140 true false false true true false false false false false false true false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 149,949 543,237 10 15 15 25 2,176,065 652,821 217,607 870,428 1,305,637 1,523,244 24 24 24 99,680 16,340 83,340 1 100 100 xbrli:pure xbrli:shares iso4217:GBP 12168921 2023-01-01 2023-12-31 12168921 2023-12-31 12168921 2022-01-01 2022-12-31 12168921 2022-12-31 12168921 bus:Consolidated 2023-01-01 2023-12-31 12168921 core:NetGoodwill 2023-01-01 2023-12-31 12168921 bus:Consolidated core:NetGoodwill 2023-01-01 2023-12-31 12168921 bus:Consolidated core:Subsidiary1 2023-01-01 2023-12-31 12168921 core:PlantMachinery 2023-01-01 2023-12-31 12168921 bus:Consolidated core:PlantMachinery 2023-01-01 2023-12-31 12168921 core:FurnitureFittings 2023-01-01 2023-12-31 12168921 bus:Consolidated core:FurnitureFittings 2023-01-01 2023-12-31 12168921 core:MotorVehicles 2023-01-01 2023-12-31 12168921 bus:Consolidated core:MotorVehicles 2023-01-01 2023-12-31 12168921 bus:RegisteredOffice 2023-01-01 2023-12-31 12168921 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12168921 bus:Consolidated bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12168921 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 12168921 bus:Consolidated bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 12168921 bus:Director4 2023-01-01 2023-12-31 12168921 bus:Director1 2023-01-01 2023-12-31 12168921 bus:Director2 2023-01-01 2023-12-31 12168921 bus:Director3 2023-01-01 2023-12-31 12168921 bus:Consolidated 2023-12-31 12168921 bus:Consolidated core:WithinOneYear 2023-12-31 12168921 bus:Consolidated core:WithinOneYear 2022-12-31 12168921 core:WithinOneYear 2023-12-31 12168921 core:WithinOneYear 2022-12-31 12168921 bus:Consolidated 2022-12-31 12168921 bus:Consolidated core:NetGoodwill 2022-12-31 12168921 bus:Consolidated core:NetGoodwill 2023-12-31 12168921 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2022-12-31 12168921 bus:Consolidated core:PlantMachinery 2022-12-31 12168921 bus:Consolidated core:FurnitureFittings 2022-12-31 12168921 bus:Consolidated core:MotorVehicles 2022-12-31 12168921 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2023-12-31 12168921 bus:Consolidated core:PlantMachinery 2023-12-31 12168921 bus:Consolidated core:FurnitureFittings 2023-12-31 12168921 bus:Consolidated core:MotorVehicles 2023-12-31 12168921 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 12168921 bus:Consolidated 2022-01-01 2022-12-31 12168921 bus:Consolidated 2022-12-31 12168921 core:AfterOneYear bus:Consolidated 2023-12-31 12168921 core:AfterOneYear bus:Consolidated 2022-12-31 12168921 bus:Consolidated core:UKTax 2023-01-01 2023-12-31 12168921 bus:Consolidated core:UKTax 2022-01-01 2022-12-31 12168921 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12168921 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12168921 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12168921 bus:AllOrdinaryShares bus:Consolidated 2023-01-01 2023-12-31 12168921 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-12-31 12168921 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-12-31 12168921 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-12-31 12168921 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-12-31 12168921 core:RetainedEarningsAccumulatedLosses 2022-12-31 12168921 core:RetainedEarningsAccumulatedLosses 2021-12-31 12168921 core:RetainedEarningsAccumulatedLosses 2023-12-31 12168921 core:RetainedEarningsAccumulatedLosses 2022-12-31 12168921 bus:Consolidated core:ShareCapital 2023-12-31 12168921 bus:Consolidated core:ShareCapital 2022-12-31 12168921 core:ShareCapital 2023-12-31 12168921 core:ShareCapital 2022-12-31 12168921 core:BetweenOneFiveYears bus:Consolidated 2023-12-31 12168921 core:BetweenOneFiveYears bus:Consolidated 2022-12-31 12168921 bus:Consolidated core:DeferredTaxation 2023-01-01 2023-12-31 12168921 bus:Consolidated core:NetGoodwill 2022-12-31 12168921 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 12168921 bus:Consolidated core:Non-currentFinancialInstruments 2023-12-31 12168921 bus:Consolidated core:Non-currentFinancialInstruments 2022-12-31 12168921 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 12168921 core:Non-currentFinancialInstruments 2023-12-31 12168921 core:Non-currentFinancialInstruments 2022-12-31 12168921 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-12-31 12168921 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-12-31 12168921 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12168921 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2022-12-31 12168921 bus:Consolidated core:PlantMachinery 2022-12-31 12168921 bus:Consolidated core:FurnitureFittings 2022-12-31 12168921 bus:Consolidated core:MotorVehicles 2022-12-31 12168921 bus:Consolidated core:DeferredTaxation 2022-12-31 12168921 bus:Consolidated core:DeferredTaxation 2023-12-31 12168921 bus:Consolidated bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 12168921 bus:Consolidated bus:HighestPaidDirector 2023-01-01 2023-12-31 12168921 bus:Consolidated bus:HighestPaidDirector 2022-01-01 2022-12-31 12168921 bus:SmallEntities 2023-01-01 2023-12-31 12168921 bus:Audited 2023-01-01 2023-12-31 12168921 bus:FullAccounts 2023-01-01 2023-12-31 12168921 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12168921 bus:OrdinaryShareClass1 2023-12-31 12168921 bus:Consolidated bus:OrdinaryShareClass1 2023-12-31 12168921 bus:OrdinaryShareClass1 2022-12-31 12168921 bus:Consolidated bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: 12168921
