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Registration number: 02434450

T L Dallas Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

T L Dallas Group Limited

Contents

Strategic Report

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Consolidated Profit and Loss Account

7

Consolidated Balance Sheet

8

Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Statement of Changes in Equity

11

Consolidated Statement of Cash Flows

12

Notes to the Financial Statements

13 to 29

 

T L Dallas Group Limited

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 company is a holding company and the principal activity of its subsidiary undertakings continues to be the broking of general insurance business in the United Kingdom.

Fair review of the business

The insurance market has been less volatile in the latter part of 2023 and into 2024, and, with a significant decrease in index linking on building costs in this period, this has resulted in lower premium increases for clients, however there is continued pressure on insurers’ capacity for larger / complex risks. As always, our teams work very hard to smooth the impact of the insurance cycle for clients and ensure that they present the best possible risk to insurers. While it would seem that rates are softening in some sectors, this is by no means across the board and with reinsurance rates still high this may not continue.

Acquisitions, private equity investment and consolidation in our sector continues apace and we would now be considered to be one of the largest truly independent brokers, with our footprint in the UK. We continue to try and take advantage of this – attracting quality individuals and clients to our business who wish to work with an independent company.

Consolidation of the new offices / teams added in 2022 & 2023, coupled with good organic growth in some of the mature offices has continued to aid a strong increase in turnover in the year of 14% from £11,395,000 to £13,012,000. Similarly, Profit before Tax showed growth of 5% from £1,329,000 to £1,396,000 which, as expected has not followed the turnover growth, due to investment in new people to address succession and growth into 2024 / 2025.

The Group Balance Sheet shown on page 8 of the Financial Statements shows a continued strong financial position with net assets (excluding Minority Interests) of £7,099,827 and (non-client) cash balances of some £3,928,000 at the year-end – both improved on the previous year.

Our cash balances leave us well placed to take advantages of strategic opportunities such as book purchases and recruitment of quality individuals over the next few years.

Principal risks and uncertainties

Distribution channels for insurance continue to change and we constantly monitor and adapt to ensure that the Group is able to retain a strong position in the industry.

Our greatest asset remains our people, and one of our main challenges is finding and retaining quality individuals who have the correct technical ability and share our customer focussed ethos. Recruitment across our industry is highly competitive and we try to offer our colleagues an excellent place to work, good training and competitive packages across pay & working benefits.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

T L Dallas Group Limited

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:

P E O Staveley

M P Martin

J Hollowood

M J W Dallas

A N Copsey

T W Mortimer

B G Dunn

Financial instruments

Objectives and policies

The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and manage the future cash flows expected to arise from the company's trading activities.

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

The groups principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purposes of these instruments is to finance the groups operations.

its exposure to price risk, credit risk, liquidity risk and cash flow is minimised by retaining sufficient liquid funds to enable it to meet its day to day requirements.

Future developments

Since year end we have invested in a book of business domiciled across 3 offices in the Highlands & Islands of Scotland – this has come on strea as at 5/8/24 and complements our footprint in Scotland connecting our existing offices in the central belt and Shetland.

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 25 September 2024 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

T L Dallas Group Limited

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.

 

T L Dallas Group Limited

Independent Auditor's Report to the Members of T L Dallas Group Limited

Opinion

We have audited the financial statements of T L Dallas Group 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 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 affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

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:

 

T L Dallas Group Limited

Independent Auditor's Report to the Members of T L Dallas Group Limited

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 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud to be sales completeness and cut off.

We also obtained an understanding of the legal and regulatory frameworks that the group operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the group operates, to enable us to identify the key laws and regulations applicable to the group. 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 group, including FCA, Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

 

T L Dallas Group Limited

Independent Auditor's Report to the Members of T L Dallas Group Limited

We then performed audit procedures after consideration of the above risks which included the following:

reviewing insurance policies to gain assurance that income is allocated in correct period;

reviewing post year end activity and external documentation to gain assurance over year end insurance debtors and creditors;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC, FCA and the group's legal advisors;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance; and;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

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 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 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.

