 04984927 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 04984927 core:CurrentFinancialInstruments 2023-12-31 04984927 core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 04984927 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04984927 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-12-31 04984927 core:Non-currentFinancialInstruments 2023-12-31 04984927 core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 04984927 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04984927 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-12-31 04984927 core:Goodwill bus:Consolidated 2023-12-31 04984927 core:OtherResidualIntangibleAssets bus:Consolidated 2023-12-31 04984927 core:CostValuation 2023-12-31 04984927 core:BetweenOneFiveYears bus:Consolidated 2023-12-31 04984927 core:BetweenTwoFiveYears bus:Consolidated 2023-12-31 04984927 core:WithinOneYear bus:Consolidated 2023-12-31 04984927 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-12-31 04984927 core:LandBuildings 2023-12-31 04984927 core:LandBuildings bus:Consolidated 2023-12-31 04984927 core:MotorVehicles bus:Consolidated 2023-12-31 04984927 core:OtherPropertyPlantEquipment bus:Consolidated 2023-12-31 04984927 core:DeferredTaxation bus:Consolidated 2023-12-31 04984927 core:OtherRelatedParties bus:Consolidated 2023-12-31 04984927 bus:FRS102 bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:Audited bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:FullAccounts bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:RegisteredOffice bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:Director1 2023-01-01 2023-12-31 04984927 bus:Director1 bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:Director1 bus:Consolidated 1 2023-01-01 2023-12-31 04984927 bus:Director2 bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:OrdinaryShareClass1 bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 04984927 bus:OrdinaryShareClass2 bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-01-01 2023-12-31 04984927 bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:Consolidated 2 2023-01-01 2023-12-31 04984927 bus:Consolidated 3 2023-01-01 2023-12-31 04984927 bus:Consolidated 1 2023-01-01 2023-12-31 04984927 bus:Consolidated 1 2023-01-01 2023-12-31 04984927 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-01-01 2023-12-31 04984927 bus:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 04984927 core:ContinuingOperations bus:Consolidated 2023-01-01 2023-12-31 04984927 core:DiscontinuedOperations bus:Consolidated 2023-01-01 2023-12-31 04984927 core:CapitalContributionReserve bus:Consolidated 2023-01-01 2023-12-31 04984927 core:CapitalRedemptionReserve bus:Consolidated 2023-01-01 2023-12-31 04984927 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Non-controllingInterests bus:Consolidated 2023-01-01 2023-12-31 04984927 core:OtherMiscellaneousReserve bus:Consolidated 2023-01-01 2023-12-31 04984927 core:OtherReservesSubtotal bus:Consolidated 2023-01-01 2023-12-31 04984927 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04984927 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-01-01 2023-12-31 04984927 core:ShareCapital 2023-01-01 2023-12-31 04984927 core:ShareCapital bus:Consolidated 2023-01-01 2023-12-31 04984927 core:SharePremium 2023-01-01 2023-12-31 04984927 core:SharePremium bus:Consolidated 2023-01-01 2023-12-31 04984927 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-01-01 2023-12-31 04984927 countries:UnitedKingdom bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Goodwill bus:Consolidated 2023-01-01 2023-12-31 04984927 core:IntangibleAssetsOtherThanGoodwill bus:Consolidated 2023-01-01 2023-12-31 04984927 core:OtherResidualIntangibleAssets bus:Consolidated 2023-01-01 2023-12-31 04984927 core:ReportableOperatingSegment1 bus:Consolidated 2023-01-01 2023-12-31 04984927 core:ReportableOperatingSegment2 bus:Consolidated 2023-01-01 2023-12-31 04984927 core:ReportableOperatingSegment3 bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Buildings bus:Consolidated 2023-01-01 2023-12-31 04984927 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Land bus:Consolidated 2023-01-01 2023-12-31 04984927 core:LandBuildings 2023-01-01 2023-12-31 04984927 core:LandBuildings bus:Consolidated 2023-01-01 2023-12-31 04984927 core:LeaseholdImprovements bus:Consolidated 2023-01-01 2023-12-31 04984927 core:MotorVehicles bus:Consolidated 2023-01-01 2023-12-31 04984927 core:OfficeEquipment bus:Consolidated 2023-01-01 2023-12-31 04984927 core:OtherPropertyPlantEquipment bus:Consolidated 2023-01-01 2023-12-31 04984927 core:PlantMachinery bus:Consolidated 2023-01-01 2023-12-31 04984927 core:ToolsEquipment bus:Consolidated 2023-01-01 2023-12-31 04984927 core:VehiclesPlantMachinery bus:Consolidated 2023-01-01 2023-12-31 04984927 core:DeferredTaxation bus:Consolidated 2023-01-01 2023-12-31 04984927 core:OtherRelatedParties core:SaleOrPurchaseGoods bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Subsidiary1 bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Subsidiary1 bus:Consolidated 1 2023-01-01 2023-12-31 04984927 core:Subsidiary2 bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Subsidiary2 bus:Consolidated 1 2023-01-01 2023-12-31 04984927 core:Subsidiary3 bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Subsidiary3 bus:Consolidated 1 2023-01-01 2023-12-31 04984927 core:Subsidiary4 bus:Consolidated 2023-01-01 2023-12-31 04984927 core:Subsidiary4 bus:Consolidated 1 2023-01-01 2023-12-31 04984927 core:UKTax bus:Consolidated 2023-01-01 2023-12-31 04984927 countries:AllCountries bus:Consolidated 2023-01-01 2023-12-31 04984927 2022-12-31 04984927 bus:Director1 bus:Consolidated 1 2022-12-31 04984927 bus:Consolidated 2022-12-31 04984927 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-12-31 04984927 core:Non-controllingInterests bus:Consolidated 2022-12-31 04984927 core:OtherMiscellaneousReserve bus:Consolidated 2022-12-31 04984927 core:RetainedEarningsAccumulatedLosses 2022-12-31 04984927 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-12-31 04984927 core:ShareCapital 2022-12-31 04984927 core:ShareCapital bus:Consolidated 2022-12-31 04984927 core:SharePremium 2022-12-31 04984927 core:SharePremium bus:Consolidated 2022-12-31 04984927 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-12-31 04984927 core:Goodwill bus:Consolidated 2022-12-31 04984927 core:OtherResidualIntangibleAssets bus:Consolidated 2022-12-31 04984927 core:CostValuation 2022-12-31 04984927 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-12-31 04984927 core:LandBuildings 2022-12-31 04984927 core:LandBuildings bus:Consolidated 2022-12-31 04984927 core:MotorVehicles bus:Consolidated 2022-12-31 04984927 core:OtherPropertyPlantEquipment bus:Consolidated 2022-12-31 04984927 core:DeferredTaxation bus:Consolidated 2022-12-31 04984927 2022-01-01 2022-12-31 04984927 2022-12-31 04984927 bus:Director1 bus:Consolidated 1 2022-12-31 04984927 bus:OrdinaryShareClass1 bus:Consolidated 2022-12-31 04984927 bus:OrdinaryShareClass2 bus:Consolidated 2022-12-31 04984927 bus:Consolidated 2022-12-31 04984927 bus:Consolidated 1 2022-12-31 04984927 bus:Consolidated 2 2022-12-31 04984927 bus:Consolidated 1 2022-12-31 04984927 2 2022-12-31 04984927 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-12-31 04984927 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-12-31 04984927 core:Non-controllingInterests bus:Consolidated 2022-12-31 04984927 core:OtherMiscellaneousReserve bus:Consolidated 2022-12-31 04984927 core:OtherReservesSubtotal bus:Consolidated 2022-12-31 04984927 core:RetainedEarningsAccumulatedLosses 2022-12-31 04984927 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-12-31 04984927 core:ShareCapital 2022-12-31 04984927 core:ShareCapital bus:Consolidated 2022-12-31 04984927 core:SharePremium 2022-12-31 04984927 core:SharePremium bus:Consolidated 2022-12-31 04984927 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-12-31 