REGISTERED NUMBER: 11484950 (England and Wales) |
DRIFTVIEW HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: 11484950 (England and Wales) |
DRIFTVIEW HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 | to | 8 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 | to | 28 |
DRIFTVIEW HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
Driftview Holdings had a solid year in 2023. As its main investment OPICO performed well despite the change in fortunes in the agricultural machinery market. In this respect property income from Cherry Holt Road and management charge income was stable and expenditure was similar to 2022. |
Stocks Ag saw a reduction in turnover due to the tightening market worldwide and impact of weather on sales in Europe. Stocks Ag profitability was also impacted by the significant additional cost of attending the Agritechnica exhibition in Hannover. However, property income from Cromwell Road and management charge income was stable and expenditure was similar to 2022. |
Driftview Holdings main investment OPICO limited also divested itself of the Maschio Gaspardo distribution at the end of 2023. |
KEY PERFORMANCE INDICATORS |
To gain an understanding of the development, performance and financial strength of the company, the management relies on the following key performance indicators: |
2023 | 2022 |
Movement in turnover | 662,978 | (166,286) |
Gross profit % | 24.2% | 28.1% |
Shareholders' funds | 9,448,146 | 7,998,089 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them. |
The key risks affecting the company are set out below: |
VIABILITY OF AGRICULTURE |
The major risk that the Driftview investment companies face is from volatility in agricultural output prices and input costs combined with farming productivity, each of which affect the viability of agricultural businesses and their ability to invest in equipment. This can be impacted by local factors, such as weather in key growing and harvesting periods, and international factors on world markets. The group companies attempt to mitigate such risk by having a diverse range of equipment available and also through aftersales activities such as servicing and part sales. Driftview itself mitigates this risk through the commercial property income. |
FOREIGN EXCHANGE RISK |
Driftview's largest investment company OPICO imports machinery from around the world and is exposed to fluctuations in the foreign exchange rate. A blend of forward contracts and various hedging strategies are utilised at OPICO to mitigate these risks. |
WAR |
The ongoing war between Russia and Ukraine is having knock on effects on commodity and energy prices but the majority of supply chains have now been reorganised so, until there is a fundamental change in the course of the war, OPICO and Stocks are not likely to feel the effect as significantly as in Mid-2022. However, as both countries are large agricultural commodity, energy and steel producers and also significant markets for agricultural machinery the ongoing situation will be watched carefully. |
POLITICS & SUBSIDIES |
The Political situation in the UK is also important to agriculture, the drive to net Zero, trade deals with other nations and lack of desire for home grown food security are all of concern to the agricultural industry so the direction of travel is being monitored closely by the management. |
Government policy is also changing, diminishing BPS subsidy payments are being replaced by different types of funding to encourage farmers to utilise more environmentally friendly farming practices. The Farming and Equipment Technology Fund (FETF) and Sustainable Farming Incentive (SFI) have been introduced and will be expanded over the coming years. The management of Driftview and its investment companies have noted that these subsidies are distorting the market by changing the timings and types of machinery purchased. |
WEATHER |
The extremes of weather experienced in the UK over the past few years are a concern as weather directly affects crops and causes issues for OPICO and Stocks customers. Their management are now noticing Farmers taking longer term decisions about their businesses to mitigate some of the impact of the difficulties they have had over the past few years. Changes in farming strategy are also being monitored by management. |
ON BEHALF OF THE BOARD: |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of agricultural machinery distributors. |
DIVIDENDS |
Dividends totalling £178,100 (2022: £177,810) were paid during the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
DIRECTORS' INDEMNITY |
