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Registered number: 11629627









DALKEITH BROKERAGE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 OCTOBER 2023

 
DALKEITH BROKERAGE LIMITED
REGISTERED NUMBER: 11629627

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
5,507
4,861

  
5,507
4,861

Current assets
  

Stocks
 5 
9,963,518
8,495,309

Debtors: amounts falling due after more than one year
 6 
2,000
2,000

Debtors: amounts falling due within one year
 6 
716,901
1,188,928

Cash at bank and in hand
 7 
259,219
1,106,803

  
10,941,638
10,793,040

Creditors: amounts falling due within one year
 8 
(1,517,317)
(1,792,203)

Net current assets
  
 
 
9,424,321
 
 
9,000,837

Total assets less current liabilities
  
9,429,828
9,005,698

Provisions for liabilities
  

Deferred tax
 9 
-
(612)

  
 
 
-
 
 
(612)

Net assets
  
9,429,828
9,005,086


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
9,429,826
9,005,084

  
9,429,828
9,005,086


Page 1

 
DALKEITH BROKERAGE LIMITED
REGISTERED NUMBER: 11629627
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Taylor
Director

Date: 22 October 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

1.


General information

The principal activity of Dalkeith Brokerage Ltd ("the Company") is that of trading in spirits.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 34 Dalkeith Grove, Stanmore, United Kingdom, HA7 4SG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Given the company's healthy net asset position of £9,429,828 (Period end March 2023 - £9,005,086) and year-on-year profit, the directors are confident that the company will be able to cover its liabilities for at least 12 months from the date of signing the balance sheet.

 
2.3

Revenue

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.

Page 3

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

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

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

Page 4

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

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

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

 
2.9

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Plant and machinery
-
10% straight line
Office equipment
-
20% straight line
Computer equipment
-
25% straight line

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

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

Page 5

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

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

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Financial instruments

(i) Financial assets
Basic financial assets, including trade and other debtors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
Page 6

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

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


4.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
884
3,138
5,263
9,285


Additions
-
1,833
-
1,833



At 31 October 2023

884
4,971
5,263
11,118



Depreciation


At 1 November 2022
495
724
3,205
4,424


Charge for the period on owned assets
105
582
500
1,187



At 31 October 2023

600
1,306
3,705
5,611



Net book value



At 31 October 2023
284
3,665
1,558
5,507



At 31 October 2023
389
2,414
2,058
4,861

Page 7

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

5.


Stocks

2023
2023
£
£

Finished goods
9,963,518
8,495,309


Page 8

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

6.


Debtors

2023
2023
£
£

Due after more than one year

Other debtors
2,000
2,000


2023
2023
£
£

Due within one year

Trade debtors
610,925
738,148

Other debtors
74,596
68,587

Prepayments and accrued income
31,380
382,193

716,901
1,188,928



7.


Cash and cash equivalents

2023
2023
£
£

Cash at bank and in hand
259,219
1,106,803

Less: bank overdrafts
(584)
(459)

258,635
1,106,344


Page 9

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due within one year

2023
2023
£
£

Bank overdrafts
584
459

Bank loans
75,765
104,167

Trade creditors
412,791
994,283

Corporation tax
744,663
583,829

Other taxation and social security
22,459
32,111

Other creditors
258,555
74,854

Accruals and deferred income
2,500
2,500

1,517,317
1,792,203


The following liabilities were secured:

2023
2023
£
£



Bank loans
75,765
104,167

75,765
104,167

Details of security provided:

Bank loans are secured by way of a fixed and floating charge over the assets of the Company.


9.


Deferred taxation




2023


£






At beginning of year
(612)


Charged to profit or loss
612



At end of year
-

Page 10

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2023
£
£


Accelerated capital allowances
-
(775)

Short term timing differences
-
163

-
(612)


10.


Share capital

2023
2023
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1
1 (2022 - 1) Ordinary Class A share of £1.00
1
1

2

2



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £636 (March 2023: £621) were payable to the fund at the reporting date and are included in creditors.


12.


Transactions with directors

Included within other debtors is a balance of £51,941 (March 2023: £26,826) owed by D Saltman, a director of the Company.
Included within other debtors is a balance of £nil (March 2023: £7,169) owed by S Taylor, a director of the Company.
IIncluded within other creditors is a balance of £18,979 (March 2023: £NIL) owed to S Taylor, a director of the company. 
IIncluded within trade debtors is a balance of £223,258 (March 2023: £45,642) owed by directors of the company.

Page 11

 
DALKEITH BROKERAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

13.


Related party transactions

Included within other creditors is a balance of £NIL (March 2023: £21,742) owed to a company under common control of one of the directors.
During the year £nil (March 2023: £1,800) of rent was payable to close family members of a director of the Company.

 
Page 12