REGISTERED NUMBER: 14583529 (England and Wales) |
DENNIS BARNFIELD HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: 14583529 (England and Wales) |
DENNIS BARNFIELD HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 3 |
Independent Auditors' Report | 5 |
Consolidated Statement of Income and Retained Earnings | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Cash Flow Statement | 11 |
Notes to the Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Financial Statements | 13 |
DENNIS BARNFIELD HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
2 Hilliards Court |
Chester Business Park |
CHESTER |
CH4 9QP |
Accountants: |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their strategic report of the company and the group for the year ended 30 April 2024. |
Review of business |
The financial statements show that the group's turnover for the year is £8,733,994, a significant decrease of 39.3% on the previous year and gross profit is £849,779. The gross profit margin for the period is 9.7%. This was higher than the previous years of 9.3% and was higher than anticipated. |
The reason for the significant decrease in turnover is due to the stagnant house building market as a result of high interest rates depressing the demand for new machines. Due to the decrease in demand there was a significant reduction in the use of outside labour, at premium rates and therefore slightly higher gross profit margins were achieved. |
The directors are satisfied with the levels achieved in view of the current economic climate. |
Principal risks and uncertainties |
The directors consider the following to be the principal risks faced by the group: |
- The ongoing economic uncertainties in the UK and the effects of the war in Ukraine; |
- Increased wage costs due to cost-of-living crisis |
- Unpredictable/Lower demand due to interest rate pressures and drop in demand for housing. |
- Credit risk |
The group continues to invest in the business in order to safeguard it's future and leave it well placed to take advantage of new business opportunities in the future. |
Credit checks are carried out for new customers and all debtor balances are reviewed regularly and managed to keep credit risk low. Historically bad debts written off have been low. |
The directors are continually monitoring the risks faced by the group and do everything that they can to minimise their potential impact on the group. |
The group has no borrowings and a strong cash position and therefore the directors have determined there is no material uncertainty that casts significant doubt upon the group's ability to trade as a going concern. |
Key performance indicators |
The directors monitor the progress of the business based on the following KPI's: |
2024 | 2023 |
£ | £ |
Turnover | 8,733,994 | 2,603,938 |
Operating profit | 67,457 | 88,623 |
On behalf of the board: |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
Principal activity |
The principal activity of the group in the year under review was that of supplying and servicing plant and construction machinery. |
Dividends |
No dividends will be distributed for the year ended 30 April 2024. |
Future developments |
Incorporated within Principal Risks and Uncertainties in the Strategic Report. |
Directors |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Directors' 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 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. |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
On behalf of the board: |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
DENNIS BARNFIELD HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Dennis Barnfield Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 30 April 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
DENNIS BARNFIELD HOLDINGS LIMITED |
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 Directors' Report. |
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. |
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. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
DENNIS BARNFIELD HOLDINGS 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 an Auditors' Report 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: |
· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the group has been subject to any litigation or any legal claims. |
- audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years and expectations to ensure the reasonableness of the figures therein. |
· third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held. |
· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company. |
· financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 Auditors' Report. |
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 an Auditors' Report 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 |
2 Hilliards Court |
Chester Business Park |
CHESTER |
CH4 9QP |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
Notes | £ | £ |
Turnover | 3 | 8,733,994 | 2,603,938 |
Cost of sales | (7,884,215 | ) | (2,361,089 | ) |
Gross profit | 849,779 | 242,849 |
Administrative expenses | (785,480 | ) | (154,655 | ) |
64,299 | 88,194 |
Other operating income | 3,158 | 429 |
Operating profit | 5 | 67,457 | 88,623 |
Interest receivable and similar income | 6 | 56,582 | 1,984 |
Profit before taxation | 124,039 | 90,607 |
Tax on profit | 7 | (63,773 | ) | (18,593 | ) |
