IRIS Accounts Production v24.2.0.383 00260311 Board of Directors 1.4.23 31.3.24 31.3.24 60 65 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh002603112023-03-31002603112024-03-31002603112023-04-012024-03-31002603112022-03-31002603112022-04-012023-03-31002603112023-03-3100260311ns15:EnglandWales2023-04-012024-03-3100260311ns14:PoundSterling2023-04-012024-03-3100260311ns10:Director12023-04-012024-03-3100260311ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3100260311ns10:FRS1022023-04-012024-03-3100260311ns10:Audited2023-04-012024-03-3100260311ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3100260311ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3100260311ns10:FullAccounts2023-04-012024-03-3100260311ns10:OrdinaryShareClass12023-04-012024-03-3100260311ns10:Director22023-04-012024-03-3100260311ns10:Director42023-04-012024-03-3100260311ns10:Director52023-04-012024-03-3100260311ns10:Director62023-04-012024-03-3100260311ns10:CompanySecretary12023-04-012024-03-3100260311ns10:RegisteredOffice2023-04-012024-03-3100260311ns10:Director32023-04-012024-03-3100260311ns5:PriorPeriodIncreaseDecreasens5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100260311ns5:CurrentFinancialInstruments2024-03-3100260311ns5:CurrentFinancialInstruments2023-03-3100260311ns5:Non-currentFinancialInstruments2024-03-3100260311ns5:Non-currentFinancialInstruments2023-03-3100260311ns5:ShareCapital2024-03-3100260311ns5:ShareCapital2023-03-3100260311ns5:FurtherSpecificReserve2ComponentTotalEquity2024-03-3100260311ns5:FurtherSpecificReserve2ComponentTotalEquity2023-03-3100260311ns5:RetainedEarningsAccumulatedLosses2024-03-3100260311ns5:RetainedEarningsAccumulatedLosses2023-03-3100260311ns5:ShareCapital2022-03-3100260311ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2022-03-3100260311ns5:FurtherSpecificReserve2ComponentTotalEquity2022-03-3100260311ns5:PreviouslyStatedAmount2022-03-3100260311ns5:PriorPeriodIncreaseDecrease2022-04-012023-03-3100260311ns5:RetainedEarningsAccumulatedLosses2022-03-3100260311ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100260311ns5:FurtherSpecificReserve2ComponentTotalEquity2022-04-012023-03-3100260311ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3100260311ns5:FurtherSpecificReserve2ComponentTotalEquity2023-04-012024-03-3100260311ns5:PlantMachinery2023-04-012024-03-3100260311ns5:FurnitureFittings2023-04-012024-03-3100260311ns5:MotorVehicles2023-04-012024-03-3100260311ns5:OwnedAssets2023-04-012024-03-3100260311ns5:OwnedAssets2022-04-012023-03-310026031112023-04-012024-03-310026031112022-04-012023-03-3100260311ns5:HirePurchaseContracts2023-04-012024-03-3100260311ns5:HirePurchaseContracts2022-04-012023-03-3100260311ns10:OrdinaryShareClass12022-04-012023-03-3100260311ns5:PlantMachinery2023-03-3100260311ns5:FurnitureFittings2023-03-3100260311ns5:MotorVehicles2023-03-3100260311ns5:PlantMachinery2024-03-3100260311ns5:FurnitureFittings2024-03-3100260311ns5:MotorVehicles2024-03-3100260311ns5:PlantMachinery2023-03-3100260311ns5:FurnitureFittings2023-03-3100260311ns5:MotorVehicles2023-03-3100260311ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3100260311ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100260311ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3100260311ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100260311ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3100260311ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3100260311ns5:HirePurchaseContracts2024-03-3100260311ns5:HirePurchaseContracts2023-03-3100260311ns5:DeferredTaxation2023-03-3100260311ns5:DeferredTaxation2023-04-012024-03-3100260311ns5:DeferredTaxation2024-03-3100260311ns10:OrdinaryShareClass12024-03-3100260311ns5:RetainedEarningsAccumulatedLosses2023-03-3100260311ns5:FurtherSpecificReserve2ComponentTotalEquity2023-03-31
REGISTERED NUMBER: 00260311 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

DAKIN-FLATHERS LIMITED

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


DAKIN-FLATHERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: O Garside
L J Barker
P S Greenley
S Dykes
C D Jukes



SECRETARY: S Dykes



REGISTERED OFFICE: Boothroyds Way
Green Lane Industrial Estate
Featherstone
Pontefract
West Yorkshire
WF7 6RA



REGISTERED NUMBER: 00260311 (England and Wales)



SENIOR STATUTORY AUDITOR: Adam Brosnan



AUDITORS: Brosnans
Chartered Accountants
and Statutory Auditors
Birkby House
Bailiff Bridge
Brighouse
West Yorkshire
HD6 4JJ

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The company performed well during the year despite a challenging market backdrop.

Despite this, the company continued to be profitable and cash generative and so the company maintained its significant ongoing capital investment plan, investing in new assets and infrastructure to support future growth.