04984927 core:FinanceLeases core:CurrentFinancialInstruments 2022-12-31 04984927 core:FinanceLeases core:CurrentFinancialInstruments bus:Consolidated 2022-12-31 04984927 core:FinanceLeases core:Non-currentFinancialInstruments 2022-12-31 04984927 core:FinanceLeases core:Non-currentFinancialInstruments bus:Consolidated 2022-12-31 04984927 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2022-12-31 04984927 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments bus:Consolidated 2022-12-31 04984927 core:CurrentFinancialInstruments 2022-12-31 04984927 core:CurrentFinancialInstruments bus:Consolidated 2022-12-31 04984927 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04984927 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-12-31 04984927 core:Non-currentFinancialInstruments 2022-12-31 04984927 core:Non-currentFinancialInstruments bus:Consolidated 2022-12-31 04984927 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04984927 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2022-12-31 04984927 core:Goodwill bus:Consolidated 2022-12-31 04984927 core:OtherResidualIntangibleAssets bus:Consolidated 2022-12-31 04984927 core:BetweenOneFiveYears bus:Consolidated 2022-12-31 04984927 core:BetweenTwoFiveYears bus:Consolidated 2022-12-31 04984927 core:WithinOneYear bus:Consolidated 2022-12-31 04984927 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-12-31 04984927 core:LandBuildings 2022-12-31 04984927 core:LandBuildings bus:Consolidated 2022-12-31 04984927 core:MotorVehicles bus:Consolidated 2022-12-31 04984927 core:OtherPropertyPlantEquipment bus:Consolidated 2022-12-31 04984927 core:OtherRelatedParties bus:Consolidated 2022-12-31 04984927 bus:Director1 bus:Consolidated 1 2022-01-01 2022-12-31 04984927 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-01-01 2022-12-31 04984927 bus:OrdinaryShareClass2 bus:CumulativeShares 2022-01-01 2022-12-31 04984927 bus:Consolidated 2022-01-01 2022-12-31 04984927 bus:Consolidated 2 2022-01-01 2022-12-31 04984927 bus:Consolidated 3 2022-01-01 2022-12-31 04984927 core:ContinuingOperations bus:Consolidated 2022-01-01 2022-12-31 04984927 core:DiscontinuedOperations bus:Consolidated 2022-01-01 2022-12-31 04984927 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-01-01 2022-12-31 04984927 core:Non-controllingInterests bus:Consolidated 2022-01-01 2022-12-31 04984927 core:OtherMiscellaneousReserve bus:Consolidated 2022-01-01 2022-12-31 04984927 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04984927 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-01-01 2022-12-31 04984927 core:ShareCapital 2022-01-01 2022-12-31 04984927 core:ShareCapital bus:Consolidated 2022-01-01 2022-12-31 04984927 core:SharePremium 2022-01-01 2022-12-31 04984927 core:SharePremium bus:Consolidated 2022-01-01 2022-12-31 04984927 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-01-01 2022-12-31 04984927 countries:UnitedKingdom bus:Consolidated 2022-01-01 2022-12-31 04984927 core:Subsidiary1 bus:Consolidated 1 2022-01-01 2022-12-31 04984927 core:Subsidiary2 bus:Consolidated 1 2022-01-01 2022-12-31 04984927 core:Subsidiary3 bus:Consolidated 1 2022-01-01 2022-12-31 04984927 core:Subsidiary4 bus:Consolidated 1 2022-01-01 2022-12-31 04984927 core:UKTax bus:Consolidated 2022-01-01 2022-12-31 04984927 2021-12-31 04984927 bus:Director1 bus:Consolidated 1 2021-12-31 04984927 bus:Consolidated 2021-12-31 04984927 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2021-12-31 04984927 core:Non-controllingInterests bus:Consolidated 2021-12-31 04984927 core:OtherMiscellaneousReserve bus:Consolidated 2021-12-31 04984927 core:RetainedEarningsAccumulatedLosses 2021-12-31 04984927 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-12-31 04984927 core:ShareCapital 2021-12-31 04984927 core:ShareCapital bus:Consolidated 2021-12-31 04984927 core:SharePremium 2021-12-31 04984927 core:SharePremium bus:Consolidated 2021-12-31 04984927 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04984927