Profit for the financial year |
Retained earnings at beginning of year | 72,014 | - |
Retained earnings for the group at end of year |
132,280 |
72,014 |
Profit attributable to: |
Owners of the parent | 60,266 | 72,014 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 9 | 1,039,867 | 1,157,588 |
Tangible assets | 10 | 462,303 | 473,748 |
Investments | 11 | - | - |
1,502,170 | 1,631,336 |
Current assets |
Stocks | 12 | 2,681,762 | 3,866,776 |
Debtors | 13 | 758,624 | 747,036 |
Cash at bank and in hand | 2,119,380 | 2,398,684 |
5,559,766 | 7,012,496 |
Creditors |
Amounts falling due within one year | 14 | (1,705,564 | ) | (3,349,636 | ) |
Net current assets | 3,854,202 | 3,662,860 |
Total assets less current liabilities | 5,356,372 | 5,294,196 |
Provisions for liabilities | 15 | (37,706 | ) | (35,796 | ) |
Net assets | 5,318,666 | 5,258,400 |
Capital and reserves |
Called up share capital | 16 | 424,200 | 424,200 |
Share premium | 17 | 4,762,186 | 4,762,186 |
Retained earnings | 17 | 132,280 | 72,014 |
Shareholders' funds | 5,318,666 | 5,258,400 |
The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by: |
Mr T L Barnfield - Director |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Current assets |
Debtors | 13 |
Creditors |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 |
Shareholders' funds |
Company's (loss)/profit for the financial year | (300,241 | ) | 1,552,507 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (632,694 | ) | 1,857,458 |
Tax paid | (98,204 | ) | - |
Net cash from operating activities | (730,898 | ) | 1,857,458 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (65,318 | ) | (105,270 | ) |
Sale of tangible fixed assets | 10,213 | 11,400 |
Purchase of subsidiary (net of cash acq) | - | 633,112 |
Interest received | 56,582 | 1,984 |
Net cash from investing activities | 1,477 | 541,226 |
Cash flows from financing activities |
Amount introduced by directors | 456,470 | - |
Amount withdrawn by directors | (6,353 | ) | - |
Net cash from financing activities | 450,117 | - |
(Decrease)/increase in cash and cash equivalents | (279,304 | ) | 2,398,684 |
Cash and cash equivalents at beginning of year |
2 |
2,398,684 |
- |
Cash and cash equivalents at end of year | 2 | 2,119,380 | 2,398,684 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | Reconciliation of profit before taxation to cash generated from operations |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
£ | £ |
Profit before taxation | 124,039 | 90,607 |
Depreciation charges | 185,896 | 30,749 |
Profit on disposal of fixed assets | (1,625 | ) | (4,089 | ) |
Finance income | (56,582 | ) | (1,984 | ) |
251,728 | 115,283 |
Decrease/(increase) in stocks | 1,185,014 | (699,197 | ) |
(Increase)/decrease in trade and other debtors | (11,588 | ) | 269,217 |
(Decrease)/increase in trade and other creditors | (2,057,848 | ) | 2,172,155 |
Cash generated from operations | (632,694 | ) | 1,857,458 |
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 30 April 2024 |
30/4/24 | 1/5/23 |
£ | £ |
Cash and cash equivalents | 2,119,380 | 2,398,684 |
Period ended 30 April 2023 |
30/4/23 | 10/1/23 |
£ | £ |
Cash and cash equivalents | 2,398,684 | - |
3. | Analysis of changes in net funds |
At 1/5/23 | Cash flow | At 30/4/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,398,684 | (279,304 | ) | 2,119,380 |
2,398,684 | (279,304 | ) | 2,119,380 |
Total | 2,398,684 | (279,304 | ) | 2,119,380 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | Statutory information |
Dennis Barnfield Holdings Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
When preparing the financial statements, the directors are required to make judgements, estimates and |
assumptions about the carrying value of assets, liabilities, income and expenses.The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The Group does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
No judgements have been made in applying the Company's accounting policies in the preparation of the financial statements, other than those involving estimation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods and services provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good or service to the customer. |
Goodwill |
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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | Accounting policies - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the 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 rate method. |
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. |
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. |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | Accounting policies - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
£ | £ |
United Kingdom | 7,980,767 | 2,440,458 |
Europe | 458,200 | 118,258 |
Rest of the world | 295,027 | 45,222 |
8,733,994 | 2,603,938 |
4. | Employees and directors |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
£ | £ |
Wages and salaries | 910,773 | 181,006 |
Social security costs | 89,425 | 18,776 |
Other pension costs | 17,105 | 2,603 |
1,017,303 | 202,385 |
The average number of employees during the year was as follows: |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
Administration and support | 7 | 6 |
Sales, servicing and stores | 16 | 17 |
Directors and management | 4 | 5 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | Employees and directors - continued |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