Dunelm G&E Holdings Ltd
Financial Statements
31 December 2023
Dunelm G&E Holdings Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of income and retained earnings
9
Company statement of income and retained earnings
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
Dunelm G&E Holdings Ltd
Strategic Report
Year ended 31 December 2023
Principal activity and review of the business
The principal activity of the company is that of site investigation for industry. We operate in a wide range of sectors.
Strategy
The group's objective has always been the achievement of organic and sustainable growth and we continue to explore new markets.
People
The retention, welfare and development of employees has always been important to the success of the group. The group is always trying to ensure that it has the services of high calibre and quality staff and investing in training both internally and externally to improve the skill sets within the group.
Future outlook and going concern
The group has always ensured that adequate levels of reserves are retained within the group and are still at an adequate level in the current year under review.
Principal risks and uncertainties
To continue to attract, train and retain high calibre individuals, as within this sector there is a national skills shortage. Mitigation of this risk is achieved by succession planning, training and a competitive pay structure.
Economics
Business confidence is largely built upon anticipated economic conditions, but whilst there is always a level of some uncertainty, the group has some large projects that are being sanctioned.
Competition
The group operates in a highly competitive market local to its offices. To mitigate this risk, the group continues to offer a competitive service, both in terms of quality and price.
Key performance indicators
Key financial performances indicators include monitoring of working capital and continued turnover growth, whilst maintaining and seeking to maintain margin at both the gross and net level They are monitored monthly to ensure that adequate levels are maintained.
2023 2022
£ £
Gross Margin % 20 18
Turnover 9,695,815 13,873,972
Key non financial performance indicators include the monitoring of health and safety and quality throughout the company.
Company progress
The board of directors monitor progress on the group's strategy by continually monitoring existing and future markets requirements and ensuring the group's services are suitable to maintain the competitive position in the market place.
Future developments
The directors of the group intend to continue to actively pursue opportunities within its industry sectors as well as investigating potential new markets.
This report was approved by the board of directors on 24 September 2024 and signed on behalf of the board by:
J O Forsythe
Director
Registered office:
Foundation House
St. John's Road
Meadowfield
Durham
United Kingdom
DH7 8TZ
Dunelm G&E Holdings Ltd
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
J Huntington
K Jones
R Schofield
J O Forsythe
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
Information relating to the future developments of the group has been detailed in the strategic report.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 24 September 2024 and signed on behalf of the board by:
J O Forsythe
Director
Registered office:
Foundation House
St. John's Road
Meadowfield
Durham
United Kingdom
DH7 8TZ
Dunelm G&E Holdings Ltd
Independent Auditor's Report to the Members of Dunelm G&E Holdings Ltd
Year ended 31 December 2023
Opinion