Denvern Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Denvern Limited
(Registration number: 04984927)
 

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10 to 11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17 to 18

Notes to the Financial Statements

19 to 41

 

Denvern Limited
(Registration number: 04984927)
 

Company Information

Directors

Mr P G Maddicott

Mrs D L Maddicott

Registered office

Dainton Business Park
Heathfield
Newton Abbot
Devon
TQ12 6RG

Auditors

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

 

Denvern Limited
(Registration number: 04984927)
 

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 group is that of a property rental 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 group as a whole, these being turnover and profit margins.

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

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

Financial KPIs

Unit

2023

2022

Turnover

£

11,579,818

11,338,130

Turnover growth

%

2

(9)

Gross profit

£

7,937,746

7,500,934

Profit before tax

£

5,109,543

4,463,177

Net assets

£

28,753,178

25,901,793

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 the Denvern Limited group 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:
 

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

 

Denvern Limited
(Registration number: 04984927)
 

Directors' Report for the Year Ended 31 December 2023

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

Directors of the group

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

Mr P G Maddicott

Mrs D L Maddicott

Financial instruments

Objectives and policies

The group'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 group's operations.

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

The group'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 interes with monthly repayment instalments. The group ensures that there are sufficient funds to meet these requirements to manage this liquidity risk.

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.

Loans comprise loans from financial institutions. The interest rates and monthly repayments are fixed. The group manages the liquidity risk by ensuring that there are sufficient funds to meet the scheduled payments.

The business is a lessee in respect of fixed assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Future developments

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

 

Denvern Limited
(Registration number: 04984927)
 

Directors' Report for the Year Ended 31 December 2023

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

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

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

 

Denvern Limited
(Registration number: 04984927)
 

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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Denvern Limited
(Registration number: 04984927)
 

Independent Auditor's Report to the Members of Denvern Limited

Opinion

We have audited the financial statements of Denvern Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group'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.

 

Denvern Limited
(Registration number: 04984927)
 

Independent Auditor's Report to the Members of Denvern Limited

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.

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

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 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.

 

Denvern Limited
(Registration number: 04984927)
 

Independent Auditor's Report to the Members of Denvern Limited

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.

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;

 

Denvern Limited
(Registration number: 04984927)
 

Independent Auditor's Report to the Members of Denvern Limited

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;

reading the minutes of meetings of those charged with governance;

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

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

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 our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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

 

Denvern Limited
(Registration number: 04984927)
 

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

Continuing operations
2023
£

Discontinued operations
2023
£

Total
2023
£

Continuing operations
2022
£

Discontinued operations
2022
£

Total
2022
£

Turnover

3

11,579,818

-

11,579,818

11,331,463

6,667

11,338,130

Cost of sales

 

(3,642,072)

-

(3,642,072)

(3,837,196)

-

(3,837,196)

Gross profit

 

7,937,746

-

7,937,746

7,494,267

6,667

7,500,934

Administrative expenses

 

(2,798,603)

-

(2,798,603)

(2,753,902)

(1,028)

(2,754,930)

Other operating income

4

130,027

-

130,027

-

-

-

Operating profit

5

5,269,170

-

5,269,170

4,740,365

5,639

4,746,004

Other interest receivable and similar income

8,858

-

8,858

-

-

-

Interest payable and similar expenses

(168,485)

-

(168,485)

(282,827)

-

(282,827)

 

(159,627)

-

(159,627)

(282,827)

-

(282,827)

Profit before tax

 

5,109,543

-

5,109,543

4,457,538

5,639

4,463,177

Tax on profit

11

(1,258,158)

-

(1,258,158)

(873,866)

(1,071)

(874,937)

Profit for the financial year

 

3,851,385

-

3,851,385

3,583,672

4,568

3,588,240

 

Denvern Limited
(Registration number: 04984927)
 

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

Continuing operations
2023
£

Discontinued operations
2023
£

Total
2023
£

Continuing operations
2022
£

Discontinued operations
2022
£

Total
2022
£

Profit/(loss) attributable to:

 

Owners of the company

 

3,851,385

-

3,851,385

3,583,672

2,284

3,585,956

Minority interests

 

-

-

-

-

2,284

2,284

 

3,851,385

-

3,851,385

3,583,672

4,568

3,588,240

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

 

Denvern Limited
(Registration number: 04984927)
 

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

3,851,385

3,588,240

Total comprehensive income for the year

3,851,385

3,588,240

Total comprehensive income attributable to:

Owners of the company

3,851,385

3,585,956

Minority interests

-

2,284

3,851,385

3,588,240

 

Denvern Limited
(Registration number: 04984927)
 

Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

12

166,661

253,749

Tangible assets

13

27,592,393

26,894,420

Investment property

14

703,150

385,705

Other financial assets

16

400

400

 

