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REGISTERED NUMBER: 06239225 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Daulby Read Limited

Daulby Read Limited (Registered number: 06239225)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Daulby Read Limited

Company Information
for the Year Ended 31 March 2024







Directors: Peter John Goddard
Simon William Bradburn Read
Christopher David Gomm
Minority Venture Partners 11 Limited
Gary William Fennah





Secretary: Simon William Bradburn Read





Registered office: Third Floor
Liverpool House
Lower Bridge Street
Chester
CH1 1RS





Registered number: 06239225 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
114-120 Northgate Street
Chester
CH1 2HT

Daulby Read Limited (Registered number: 06239225)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Intangible assets 4 134,467 199,928
Tangible assets 5 2,556 5,339
137,023 205,267

Current assets
Debtors 6 1,829,691 1,540,399
Cash at bank 32,424 30,116
1,862,115 1,570,515
Creditors
Amounts falling due within one year 7 1,322,236 1,164,331
Net current assets 539,879 406,184
Total assets less current liabilities 676,902 611,451

Creditors
Amounts falling due after more than
one year

8

(198,302

)

(227,534

)

Provisions for liabilities 9 (486 ) (1,014 )
Net assets 478,114 382,903

Capital and reserves
Called up share capital 10 15,000 15,000
Retained earnings 463,114 367,903
Shareholders' funds 478,114 382,903

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Daulby Read Limited (Registered number: 06239225)

Statement of Financial Position - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





Peter John Goddard - Director


Daulby Read Limited (Registered number: 06239225)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

Daulby Read Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Commissions from insurance broking activities are recognised as income when the underlying policy commences. Provision is made at the period end for policies that are expected to lapse post period end.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Fixtures and fittings - 15% reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Daulby Read Limited (Registered number: 06239225)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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.

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.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
A financial asset or a financial liability is recognised only when the company 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, 2020, 2021 and 2022 is being amortised evenly over its estimated useful life of five years.

3. Employees and directors

The average number of employees during the year was 27 (2023 - 26 ) .

Daulby Read Limited (Registered number: 06239225)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 414,664
Amortisation
At 1 April 2023 214,736
Amortisation for year 65,461
At 31 March 2024 280,197
Net book value
At 31 March 2024 134,467
At 31 March 2023 199,928

5. Tangible fixed assets
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
Cost
At 1 April 2023 2,067 21,174 28,424 51,665
Additions - - 911 911
At 31 March 2024 2,067 21,174 29,335 52,576
Depreciation
At 1 April 2023 2,067 18,881 25,378 46,326
Charge for year - 344 3,350 3,694
At 31 March 2024 2,067 19,225 28,728 50,020
Net book value
At 31 March 2024 - 1,949 607 2,556
At 31 March 2023 - 2,293 3,046 5,339

6. Debtors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade debtors 983,378 837,812
Amounts owed by group undertakings 838,047 697,438
Other debtors 8,266 5,149
1,829,691 1,540,399

Daulby Read Limited (Registered number: 06239225)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. Creditors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 30,000 79,246
Trade creditors 911,913 772,569
Taxation and social security 81,206 40,012
Other creditors 299,117 272,504
1,322,236 1,164,331

8. Creditors: amounts falling due after more than one year
31/3/24 31/3/23
£    £   
Bank loans 66,134 104,991
Other creditors 132,168 122,543
198,302 227,534

9. Provisions for liabilities
31/3/24 31/3/23
£    £   
Deferred tax 486 1,014

Deferred
tax
£   
Balance at 1 April 2023 1,014
Credit to Statement of Income and Retained Earnings during
year

(528

)
Balance at 31 March 2024 486

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
8,100 A Ordinary shares £1 8,100 8,100
5,700 B Ordinary shares £1 5,700 5,700
1,200 C Ordinary shares £1 1,200 1,200
15,000 15,000

Daulby Read Limited (Registered number: 06239225)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. Related party disclosures

Included in debtors is an amount of £823,467 (2023 - £690,311) due from the company's holding company. No interest is charged on the outstanding balance. This amount is repayable on demand.

Two directors have given personal guarantees to the company's bankers in respect of company borrowings which at 31 March 2024 stood at £95,134 (2023- £184,237).

12. Operating lease commitments

At 31 March 2024 total commitments over the remaining term of existing operating leases were £44,900 (2023 - £63,600). The amount due within one within one year was £25,150 (2023 - £44,400).