We have audited the financial statements of Dunelm G&E Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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. 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: 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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. The objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud or error. It is also our objective to obtain sufficient appropriate audit evidence regarding the risks we have assessed and respond as appropriate to them. Even though an audit is planned and performed in accordance with the ISA' (UK), an audit has an unavoidable risk that material misstatements in the financial statements may not be detected. In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud, our audit procedures include the following: - We obtained an understanding of the legal and regulatory frameworks applicable to the company and the environment in which they operate. - We obtained an understanding of how the company ensures their compliance with the applicable legal and regulatory frameworks through enquiries to the management and those charged with ensuring such compliance with the company. We corroborated our enquiries through a review of transactions within the financial statements that were linked to compliance with laws and regulations. We also reviewed any available board minutes. - We assessed the susceptibility of the company's financial statements to material misstatement with regards to how fraud might occur. Audit procedures performed by the audit team included: - Identifying and assessing the effectiveness of controls the management of the company has in place to detect and prevent possible fraud; - Understanding how those involved with ensuring compliance considered and addressed the potential override of controls or undue influence over the financial reports; - Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements; - Reviewing journal entries made with emphasis placed on these with unusual combinations and those entries made around the accounting year end; and - Assessing the extent of compliance with applicable laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Christopher Gorman FCA FCCA
(Senior Statutory Auditor)
For and on behalf of
Chipchase Manners
Chartered accountants & statutory auditor
Chipchase Manners
384 Linthorpe Road
Middlesbrough
TS5 6HA
24 September 2024
Dunelm G&E Holdings Ltd
Consolidated Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
9,695,815
13,873,972
Cost of sales
7,800,195
11,399,898
------------
-------------
Gross profit
1,895,620
2,474,074
Administrative expenses
1,842,663
1,826,801
Other operating income
5
228,530
12,700
------------
------------
Operating profit
6
281,487
659,973
Interest payable and similar expenses
10
64,336
56,015
------------
------------
Profit before taxation
217,151
603,958
Tax on profit
11
67,202
60,721
---------
---------
Profit for the financial year and total comprehensive income
149,949
543,237
---------
---------
Dividends paid and payable
12
( 51,080)
Retained earnings at the start of the year
1,505,362
962,125
------------
------------
Retained earnings at the end of the year
1,604,231
1,505,362
------------
------------
All the activities of the group are from continuing operations.
Dunelm G&E Holdings Ltd
Company Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Profit for the financial year and total comprehensive income
530,268
435,305
Dividends paid and payable
12
( 51,080)
Retained earnings at the start of the year
2,822,494
2,387,189
------------
------------
Retained earnings at the end of the year
3,301,682
2,822,494
------------
------------
Dunelm G&E Holdings Ltd
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
1,305,637
1,523,244
Tangible assets
14
451,022
544,753
Investments
15
24
24
------------
------------
1,756,683
2,068,021
Current assets
Stocks
16
376,875
211,173
Debtors
17
1,628,219
2,345,364
Cash at bank and in hand
1,025,607
1,547,806
------------
------------
3,030,701
4,104,343
Creditors: amounts falling due within one year
18
2,885,227
4,200,110
------------
------------
Net current assets/(liabilities)
145,474
( 95,767)
------------
------------
Total assets less current liabilities
1,902,157
1,972,254
Creditors: amounts falling due after more than one year
19
214,486
367,112
Provisions
21
83,340
99,680
------------
------------
Net assets
1,604,331
1,505,462
------------
------------
Capital and reserves
Called up share capital
26
100
100
Profit and loss account
1,604,231
1,505,362
------------
------------
Shareholders funds
1,604,331
1,505,462
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
J Huntington
K Jones
Director
Director
R Schofield
J O Forsythe
Director
Director
Company registration number: 12168921
Dunelm G&E Holdings Ltd
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
15
4,769,000
4,769,000
Current assets
Debtors
17
55,189
55,189
Creditors: amounts falling due within one year
18
1,522,407
2,001,595
------------
------------
Net current liabilities
1,467,218
1,946,406
------------
------------
Total assets less current liabilities
3,301,782
2,822,594
------------
------------
Capital and reserves
Called up share capital
26
100
100
Profit and loss account
3,301,682
2,822,494
------------
------------
Shareholders funds
3,301,782
2,822,594
------------
------------
The profit for the financial year of the parent company was £ 530,268 (2022: £ 435,305 ).
