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REGISTERED NUMBER: 14609312 (England and Wales)















Dexel Holdings Ltd

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 March 2024






Dexel Holdings Ltd (Registered number: 14609312)






Contents of the Consolidated Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Dexel Holdings Ltd

Company Information
For The Year Ended 31 March 2024







DIRECTORS: Mrs J A Brunton
J B France
B A France
M Mellon





SECRETARY: B A France





REGISTERED OFFICE: 128/144 Staniforth Road
Sheffield
S9 3JQ





REGISTERED NUMBER: 14609312 (England and Wales)





AUDITORS: Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

Dexel Holdings Ltd (Registered number: 14609312)

Group Strategic Report
For The Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY AND OBJECTIVE

The group's principal activities are the retailing of tyres, accessories, MOTs, servicing, repairs and maintenance for passenger vehicles as well as commercial tyre and related services for all trucks, buses, industrial and agricultural vehicles.

The group believes customer service, as a means to maximise long-term customer retention is key. The group will continue to focus on staff development and investment in new technology and processes to help deliver these goals. The group will also continue to review its sell out structure and portfolio to drive margin increases.

REVIEW OF BUSINESS
The directors are pleased with the year's overall financial performance and are happy to report another increased operating profit, to a record level. The directors are also pleased with an increased and record gross profit margin figure that reflects pricing and stocking policy changes. We feel a record profit before tax figure (for a none property sales years), reflects our increased productivity.

Many processes and operational changes have now taken hold in the business and are now driving improving financial results as these changes mature. This is in addition to some tough decisions made over the past few years to dispose of depots and staff that were not deemed necessary or worthwhile moving forwards.

Further to this, many of the required investments to bring the business premises and assets up to scratch have now been made meaning the business is able to reduce these large investments moving forwards and look at smaller scale investment projects to put the finishing touches to certain depots and departments.

KEY PERFORMANCE INDICATORS

The company employs a number of KPIs to monitor performance across all business functions, these include financial performance indicators, retail sales activity, commercial customer service levels and staff productivity. The directors believe most of these are too industry specific to help understand this set of financial results.

In the currently market, we feel that a push for efficiency of paramount importance, for this reason, a number of ROI or efficiency based KPIs are playing a more prominent role in our business.

PRINCIPAL RISKS AND UNCERTAINTIES
The risks affecting the business are continually monitored and assessed by the directors to minimise their impact upon the group in both the day to day and long term. The principal risks and uncertainties affecting us at present are staff shortages, in areas, a shrinking or ageing employment pool and a lack of visibility of our industry. To combat this we are training staff using both internal and external resources to ensure we are able to fill our own vacancies.

To minimise these we have developed a more robust and flexible pricing model that allows for us to pass on price increases more effectively. We also focus on staff retention as a way to minimise the disruption caused by a identifying and attracting new staff. We are also developing our purchasing methods and models to minimise the effect of supply chain issues.

FUTURE DEVELOPMENTS

This year there will be a new, mobile responsive website launched that we hope will drive increased sales.

ON BEHALF OF THE BOARD:





J B France - Director


16 October 2024

Dexel Holdings Ltd (Registered number: 14609312)

Report of the Directors
For The Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 113,491 .

The consolidated financial statements for the year to 31 March 2024 and the comparatives for the year to 31 March 2023, together with the balance sheet of the parent company, have been prepared using the provisions of merger accounting. This is based on the assumption that the group has always been in existence.

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

Mrs J A Brunton
J B France
B A France
M Mellon

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:





J B France - Director


16 October 2024

Report of the Independent Auditors to the Members of
Dexel Holdings Ltd

Opinion
We have audited the financial statements of Dexel Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 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.

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.

Report of the Independent Auditors to the Members of
Dexel Holdings Ltd


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 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our
commercial knowledge and experience of the industry;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the
operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, MOT
scheme regulations from the DVSA and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting
legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance
throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and
alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

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
Dexel Holdings Ltd


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.