The key performance indicators used by the company were:

2024 (2023)

Turnover £11,361,799 (£11,862,975)

The outlook for the company remains positive

PRINCIPAL RISKS AND UNCERTAINTIES
Financial risk management objectives and policies.
The company operates in the UK market and overseas. The company seeks to mitigate exposure to all forms of risk, both internal and external.

Customers and suppliers
The company is not wholly dependent on any one supplier or customer.

Foreign exchange
The company endeavours to mitigate the risk of foreign exchange fluctuation by, whenever possible, balancing its buying and selling in foreign currencies. Any excess requirement is covered by use of forward contracts and if necessary spot purchasing on the currency exchange.

Laws and regulations
The company complies with all relevant regulations to operate within the law.
The company takes its health, safety and environmental responsibilities very seriously.

Employees
The company is an Equal Opportunities Employer. In employment related decisions, the company complies with anti-discrimination requirements concerning matters of race, colour, national origin, marital status, sexual orientation, religious belief, age and physical or mental disability. Disabled people are given full and equal consideration for employment and their development is assisted and encouraged.

ON BEHALF OF THE BOARD:





S Dykes - Director


25 September 2024

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

In order to continue to strengthen the long term development of the company, the directors took the decision to maintain the high level of spending on research and development. Further significant steps were made towards major process and product development.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of bandsaw and bandknife manufacturers.

DIVIDENDS
Were paid as per disclosed in the Statement of Changes in Equity.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

O Garside
L J Barker
P S Greenley

Other changes in directors holding office are as follows:

Ms M Gschnitzer - resigned 17 January 2024
S Dykes - appointed 6 October 2023
C D Jukes - appointed 9 February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Brosnans, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Dykes - Director


25 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAKIN-FLATHERS LIMITED

Opinion
We have audited the financial statements of Dakin-Flathers Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 March 2024 and of its 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 company 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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAKIN-FLATHERS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAKIN-FLATHERS 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:

Audit response to risks identified
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAKIN-FLATHERS LIMITED

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.

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.




Adam Brosnan (Senior Statutory Auditor)
for and on behalf of Brosnans
Chartered Accountants
and Statutory Auditors
Birkby House
Bailiff Bridge
Brighouse
West Yorkshire
HD6 4JJ

25 September 2024

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 11,361,799 11,862,975

Cost of sales (6,127,483 ) (5,650,189 )
GROSS PROFIT 5,234,316 6,212,786

Administrative expenses (3,140,370 ) (3,880,370 )
2,093,946 2,332,416

Other operating income 3,825 -
OPERATING PROFIT 4 2,097,771 2,332,416

Interest receivable and similar income 53,249 16,783
2,151,020 2,349,199

Interest payable and similar expenses 5 (82,450 ) (9,521 )
PROFIT BEFORE TAXATION 2,068,570 2,339,678

Tax on profit 6 (392,686 ) (134,749 )
PROFIT FOR THE FINANCIAL YEAR 1,675,884 2,204,929

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,675,884 2,204,929


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,675,884
Prior year adjustment 130,704
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

2,335,633

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 8 1,520,512 1,695,108

CURRENT ASSETS
Stocks 9 4,554,928 6,134,456
Debtors 10 2,245,228 2,954,362
Cash at bank and in hand 727,429 300,320
7,527,585 9,389,138
CREDITORS
Amounts falling due within one year 11 (8,541,225 ) (6,132,373 )
NET CURRENT (LIABILITIES)/ASSETS (1,013,640 ) 3,256,765
TOTAL ASSETS LESS CURRENT
LIABILITIES

506,872

4,951,873

CREDITORS
Amounts falling due after more than
one year

12

(25,786

)

(128,930

)

PROVISIONS FOR LIABILITIES 14 (355,000 ) (283,000 )
NET ASSETS 126,086 4,539,943

CAPITAL AND RESERVES
Called up share capital 15 736 736
Other reserves 16 1,318 1,318
Retained earnings 16 124,032 4,537,889
SHAREHOLDERS' FUNDS 126,086 4,539,943

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





S Dykes - Director


DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 April 2022 736 4,102,256 1,318 4,104,310
Prior year adjustment - 130,704 - 130,704
As restated 736 4,232,960 1,318 4,235,014

Changes in equity
Dividends - (1,900,000 ) - (1,900,000 )
Total comprehensive income - 2,204,929 - 2,204,929
Balance at 31 March 2023 736 4,537,889 1,318 4,539,943

Changes in equity
Dividends - (6,089,741 ) - (6,089,741 )
Total comprehensive income - 1,675,884 - 1,675,884
Balance at 31 March 2024 736 124,032 1,318 126,086

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,262,779 517,770
Interest paid (70,702 ) (732 )
Interest element of hire purchase
payments paid

(11,748

)

(8,789

)
Tax paid (281,408 ) 11,683
Net cash from operating activities 3,898,921 519,932