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
J Huntington
K Jones
Director
Director
R Schofield
J O Forsythe
Director
Director
Company registration number: 12168921
Dunelm G&E Holdings Ltd
Consolidated Statement of Cash Flows
Year ended 31 December 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
149,949
543,237
Adjustments for:
Depreciation of tangible assets
108,881
106,627
Amortisation of intangible assets
217,607
217,607
Government grant income
( 6,100)
Interest payable and similar expenses
64,336
56,015
Gains on disposal of tangible assets
( 6,533)
Tax on profit
67,202
60,721
Accrued income
( 75,968)
( 229,724)
Changes in:
Stocks
( 165,702)
( 34,142)
Trade and other debtors
717,145
290,700
Trade and other creditors
( 1,109,282)
17,991
------------
------------
Cash generated from operations
( 25,832)
1,016,399
Interest paid
( 64,336)
( 56,042)
Tax paid
( 148,548)
( 50,200)
---------
------------
Net cash (used in)/from operating activities
( 238,716)
910,157
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 15,150)
( 154,566)
Proceeds from sale of tangible assets
6,533
---------
------------
Net cash used in investing activities
( 15,150)
( 148,033)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
( 150,000)
( 156,375)
Government grant income
6,100
Payments of finance lease liabilities
( 67,253)
( 47,341)
Dividends paid
( 51,080)
---------
------------
Net cash used in financing activities
( 268,333)
( 197,616)
---------
------------
Net (decrease)/increase in cash and cash equivalents
( 522,199)
564,508
Cash and cash equivalents at beginning of year
1,547,806
983,298
------------
------------
Cash and cash equivalents at end of year
1,025,607
1,547,806
------------
------------
Dunelm G&E Holdings Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Foundation House, St. John's Road, Meadowfield, Durham, DH7 8TZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Dunelm G&E Holdings Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements require 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 the revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property alterations
-
Straight line over the life of the lease
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 are recognised in income in the period in which it becomes receivable. Grants relating to assets are 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 is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
9,695,815
13,873,972
------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Government grant income
6,100
Insurance claims receivable
221,930
Grant income
6,600
6,600
---------
--------
228,530
12,700
---------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
217,607
217,607
Depreciation of tangible assets
108,881
106,627
Gains on disposal of tangible assets
( 6,533)
Impairment of trade debtors
40,000
14,174
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
5,500
5,500
-------
-------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
110
44
Administrative staff
30
19
----
----
140
63
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,287,481
2,866,713
Social security costs
228,334
212,665
Other pension costs
222,716
184,834
------------
------------
2,738,531
3,264,212
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
475,202
266,888
Company contributions to defined contribution pension plans
28,512
13,392
---------
---------
503,714
280,280
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
76,105
103,152
Company contributions to defined contribution pension plans
8,580
8,060
--------
---------
84,685
111,212
--------
---------
10. Interest payable and similar expenses
2023
2022
£
£
Interest on obligations under finance leases and hire purchase contracts
8,614
6,148
Other interest payable and similar charges
55,722
49,867
--------
--------
64,336
56,015
--------
--------
11. Tax on profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
82,998
148,004
Adjustments in respect of prior periods
544
( 97,858)
--------
---------
Total current tax
83,542
50,146
--------
---------
Deferred tax:
Origination and reversal of timing differences
( 16,340)
10,575
--------
--------
Tax on profit
67,202
60,721
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 23.50 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
217,151
603,958
---------
---------
Profit on ordinary activities by rate of tax
51,031
114,752
Adjustment to tax charge in respect of prior periods
544
( 97,858)
Effect of expenses not deductible for tax purposes
51,918
41,696
Effect of capital allowances and depreciation
21,928
( 17,919)
Utilisation of tax losses
( 54,973)
Unused tax losses
13,094
9,475
Deferred tax movement
(16,340)
10,575
---------
---------
Tax on profit
67,202
60,721
---------
---------
12. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
51,080
--------
----
13. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
2,176,065
------------
Amortisation
At 1 January 2023
652,821
Charge for the year
217,607
------------
At 31 December 2023
870,428
------------
Carrying amount
At 31 December 2023
1,305,637
------------
At 31 December 2022
1,523,244
------------
The company has no intangible assets.
14. Tangible assets
Group
Long leasehold alterations
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
77,227
651,780
197,662
94,700
1,021,369
Additions
15,150
15,150
--------
---------
---------
--------
------------
At 31 December 2023
77,227
651,780
212,812
94,700
1,036,519
--------
---------
---------
--------
------------
Depreciation
At 1 January 2023
57,107
244,209
83,224
92,076
476,616
Charge for the year
7,728
72,860
25,669
2,624
108,881
--------
---------
---------
--------
------------
At 31 December 2023
64,835
317,069
108,893
94,700
585,497
--------
---------
---------
--------
------------
Carrying amount
At 31 December 2023
12,392
334,711
103,919
451,022
--------
---------
---------
--------
------------
At 31 December 2022
20,120
407,571
114,438
2,624
544,753
--------
---------
---------
--------
------------
The company has no tangible assets.
15. Investments
Group
Other investments
£
Cost
At 1 January 2023 and 31 December 2023
24
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 1 January 2023 and 31 December 2023
24
----
At 31 December 2022
24
----
Company
Shares in group undertakings
Other investments
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
4,768,976
24
4,769,000
------------
----
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
----
------------
Carrying amount
At 1 January 2023 and 31 December 2023
4,768,976
24
4,769,000
------------
----
------------
At 31 December 2022
4,768,976
24
4,769,000
------------
----
------------
Other investments represents an 8% shareholding in G2M Testing Limited.