A qualifying third party indemnity provision is in place for the directors of the company. This covers liability for the actions of directors and officers of the company and associated costs including legal costs. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DRIFTVIEW HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Driftview Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DRIFTVIEW HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DRIFTVIEW HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as the valuation and impairment of stock, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the internal health and safety reporting documentation within the year for any evidence of ongoing claims, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DRIFTVIEW HOLDINGS LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 22,396,893 | 21,733,915 |
Cost of sales | 16,974,904 | 15,623,818 |
GROSS PROFIT | 5,421,989 | 6,110,097 |
Distribution costs | 304,220 | 356,782 |
Administrative expenses | 3,991,219 | 3,477,828 |
4,295,439 | 3,834,610 |
1,126,550 | 2,275,487 |
Other operating income | 44,638 | 3,741 |
OPERATING PROFIT | 5 | 1,171,188 | 2,279,228 |
Profit/loss on sale of investment | 6 | 825,000 | - |
1,996,188 | 2,279,228 |
Interest receivable and similar income | 221 | - |
1,996,409 | 2,279,228 |
Interest payable and similar expenses | 7 | 138,929 | 72,562 |
PROFIT BEFORE TAXATION | 1,857,480 | 2,206,666 |
Tax on profit | 8 | 229,323 | 396,058 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Deferred tax movements | - | (26,558 | ) |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
(26,558 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,628,157 | 1,784,050 |
Profit attributable to: |
Owners of the parent | 1,628,157 | 1,810,608 |
Total comprehensive income attributable to: |
Owners of the parent | 1,628,157 | 1,784,050 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | - | - |
Tangible assets | 12 | 3,862,582 | 3,796,022 |
Investments | 13 | - | - |
3,862,582 | 3,796,022 |
CURRENT ASSETS |
Stocks | 14 | 5,633,433 | 6,733,583 |
Debtors | 15 | 1,899,474 | 2,130,052 |
Cash at bank and in hand | 667,677 | 313,296 |
8,200,584 | 9,176,931 |
CREDITORS |
Amounts falling due within one year | 16 | 1,709,721 | 4,020,986 |
NET CURRENT ASSETS | 6,490,863 | 5,155,945 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 10,353,445 | 8,951,967 |
CREDITORS |
Amounts falling due after more than one year | 17 | (632,732 | ) | (709,370 | ) |
PROVISIONS FOR LIABILITIES | 22 | (272,567 | ) | (244,508 | ) |
NET ASSETS | 9,448,146 | 7,998,089 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 1,000 | 1,000 |
Fair value reserve | 24 | 587,693 | 587,693 |
Retained earnings | 24 | 8,859,453 | 7,409,396 |
SHAREHOLDERS' FUNDS | 9,448,146 | 7,998,089 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by: |
J A Woolway - Director |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 17 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Fair value reserve | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,163,519 | 740,644 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 1,000 | 5,776,598 | 614,251 | 6,391,849 |
Changes in equity |
Dividends | - | (177,810 | ) | - | (177,810 | ) |
Total comprehensive income | - | 1,810,608 | (26,558 | ) | 1,784,050 |
Balance at 31 December 2022 | 1,000 | 7,409,396 | 587,693 | 7,998,089 |
Changes in equity |
Dividends | - | (178,100 | ) | - | (178,100 | ) |
Total comprehensive income | - | 1,628,157 | - | 1,628,157 |
Balance at 31 December 2023 | 1,000 | 8,859,453 | 587,693 | 9,448,146 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,317,000 | 853,570 |
Interest paid | (138,929 | ) | (72,562 | ) |
Tax paid | (328,773 | ) | (459,233 | ) |
Net cash from operating activities | 849,298 | 321,775 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (318,326 | ) | (390,575 | ) |
Sale of tangible fixed assets | 104,000 | 128,705 |
Interest received | 221 | - |
Net cash from investing activities | (214,105 | ) | (261,870 | ) |
Cash flows from financing activities |
Loan repayments in year | (102,712 | ) | (89,268 | ) |
Amount withdrawn by directors | - | (200,000 | ) |
Equity dividends paid | (178,100 | ) | (177,810 | ) |
Net cash from financing activities | (280,812 | ) | (467,078 | ) |
Increase/(decrease) in cash and cash equivalents | 354,381 | (407,173 | ) |
Cash and cash equivalents at beginning of year | 2 | 313,296 | 720,469 |
Cash and cash equivalents at end of year | 2 | 667,677 | 313,296 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,857,480 | 2,206,666 |
Depreciation charges | 197,086 | 101,183 |
Profit on disposal of fixed assets | (49,320 | ) | (47,294 | ) |
Finance costs | 138,929 | 72,562 |
Finance income | (221 | ) | - |
2,143,954 | 2,333,117 |
Decrease/(increase) in stocks | 1,100,150 | (1,678,646 | ) |
