Dodman Ltd 02595679 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the manufacturing of food processing machinery. Digita Accounts Production Advanced 6.30.9574.0 true true 02595679 2023-04-01 2024-03-31 02595679 2024-03-31 02595679 bus:OrdinaryShareClass1 2024-03-31 02595679 bus:OrdinaryShareClass2 2024-03-31 02595679 bus:OrdinaryShareClass3 2024-03-31 02595679 bus:OrdinaryShareClass4 2024-03-31 02595679 core:CurrentFinancialInstruments 2024-03-31 02595679 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02595679 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02595679 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 02595679 core:FurnitureFittingsToolsEquipment 2024-03-31 02595679 core:LandBuildings 2024-03-31 02595679 core:MotorVehicles 2024-03-31 02595679 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-03-31 02595679 bus:SmallEntities 2023-04-01 2024-03-31 02595679 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02595679 bus:FilletedAccounts 2023-04-01 2024-03-31 02595679 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02595679 bus:RegisteredOffice 2023-04-01 2024-03-31 02595679 bus:Director1 2023-04-01 2024-03-31 02595679 bus:Director2 2023-04-01 2024-03-31 02595679 bus:Director3 2023-04-01 2024-03-31 02595679 bus:Director4 2023-04-01 2024-03-31 02595679 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02595679 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 02595679 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 02595679 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 02595679 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02595679 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 02595679 core:Buildings 2023-04-01 2024-03-31 02595679 core:FurnitureFittings 2023-04-01 2024-03-31 02595679 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 02595679 core:LandBuildings 2023-04-01 2024-03-31 02595679 core:MotorVehicles 2023-04-01 2024-03-31 02595679 core:PlantMachinery 2023-04-01 2024-03-31 02595679 core:ToolsEquipment 2023-04-01 2024-03-31 02595679 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-01 2024-03-31 02595679 core:OtherRelatedParties 2023-04-01 2024-03-31 02595679 countries:EnglandWales 2023-04-01 2024-03-31 02595679 2023-03-31 02595679 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 02595679 core:FurnitureFittingsToolsEquipment 2023-03-31 02595679 core:LandBuildings 2023-03-31 02595679 core:MotorVehicles 2023-03-31 02595679 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-31 02595679 2022-04-01 2023-03-31 02595679 2023-03-31 02595679 bus:OrdinaryShareClass1 2023-03-31 02595679 bus:OrdinaryShareClass2 2023-03-31 02595679 bus:OrdinaryShareClass3 2023-03-31 02595679 bus:OrdinaryShareClass4 2023-03-31 02595679 core:CurrentFinancialInstruments 2023-03-31 02595679 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02595679 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02595679 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 02595679 core:FurnitureFittingsToolsEquipment 2023-03-31 02595679 core:LandBuildings 2023-03-31 02595679 core:MotorVehicles 2023-03-31 02595679 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-31 02595679 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-04-01 2023-03-31 02595679 2022-03-31 02595679 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02595679

Dodman Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Dodman Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Dodman Ltd

Company Information

Directors

Mrs MA Skerritt

Mrs SM Skerritt

Mr TF Skerritt

Mr AF Skerritt

Registered office

Hamburg Way
North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2ND

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Dodman Ltd

(Registration number: 02595679)
Statement of financial position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

81

170

Tangible assets

5

1,251,611

1,362,454

Investment property

6

250,000

250,000

 

1,501,692

1,612,624

Current assets

 

Stocks

7

421,116

430,241

Debtors

8

1,533,827

2,085,935

Cash at bank and in hand

 

1,153,364

721,070

 

3,108,307

3,237,246

Creditors: Amounts falling due within one year

9

(1,091,144)

(1,150,935)

Net current assets

 

2,017,163

2,086,311

Total assets less current liabilities

 

3,518,855

3,698,935

Creditors: Amounts falling due after more than one year

9

(225,000)

(325,000)

Net assets

 

3,293,855

3,373,935

Capital and reserves

 

Called up share capital

10

2,000

2,000

Retained earnings

3,291,855

3,371,935

Shareholders' funds

 

3,293,855

3,373,935

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

 

Dodman Ltd

(Registration number: 02595679)
Statement of financial position as at 31 March 2024

.........................................
Mr TF Skerritt
Director

 

Dodman Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hamburg Way
North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2ND

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Dodman Ltd

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straightline

Freehold Property

2% Straightline

Small Tools

25% Straightline

Fixtures, fittings and equipment

25% Straightline

Plant and Machinery

25% Straightline

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10% Straightline

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Dodman Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Dodman Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 71 (2023 - 64).

 

Dodman Ltd

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

888

888

At 31 March 2024

888

888

Amortisation

At 1 April 2023

718

718

Amortisation charge

89

89

At 31 March 2024

807

807

Carrying amount

At 31 March 2024

81

81

At 31 March 2023

170

170

The aggregate amount of research and development expenditure recognised as an expense during the period is £12,690 (2023 - £7,012).

There is additional research and development expenditure totalling £600,456 recognised as an expense within wages, consumables and sub contract labour.

 

Dodman Ltd

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

767,860

1,176,435

198,173

2,142,468

Additions

-

25,429

71,555

96,984

Disposals

-

(113,414)

(139,148)

(252,562)

At 31 March 2024

767,860

1,088,450

130,580

1,986,890

Depreciation

At 1 April 2023

331,064

302,456

146,494

780,014

Charge for the year

19,388

142,874

25,275

187,537

Eliminated on disposal

-

(108,174)

(124,098)

(232,272)

At 31 March 2024

350,452

337,156

47,671

735,279

Carrying amount

At 31 March 2024

417,408

751,294

82,909

1,251,611

At 31 March 2023

436,796

873,979

51,679

1,362,454

Included within the net book value of land and buildings above is £417,409 (2023 - £436,796) in respect of freehold land and buildings.
 

6

Investment properties

2024
£

At 1 April

250,000

At 31 March

250,000

There has been no valuation of investment property by an independent valuer. The directors of the company confirm there has been no change in the value of the investment property during the year, therefore no revaluation is required.

7

Stocks

2024
£

2023
£

Work in progress

421,116

430,241

 

Dodman Ltd

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

8

debtors

2024
£

2023
£

Trade debtors

1,342,700

1,864,737

Prepayments

135,389

147,385

Other debtors

55,738

73,813

1,533,827

2,085,935

 

Dodman Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

100,000

100,000

Trade creditors

 

621,080

755,743

Social security and other taxes

 

234,370

211,343

Other payables

 

56,871

7,053

Accruals

 

78,823

76,796

 

1,091,144

1,150,935

Due after one year

 

Loans and borrowings

225,000

325,000

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

225,000

325,000

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

501

501

501

501

Ordinary B of £1 each

500

500

500

500

Ordinary C of £1 each

500

500

500

500

Ordinary D of £1 each

499

499

499

499

2,000

2,000

2,000

2,000

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

11

Related party transactions

 

Dodman Ltd

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

Summary of transactions with entities with joint control or significant interest

Dodfrey Engineering
 A Skerritt and S Skerritt are shareholders
 

Summary of transactions with other related parties

Dodman Retirement Benefit Scheme
 Three of the directors of the company are trustees
 

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

70,000

70,000

Repaid

(20,000)

(20,000)

At end of period

50,000

50,000

2023

Entities with joint control or significant influence
£

Total
£

At start of period

90,000

90,000

Repaid

(20,000)

(20,000)

At end of period

70,000

70,000