28,462,604

27,534,274

Current assets

 

Stocks

17

622,641

660,667

Debtors

18

6,390,847

5,421,167

Cash at bank and in hand

 

1,678,079

1,742,092

 

8,691,567

7,823,926

Creditors: Amounts falling due within one year

20

(3,781,847)

(3,197,382)

Net current assets

 

4,909,720

4,626,544

Total assets less current liabilities

 

33,372,324

32,160,818

Creditors: Amounts falling due after more than one year

20

(1,824,899)

(3,765,304)

Provisions for liabilities

21

(2,794,247)

(2,493,721)

Net assets

 

28,753,178

25,901,793

Capital and reserves

 

Called up share capital

23

15,212

15,212

Share premium reserve

24

2,701,121

2,701,121

Other reserves

24

22,441

37,693

Profit and loss account

24

26,014,404

23,147,767

Equity attributable to owners of the company

 

28,753,178

25,901,793

Total equity

 

28,753,178

25,901,793

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

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

 

Denvern Limited
(Registration number: 04984927)
 

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

4,185,859

4,503,304

Investment property

14

703,150

385,705

Investments

15

5,867,000

5,867,000

 

10,756,009

10,756,009

Current assets

 

Debtors

18

9,794

21,801

Cash at bank and in hand

 

94,220

34,601

 

104,014

56,402

Creditors: Amounts falling due within one year

20

(2,135,626)

(2,717,713)

Net current liabilities

 

(2,031,612)

(2,661,311)

Total assets less current liabilities

 

8,724,397

8,094,698

Creditors: Amounts falling due after more than one year

20

(518,339)

(1,713,166)

Net assets

 

8,206,058

6,381,532

Capital and reserves

 

Called up share capital

15,212

15,212

Share premium reserve

2,701,121

2,701,121

Profit and loss account

5,489,725

3,665,199

Total equity

 

8,206,058

6,381,532

The company made a profit after tax for the financial year of £2,824,526 (2022 - profit of £1,964,038).

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

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

 

Denvern Limited
(Registration number: 04984927)
 

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Non distributable reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 January 2023

15,212

2,701,121

-

37,693

23,147,767

25,901,793

-

25,901,793

Profit for the year

-

-

-

-

3,851,385

3,851,385

-

3,851,385

Total comprehensive income

-

-

-

-

3,851,385

3,851,385

-

3,851,385

Dividends

-

-

-

-

(1,000,000)

(1,000,000)

-

(1,000,000)

Transfers

-

-

-

(15,252)

15,252

-

-

-

At 31 December 2023

15,212

2,701,121

-

22,441

26,014,404

28,753,178

-

28,753,178

Share capital
£

Share premium
£

Non distributable reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 January 2022

15,212

2,701,121

135,170

56,239

20,908,095

23,815,837

617,792

24,433,629

Profit for the year

-

-

-

-

3,585,956

3,585,956

2,284

3,588,240

Total comprehensive income

-

-

-

-

3,585,956

3,585,956

2,284

3,588,240

Dividends

-

-

-

-

(1,500,000)

(1,500,000)

(195,075)

(1,695,075)

Transfers

-

-

(135,170)

(18,546)

153,716

-

-

-

Acquisition of non-controlling interest, decrease in equity

-

-

-

-

-

-

(425,001)

(425,001)

At 31 December 2022

15,212

2,701,121

-

37,693

23,147,767

25,901,793

-

25,901,793

 

Denvern Limited
(Registration number: 04984927)
 

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

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

15,212

2,701,121

3,665,199

6,381,532

Profit for the year

-

-

2,824,526

2,824,526

Dividends

-

-

(1,000,000)

(1,000,000)

At 31 December 2023

15,212

2,701,121

5,489,725

8,206,058

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2022

15,212

2,701,121

3,201,161

5,917,494

Profit for the year

-

-

1,964,038

1,964,038

Dividends

-

-

(1,500,000)

(1,500,000)

At 31 December 2022

15,212

2,701,121

3,665,199

6,381,532

 

Denvern Limited
(Registration number: 04984927)
 

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

3,851,385

3,588,240

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

499,750

441,098

Loss on disposal of tangible assets

19,970

52,580

Profit from disposals of investments

-

(71,766)