Decrease in trade and other debtors | 230,578 | 1,112,362 |
Decrease in trade and other creditors | (2,157,682 | ) | (913,263 | ) |
Cash generated from operations | 1,317,000 | 853,570 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 667,677 | 313,296 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 313,296 | 720,469 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 313,296 | 354,381 | 667,677 |
313,296 | 354,381 | 667,677 |
Debt |
Debts falling due |
within 1 year | (110,121 | ) | 102,712 | (76,638 | ) | (84,047 | ) |
Debts falling due |
after 1 year | (709,370 | ) | - | 76,638 | (632,732 | ) |
(819,491 | ) | 102,712 | - | (716,779 | ) |
Total | (506,195 | ) | 457,093 | - | (49,102 | ) |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Driftview Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Report Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Basis of consolidation |
The group financial statements consolidate the financial statements of Driftview Holdings Limited and its subsidiary undertakings drawn up to 31 December 2023. |
The consolidated financial statements have been prepared in accordance with the principles of acquisition accounting as set out in FRS 102. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis,. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key source of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
(i) Fair value measurement of investment property |
The fair value of investment property is sensitive to changes caused by both business and economic events. The fair value is re-assessed annually. Management restate the value(s) of investment property when necessary to reflect current estimates, based on market conditions, future investment, economic utilisation and the physical condition of the asset(s). |
(ii) Stock provisions |
The estimation and assumptions used to assess that stock is valued in line with the applicable accounting framework are based on the relevant aging of each stock item since the date the company took ownership of the individual item(s). Management then assess the level of impairment required on each item using a standardised methodology which is regularly reviewed. |
Non-significant accounting policies are as follows: |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised at the point risk and reward of ownership of a product is passed to the customer, usually this is on despatch for goods sales, on completion for servicing and repair work and for specified periods for service agreements. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets, other than Freehold Property, are stated at cost less accumulated depreciation and accumulated impairment losses. Costs includes costs directly attributable to making the asset capable of operating as intended. |
Freehold Property is held under the Revaluation model and is therefore carried at the revalued amount less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average costing method. |
At each financial reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement . |
Financial instruments |
The company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances 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. |
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 cashflows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest. |
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. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
The company's functional currency is the same as the presentational currency for these financial statements. |
Foreign currency transactions are initially recognised by applying the foreign currency amount at spot exchange rate between the functional currency and the foreign currency at the date of transaction. |
At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when the fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement. |
Foreign exchange gains and losses that relate to borrowings of cash and cash equivalents are presented in the Income Statement within 'financial income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'administrative expenses'. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Wholegoods | 16,238,050 | 15,369,345 |
Parts | 5,961,615 | 6,178,039 |
Carriage | 197,228 | 186,531 |
22,396,893 | 21,733,915 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,714,945 | 2,504,576 |
Social security costs | 272,135 | 275,603 |
Other pension costs | 83,596 | 81,022 |
3,070,676 | 2,861,201 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 2 | 2 |
Administration and Production | 70 | 70 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 22,584 | 20,400 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 5,755 | 4,710 |
Other operating leases | - | (15,000 | ) |
