Company Registration No. SC319549 (Scotland)
DUNCAN AND TODD (GROUP) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DUNCAN AND TODD (GROUP) LIMITED
COMPANY INFORMATION
Directors
M J Norris
K Sutherland
Company number
SC319549
Registered office
Unit 4 Kirkhill Commercial Park Dyce Avenue
Dyce
Aberdeen
Scotland
AB21 0LQ
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
DUNCAN AND TODD (GROUP) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
DUNCAN AND TODD (GROUP) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

The principal activity of the company continued to be that of a holding company.

 

The key risks and uncertainties affecting the company are predominately the recoverability of its subsidiary investments. In order to mitigate this risk, the directors seek to ensure the investments trade profitably with a focus on returning value to the shareholders.

 

Given the nature of the company's activities, the directors are of the opinion that analysis using the key performance indicators is not necessary for an understanding of the development, performance or position of the business. Although the group balance sheet continues to have a net liability position this reflects the shareholders’ choice of funding arrangement and not the operational performance, and the group can meet all debt repayments due to external parties as scheduled.

 

Section 172(1) statement

The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to:

 

As the company is an intermediate holding company with no trade or customers of its own, there is nothing to report in terms of how it engages with those stakeholders. The company's only staff are its directors and it has no significant suppliers. The directors of the company recognise their responsibility to deliver attractive returns to its shareholders and enact strategic plans for the long-term creation of value in a responsible and sustainable manner.

 

 

On behalf of the board

M J Norris
Director
1 November 2024
DUNCAN AND TODD (GROUP) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid (2023: £nil). The directors do not recommend payment of a final dividend (2023: £nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

F T Rus
(Resigned 24 July 2024)
R A G McLellan
(Resigned 30 June 2023)
M J Norris
(Appointed 28 September 2023)
K Sutherland
(Appointed 30 October 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The detailed energy and carbon information disclosures relating to this company is included within Duncan and Todd Holdings Limited set of publically available consolidated financial statements. As a result, we have chosen not to disclose the company only information in the annual report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
M J Norris
Director
1 November 2024
DUNCAN AND TODD (GROUP) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the strategic report, 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

DUNCAN AND TODD (GROUP) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF DUNCAN AND TODD (GROUP) LIMITED
- 4 -
Opinion

We have audited the financial statements of Duncan and Todd (Group) Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

 

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 Auditor 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

 

DUNCAN AND TODD (GROUP) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DUNCAN AND TODD (GROUP) LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of our 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 and the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor 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 auditor's 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.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit is considered capable of detecting irregularities, including fraud

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

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

DUNCAN AND TODD (GROUP) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DUNCAN AND TODD (GROUP) LIMITED
- 6 -

Extent the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

 

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

 

 

DUNCAN AND TODD (GROUP) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DUNCAN AND TODD (GROUP) LIMITED
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member for our audit work, for this report, or for the opinions we have formed.

David Wilson (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
1 November 2024
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
DUNCAN AND TODD (GROUP) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Administrative expenses
(700,191)
(440,416)
Other operating income
867,966
550,519
Operating profit
167,775
110,103
Interest payable and similar expenses
5
(1,210,663)
(1,002,289)
Loss before taxation
(1,042,888)
(892,186)
Tax on loss
6
-
0
-
0
Loss for the financial year
(1,042,888)
(892,186)
Total comprehensive expense for the year
(1,042,888)
(892,186)

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

DUNCAN AND TODD (GROUP) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
16,364,932
16,364,932
Current assets
Debtors
9
-
0
1,365
Creditors: amounts falling due within one year
10
(18,919,620)
(17,878,098)
Net current liabilities
(18,919,620)
(17,876,733)
Net liabilities
(2,554,688)
(1,511,801)
Capital and reserves
Called up share capital
13
897,544
897,544
Share premium account
1,788,819
1,788,819
Equity reserve
813,791
813,791
Profit and loss reserves
(6,054,842)
(5,011,955)
Total deficit
(2,554,688)
(1,511,801)
The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
M J Norris
Director
Company Registration No. SC319549
DUNCAN AND TODD (GROUP) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Share premium account
Equity reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2022
897,544
1,788,819
813,791
(4,119,769)
(619,615)
Period ended 31 March 2023:
Loss and total comprehensive expense for the year
-
-
-
(892,186)
(892,186)
Balance at 31 March 2023
897,544
1,788,819
813,791
(5,011,955)
(1,511,801)
Period ended 31 March 2024:
Loss and total comprehensive expense for the year
-
-
-
(1,042,888)
(1,042,888)
Balance at 31 March 2024
897,544
1,788,819
813,791
(6,054,842)
(2,554,688)
DUNCAN AND TODD (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Duncan and Todd (Group) Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 4 Kirkhill Commercial Park Dyce Avenue, Dyce, Aberdeen, Scotland, AB21 0LQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The company qualifies to use the reduced disclosure framework under paragraphs 1.08 to 1.13 of FRS 102 and has claimed exemptions as follows:

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Duncan and Todd (Group) Limited is a wholly owned subsidiary of Duncan and Todd Holdings Limited and the results of Duncan and Todd (Group) Limited are included in the consolidated financial statements of Duncan and Todd Holdings Limited which are available from Companies House.