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Dunelm Geotechnical & Environmental Limited
Ordinary
100
The registered office of the subsidiary is the same as the parent company.
16. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
376,875
211,173
---------
---------
----
----
17. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
1,520,854
2,259,127
Amounts owed by connected companies
55,176
57,336
55,176
55,176
Prepayments and accrued income
46,167
23,638
Other debtors
6,022
5,263
13
13
------------
------------
--------
--------
1,628,219
2,345,364
55,189
55,189
------------
------------
--------
--------
Included in group trade debtors are factored debts of £1,031,310 (2022:£NIL).
18. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
90,000
90,000
Trade creditors
1,012,646
1,751,709
Amounts owed to group undertakings
958,041
958,188
Accruals and deferred income
512,897
595,465
Corporation tax
82,998
148,004
Social security and other taxes
331,544
458,636
Obligations under finance leases and hire purchase contracts
63,020
67,647
Director loan accounts
2,078
62,078
100
59,953
Other creditors
225,778
Other creditors
564,266
1,026,571
564,266
983,454
------------
------------
------------
------------
2,885,227
4,200,110
1,522,407
2,001,595
------------
------------
------------
------------
Included in other creditors is £200,153 (2022: £Nil) representing advances from a debt factor. If any debt is outstanding at the year end, the debt factors are secured by a first fixed charge over factored debts and a floating charge over all other property or undertakings of the subsidiary, Dunelm Geotechnical & Environmental Limited. Secured against all property and undertakings of the group, is a fixed and floating charge in favour of G R Dresser, K N Dresser and P A E Izatt-Lowry.
19. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
127,500
217,500
Obligations under finance leases and hire purchase contracts
86,986
149,612
---------
---------
----
----
214,486
367,112
---------
---------
----
----
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
63,020
67,647
Later than 1 year and not later than 5 years
86,986
149,612
---------
---------
----
----
150,006
217,259
---------
---------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 January 2023
99,680
Charge against provision
( 16,340)
--------
At 31 December 2023
83,340
--------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 21)
83,340
99,680
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
83,340
99,680
( 416,700)
--------
--------
---------
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 222,716 (2022: £ 149,850 ).
24. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
6,100
----
-------
----
----
25. Financial instruments
The group has not used any financial instruments considered to be non-basic in the year.
26. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
27. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
1,547,806
(522,199)
1,025,607
Debt due within one year
(219,725)
64,627
(155,098)
Debt due after one year
(367,112)
152,626
(214,486)
------------
---------
------------
960,969
( 304,946)
656,023
------------
---------
------------
28. Directors' advances, credits and guarantees
During the year there were no advances, credits or guarantees made to the directors.
29. Related party transactions
Group
Dunelm Geotechnical & Environmental Limited is related to G2M Testing Limited by virtue of Dunelm G&E Holding Ltd owning a shareholding in each. At the year end, Dunelm Geotechnical & Environmental Limited was owed nil by G2M Testing Limited (2022: £2,160). In the year ended 31 December 2023, Dunelm Geotechnical & Environmental Limited received turnover totalling £10,461 from G2M Testing Limited (2022: £2,122). In the year ended 31 December 2023, Dunelm Geotechnical & Environmental Limited made purchases totalling £140,572 from G2M Testing Limited (2022: £251,376). Included in trade debtors (note 18) is £5,583 owed to Dunelm Geotechnical & Environmental Limited by G2M Testing Limited (2022: £1,875). Included in trade creditors (note 19) is £62,024 owed to G2M Testing Limited by Dunelm Geotechnical & Environmental Limited (2022: £63,918).
Dunelm G&E Holdings Ltd
Notes to the Financial Statements (continued)
Year ended 31 December 2023
29. Related party transactions (continued)
Company
Dunelm G&E Holdings Ltd owns a 100% shareholding in Dunelm Geotechnical & Environmental Limited. At the year end, Dunelm G&E Holdings Ltd owed its subsidiary, Dunelm Geotechnical & Environmental Limited £958,041 (2022: £958,188). In the year, dividends of £585,989 (2022: £485,176) were paid by Dunelm Geotechnical & Environmental Limited to the parent company Dunelm G&E Holdings Ltd . Dunelm G&E Holdings Ltd owns an 8% shareholding in G2M Testing Limited. At the year end, Dunelm G&E Holdings Ltd was owed £55,176 by G2M Testing Limited (2022: £55,176).