Depreciation - owned assets | 197,086 | 101,183 |
Profit on disposal of fixed assets | (49,320 | ) | (47,294 | ) |
Auditors' remuneration | 28,009 | 26,639 |
Auditors' remuneration for non audit work | 7,709 | 6,913 |
Foreign exchange differences | (110,072 | ) | (185,469 | ) |
6. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Profit/loss on sale of investment | 825,000 | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 111,320 | 46,222 |
Bank loan interest | 27,609 | 26,340 |
138,929 | 72,562 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 246,576 | 345,513 |
Over provided in prior year | (45,312 | ) | - |
Total current tax | 201,264 | 345,513 |
Deferred tax | 28,059 | 50,545 |
Tax on profit | 229,323 | 396,058 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,857,480 | 2,206,666 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
464,370 |
419,267 |
Effects of: |
Expenses not deductible for tax purposes | 8,912 | 9,032 |
Capital allowances in excess of depreciation | - | (4,945 | ) |
Depreciation in excess of capital allowances | 281 | - |
Adjustments to tax charge in respect of previous periods | (45,312 | ) | - |
Research & development tax credit | - | (25,109 | ) |
Change in tax rate | 6,539 | (2,187 | ) |
Capital disposal relief | (205,467 | ) | - |
Total tax charge | 229,323 | 396,058 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of property | (26,558 | ) | - | (26,558 | ) |
The statutory UK corporation tax is currently 25%, with a small profits rate of 19%. |
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised, based on tax law and the corporation tax rates that have been enacted, or substantially enacted, at the year end date. |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Interim | 178,100 | 177,810 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | (195,722 | ) |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 | (195,722 | ) |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | - |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 3,126,668 | 168,049 | 1,033,269 |
Additions | - | - | 234,870 |
Disposals | - | - | (213,007 | ) |
Reclassification/transfer | - | - | 291,322 |
At 31 December 2023 | 3,126,668 | 168,049 | 1,346,454 |
DEPRECIATION |
At 1 January 2023 | - | 153,840 | 390,065 |
Charge for year | - | 3,969 | 141,863 |
Eliminated on disposal | - | - | (158,327 | ) |
Reclassification/transfer | - | - | 424,299 |
At 31 December 2023 | - | 157,809 | 797,900 |
NET BOOK VALUE |
At 31 December 2023 | 3,126,668 | 10,240 | 548,554 |
At 31 December 2022 | 3,126,668 | 14,209 | 643,204 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 43,573 | 49,948 | (118,445 | ) | 4,303,062 |
Additions | 36,408 | 43,457 | 3,591 | 318,326 |
Disposals | - | - | - | (213,007 | ) |
Reclassification/transfer | 59,555 | 23,304 | 227,061 | 601,242 |
At 31 December 2023 | 139,536 | 116,709 | 112,207 | 5,009,623 |
DEPRECIATION |
At 1 January 2023 | (23,256 | ) | (9,485 | ) | (4,124 | ) | 507,040 |
Charge for year | 17,443 | 17,681 | 16,130 | 197,086 |
Eliminated on disposal | - | - | - | (158,327 | ) |
Reclassification/transfer | 59,555 | 23,304 | 94,084 | 601,242 |
At 31 December 2023 | 53,742 | 31,500 | 106,090 | 1,147,041 |
NET BOOK VALUE |
At 31 December 2023 | 85,794 | 85,209 | 6,117 | 3,862,582 |
At 31 December 2022 | 66,829 | 59,433 | (114,321 | ) | 3,796,022 |
Included in cost or valuation of land and buildings is freehold land of £3,126,668 (2022 - £3,126,668) which is not depreciated. |
Cost or valuation at 31 December 2023 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2023 | 3,100,000 | - | - |
Cost | 26,668 | 168,049 | 1,346,454 |
3,126,668 | 168,049 | 1,346,454 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2023 | - | - | - | 3,100,000 |
Cost | 139,536 | 116,709 | 112,207 | 1,909,623 |
139,536 | 116,709 | 112,207 | 5,009,623 |
If freehold property had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,128,319 | 2,128,319 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Freehold property were included in the accounts for the year ended 31 December 2023 at directors valuation which is based on the latest available valuations on an open market basis, which were as follows: |
Valuation as at 13 February 2020 by Savills (UK) Limited |
Valuation as at 15 December 2020 by Savills (UK) Limited |
The directors have considered the value of freehold property at 31 December 2023 and do not consider the fair value to be materially different from the above valuations. |
Company |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 2023 | 3,100,000 |
If freehold property had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,128,319 | 2,128,319 |
