REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 29th February 2024 |
for |
DAWSON & SANDERSON LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 29th February 2024 |
for |
DAWSON & SANDERSON LIMITED |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Contents of the Financial Statements |
for the year ended 29th February 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 18 |
DAWSON & SANDERSON LIMITED |
Company Information |
for the year ended 29th February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Strategic Report |
for the year ended 29th February 2024 |
The directors present their strategic report for the year ended 29th February 2024. |
REVIEW OF BUSINESS |
The company recorded pre-tax profits of £891,936 which is down 1.42% against a restated profit in 2023 of £904,818. |
Business Model |
The company provides a range of travel agency services by acting as agents for several tour operators, cruise lines, and airlines. This includes the high street branch network, website, and call centres focusing on package holidays, cruises, and air travel reservations. Additionally, the company specialises in providing business travel through two call centres. In supplement to the travel services offered by the company it operates a foreign exchange division with a currency exchange provision in its high street locations and via a web-based currency order platform. |
The company also operates a golf course, driving range, and a clubhouse based in Northumberland. |
Company Strategy |
The company's business strategy is to provide a cluster of high street travel agency branches providing all travel agency services on a face-to-face basis backed up by website search and booking capability. The company relaunched a new website in January, which allows the consumer to book package holidays around the clock. Our strategy is to maintain and grow market share on the high street and develop a further supply chain of holidays bookable online while maintaining excellent customer service reviews. The Corporate Travel Division is seeking to grow its client base and has appointed new roles in this area with a mandate to develop opportunities within the many offshore and energy businesses in the region and nationally. |
Business Review |
Following the lifting of all travel restrictions imposed during the COVID-19 pandemic, the travel industry observed a resurgence in consumer confidence and pent-up demand for reasonably priced package holidays. This spurred an increased level of bookings in early 2023, which continued throughout the remainder of the year. |
The company has maintained a high rate of repeat client business and new clients who, following uncertainty during COVID, sought to place travel bookings with a trusted and long-established business holding a high street presence. Offline sales at our 20 branches continued to be strong throughout the remainder of 2023, notably higher value package holidays, including long haul travel and cruise, which increased the revenue per booking figures. CLIA - Cruise Lines International Association reported that the UK cruise market grew by 34% in 2023-2024, representing 27% of European cruise passengers, with the average cruise duration the highest in Europe. This trend has seen a marked increase in the company's cruise passenger sales, which rose to 12% of all travel booked during the past year and provided the opportunity to meet cruise lines' sales targets and override commission earnings, boosting overall revenue and profitability in this area. |
The travel industry experienced slower booking levels during what is historically the peak booking months of January and February, driven by tour operators pricing their family holidays higher than expected. Coupled with the rising cost of living, family booking levels were lower than predicted during these months. The company's overall profitability, however, remained buoyant since the customer demographic of the company was more resilient and high-value travel reservations continued to be strong. To maintain market share and provide the expertise that these specialised types of travel bookings demand, our recently appointed Training and Development manager launched training initiatives for sales staff that included dedicated cruise line, country and product training, thus ensuring the skills set within our teams continued to receive excellent reviews on external review sites and our level of repeat clients and recommendations continues to grow. |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Strategic Report |
for the year ended 29th February 2024 |
Our investment in training saw a new cohort of apprentices join in the autumn of 2023, and we continue to develop, alongside our training partner AS Training, a tailored program to produce skilled employees for the company's future growth. The backbone and the driver for the longevity and success of Dawson & Sanderson has been and remains its people. We continue to invest, develop and reward our colleagues with on-site, overseas and remote training programs and a higher-than-average pay increase in March 2024. Further reinforcing our commitment to our workforce, an upgraded company handbook was launched in the same month, outlining improved sickness and benefits policies. The company holds regular senior leadership team meetings to discuss and agree on company direction. Company business events for all employees from all divisions are held annually. |
We have a longstanding commitment to the high street, and our retail network of branches is located throughout the North East of England from Yorkshire to Northumberland and the west in Cumbria. While we plan to further develop our high street presence, we seek to improve the siting of our stores to higher footfall locations and improve our brand image with a concept store appearance, moving our North Shields branch into a more prominent position. The conceptual appearance will form the blueprint for refurbishments of our existing branch network and, in the future, any new store locations. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are as detailed below: |