1.2
Going concern

The company has made a loss for the year of £true1,043k (2023: £892k) and has net current liabilities of £18,920k (2023: £17,877k). These liabilities include £18,703k (2023: £17,652k) of debt due to the group companies, which the director has received assurances will not be called for repayment within twelve months of the date of signing these financial statements.

 

The director has therefore made an informed judgement, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DUNCAN AND TODD (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

DUNCAN AND TODD (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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. 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 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

DUNCAN AND TODD (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investments

The company holds investments at the year end of £16,364,932 (2023: £16,364,932). At the year end, management have considered the carrying value, recoverability and any potential impairment indicators of the fixed asset investments held.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administrative staff
3
3
DUNCAN AND TODD (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
269,200
275,494
Social security costs
52,415
42,140
Pension costs
22,016
24,603
343,631
342,237
4
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
269,200
274,156
Company pension contributions to defined contribution schemes
22,016
24,603
291,216
298,759

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023: 2)

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
183,775
195,686
Company pension contributions to defined contribution schemes
12,258
8,538
5
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
1,210,663
1,002,289
DUNCAN AND TODD (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
6
Taxation
2024
2023
£
£
Total current tax
-
-
Total deferred tax
-
0
-
0
Total tax charge
-
-

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,042,888)
(892,186)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(260,722)
(169,515)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
334
Change in unrecognised deferred tax assets
-
0
364
Group relief
67,929
168,904
Deferred tax adjustments in respect of prior years
-
0
(87)
Movements in deferred tax not recognised
192,793
-
0
Taxation charge for the year
-
-
7
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
8
16,364,932
16,364,932
DUNCAN AND TODD (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
8
Subsidiaries

 

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Duncan and Todd Limited
Scotland
Opthalmic and audiology services
Ordinary
100.00
-
20:20 Opticians Limited
Scotland
Dormant
Ordinary
100.00
-
Duncan and Todd Scotland Limited
Scotland
Dormant
Ordinary
-
100.00
Caledonian Optical Limited
Scotland
Glazing of spectacles
Ordinary
-
100.00
Duncan and Todd Dormant Limited
Scotland
Dormant
Ordinary
-
100.00
Optical Limited
Scotland
Dormant
Ordinary
-
100.00
Smart Employee Eyecare Limited
Scotland
Dormant
Ordinary
-
100.00

All the above-named subsidiaries have the registered office address of Unit 4 Kirkhill Commercial Park Dyce Avenue, Dyce, Aberdeen, Scotland, AB21 0LQ.

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
0
1,365
10
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
11
164,848
220,245
Loans from group undertakings
11
13,303,272
12,302,837
Amounts owed to group undertakings
5,400,051
5,348,710
Taxation and social security
34,022
6,306
Other creditors
4,744
-
0
Accruals and deferred income
12,683
-
0
18,919,620
17,878,098

Loans from group undertakings incur interest at SONIA + 3.25% and are repayable on demand.

DUNCAN AND TODD (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
11
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
164,848
220,245
Loans from group undertakings
13,303,272
12,302,837
13,468,120
12,523,082
Payable within one year
13,468,120
12,523,082

Loans from group undertakings incur interest at SONIA + 3.25% and are repayable on demand.

 

12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,016
24,603

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
897,540
897,540
897,540
897,540
Ordinary shares of 0.001p each
414,671
414,671
4
4
1,312,211
1,312,211
897,544
897,544
14
Financial commitments, guarantees and contingent liabilities

The Royal Bank of Scotland holds a bond and floating charge over the assets and undertakings of the company as security over group loans and overdrafts totalling £4,605,443 (2023: £5,148,277).

15
Ultimate controlling party

Duncan and Todd (Group) Limited is a wholly owned subsidiary of Duncan and Todd Holdings Limited whose registered address is Unit 4 Kirkhill Commercial Park, Dyce Avenue, Dyce, Aberdeen, AB21 0LQ. The results of Duncan and Todd (Group) Limited are included in the financial statements of Duncan and Todd Holdings Limited, which are available from Companies House.

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