Mark Garrison BCom FCA DChA (Senior Statutory Auditor)
for and on behalf of Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

16 October 2024

Dexel Holdings Ltd (Registered number: 14609312)

Consolidated
Income Statement
For The Year Ended 31 March 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 3 17,007,428 17,380,940

Cost of sales 10,390,239 10,977,990
GROSS PROFIT 6,617,189 6,402,950

Administrative expenses 6,197,341 6,000,807
419,848 402,143

Other operating income 79,214 69,411
OPERATING PROFIT 6 499,062 471,554

Interest receivable and similar income - 1,024
499,062 472,578

Interest payable and similar expenses 7 69,864 66,246
PROFIT BEFORE TAXATION 429,198 406,332

Tax on profit 8 121,842 71,435
PROFIT FOR THE FINANCIAL YEAR 307,356 334,897
Profit attributable to:
Owners of the parent 307,356 334,897

Dexel Holdings Ltd (Registered number: 14609312)

Consolidated
Other Comprehensive Income
For The Year Ended 31 March 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 307,356 334,897


OTHER COMPREHENSIVE INCOME
Merger reserve - (62,263 )
Income tax relating to other comprehensive income - -
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

-

(62,263

)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 307,356 272,634

Total comprehensive income attributable to:
Owners of the parent 307,356 272,634

Dexel Holdings Ltd (Registered number: 14609312)

Consolidated Balance Sheet
31 March 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 22,200 29,600
Tangible assets 12 5,196,585 4,673,593
Investments 13 - -
5,218,785 4,703,193

CURRENT ASSETS
Stocks 14 1,430,018 1,542,142
Debtors 15 2,219,013 2,169,220
Cash at bank and in hand 544,852 286,488
4,193,883 3,997,850
CREDITORS
Amounts falling due within one year 16 3,752,202 3,902,666
NET CURRENT ASSETS 441,681 95,184
TOTAL ASSETS LESS CURRENT LIABILITIES 5,660,466 4,798,377

CREDITORS
Amounts falling due after more than one year 17 (1,663,846 ) (1,093,082 )

PROVISIONS FOR LIABILITIES 21 (181,235 ) (83,775 )
NET ASSETS 3,815,385 3,621,520

CAPITAL AND RESERVES
Called up share capital 22 124,526 124,526
Revaluation reserve 23 482,086 482,086
General reserve 23 45,521 45,521
Other reserves 23 (62,263 ) (62,263 )
Retained earnings 23 3,225,515 3,031,650
SHAREHOLDERS' FUNDS 3,815,385 3,621,520

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





J B France - Director


Dexel Holdings Ltd (Registered number: 14609312)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 124,526 124,526
124,526 124,526
TOTAL ASSETS LESS CURRENT LIABILITIES 124,526 124,526

CAPITAL AND RESERVES
Called up share capital 22 124,526 124,526
SHAREHOLDERS' FUNDS 124,526 124,526

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





J B France - Director


Dexel Holdings Ltd (Registered number: 14609312)

Consolidated Statement of Changes in Equity
For The Year Ended 31 March 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 April 2022 62,263 2,873,319 482,086

Changes in equity
Issue of share capital 62,263 - -
Dividends - (176,566 ) -
Total comprehensive income - 334,897 -
Balance at 31 March 2023 124,526 3,031,650 482,086

Changes in equity
Dividends - (113,491 ) -
Total comprehensive income - 307,356 -
Balance at 31 March 2024 124,526 3,225,515 482,086
General Other Total
reserve reserves equity
£    £    £   
Balance at 1 April 2022 45,521 - 3,463,189

Changes in equity
Issue of share capital - - 62,263
Dividends - - (176,566 )
Total comprehensive income - (62,263 ) 272,634
Balance at 31 March 2023 45,521 (62,263 ) 3,621,520

Changes in equity
Dividends - - (113,491 )
Total comprehensive income - - 307,356
Balance at 31 March 2024 45,521 (62,263 ) 3,815,385

Dexel Holdings Ltd (Registered number: 14609312)

Company Statement of Changes in Equity
For The Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 124,526 - 124,526
Balance at 31 March 2023 124,526 - 124,526

Changes in equity
Balance at 31 March 2024 124,526 - 124,526

Dexel Holdings Ltd (Registered number: 14609312)

Consolidated Cash Flow Statement
For The Year Ended 31 March 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 637,978 611,324
Interest paid (49,302 ) (43,935 )
Interest element of hire purchase payments paid (20,562 ) (22,311 )
Tax paid (60,189 ) (32,928 )
Net cash from operating activities 507,925 512,150

Cash flows from investing activities
Purchase of intangible fixed assets - (37,000 )
Purchase of tangible fixed assets (333,686 ) (303,249 )
Sale of tangible fixed assets 32,381 22,183
Interest received - 1,024
Net cash from investing activities (301,305 ) (317,042 )