£ | £ |
Directors' remuneration | 124,485 | 38,217 |
5. | Operating profit |
The operating profit is stated after charging/(crediting): |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
£ | £ |
Depreciation - owned assets | 68,175 | 11,130 |
Profit on disposal of fixed assets | (1,625 | ) | (4,089 | ) |
Goodwill amortisation | 117,721 | 19,620 |
Auditors' remuneration | 5,750 | - |
Auditing of accounts | 4,645 | 5,625 |
Auditors' remuneration for |
audit of subsidiary | 7,511 | 2,246 |
Foreign exchange differences | 1,592 | (205 | ) |
6. | Interest receivable and similar income |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
£ | £ |
Bank interest receivable | 54,545 | 1,924 |
Other interest receivable | 2,037 | 60 |
56,582 | 1,984 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
7. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
£ | £ |
Current tax: |
UK corporation tax | 61,863 | 17,752 |
Deferred tax | 1,910 | 841 |
Tax on profit | 63,773 | 18,593 |
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: |
Period |
10/1/23 |
Year Ended | to |
30/4/24 | 30/4/23 |
£ | £ |
Profit before tax | 124,039 | 90,607 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
31,010 |
22,652 |
Effects of: |
Expenses not deductible for tax purposes | 32,763 | 5,322 |
Super Deduction | - | (6,195 | ) |
Differences in rates applied | - | (3,186 | ) |
Total tax charge | 63,773 | 18,593 |
8. | 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. |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | Intangible fixed assets |
Group |
Goodwill |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 | 1,177,208 |
Amortisation |
At 1 May 2023 | 19,620 |
Amortisation for year | 117,721 |
At 30 April 2024 | 137,341 |
Net book value |
At 30 April 2024 | 1,039,867 |
At 30 April 2023 | 1,157,588 |
10. | Tangible fixed assets |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Cost |
At 1 May 2023 | 252,913 | 9,642 | 21,978 |
Additions | - | 3,834 | 375 |
Disposals | - | (2,504 | ) | - |
At 30 April 2024 | 252,913 | 10,972 | 22,353 |
Depreciation |
At 1 May 2023 | 1,595 | 285 | 308 |
Charge for year | 9,003 | 1,499 | 2,162 |
Eliminated on disposal | - | (362 | ) | - |
At 30 April 2024 | 10,598 | 1,422 | 2,470 |
Net book value |
At 30 April 2024 | 242,315 | 9,550 | 19,883 |
At 30 April 2023 | 251,318 | 9,357 | 21,670 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | Tangible fixed assets - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 May 2023 | 147,354 | 7,640 | 439,527 |
Additions | 38,500 | 22,609 | 65,318 |
Disposals | (40,850 | ) | - | (43,354 | ) |
At 30 April 2024 | 145,004 | 30,249 | 461,491 |
Depreciation |
At 1 May 2023 | (36,944 | ) | 535 | (34,221 | ) |
Charge for year | 48,452 | 7,059 | 68,175 |
Eliminated on disposal | (34,404 | ) | - | (34,766 | ) |
At 30 April 2024 | (22,896 | ) | 7,594 | (812 | ) |
Net book value |
At 30 April 2024 | 167,900 | 22,655 | 462,303 |
At 30 April 2023 | 184,298 | 7,105 | 473,748 |
11. | Fixed asset investments |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 May 2023 |
Impairments | ( |
) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | Fixed asset investments - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Lodge Quarry Carnforth LA5 9DW |
Nature of business: |
% |
Class of shares: | holding |
12. | Stocks |
Group |
2024 | 2023 |
£ | £ |
Finished goods | 2,681,762 | 3,866,776 |
13. | Debtors: amounts falling due within one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 669,951 | 558,006 |
Other debtors | 31,303 | 120,891 |
Deferred tax asset | - | - | - | 1,414 |
Prepayments | 57,370 | 68,139 |
758,624 | 747,036 |
14. | Creditors: amounts falling due within one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 1,009,158 | 2,968,122 |
Tax | 61,835 | 98,176 |
Social security and other taxes | 26,292 | 35,322 |
VAT | 4,171 | 111,127 | - | - |
Other creditors | 10,000 | 60,000 |
Pension contributions unpaid | 2,824 | 1,730 | - | - |
Directors' current accounts | 450,117 | - | - | - |
Accruals | 141,167 | 75,159 |
1,705,564 | 3,349,636 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | Provisions for liabilities |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 37,706 | 35,796 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 35,796 |
Provided during year | 1,910 |
On assets held at acquisition |
Balance at 30 April 2024 | 37,706 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2023 | ( |
) |
Charge to Income Statement during year |
Balance at 30 April 2024 |
16. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 424,200 | 424,200 |
Each share is entitled to one vote in any circumstances. Each share is entitled to participate in an approved dividend distributions for that class of share. Each share is entitled pari passu to participate in a distribution arising from the winding up of the company. |
17. | Reserves |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 72,014 | 4,762,186 | 4,834,200 |
Profit for the year | 60,266 | 60,266 |
At 30 April 2024 | 132,280 | 4,762,186 | 4,894,466 |
DENNIS BARNFIELD HOLDINGS LIMITED (REGISTERED NUMBER: 14583529) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
17. | Reserves - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 6,314,693 |
Deficit for the year | ( |
) | ( |
) |
At 30 April 2024 | 6,014,452 |