......................................
Mark Wilcock FCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

25 September 2024

 

T L Dallas Group Limited

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

Note

2023
£

2022
£

Turnover

3

13,012,041

11,394,917

Administrative expenses

 

(11,725,522)

(10,112,774)

Other operating income

34,000

35,000

Operating profit

4

1,320,519

1,317,143

Other interest receivable and similar income

86,395

14,920

Interest payable and similar expenses

(10,541)

(3,181)

   

75,854

11,739

Profit before tax

 

1,396,373

1,328,882

Tax on profit

9

(379,357)

(384,176)

Profit for the financial year

 

1,017,016

944,706

Profit/(loss) attributable to:

 

Owners of the company

 

927,809

910,701

Minority interests

 

89,207

34,005

 

1,017,016

944,706

 

T L Dallas Group Limited

(Registration number: 02434450)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
  £

2022
  £

           

Fixed assets

   

 

Intangible assets

10

 

679,359

 

891,961

Tangible assets

11

 

1,662,073

 

1,595,489

Other financial assets

13

 

-

 

-

   

2,341,432

 

2,487,450

Current assets

   

 

Debtors

14

4,627,437

 

4,245,217

 

Cash at bank and in hand

15

18,039,126

 

16,666,877

 

 

22,666,563

 

20,912,094

 

Creditors: Amounts falling due within one year

16

(17,836,732)

 

(16,700,307)

 

Net current assets

   

4,829,831

 

4,211,787

Total assets less current liabilities

   

7,171,263

 

6,699,237

Provisions for liabilities

17

 

(6,262)

 

(539)

Net assets

   

7,165,001

 

6,698,698

Capital and reserves

   

 

Called up share capital

19

59,408

 

55,221

 

Share premium reserve

21

377,196

 

377,196

 

Capital redemption reserve

21

31,831

 

34,531

 

Profit and loss account

21

6,631,392

 

6,212,723

 

Equity attributable to owners of the company

 

7,099,827

 

6,679,671

 

Minority interests

 

65,174

 

19,027

 

Total equity

   

7,165,001

 

6,698,698

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

T L Dallas Group Limited

(Registration number: 02434450)
Balance Sheet as at 31 December 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

10

 

294,743

 

367,084

Tangible assets

11

 

1,424,700

 

1,440,700

Investments

12

 

894,322

 

880,462

   

2,613,765

 

2,688,246

Current assets

   

 

Debtors

14

935,565

 

686,120

 

Cash at bank and in hand

 

1,350,608

 

985,437

 

 

2,286,173

 

1,671,557

 

Creditors: Amounts falling due within one year

16

(51,106)

 

(8,392)

 

Net current assets

   

2,235,067

 

1,663,165

Net assets

   

4,848,832

 

4,351,411

Capital and reserves

   

 

Called up share capital

59,408

 

55,221

 

Share premium reserve

377,196

 

377,196

 

Capital redemption reserve

31,831

 

34,531

 

Profit and loss account

4,380,397

 

3,884,463

 

Total equity

   

4,848,832

 

4,351,411

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

T L Dallas Group Limited

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

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 January 2023

55,221

377,196

34,531

6,212,723

6,679,671

19,027

6,698,698

Profit for the year

-

-

-

927,809

927,809

89,207

1,017,016

Dividends

-

-

-

(688,533)

(688,533)

(49,000)

(737,533)

Purchase of own share capital

(324)

-

-

(39,123)

(39,447)

-

(39,447)

Other share capital movements

1,811

-

-

218,516

220,327

-

220,327

Other capital redemption reserve movements

2,700

-

(2,700)

-

-

-

-

Acquisition of non-controlling interest, that does not result in a change of control