Cash flows from investing activities
Purchase of tangible fixed assets (53,808 ) (120,928 )
Interest received 53,249 16,783
Net cash from investing activities (559 ) (104,145 )

Cash flows from financing activities
Loan repayments in year 2,317,868 -
Loan from group 359,900 1,316,917
Capital repayments in year (103,144 ) 232,074
Amount repaid by directors 43,864 -
Amount withdrawn by directors - (52,703 )
Equity dividends paid (6,089,741 ) (1,900,000 )
Net cash from financing activities (3,471,253 ) (403,712 )

Increase in cash and cash equivalents 427,109 12,075
Cash and cash equivalents at beginning
of year

2

300,320

288,245

Cash and cash equivalents at end of
year

2

727,429

300,320

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 2,068,570 2,339,678
Depreciation charges 228,404 238,543
Finance costs 82,450 9,521
Finance income (53,249 ) (16,783 )
2,326,175 2,570,959
Decrease/(increase) in stocks 1,579,528 (1,310,898 )
Decrease in trade and other debtors 665,270 295,165
Decrease in trade and other creditors (308,194 ) (1,037,456 )
Cash generated from operations 4,262,779 517,770

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 727,429 300,320
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 300,320 288,245


DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 300,320 427,109 727,429
300,320 427,109 727,429
Debt
Finance leases (232,074 ) 103,144 (128,930 )
(232,074 ) 103,144 (128,930 )
Total 68,246 530,253 598,499

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Dakin-Flathers 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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" 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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
Derivative financial instruments are initially recorded at cost and thereafter at fair value with
changes recognised in profit or loss.


DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2024 2023
£ £
Wages and Salaries 2,192,431 2,265,870
Social Security 200,266 222,884
Employees and Employers Pension 295,174 351,617
2,687,871 2,840,371

Average number of employees during the year;
2024 2023
Directors 5 4
Production 36 47
Administration 17 14
60 65

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 228,404 238,543
Auditors' remuneration 9,000 8,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest 70,698 -
Other interest 4 732
Hire purchase 11,748 8,789
82,450 9,521

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 320,686 150,749

Deferred tax 72,000 (16,000 )
Tax on profit 392,686 134,749

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:

2024 2023
£    £   
Profit before tax 2,068,570 2,339,678
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

517,143

444,539

Effects of:
Expenses not deductible for tax purposes 30 292
Depreciation in excess of capital allowances 38,146 10,430
Patent Box allowance (37,469 ) (14,886 )
Research and development enhanced deduction (183,697 ) (289,626 )
Deferred Taxation (credit)/charge 72,000 (16,000 )
Group relief (13,467 ) -
Total tax charge 392,686 134,749

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 589,741 1,900,000
Interim 5,500,000 -
6,089,741 1,900,000

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 4,329,373 613,362 29,809 4,972,544
Additions 50,712 3,096 - 53,808
At 31 March 2024 4,380,085 616,458 29,809 5,026,352
DEPRECIATION
At 1 April 2023 2,964,159 284,993 28,284 3,277,436
Charge for year 196,691 31,373 340 228,404
At 31 March 2024 3,160,850 316,366 28,624 3,505,840
NET BOOK VALUE
At 31 March 2024 1,219,235 300,092 1,185 1,520,512
At 31 March 2023 1,365,214 328,369 1,525 1,695,108


9. STOCKS
2024 2023
£    £   
Stocks 4,554,928 6,134,456

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,987,300 2,005,126
Other debtors - 376,022
Directors' current accounts - 43,864
VAT 125,281 256,100
Prepayments 132,647 273,250
2,245,228 2,954,362

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 103,144 103,144
Trade creditors 483,993 763,538
Amounts owed to group undertakings 7,466,189 4,788,421
Tax 165,686 126,408
Social security and other taxes 60,177 60,184
Accrued expenses 262,036 290,678
8,541,225 6,132,373

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 25,786 128,930

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 103,144 103,144
Between one and five years 25,786 128,930
128,930 232,074

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 355,000 283,000

Deferred
tax
£   
Balance at 1 April 2023 283,000
Utilised during year 72,000
Balance at 31 March 2024 355,000

DAKIN-FLATHERS LIMITED (REGISTERED NUMBER: 00260311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
736 Ordinary £1 736 736

16. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2023 4,537,889 1,318 4,539,207
Profit for the year 1,675,884 1,675,884
Dividends (6,089,741 ) (6,089,741 )
At 31 March 2024 124,032 1,318 125,350

17. PENSION COMMITMENTS

The company operates a defined contribution scheme for directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions for the period were £295,174 including employee contributions ( 2023 £351,617)
Three directors are accruing benefits under the scheme.

18. ULTIMATE CONTROLLING PARTY

The directors consider the immediate parent undertaking of this company is its parent company Scolp 2 Limited by virtue of its 100% ownership. The registered office of Scolp 2 Limited is the same as Dakin Flathers Limited.