Freehold property were included in the accounts for the year ended 31 December 2023 at directors valuation which is based on the latest available valuations on an open market basis, which were as follows: |
Valuation as at 13 February 2020 by Savills (UK) Limited |
Valuation as at 15 December 2020 by Savills (UK) Limited |
The directors have considered the value of freehold property at 31 December 2023 and do not consider the fair value to be materially different from the above valuations. |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Opico Ltd, Cherry Holt Road, Bourne, Lincolnshire, PE10 9LA |
Nature of business: |
% |
Class of shares: | holding |
On 18 April 2023 Stock Cooper Limited was dissolved. |
Registered office: C/O Opico Ltd, Cherry Holt Road, Bourne, Lincolnshire, PE10 9LA |
Nature of business: |
% |
Class of shares: | holding |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 5,633,433 | 6,733,583 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,441,845 | 1,878,580 |
Amounts owed by group undertakings | - | - |
Other debtors | 48,531 | 73,481 |
VAT | 117,780 | - |
Prepayments and accrued income | 291,318 | 177,991 |
1,899,474 | 2,130,052 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 84,047 | 110,121 |
Trade creditors | 865,057 | 2,836,805 | ( |
) |
Taxation | 246,163 | 373,672 |
Other taxes and social security | 78,490 | 73,110 |
VAT | - | 87,077 | 8,888 | 25,482 |
Other creditors | 11,847 | 18,627 |
Factoring advances | 148,450 | 210,928 | - | - |
Directors' current accounts | 50,564 | 50,564 | 50,564 | 50,564 |
Accruals and deferred income | 225,103 | 260,082 |
1,709,721 | 4,020,986 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 18) | 632,732 | 709,370 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 84,047 | 110,121 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 402,534 | 440,484 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 230,198 | 268,886 | 230,198 | 268,886 |
Bank loans due in more than five years are repayable in monthly instalments with an interest rate of 1.85% over the Bank of England base rate. |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 22,852 | 4,781 |
Between one and five years | 4,108 | 4,378 |
26,960 | 9,159 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 716,779 | 819,491 |
Factoring advances | 148,450 | 210,928 | - | - |
865,229 | 1,030,419 |
The bank borrowings are secured as follows: |
By fixed and floating charge over the undertakings and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery. |
21. | FINANCIAL INSTRUMENTS |
The group has the following financial instruments: |
2023 | 2022 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 1,449,910 | 1,878,580 |
Other debtors | 48,531 | 73,481 |
Financial liabilities measured at amortised cost |
Trade creditors | 865,057 | 2,836,805 |
Bank loans and overdrafts | 716,779 | 819,491 |
Factoring advances | 148,450 | 210,928 |
There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss. |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 272,567 | 244,508 | 110,656 | 110,656 |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
22. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 244,508 |
Charge to Statement of Comprehensive Income during year | 28,059 |
Balance at 31 December 2023 | 272,567 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Balance at 31 December 2023 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
24. | RESERVES |
Group |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 7,409,396 | 587,693 | 7,997,089 |
Profit for the year | 1,628,157 | 1,628,157 |
Dividends | (178,100 | ) | (178,100 | ) |
At 31 December 2023 | 8,859,453 | 587,693 | 9,447,146 |
Company |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 4,819,618 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 5,805,037 |
a) Fair value reserve |
This reserve is used to record the movements in the value of investment property which are recorded at fair value. |
DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
25. | CONTINGENT LIABILITIES |
The group has an inter-company guarantee in place to secure the group bank borrowings, which were £865,229 (2022 - £1,030,419) at the financial position date. Security given is as specified in the secured debts note to the financial statements. |
26. | OTHER FINANCIAL COMMITMENTS |
At the balance sheet date, the group had outstanding currency forward contract deals of a sterling equivalent of £2,971,165 (2022 - £5,676,817). This is in respect of forward contracts in Euros purchased as a hedge against fluctuations in the currency. |
27. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, a total of key management personnel compensation of £ 325,695 (2022 - £ 251,745 ) was paid. |
28. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is J A Woolway. |