Finance income

6

(8,858)

-

Finance costs

7

168,485

282,827

Income tax expense

11

1,258,158

874,937

 

5,788,890

5,167,916

Working capital adjustments

 

Decrease/(increase) in stocks

17

38,026

(138,398)

(Increase)/decrease in trade debtors

18

(1,018,159)

2,101,584

Increase/(decrease) in trade creditors

20

250,139

(895,343)

Cash generated from operations

 

5,058,896

6,235,759

Income taxes paid

11

(399,417)

(939,467)

Net cash flow from operating activities

 

4,659,479

5,296,292

Cash flows from investing activities

 

Interest received

8,858

-

Acquisitions of tangible assets

13

(1,762,159)

(1,031,592)

Proceeds from sale of tangible assets

 

314,109

479,700

Acquisition of investment properties

14

-

(385,705)

Proceeds from sale of investment properties

 

-

187,500

Proceeds from sale of investment in subsidiary

 

-

500,000

Net cash flows from investing activities

 

(1,439,192)

(250,097)

Cash flows from financing activities

 

Interest paid

7

(168,485)

(282,827)

Repayment of bank borrowing

 

(1,430,872)

(3,512,281)

Proceeds from other borrowing draw downs

 

-

240,000

Repayment of other borrowing

 

(249,057)

(39,726)

Payments to finance lease creditors

 

(581,022)

(551,848)

Proceeds from draw downs of finance lease creditors

 

145,136

-

Dividends paid

27

(1,000,000)

(1,695,075)

Net cash flows from financing activities

 

(3,284,300)

(5,841,757)

Net decrease in cash and cash equivalents

 

(64,013)

(795,562)

 

Denvern Limited
(Registration number: 04984927)
 

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash and cash equivalents at 1 January

 

1,742,092

2,537,654

Cash and cash equivalents at 31 December

 

1,678,079

1,742,092

 

Denvern Limited
(Registration number: 04984927)
 

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 England & Wales.

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.

 

Denvern Limited
(Registration number: 04984927)
 

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £2,824,526 (2022 - profit of £1,964,038)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Denvern Limited
(Registration number: 04984927)
 

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

Judgements

The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The investment properties were valued on 31 December 2023 by the directors. The methodology of this valuation was based on market values of similar properties and rental yields. The value of investment properties at the year end is £703,150 (2022: £385,705) with the carrying amount at historical cost being £703,150 (2022: £385,705).

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 13 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 group 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 consolidated financial statements and on unused tax losses or tax credits in the group. 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.

 

Denvern Limited
(Registration number: 04984927)
 

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

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.

Depreciation

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

Asset class

Depreciation method and rate

Freehold Land

Not depreciated

Freehold Buildings

2% per annum on a straight line basis

Leasehold land and buildings

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

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the revaluation reserve accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

In accordance with FRS102 16.4A(b) the company has chosen to measure investment properties rented to other group entities under the cost model and has taken advantage of the transitional provision in paragraph 1.19(a), taking the fair value at the date of transition as the deemed cost going forward.

 

Denvern Limited
(Registration number: 04984927)
 

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

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 group’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

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 group will not be able to collect all amounts due according to the original terms of the receivables.

 

Denvern Limited
(Registration number: 04984927)
 

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

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 group 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.

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 group 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.

 

Denvern Limited
(Registration number: 04984927)
 

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

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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 group'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

Rental income from investment property

108,049

96,793

Other revenue

116,437

133,810

11,579,818

11,338,130

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

11,579,818

11,338,130

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

130,027

-

 

Denvern Limited
(Registration number: 04984927)
 

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

5

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

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

8,858

-

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

79,769

210,758

Interest on obligations under finance leases and hire purchase contracts

49,464

28,608

Interest expense on other finance liabilities

39,252

43,461

168,485

282,827

8

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

 

Denvern Limited
(Registration number: 04984927)
 

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

The average number of persons employed by the group (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

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

173,279

192,869

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

2,700

2,700

Audit of the financial statements of subsidiaries of the company pursuant to legislation

7,650

7,650

10,350

10,350


 

 

Denvern Limited
(Registration number: 04984927)
 