Cash flows from financing activities
New loans in year 450,002 331,982
Loan repayments in year (64,180 ) (51,369 )
Capital repayments in year (174,874 ) (199,269 )
Amount introduced by directors 106,071 135,789
Amount withdrawn by directors (265,275 ) (456,962 )
Net cash from financing activities 51,744 (239,829 )

Increase/(decrease) in cash and cash equivalents 258,364 (44,721 )
Cash and cash equivalents at beginning of year 2 286,488 331,209

Cash and cash equivalents at end of year 2 544,852 286,488

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Cash Flow Statement
For The Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
(Unaudited)
£    £   
Profit before taxation 429,198 406,332
Depreciation charges 288,660 262,955
Profit on disposal of fixed assets (32,382 ) (18,980 )
Finance costs 69,864 66,246
Finance income - (1,024 )
755,340 715,529
Decrease/(increase) in stocks 112,124 (47,828 )
(Increase)/decrease in trade and other debtors (20,870 ) 40,242
Decrease in trade and other creditors (208,616 ) (96,619 )
Cash generated from operations 637,978 611,324

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 544,852 286,488
Year ended 31 March 2023
31.3.23 1.4.22
(Unaudited)
£    £   
Cash and cash equivalents 286,488 331,209


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 286,488 258,364 544,852
286,488 258,364 544,852
Debt
Finance leases (349,410 ) (295,695 ) (645,105 )
Debts falling due within 1 year (64,562 ) (19,790 ) (84,352 )
Debts falling due after 1 year (872,732 ) (366,029 ) (1,238,761 )
(1,286,704 ) (681,514 ) (1,968,218 )
Total (1,000,216 ) (423,150 ) (1,423,366 )

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Dexel Holdings Ltd 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
Dexel Holdings Limited was formed on 18 November 2023. It did not trade in the period to 31 March 2024.

The company acquired the whole of the issued share capital of Dexel Tyre Company Limited on 18 November 2023 by means of a share for share exchange.

The consolidated financial statements for the year to 31 March 2024 and the comparatives for the year to 31 March 2023, together with the balance sheet of the parent company, have been prepared using the provisions of merger accounting. This is based on the assumption that the group has always been in existence. The merger reserve on acquisition has been written off to reserves.

Significant judgements and estimates
In the process of applying the company's accounting policies, the directors are required to make certain estimates, judgements and assumptions that they believe are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Actual results may differ from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.

The estimate and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are as follows:

Intangible assets
The charge in respect of amortisation is derived after determining an estimate of the useful life. The estimate is based on a variety of factors such as expected use, the expected useful life of the cash generating unit or contractual provisions that can limit the useful life and assumptions tat market participants would consider in respect of similar businesses.

Tangible assets
The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the group's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness.

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods
Revenue 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 revenue 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.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% on cost and not provided
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost

Tangible assets are initially measured at cost. After initial recognition, plant and machinery and motor vehicles are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold property is shown at fair value. Any movement in fair value of freehold property is shown in the profit and loss account with a transfer to or from the revaluation reserve.

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
Trade and other debtors are recognised at the settlement amount due after any trade discount offered and future interest.

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due and future interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated 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 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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. The assets of these schemes are held separately from those of the company in independently administered funds. Contributions payable for th year are charged in the profit and loss account.

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:

2024 2023
(Unaudited)
£    £   
Goods 13,704,789 14,201,143
Service 3,302,639 3,179,797
17,007,428 17,380,940

4. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 4,117,014 3,847,801
Social security costs 387,094 369,942
Other pension costs 112,534 110,234
4,616,642 4,327,977

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

Administration and management 47 47
Other 83 81
130 128

The average number of employees by undertakings that were proportionately consolidated during the year was 130 (2023 - 128 ) .

