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Registered number: 00445817










DUTTON & GAVIN (TEXTILES) LIMITED

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
DUTTON & GAVIN (TEXTILES) LIMITED
 

COMPANY INFORMATION


Directors
Mr A Blaney 
Mrs M Blaney 
Mr L Blaney 
Mr C Blaney 




Registered number
00445817



Registered office
34 High Street
Spennymoor

County Durham

England

DL16 6DB




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
DUTTON & GAVIN (TEXTILES) LIMITED
REGISTERED NUMBER: 00445817

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible fixed assets
  
1,797
2,182

  
1,797
2,182

Current assets
  

Stocks
  
207,308
222,394

Debtors: amounts falling due within one year
 5 
34,281
35,041

Bank and cash balances
  
129,512
178,940

  
371,101
436,375

Creditors: amounts falling due within one year
 6 
(137,612)
(141,886)

Net current assets
  
 
 
233,489
 
 
294,489

Total assets less current liabilities
  
235,286
296,671

  

Net assets
  
235,286
296,671


Capital and reserves
  

Called up share capital 
 7 
2
2

Capital redemption reserve
  
99,999
99,999

Other reserves
  
600
600

Profit and loss account
  
134,685
196,070

  
235,286
296,671


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




Mr L Blaney
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
DUTTON & GAVIN (TEXTILES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dutton & Gavin (Textiles) Limited is a private company limited by shares domiciled in England with registration number 00445817. The registered office is 34 High Street, Spennymoor, County Durham, England, DL16 6DB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

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 fair value was determined.

Page 2

 
DUTTON & GAVIN (TEXTILES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
DUTTON & GAVIN (TEXTILES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each 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 profit or loss.

Page 4

 
DUTTON & GAVIN (TEXTILES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
67,464
38,798

Social security costs
7,746
3,961

Cost of defined contribution scheme
901
929

76,111
43,688


The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
3,850



At 31 December 2023

3,850



Depreciation


At 1 January 2023
1,668


Charge for the year on owned assets
385



At 31 December 2023

2,053



Net book value



At 31 December 2023
1,797



At 31 December 2022
2,182

Page 5

 
DUTTON & GAVIN (TEXTILES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,123
2,670

Amounts owed by group undertakings
16,909
9,589

Other debtors
16,249
22,782

34,281
35,041



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
568
938

Amounts owed to group undertakings
119,987
118,205

Other taxation and social security
7,627
14,444

Other creditors
9,430
8,299

137,612
141,886


Group borrowing is secured by an inter-company guarantee and a bond and floating charge over the assets of the Company. 


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £901 (2022 - £929). There were no amounts (2022 - £nil) due to be paid to the fund at the balance sheet date.

Page 6

 
DUTTON & GAVIN (TEXTILES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

The Company has taken advantage of the 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.


10.


Controlling party

The immediate parent company is GC Group Limited, a company registered in Scotland. 
The ultimate parent undertaking is Crest Properties (Scotland) Ltd, a company registered in Scotland, with a registered office of 8 Pendreich Road, Bridge of Allan, Stirling, Stirlingshire, FK9 4LY.
Crest Properties (Scotland) Ltd is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2023. The results of Dutton & Gavin (Textiles) Limited are included within the consolidated financial statements of Crest Properties (Scotland) Ltd.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Douglas Rae (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.


Page 7