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

11

Taxation

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

2023
£

2022
£

Current taxation

UK corporation tax

957,632

492,690

UK corporation tax adjustment to prior periods

-

1,246

957,632

493,936

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

1,258,158

874,937

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

5,109,543

4,463,177

Corporation tax at standard rate

1,201,790

848,004

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

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

3,800

Total tax charge

1,258,158

874,937

 

Denvern Limited
(Registration number: 04984927)
 

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

Group

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

12

Intangible assets

Group

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

 

Denvern Limited
(Registration number: 04984927)
 

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

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

17,475,539

99,550

426,204

12,529,699

30,530,992

Additions

215,680

12,545

259,340

1,274,594

1,762,159

Disposals

-

(4,546)

(220,870)

(238,900)

(464,316)

Transfers to/from investment property

(317,445)

-

-

-

(317,445)

At 31 December 2023

17,373,774

107,549

464,674

13,565,393

31,511,390

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

16,711,108

13,116

299,849

10,568,320

27,592,393

At 31 December 2022

16,857,576

6,799

253,519

9,776,526

26,894,420

Included within the net book value of land and buildings above is £15,676,484 (2022 - £15,914,510) in respect of freehold land and buildings and £1,034,624 (2022 - £943,066) in respect of long leasehold land and buildings.
 

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).

 

Denvern Limited
(Registration number: 04984927)
 

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

Company

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

4,503,304

4,503,304

Transfers to/from investment property

(317,445)

(317,445)

At 31 December 2023

4,185,859

4,185,859

Carrying amount

At 31 December 2023

4,185,859

4,185,859

At 31 December 2022

4,503,304

4,503,304

Included within the net book value of land and buildings above is £4,185,859 (2022 - £4,503,304) in respect of freehold land and buildings.
 

14

Investment properties

Group

2023
£

At 1 January

385,705

Transfers to and from Tangible assets

317,445

At 31 December

703,150

The fair value of the investment properties as at 31 December 2023 has been determined by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

There has been no valuation of investment property by an independent valuer. On a historical cost basis the investment property would have been included at an orginal cost of £703,150 (2022 - £385,705).

 

Denvern Limited
(Registration number: 04984927)
 

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

Company

2023
£

At 1 January

385,705

Transfers to and from Tangible assets

317,445

At 31 December

703,150

There has been no valuation of investment property by an independent valuer in the current period.

Carrying amount of investment property rented to another group entity

The carrying amount of investment property rented to another group entity was £ 4,185,859 (2022 - £4,503,304) .

The above have been accounted for as property, plant and equipment applying the cost model in line with FRS102 16.4A.

15

Investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Dainton Group Services Limited*

Ordinary shares

100%

100%

 

     

Dainton Portable Buildings Limited

Ordinary shares

100%

100%

 

     

Dainton Self Store Limited

Ordinary shares

100%

100%

 

     

Dainton Portable Building Systems Limited

Ordinary shares

100%

100%

 

     

* indicates direct investment of the company

 

Denvern Limited
(Registration number: 04984927)
 

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

Of the above subsidiary companies Dainton Portable Buildings Limited, Dainton Self Store Limited and Dainton Portable Building Systems Limited have been excluded from consolidation on the grounds of immateriality.

The registered office of all the above subsidiaries is Dainton Business Park, Heathfield, Newton Abbot, Devon, TQ12 6RG.

All of the above subsidiary companies are registered in England and Wales.

Subsidiary undertakings

Dainton Group Services Limited

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

Dainton Portable Buildings Limited

The principal activity of Dainton Portable Buildings Limited is a dormant company

Dainton Self Store Limited

The principal activity of Dainton Self Store Limited is a dormant company

Dainton Portable Building Systems Limited

The principal activity of Dainton Portable Building Systems Limited is a dormant company

Company

2023
£

2022
£

Investments in subsidiaries

5,867,000

5,867,000

Subsidiaries

£

Cost or valuation

At 1 January 2023

5,867,000

At 31 December 2023

5,867,000

Carrying amount

At 31 December 2023

5,867,000

At 31 December 2022

5,867,000

 

Denvern Limited
(Registration number: 04984927)
 

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

16

Other financial assets

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

400

400

-

-

17

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Good for resale

622,641

660,667

-

-

18

Debtors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

631,028

433,647

-

19,551

Amounts owed by related parties

29

2,853,429

2,535,968

-

-

Other debtors

 