5. DIRECTORS' EMOLUMENTS
2024 2023
(Unaudited)
£    £   
Directors' remuneration 197,254 168,890
Directors' pension contributions to money purchase schemes 54,550 44,025

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
(Unaudited)
£    £   
Depreciation - owned assets 86,044 99,507
Depreciation - assets on hire purchase contracts 195,220 156,049
Profit on disposal of fixed assets (32,382 ) (18,980 )
Computer software amortisation 7,400 7,400
Auditors' remuneration 6,200 6,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Interest on capital loan 49,302 43,935
Hire purchase 20,562 22,311
69,864 66,246

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 24,382 60,190

Deferred tax 97,460 11,245
Tax on profit 121,842 71,435

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
(Unaudited)
£    £   
Profit before tax 429,198 406,332
Profit multiplied by the standard rate of corporation tax in the UK of 22.460 % (2023 - 19 %) 96,398 77,203

Effects of:
Expenses not deductible for tax purposes 10,280 1,918
Income not taxable for tax purposes - (117 )
Depreciation on non eligible assets 1,484 1,627
Change of tax rate 13,680 2,699
Super deduction capital allowances - (11,895 )
Total tax charge 121,842 71,435

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2024.

2023
Gross Tax Net
£    £    £   
Merger reserve (62,263 ) - (62,263 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

10. DIVIDENDS

The following dividends were paid from Dexel Tyre Company Limited:
2024 2023
(unaudited )
Interim dividends £    £   
A shares - -
B shares 16,125 18,779
C shares 66,466 82,950
D shares 30,900 74,837
113,491 176,566

11. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 641,295 37,000 678,295
AMORTISATION
At 1 April 2023 641,295 7,400 648,695
Amortisation for year - 7,400 7,400
At 31 March 2024 641,295 14,800 656,095
NET BOOK VALUE
At 31 March 2024 - 22,200 22,200
At 31 March 2023 - 29,600 29,600

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 4,345,154 1,367,023 1,256,699 6,968,876
Additions 244,398 120,861 438,996 804,255
Disposals - (20,787 ) (84,916 ) (105,703 )
At 31 March 2024 4,589,552 1,467,097 1,610,779 7,667,428
DEPRECIATION
At 1 April 2023 46,256 1,277,802 971,225 2,295,283
Charge for year 24,271 64,750 192,243 281,264
Eliminated on disposal - (20,787 ) (84,917 ) (105,704 )
At 31 March 2024 70,527 1,321,765 1,078,551 2,470,843
NET BOOK VALUE
At 31 March 2024 4,519,025 145,332 532,228 5,196,585
At 31 March 2023 4,298,898 89,221 285,474 4,673,593

The directors have taken advantage of the transitional provisions of FRS102 to revalue freehold and leasehold property on a one-off basis.The properties were valued at market value at the transition date of 31 March 2016 by WPA, Chartered Surveyors, of Paradise Square, Sheffield.

The directors consider that freehold properties are maintained such that their residual value is at least equal to their net book value. As a result the corresponding depreciation on buildings would not be material and therefore is not charged in the profit and loss account. The refurbishments costs to properties are depreciated over a 10 year period, to reflect the the planned cycle of branch refurbishments, which is charged to the profit and loss. The directors perform annual impairment reviews in accordance with the requirements of FRS 102 to ensure that the carrying value is not lower than the recoverable amount.

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2017 2,800,000 - - 2,800,000
Cost 1,789,552 1,467,097 1,610,779 4,867,428
4,589,552 1,467,097 1,610,779 7,667,428

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
(Unaudited)
£    £   
Cost 4,101,870 3,853,065
Aggregate depreciation 88,503 67,712

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 36,259 569,809 606,068
Additions 58,440 412,128 470,568
Transfer to ownership - (124,856 ) (124,856 )
At 31 March 2024 94,699 857,081 951,780
DEPRECIATION
At 1 April 2023 21,756 402,593 424,349
Charge for year 18,939 176,281 195,220
Transfer to ownership - (124,856 ) (124,856 )
At 31 March 2024 40,695 454,018 494,713
NET BOOK VALUE
At 31 March 2024 54,004 403,063 457,067
At 31 March 2023 14,503 167,216 181,719

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
Additions 124,526
At 31 March 2024 124,526
NET BOOK VALUE
At 31 March 2024 124,526

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Mr Exhaust and One Stop Motorist Centre Limited
Registered office: 128/144 Staniforth Road, Sheffield, S9 3JQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 100

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

13. FIXED ASSET INVESTMENTS - continued

Sayers Tyres and Exhausts Limited
Registered office: 128/144 Staniforth Road, Sheffield, S9 3JQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 100

Dock Tyre Company Limited
Registered office: 128/144 Staniforth Road, Sheffield, S9 3JQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 1

Autocom Units Limited
Registered office: 128/144 Staniforth Road, Sheffield, S9 3JQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 3,000

City Tyre Experts Limited
Registered office: 128/144 Staniforth Road, Sheffield, S9 3JQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 2

Dexel Tyre Company Limited
Registered office: 128/144 Staniforth Road, Sheffield, S9 3JQ
Nature of business: Trading
%
Class of shares: holding
Ordinary 100.00

The company is included by full consolidation on a line by line basis using merger accounting.


Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

14. STOCKS

Group
2024 2023
(Unaudited
£    £   
Goods for resale 1,430,018 1,542,142

15. DEBTORS

Group
2024 2023
(Unaudited
£    £   
Amounts falling due within one year:
Trade debtors 1,932,963 1,971,520
Other debtors 71,415 44,756
Directors' current accounts 181,867 152,944
2,186,245 2,169,220

Amounts falling due after more than one year:
Other debtors 32,768 -

Aggregate amounts 2,219,013 2,169,220

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
(Unaudited
£    £   
Bank loans and overdrafts (see note 18) 84,352 64,562
Hire purchase contracts (see note 19) 229,797 139,970
Trade creditors 2,890,289 3,097,108
Taxation 40,518 60,190
Social security and other taxes 311,600 367,441
Other creditors 195,646 156,605
Directors' current accounts - 16,790
3,752,202 3,902,666

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
(Unaudited
£    £   
Bank loans (see note 18) 1,238,761 872,732
Hire purchase contracts (see note 19) 415,308 209,440
Other creditors 9,777 10,910
1,663,846 1,093,082

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
(Unaudited
£    £   
Amounts falling due within one year or on demand:
Bank loans 84,352 64,562
Amounts falling due between one and two years:
Bank loans 89,445 68,214
Amounts falling due between two and five years:
Bank loans 297,816 225,566
Amounts falling due in more than five years:
Repayable by instalments
Bank loans greater than
5 years 851,500 578,952
851,500 578,952

The majority of the company's bank loans are repayable monthly at 4%p.a. or 2.65%p.a. over base rate, with part of the borrowing repayable monthly at fixed interest rates of 6.67%, 7.50% and 5.06%.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 229,797 139,970
Between one and five years 415,308 209,440
645,105 349,410

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
(Unaudited
£    £   
Bank loans 1,323,113 937,294
Hire purchase contracts 645,105 -
1,968,218 937,294

Bank borrowings are secured by a debenture over the Dexel Tyre Company Limited's assets and charge over the Dexel Tyre Company Limited's properties. Hire purchase liabilities are secured on the assets to which they relate.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
(Unaudited
£    £   
Deferred tax
Accelerated capital allowances 183,000 85,500
Other timing differences (1,765 ) (1,725 )
181,235 83,775

Group
Deferred
tax
£   
Balance at 1 April 2023 83,775
Provided during year 97,460
Balance at 31 March 2024 181,235

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
124,526 Ordinary £1 124,526 124,526

The shares were allotted in consideration of the transfer of the entire share capital of Dexel Tyre Company Limited.

Dexel Holdings Ltd (Registered number: 14609312)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 March 2024

23. RESERVES

Group
Retained Revaluation General Other
earnings reserve reserve reserves Totals
£    £    £    £    £   

At 1 April 2023 3,031,650 482,086 45,521 (62,263 ) 3,496,994
Profit for the year 307,356 307,356
Dividends (113,491 ) (113,491 )
At 31 March 2024 3,225,515 482,086 45,521 (62,263 ) 3,690,859

Company
Retained
earnings
£   

Profit for the year -
At 31 March 2024 -


24. RELATED PARTY DISCLOSURES

The company made payments to Director A of £16,125 (2022: £81,961). The company received payments of £31,125 (2022: £21,151) from Director A. At the year end Director A owed the company £45,810 (2022: £60,810).

The company made payments to Director B of £90,038 (2022: £155,150). The company received payments of £100,214 (2022: £122,604) from Director B. At the year end Director B owed the company £22,372 (2022: £32,546).

The company made payments to Director C of £134,437 (2022: £79,908). The company received payments of £58,498 (2022: £79,908) from Director C. At the year end Director C owed the company £59,149 (2022: £nil).

The company made payments to Director D of £24,675 (2022: £66,659). The company received payments of £29,725 (2022: £9,239) from Director D. At the year end Director D owed the company £54,536 (2022: £59,586).

There are no key management personnel except the directors.