- Credit Risk |
The company has external debtors. However, the company undertakes assessment of its customers to ensure that credit is not extended where there is a likelihood of default. |
- Liquidity Risk |
The company aims to mitigate liquidity risk by managing cash generated by its operations. Due to the impact of COVID 19 the business has had to react accordingly and rationalise operations to ensure the business is sustainable. As a result of this the business continues to operate with an increased focus on cash management. |
- Foreign Currency Risk |
The company reviews its foreign currency exposure on an ongoing basis and closely monitors the level of foreign currencies held and changes in exchange rates. |
We also believe that the company can overcome key business risks of competition, both local and national, and of employee retention. |
KEY PERFORMANCE INDICATORS |
The directors consider the key performance indicators to be commission earned, passenger numbers booked, contribution and overall profitability. |
These indicators are measured at a branch level and for the company as a whole. |
FUTURE DEVELOPMENTS |
As we look ahead, Dawson and Sanderson are poised to embrace growth by focusing on the reintroduction of our tour operation, digital innovation and finance processes and software. |
-Tour Operation |
As part of Dawson and Sanderson's growth strategy, we are working towards reintroducing our in-house tour operation in 2025. This strategic shift will allow us to offer more unique, tailor-made holidays while strengthening brand loyalty and enhancing profitability. This will be supported by a new reservation system built into our booking management system, which integrates with our airline and hotel partners and downloads booking data to the customer file. |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Strategic Report |
for the year ended 29th February 2024 |
-Digital Innovation + AI Integration |
We will introduce an advanced AI-powered chatbot and virtual assistant to handle real-time customer inquiries through our website. This tool will be capable of resolving frequently asked questions, providing holiday and itinerary recommendations, and offering on-demand support. We also plan to implement AI-powered data analytics to analyse booking trends, seasonal patterns, and customer trends. These insights will help us anticipate market demand and adjust marketing campaigns accordingly. |
-Finance |
It is intended that in 2024/5 the company will restructure existing working capital provisions for the longer term benefit of the business, both from a cost perspective but also so as to support the planned continued growth of the company. |
Following the implementation of new Booking Systems in 2023, the company is developing improved data analysis for market research and development purposes. |
ENGAGEMENT WITH EMPLOYEES |
Objective |
To create a culture where employees feel valued, supported and aligned with the company strategy. We aim to empower employees to contribute to the company's success by involving them in decision-making processes that impact their roles and projects. |
Key Initiatives |
-Learning and Development |
We invested in a learning and development manager, who works closely with our key suppliers and implemented weekly product training to ensure our employees are up to date with key partners sales messages and revenue opportunities. |
-Well-being and Mental Health |
Recognizing the importance of employee well-being, we expanded our wellness offerings to include on-demand mental health support. We also appointed an HR advisor to provide dedicated support to our employees, ensuring they have access to resources, guidance, and assistance that promote a positive and productive work environment |
ON BEHALF OF THE BOARD: |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Report of the Directors |
for the year ended 29th February 2024 |
The directors present their report with the financial statements of the company for the year ended 29th February 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of a travel agency acting as agent between travel companies and their customers and that of operating a golf course. |
DIVIDENDS |
No dividends will be distributed for the year ended 29th February 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st March 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Annual Report 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 judgments and accounting estimates that are reasonable and prudent |
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements |
- 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. |
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 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 company's auditors are aware of that information. |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Report of the Directors |
for the year ended 29th February 2024 |
AUDITORS |
The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dawson & Sanderson Limited |
Opinion |
We have audited the financial statements of Dawson & Sanderson Limited (the 'company') for the year ended 29th February 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 29th February 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. |
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. |
Report of the Independent Auditors to the Members of |
Dawson & Sanderson Limited |
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 five, 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 |
Dawson & Sanderson 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: |
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include ABTA regulations, CAA regulations, IATA regulations, package travel regulations, health and safety legislation |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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 |
Dawson & Sanderson Limited |
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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Income Statement |