-

-

-

-

-

5,940

5,940

At 31 December 2023

59,408

377,196

31,831

6,631,392

7,099,827

65,174

7,165,001

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 January 2022

68,518

377,196

29,501

7,336,200

7,811,415

34,022

7,845,437

Profit for the year

-

-

-

910,701

910,701

34,005

944,706

Dividends

-

-

-

(1,166,118)

(1,166,118)

(49,000)

(1,215,118)

Purchase of own share capital

(10,130)

-

5,030

(868,060)

(873,160)

-

(873,160)

Other share capital movements

(3,167)

-

-

-

(3,167)

-

(3,167)

At 31 December 2022

55,221

377,196

34,531

6,212,723

6,679,671

19,027

6,698,698

 

T L Dallas Group Limited

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

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2023

55,221

377,196

34,531

3,884,463

4,351,411

Profit for the year

-

-

-

1,005,074

1,005,074

Dividends

-

-

-

(688,533)

(688,533)

Purchase of own share capital

(324)

-

-

(39,123)

(39,447)

Other share capital movements

1,811

-

-

218,516

220,327

Other capital redemption reserve movements

2,700

-

(2,700)

-

-

At 31 December 2023

59,408

377,196

31,831

4,380,397

4,848,832

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

68,518

377,196

29,501

5,456,828

5,932,043

Profit for the year

-

-

-

461,813

461,813

Dividends

-

-

-

(1,166,118)

(1,166,118)

Purchase of own share capital

(10,130)

-

5,030

(868,060)

(873,160)

Other share capital movements

(3,167)

-

-

-

(3,167)

At 31 December 2022

55,221

377,196

34,531

3,884,463

4,351,411

 

T L Dallas Group Limited

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

Note

2023
 £

2022
 £

Cash flows from operating activities

Profit for the year

 

1,017,016

944,706

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

 

260,677

298,903

Finance income

(86,395)

(14,920)

Finance costs

10,541

3,181

Corporation tax expense

9

379,357

384,176

 

1,581,196

1,616,046

Working capital adjustments

 

Increase in trade debtors

 

(382,220)

(362,794)

Increase/(decrease) in trade creditors

 

1,193,429

(1,632,955)

Cash generated from operations

 

2,392,405

(379,703)

Corporation taxes paid

 

(430,638)

(263,924)

Net cash flow from operating activities

 

1,961,767

(643,627)

Cash flows from investing activities

 

Interest received

86,395

14,920

Acquisition of intangible assets

10

(50,916)

(442,382)

Acquisitions of tangible assets

11

(158,251)

(154,359)

Proceeds from sale of intangible assets

 

94,508

-

Net cash flows from investing activities

 

(28,264)

(581,821)

Cash flows from financing activities

 

Interest paid

(10,541)

(3,181)

Proceeds from issue of ordinary shares, net of issue costs

 

89,236

-

Payments for purchase of own shares

 

(39,447)

(876,327)

Proceeds from exercise of share options

 

137,031

-

Dividends paid

(737,533)

(1,215,118)

Net cash flows from financing activities

 

(561,254)

(2,094,626)

Net increase/(decrease) in cash and cash equivalents

 

1,372,249

(3,320,074)

Cash and cash equivalents at 1 January

 

16,666,877

19,986,951

Cash and cash equivalents at 31 December

 

18,039,126

16,666,877

 

T L Dallas Group Limited

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 and Wales.

The address of its registered office is:
Dallas House
Low Moor
Bradford
West Yorkshire
BD12 0HF

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 UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The group's presentation currency is the pound sterling.

 

T L Dallas Group Limited

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.


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.

No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006. Its profit for the financial year was £1,005,074 (2022 - £461,813).

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. However, the nature and estimation means that actual outcomes could differ from those estimates. The following judgements (apart from these involving estimates) had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The net carrying amount is £1,662,073 (2022 -£1,595,489).

Useful economic lives of intangible assets
The annual amortisation charge for intangible assets and their carrying amount is determined by the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates. The net carrying amount is £679,359 (2022 -£891,961).

Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors which include the current credit rating of the debtor, the ageing profile of debtors and historical experience. The net carrying amount is £3,962,809 (2022 -£3,484,571).

 

T L Dallas Group Limited

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

Revenue recognition

Turnover represents: commissions and fees, which are taken to revenue in full at the later of the binding contract date and the renewal or commencement date of the policy; risk management fees, which are taken to revenue as they are invoiced; management charges from group companies, which are taken to revenue as they are invoiced; and certain other fees and commissions which are recognised on receipt. The group recognises profit deals received from insurers on a cash receipts basis.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 corporation 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 buildings

2% straight line basis

Office equipment

33.33% straight line basis

 

T L Dallas Group Limited

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.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Goodwill relates to client lists, initially recognised as assets at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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 on consolidation

5% straight line basis

Software

33.33% straight line basis

Goodwill

5% - 33% 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.

Provisions for liabilities

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

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.

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.

 

T L Dallas Group Limited

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

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Turnover

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

2023
£

2022
£

Rendering of services

9,685

10,768

Commissions received

13,002,356

11,384,149

13,012,041

11,394,917

 

T L Dallas Group Limited

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

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

91,667

96,428

Amortisation expense

169,010

202,475

Foreign exchange losses/(gains)

323

(6,778)

Operating lease expense - plant and machinery

51,125

53,201

5

Government grants

During the year the company has received grant income of £Nil (2022 - £1,000) in respect of the Apprenticeship Scheme.

The amount of grants recognised in the financial statements was £Nil (2022 - £1,000).

6

Staff costs

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

2023
£

2022
£

Wages and salaries

7,215,075

6,035,085

Social security costs

816,459

734,821

Pension costs, defined contribution scheme

1,052,688

889,089

9,084,222

7,658,995

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

156

135

156

135

 

T L Dallas Group Limited

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

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

782,329

706,050

Contributions paid to money purchase schemes

107,476

86,199

889,805

792,249

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

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

6

6

In respect of the highest paid director:

2023
£

2022
£

Remuneration

177,750

171,695

Company contributions to money purchase pension schemes

16,250

16,800

8

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

4,300

4,150


 

 

T L Dallas Group Limited

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

9

Taxation

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

2023
£

2022
£

Current taxation

UK corporation tax

374,263

310,624

UK corporation tax adjustment to prior periods

(629)

1,971

373,634

312,595

Deferred taxation

Arising from origination and reversal of timing differences

5,723

71,581

Tax expense in the income statement

379,357

384,176

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,396,373

1,328,882

Corporation tax at standard rate

349,093

252,488

(Decrease)/increase in UK current tax from adjustment for prior periods

(631)

1,971

Tax decrease from effect of capital allowances and depreciation

(1,315)

(8,685)

Decrease from effect of different UK tax rates on some earnings

(23,582)

(458)

Tax increase from other short-term timing differences

-

52,391

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

49,792

21,969

Increase from tax losses for which no deferred tax asset was recognised

6,000

64,500

Total tax charge

379,357

384,176

Deferred tax

Group

Deferred tax assets and liabilities

2023

Liability
£

Accelerated capital allowances

62,887

Losses carried forward

(27,000)

Other timing differences

(29,625)

6,262

2022

Liability
£

Accelerated capital allowances

24,289

Other timing differences

(23,750)

539

 

T L Dallas Group Limited

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

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £7,260 (2022 - £29,105).

Company

Deferred tax assets and liabilities

2023

Asset
£

Accelerated capital allowances

920

920

2022

Asset
£

Accelerated capital allowances

1,120

1,120

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £245 (2022 - £279).

