Company Registration No. 00316694 (England and Wales)
DICKINSON BROTHERS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DICKINSON BROTHERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
DICKINSON BROTHERS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
846,012
777,788
Investment property
5
2,548,000
2,618,000
Investments
6
2,932,223
2,585,036
6,326,235
5,980,824
Current assets
Stocks
896,486
853,679
Debtors
7
275,320
244,801
Cash at bank and in hand
990,824
1,302,690
2,162,630
2,401,170
Creditors: amounts falling due within one year
8
(1,436,934)
(1,452,074)
Net current assets
725,696
949,096
Total assets less current liabilities
7,051,931
6,929,920
Creditors: amounts falling due after more than one year
9
(337,892)
(376,166)
Provisions for liabilities
(298,000)
(286,000)
Net assets
6,416,039
6,267,754
Capital and reserves
Called up share capital
1,319
1,319
Revaluation reserve
157,812
161,399
Capital redemption reserve
4,681
4,681
Other reserves
1,856,281
1,356,038
Profit and loss reserves
4,395,946
4,744,317
Total equity
6,416,039
6,267,754
DICKINSON BROTHERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
JRJ Dickinson
Director
Company registration number 00316694 (England and Wales)
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Dickinson Brothers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Bankside, The Watermark, Gateshead, Tyne and Wear, NE11 9SY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.true
1.3
Turnover
Turnover represents amounts receivable for goods provided net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill is written off in equal annual instalments over its estimated useful economic life, which has been calculated at 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Tangible fixed assets include investment properties valued by the directors on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Over 20 and 50 years (land not depreciated)
Leasehold improvements
Over the lease period
Plant and machinery
25% net book value
Fixtures, fittings & equipment
25% net book value (computer 25% on cost)
Motor vehicles
25% net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
An amount equivalent to the revaluation surplus, less any associated deferred tax is held in a separate non-distributable reserve, with the movement in the year being treated as a transfer from / to profit and loss reserves..
1.7
Fixed asset investments
Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
An amount equivalent to the revaluation surplus, less any associated deferred tax is held in a separate non-distributable reserve, with the movement in the year being treated as a transfer from / to profit and loss reserves.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
The company operates two defined contribution schemes for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
39
39
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
16,000
Disposals
(5,000)
At 31 December 2023
11,000
Amortisation and impairment
At 1 January 2023
16,000
Disposals
(5,000)
At 31 December 2023
11,000
Carrying amount
At 31 December 2023
At 31 December 2022
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Land and buildings Freehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
839,535
74,785
37,175
227,737
208,061
1,387,293
Additions
3,147
3,163
137,382
143,692
Disposals
(18,250)
(18,250)
At 31 December 2023
839,535
74,785
40,322
230,900
327,193
1,512,735
Depreciation and impairment
At 1 January 2023
251,105
28,420
26,726
183,762
119,492
609,505
Depreciation charged in the year
24,463
7,478
2,846
13,134
26,249
74,170
Eliminated in respect of disposals
(16,952)
(16,952)
At 31 December 2023
275,568
35,898
29,572
196,896
128,789
666,723
Carrying amount
At 31 December 2023
563,967
38,887
10,750
34,004
198,404
846,012
At 31 December 2022
588,430
46,365
10,449
43,975
88,569
777,788
A commercial property, previously held in investment properties, is now being used by the business and was transferred at valuation in 2018 from Investment properties to Freehold land & buildings.
5
Investment property
2023
£
Fair value
At 1 January 2023
2,618,000
Disposals
(78,000)
Revaluations
8,000
At 31 December 2023
2,548,000
Investment property comprises a mixture of commercial, retail and residential properties. The fair value of the investment property has been identified at the balance sheet date by the directors of the company, on an open market basis, by reference to market evidence of transaction prices for similar properties, taking into consideration the current state of the property.
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
50
50
Other investments other than loans
2,932,173
2,584,986
2,932,223
2,585,036
Fixed asset investments revalued
Listed investments are included at market value.
Fixed asset investments not carried at market value
Investments in subsidiaries are included at their cost of £50 (2021 - £5,050).
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
50
2,584,986
2,585,036
Valuation changes
-
290,289
290,289
Dividends reinvested
-
56,898
56,898
At 31 December 2023
50
2,932,173
2,932,223
Carrying amount
At 31 December 2023
50
2,932,173
2,932,223
At 31 December 2022
50
2,584,986
2,585,036
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
77,308
91,140
Other debtors
347
4,165
Prepayments and accrued income
197,665
149,496
275,320
244,801
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
66,685
66,673
Obligations under finance leases
38,752
21,467
Trade creditors
766,905
779,444
Corporation tax
192,232
206,154
Other taxation and social security
188,385
209,366
Deferred income
30,000
30,000
Other creditors
7,757
1,911
Accruals and deferred income
146,218
137,059
1,436,934
1,452,074
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
301,296
351,444
Obligations under finance leases
36,596
24,722
337,892
376,166
The bank loan is secured on company investment property and obligations under finance leases are secured on the assets to which they relate.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
524,623
341,511
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Subsidiary
42,640
36,698
56,205
39,459
Management fee cost
2023
2022
£
£
Subsidiary
240,000
240,000
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Subsidiary
3,042
660
Other information
The company has provided guarantees on behalf of a subsidiary company to the amount of £18,114 (2021: £54,342).
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