2,658,485

2,175,336

7,080

-

Prepayments

 

247,905

227,737

2,714

2,250

Corporation tax asset

11

-

48,479

-

-

 

6,390,847

5,421,167

9,794

21,801

19

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

1,427

1,494

-

-

Cash at bank

1,676,652

1,740,598

94,220

34,601

1,678,079

1,742,092

94,220

34,601

 

Denvern Limited
(Registration number: 04984927)
 

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

20

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

25

650,624

826,034

42,793

146,418

Trade creditors

 

293,737

244,479

-

2,997

Amounts due to related parties

29

-

-

1,945,229

2,467,603

Social security and other taxes

 

408,063

353,997

17,124

18,346

Outstanding defined contribution pension costs

 

11,247

9,693

-

-

Other creditors

 

423,349

365,683

-

-

Accruals

 

1,422,703

1,335,108

30,675

19,961

Corporation tax liability

11

572,124

62,388

99,805

62,388

 

3,781,847

3,197,382

2,135,626

2,717,713

Due after one year

 

Loans and borrowings

25

1,698,819

3,390,167

518,339

1,713,166

Other non-current financial liabilities

 

126,080

375,137

-

-

 

1,824,899

3,765,304

518,339

1,713,166

21

Provisions for liabilities

Group

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

 

Denvern Limited
(Registration number: 04984927)
 

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

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group 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.

23

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

15,112

15,112

15,112

15,112

 

15,212

15,212

15,212

15,212

Rights, preferences and restrictions

Ordinary A shares have the following rights, preferences and restrictions:
There are no restrictions on the distributions of dividends and the repayment of capital.

Ordinary B shares have the following rights, preferences and restrictions:
There are no restrictions on the distribution of dividends and the repayment of capital.

24

Reserves

Group

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, cumulative revaluation adjustments of investment properties 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.

 

Denvern Limited
(Registration number: 04984927)
 

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

Non-distributable reserve

This reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same asset.

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.

Company

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, cumulative revaluation adjustments of investment properties and other adjustments.

Share premium

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

25

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

180,459

278,838

42,793

146,418

Finance lease liabilities

470,165

547,196

-

-

650,624

826,034

42,793

146,418

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,407,956

2,740,449

518,339

1,713,166

Finance lease liabilities

290,863

649,718

-

-

1,698,819

3,390,167

518,339

1,713,166

 

Denvern Limited
(Registration number: 04984927)
 

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

Group

Bank borrowings

The group has fixed rates loans denominated in sterling with a nominal interest rate of between 3.65% and 4.31%, and the final instalment is due on 30 November 2034. The carrying amount at year end is £1,588,415 (2022 - £3,019,287).

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.

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

606,605

1,513,771

26

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

470,165

547,196

Later than one year and not later than five years

290,863

649,718

761,028

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).

 

Denvern Limited
(Registration number: 04984927)
 

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

27

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £10,000.00 (2022 - £15,000.00) per each Ordinary share

 

1,000,000

 

1,500,000

Interim dividend of £Nil (2022 - £97,537.50) per each Ordinary share

 

-

 

195,075

   

1,000,000

 

1,695,075

28

Analysis of changes in net debt

Group

At 1 January 2023
£

Financing cash flows
£

New finance leases
£

At 31 December 2023
£

Cash and cash equivalents

Cash

1,742,092

(64,013)

-

1,678,079

Borrowings

Long term borrowings

(3,019,287)

1,430,872

-

(1,588,415)

Lease liabilities

(1,196,914)

581,022

(145,136)

(761,028)

(4,216,201)

2,011,894

(145,136)

(2,349,443)

 

(2,474,109)

1,947,881

(145,136)

(671,364)

29

Related party transactions

Group

 

Denvern Limited
(Registration number: 04984927)
 

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

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

542,648

527,271

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director 1 - 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
£

Director 1 - 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 related parties includes transactions with entities under common control and with close family members of directors.

 

Denvern Limited
(Registration number: 04984927)
 

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

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
£

Amounts payable to related party

31,050

2022

Other related parties
£

Amounts payable to related party

-

30

Controlling party

The ultimate controlling parties are P & D Maddicott who own the entirety of the share capital.