10

Intangible assets

Group

Goodwill on consolidation
 £

Software
 £

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

230,524

141,953

3,958,083

4,330,560

Additions acquired separately

-

50,916

-

50,916

Disposals

-

-

(94,508)

(94,508)

At 31 December 2023

230,524

192,869

3,863,575

4,286,968

Amortisation

At 1 January 2023

120,396

127,221

3,190,982

3,438,599

Amortisation charge

9,284

26,886

132,840

169,010

At 31 December 2023

129,680

154,107

3,323,822

3,607,609

Carrying amount

At 31 December 2023

100,844

38,762

539,753

679,359

At 31 December 2022

110,128

14,732

767,101

891,961

 

T L Dallas Group Limited

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

Company

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

2,639,048

2,639,048

At 31 December 2023

2,639,048

2,639,048

Amortisation

At 1 January 2023

2,271,964

2,271,964

Amortisation charge

72,341

72,341

At 31 December 2023

2,344,305

2,344,305

Carrying amount

At 31 December 2023

294,743

294,743

At 31 December 2022

367,084

367,084

11

Tangible fixed assets

Group

Freehold land and buildings
£

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,664,700

1,769,085

3,433,785

Additions

-

158,251

158,251

At 31 December 2023

1,664,700

1,927,336

3,592,036

Depreciation

At 1 January 2023

224,000

1,614,296

1,838,296

Charge for the year

16,000

75,667

91,667

At 31 December 2023

240,000

1,689,963

1,929,963

Carrying amount

At 31 December 2023

1,424,700

237,373

1,662,073

At 31 December 2022

1,440,700

154,789

1,595,489

 

T L Dallas Group Limited

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

Company

Land and buildings
£

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,664,700

394,607

2,059,307

At 31 December 2023

1,664,700

394,607

2,059,307

Depreciation

At 1 January 2023

224,000

394,607

618,607

Charge for the year

16,000

-

16,000

At 31 December 2023

240,000

394,607

634,607

Carrying amount

At 31 December 2023

1,424,700

-

1,424,700

At 31 December 2022

1,440,700

-

1,440,700

Included within the net book value of freehold land and buildings above is £864,700 (2022 - £864,700) in respect of non-depreciable land.
 

Group and company

12

Investments

Company

2023
£

2022
£

Investments in subsidiaries

894,322

880,462

Subsidiaries

£

Cost or valuation

At 1 January 2023

880,462

Additions

13,860

At 31 December 2023

894,322

Carrying amount

At 31 December 2023

894,322

At 31 December 2022

880,462

 

T L Dallas Group Limited

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

Details of undertakings

Details of the investments in which the company 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

T L Dallas & Co Limited

Ordinary

100%

100%

T L Dallas (City) Limited

Ordinary

100%

100%

T L Dallas Independent Financial Services Limited

Ordinary

51%

51%

T L Dallas (Scotland) Limited

Ordinary

100%

100%

T L Dallas (NI) Limited

Ordinary

51%

51%

Dallas Wilding Drew Limited

Ordinary

70%

70%

Dallas Scott Davey Limited

Ordinary

70%

70%

The registered address of all of the above subsidiaries is Dallas House, Low Moor, Bradford, West Yorkshire, BD12 0HF.

13

Other financial assets

Group

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

41,562

41,562

At 31 December 2023

41,562

41,562

Impairment

At 1 January 2023

41,562

41,562

At 31 December 2023

41,562

41,562

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

 

T L Dallas Group Limited

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

14

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

645

-

645

-

Amounts owed by related parties

23

-

-

675,000

475,000

Other debtors

 

283,567

222,601

259,000

210,000

Prepayments

 

380,416

538,045

-

-

Client debtors

 

3,962,809

3,484,571

-

-

Deferred tax assets

9

-

-

920

1,120

   

4,627,437

4,245,217

935,565

686,120

15

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

3,540

3,534

-

-

Cash at bank

3,924,396

3,303,603

1,350,608

985,437

Client accounts

14,111,190

13,359,740

-

-

18,039,126

16,666,877

1,350,608

985,437

16

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Trade creditors

 

354,003

301,083

-

-

Amounts due to related parties

23

-

2

14,744

557

Social security and other taxes

 

347,980

306,407

999

1,561

Other creditors

 