for the year ended 29th February 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,044,101 | 820,834 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Income from fixed asset investments |
Interest receivable and similar income |
2,704 | 3,391 |
1,078,056 | 904,818 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Other Comprehensive Income |
for the year ended 29th February 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Note |
Prior year adjustment | 9 | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(357,590 |
) |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Balance Sheet |
29th February 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Revaluation reserve | 21 |
Retained earnings | 21 | (811,965 | ) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Statement of Changes in Equity |
for the year ended 29th February 2024 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1st March 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 28th February 2023 | 3,240,701 |
Prior year adjustment | - | ( |
) | - | - | ( |
) |
As restated | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 29th February 2024 |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Cash Flow Statement |
for the year ended 29th February 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Sale of listed investments |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amount withdrawn by directors | (10,038 | ) | (125,508 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
2,594,297 |
Cash and cash equivalents at end of year | 2 | 4,925,003 | 4,758,032 |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Cash Flow Statement |
for the year ended 29th February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 186,120 | - |
Investment income | (2,704 | ) | (3,391 | ) |
1,282,303 | 1,138,994 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 29th February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 4,925,003 | 4,758,032 |
Year ended 28th February 2023 |
28.2.23 | 1.3.22 |
as restated |
£ | £ |
Cash and cash equivalents | 4,758,032 | 2,594,297 |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Cash Flow Statement |
for the year ended 29th February 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.3.23 | Cash flow | changes | At 29.2.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 4,758,032 | 166,971 | 4,925,003 |
4,758,032 | 4,925,003 |
Debt |
Finance leases | - | 20,592 | (122,891 | ) | (102,299 | ) |
Debts falling due |
within 1 year | (272,727 | ) | (594,194 | ) | - | (866,921 | ) |
Debts falling due |
after 1 year | (636,364 | ) | 636,364 | - | - |
(909,091 | ) | 62,762 | (122,891 | ) | (969,220 | ) |
Total | 3,848,941 | 229,733 | (122,891 | ) | 3,955,783 |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements |
for the year ended 29th February 2024 |
1. | STATUTORY INFORMATION |
Dawson & Sanderson Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The Company has one dormant subsidiary. The directors therefore consider that the inclusion of the accounts of the subsidiary would not be material for the purpose of giving a true and fair view in these financial statements. For this reason, the directors have chosen not to prepare consolidated accounts. |
Turnover |
All turnover is recognised net of value added tax. |
The company acts as an agent and hence turnover represents commissions rather than the gross value of holidays sold. |
Commissions on holiday bookings and other sales, net of discounts given, for domestic customers are recognised at the booking date. A provision is made for potential calculations. |
Commissions on holiday bookings and other sales, net of discounts given, for business and corporate customers are recognised at the booking date. A provision is made for potential calculations. |
Golf course income is recognised on receipt. |
Currency exchange income is recognised on receipt. |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets 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 residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Freehold Property | - Carried at Market Value |
Long Leasehold | - Over the life of the lease |
Improvements to Property | - 10 years Straight Line |
Fixtures & Fittings | - 5 years / 7.5 years Straight Line |
Motor Vehicles | - 5 years Straight Line |
Plant & Machinery | - 7 years Straight Line |
Office Equipment | - 7 years Straight Line- 4 years Straight Line |
The asset's 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. |
Freehold and leasehold property |
Land and buildings are initially recognised at cost. Freehold land and buildings are subsequently carried at the revalued amount less accumulated impairment losses. Leasehold land and buildings are subsequently carried at the revalued amounts less accumulated depreciation and accumulated impairment losses. |
Freehold Land and buildings are not depreciated because they are deemed to hold their value. |
Land and buildings are revalued by independent professional valuers on a periodic basis and whenever their |
carrying amounts are likely to differ materially from their revalued amounts. When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset. |
Increases in carrying amounts arising from revaluation, including currency translation differences, are recognised in the asset revaluation reserve, unless they offset previous decreases in the carrying amounts of the same asset, in which case, they are recognised in profit or loss. Decreases in carrying amounts that offset previous increases of the same asset are recognised against the asset revaluation reserve. |
Stocks |
Stocks are stated at the lower of cost and 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 balance sheet 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 and loss. |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Debtors |
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, less any impairment. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment. |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
as restated |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
as restated |
£ | £ |
United Kingdom |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
as restated |
£ | £ |