6,161,635

7,162,359

14,000

140

Accruals

 

712,635

719,061

-

-

Corporation tax liability

9

258,767

315,771

21,363

6,134

Insurer creditors

 

10,001,712

7,895,624

-

-

 

17,836,732

16,700,307

51,106

8,392

 

T L Dallas Group Limited

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

17

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 January 2023

539

539

Increase (decrease) in existing provisions

5,723

5,723

At 31 December 2023

6,262

6,262

Company

Deferred tax
£

Total
£

At 1 January 2023

(1,120)

(1,120)

Increase (decrease) in existing provisions

200

200

At 31 December 2023

(920)

(920)

18

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 £1,052,688 (2022 - £889,089).

19

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.10 each

418,562

41,856

418,562

41,856

Redeemable shares of £0.10 each

192,320

19,232

165,320

16,532

Treasury shares of £0.10 each

(16,795)

(1,680)

(31,670)

(3,167)

594,087

59,409

552,212

55,221

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:

All shares rank pari passu for income, capital and voting rights.

Redeemable shares have the following rights, preferences and restrictions:

All shares rank pari passu for income and capital.

 

T L Dallas Group Limited

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

20

Share-based payments

Enterprise Management Incentive (EMI) scheme

Scheme details and movements

The Company has an equity share option scheme for one director of the Group which was exercised during the year. The exercise price of the granted option was £12.16 per share. There were no conditions related to the option. The options were exercisable at any point after the Date of the Grant and before the lapse date which was 10 years from the grant date. The group has no legal or constructive obligation to repurchase or settle the options in cash.

The fair value has not been calculated; the directors are of the opinion that this would require undue cost and effort, and any provision required would not be material to the financial statements.

The movements in the number of share options during the year were as follows:

2023
Number

2022
Number

Granted during the period

11,269

11,269

Exercised during the period

(11,269)

(11,269)

The movements in the weighted average exercise price of share options during the year were as follows:

2023
 £

2022
 £

Granted during the period

137,031.00

£133,650.00

Exercised during the period

(137,031.00)

(133,650.00)

Effect of share-based payments on profit or loss and financial position

The total expense recognised in profit or loss for the year was £nil (2022 - £nil).

The total carrying amount of the liabilities arising from share-based payments at the end of the year was £nil (2022 - £nil).

Share incentive plan

The company operates a share incentive plan for all employees with qualifying service.

During the year 3,638 shares were awarded within the scheme with a value of £12.16.

The equity instruments awarded were measured with reference to turnover, which the directors believe is an accurate reflection of fair value.

The total expense recognised in the profit for the year is £78,605.

 

T L Dallas Group Limited

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

21

Reserves

Group and company

Share capital

Represents the nominal value of issues shares.

Share premium reserve

Represents the amount paid for issued ordinary shares in excess of their par value.

Capital redemption reserve

A statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of the company's own shares.

Profit and loss account

Includes all current and prior periods distributable profits and losses.

22

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

229,403

199,763

Later than one year and not later than five years

462,124

416,145

Later than five years

-

28,333

691,527

644,241

The amount of non-cancellable operating lease payments recognised as an expense during the year was £177,149 (2022 - £178,938).

 

T L Dallas Group Limited

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

23

Related party transactions

Group

Summary of transactions with other related parties

Non-executive directors, executive directors and their close family members.
 

Income and receivables from related parties

2023

Other related parties
£

Amounts receivable from related party

6,000

2022

Other related parties
£

Amounts receivable from related party

3,030

Expenditure with and payables to related parties

2023

Other related parties
£

Receipt of services

33,611

2022

Other related parties
£

Receipt of services

12,011

Company

Income and receivables from related parties

2023

Subsidiary
£

Amounts receivable from related party

675,000

2022

Subsidiary
£

Amounts receivable from related party

475,000

24

Non adjusting events after the financial period

Since the year end the company has purchased additional shares in its subsidiary resulting in control increasing from 51% to 73%.