Rents received |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Selling and Distribution | 198 | 177 |
Management | 5 | 32 |
Administration | 15 | 14 |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
as restated |
£ | £ |
Emoluments etc |
During the year employer pension contributions for directors totalled £9,718 (2023: £8,974) |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank loan interest |
Invoice finance |
HMRC interest |
Hire purchase |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
8. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 29th February 2024 nor for the year ended 28th February 2023. |
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 |
as restated |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) | ( |
) |
Impairment of listed investments | - | (644 | ) |
Total tax charge | - | - |
9. | PRIOR YEAR ADJUSTMENT |
During the year extensive work was undertaken on the booking and accounting systems to be able to reconcile them both and understand the issues in the prior year that had lead to the qualification on the audit report. This work has now enabled a list of balances to be produced for the current and prior year, where before this was not able to be completed and appropriate audit testing has been completed to provide comfort over the restated balances and current year position. |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
10. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Long | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st March 2023 |
Additions |
Disposals | ( |
) |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st March 2023 |
Additions |
Disposals | ( |
) |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 29th February 2024 is represented by: |
Improvements |
Freehold | Long | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
Valuation in 2022 | 65,000 | 1,250,000 | - | - |
Cost | 1,563,447 | 751,500 | 54,419 | 145,579 |
1,628,447 | 2,001,500 | 54,419 | 145,579 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2022 | - | - | - | 1,315,000 |
Cost | 2,335,726 | 16,749 | 3,496,936 | 8,364,356 |
2,335,726 | 16,749 | 3,496,936 | 9,679,356 |
Some freehold properties interests were valued on 5 December 2022 by Lambert, Smith & Hampton and on 5 February 2014 by Bell Ingram Ltd, all are chartered surveyors (RICS), and by the directors at the balance sheet date. The remaining properties are included at cost. If freehold properties had not been revalued, they would have been included at the historical cost of £1,202,575. |
Long leaseholds were last valued on 5 December 2022 by Lambert, Smith & Hampton, chartered surveyors. If long leaseholds had not been revalued, they would have been included at the historical cost of £1,782,318 less depreciation of £126,022. |
All other properties were valued on an open market basis on 29th February 2024 by the directors of the company. |
11. | FIXED ASSET INVESTMENTS |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Associated company |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
12. | STOCKS |
2024 | 2023 |
as restated |
£ | £ |
Stock - consumables |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 81,416 | 71,378 |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Tax | ( |
) |
Social security and other taxes |
VAT | 904,034 | 217,810 |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
as restated |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
as restated |
£ | £ |
Bank loans |
The loan is secured by a debenture. |
There is also a first legal charge over the following freehold property: |
Units 1 and 2 Dawson House, Ashington dated |
Units 3 and 4 Dawson House, Ashington |
5 Poplar Street, Ashington |
18 Bridge Street, Morpeth |
2 Market Street, Blyth |
Land at Longhirst |
19. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax | 25,043 | 25,043 |
Deferred |
tax |
£ |
Balance at 1st March 2023 |
Movement in year |
Balance at 29th February 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 985 | 985 |
Non-Voting A | £1 | 1,873,364 | 1,873,364 |
Non-Voting B | £1 | 150 | 150 |
1,874,499 | 1,874,499 |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
20. | CALLED UP SHARE CAPITAL - continued |
Ordinary Shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any right of redemption. |
The non-voting A shares hold the same rights to dividends and capital distribution (including on winding up) as the ordinary shares. They do not confer any right of redemption. |
The non-voting B shares hold the same rights to dividends as the ordinary shares and hold the right to capital distributions (other than on winding up). They do not confer any right of redemption or to participate in distributions on winding up. |
21. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1st March 2023 |
Prior year adjustment | ( |
) | ( |
) |
( |
) | 116,676 |
Profit for the year |
At 29th February 2024 | 1,008,612 |
22. | PENSION COMMITMENTS |
The company operated a defined contribution pension scheme in respect of its staff. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £203,940 (2023: £86,977). |
23. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Directors' current accounts |
Balance outstanding at start of year | 71,378 | (54,129 | ) |
Amounts advanced | 10,038 | 125,507 |
Amounts repaid | - | - |
Balance outstanding at end of year | 81,416 | 71,378 |
During the year, the company charged interest on the directors loan account totalling £Nil (2023: £nil). |
At 29th February 2024, the company was owed £22,626 (2023: £447,194 owed by the company) to the Dawson and Sanderson 1991 Pension Scheme. During the year, £68,750 (2023: £68,750) was payable by the company to the Pension Scheme in respect of rents in the year. |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party of the company was Mr T Dawson by virtue of his shareholding in the Company for the current and preceding year. |
DAWSON & SANDERSON LIMITED (REGISTERED NUMBER: 00741833) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
25. | BONDING AND BOND SECURITY |
An indemnity of £398,500 (2023: £398,500) is provided by Travel and General Insurance. |