IRIS Accounts Production v24.2.0.383 05796111 Board of Directors 1.3.23 29.2.24 29.2.24 wholesaler of office furniture. true false true true false false false true true true false Ordinary 1.00000 Ordinary B 1.00000 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REGISTERED NUMBER: 05796111 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 29 February 2024

for

Dynamic Office Seating Limited

Dynamic Office Seating Limited (Registered number: 05796111)






Contents of the Financial Statements
for the year ended 29 February 2024




Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 10

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14 to 24


Dynamic Office Seating Limited

Company Information
for the year ended 29 February 2024







DIRECTORS: C Verlander
G Kourti





REGISTERED OFFICE: Unit 5
Lodge Way
Lodge Farm Industrial Estate
Northampton
Northamptonshire
NN5 7RA





REGISTERED NUMBER: 05796111 (England and Wales)





AUDITORS: Clifford Roberts
Chartered Accountants &
Statutory Auditors
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

Dynamic Office Seating Limited (Registered number: 05796111)

Strategic Report
for the year ended 29 February 2024

INTRODUCTION
The Directors present their strategic report and the financial statements for the Company for the 12 months ended 29th February 2024.

REVIEW OF THE BUSINESS
The principal activity of Dynamic Office Seating Limited 'The Company' during the period was wholesaler of office furniture and seating. There has been no change to the principal activity of the Company during the year and the directors do not expect a change in the foreseeable future.

The company achieved a strategically planned expansion in the period of account resulting in an increase in top line sales as follows:

2024 2023 % changes
£m £m

12 months to February 17.49 16.42 6.49%
17.49 16.42

This was achieved by a combination of strategic sales actions, product development and service improvements.

The Company continued to grow to secure new clients and further solidify existing relationships. Simultaneously, the business has comprehensively reviewed and modified fixed costs and overheads to maximise operating efficiencies.

The Customer Experience Centre has allowed continued product exposure to our clients. A highly accomplished outbound sales resource allows for demonstrations and product training which further improves the Dynamic reach in the market.

Continuous investments in IT systems have created greater customer service efficiencies and made the Dynamic brand more powerful amongst other online resellers.

These and other actions mean the company's revenue growth strategy is structured to be achieved without associated proportional increases in overheads. Further strategies are scheduled to develop the business through delivery on a five - year plan.

Pricing
Further improvement to the customer pricing model has delivered greater control to the Dynamic margin management programme.

The company continues to purchase most of its goods for resale in US Dollars. In the accounting period the exchange rate losses were protected via forward contracts to limit losses.

With exchange rate monitoring, managed sales growth, efficiencies and multiple point sourcing the Directors' are delighted to report a trading profit for the year of £3.26m

Market Positioning
Market analysis places Dynamic as the third largest supplier in the UK of wholesale office seating and furniture.

The Company continues to operate in an extremely competitive market. Dynamic strives to build strong relationships with its customers and potential customers and sees the achievement of long-term repeat business as a measure of its success in this strategy.

The Company's competitive advantage derives from service excellence, wide choice, express delivery, price competitiveness and uniqueness of products. The Company recognises that one of its biggest asset are its employees, who all share the strong commitment to delivering excellence to customers.


Dynamic Office Seating Limited (Registered number: 05796111)

Strategic Report
for the year ended 29 February 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have developed strategies to achieve planned profitable growth into the foreseeable future. The Company continually contributes to product innovation and introduces new products to meet the exacting and changing needs of its market-place. It has invested in highly experience industry experts to further ensure they are ahead of trends in the market.

The Directors continually review the risks facing the business. Where it is considered cost effective, risks to the Company and its business are protected by insurance. External factors, over which the Company has little control, include the effect of government legislation and the buoyancy of economic activity within the United Kingdom. The company tries to position itself so that it can take advantage of external factors where possible, with a versatile product range that allows the business to adapt to ever changing sales trends.

Cash Flow Risk
The Directors' manage the Company's working capital requirements predominantly within its own resources. Cashflow is monitored on an ongoing basis to ensure obligations are met. The liquidity risk mainly arises from creditors which arise in the normal course of business. Neither risk is significant to the business.

Customer Risk
To mitigate the potential consequences of the Company being unable to recover sums due to it from its customers, it carries out full status checks on prospective clients prior to the commencement of any contract it undertakes with them and continues to review the credit status of existing clients on a regular basis. Credit insurance is put in place for individual customers, as necessary.

Foreign Exchange Risk
The Company's sales are predominately in Sterling. Costs of goods for resale are principally in the US Dollar. There is a currency risk in respect of the exchange rate between Sterling and the US Dollar which is monitored daily and where appropriate use is made of currency forward contracts and other instruments.

The Directors' are satisfied that the Company has taken all measures necessary to minimise the risks facing the business and is well positioned to take advantage of future organic and inorganic growth opportunities and the significant changes taking place in its marketplace.

FUTURE DEVELOPMENTS
Going forward the directors do not envisage any changes in the principle activity of the company. The business is making significant investment to the upholstery functionality in 2024 in both machinery and personnel to assist in the growth of our bespoke upholstery options.

We have considered the impact of inflation on the operation of the group's business. We anticipate that there will be some short term risk to inventory pricing, however the business is confident that the pricing strategy in place we will not require aggressive pricing adjustments.

Management are pleased to have been awarded, post year end, with ISO9001 - 2015 certification in quality management. The impact of the company's operations on the environment alongside the company's sustainability and ethical polices remain important, the stated aim is to be net zero by 2040.


Dynamic Office Seating Limited (Registered number: 05796111)

Strategic Report
for the year ended 29 February 2024

KEY PERFORMANCE INDICATORS
The Directors' use both financial and non-financial key performance indicators to monitor the business. The ongoing performance of the business is achieved through many measures including:

- review of regular management accounts information and variance analysis
- review of cost of goods sold %
- review of gross profit %
- review of wages to salary ratio %
- review of the feedback from customers' and how well their expectations are being met.
- staff satisfaction is measured via annual staff survey
- health and safety compliance

ON BEHALF OF THE BOARD:





C Verlander - Director


9 September 2024

Dynamic Office Seating Limited (Registered number: 05796111)

Report of the Directors
for the year ended 29 February 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

DIVIDENDS
An interim dividend of £406.25 per share on the Ordinary B £1 shares was paid on 29 February 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 29 February 2024 will be £ 32,500 .

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

C Verlander
G Kourti

DISCLOSURE IN THE STRATEGIC REPORT
Principal activity, disclosures relating to events occurring after the year end, likely future developments, research and development activities, financial risk management objectives, policies and the exposure to cashflow, customer and foreign exchange risks are all disclosed within the strategic report (as defined by section 414 C (11) of the Companies Act 2006).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Dynamic Office Seating Limited (Registered number: 05796111)

Report of the Directors
for the year ended 29 February 2024


AUDITORS
The auditors, Clifford Roberts, have expressed their willingness to continue in office as auditor and this will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Verlander - Director


9 September 2024

Report of the Independent Auditors to the Members of
Dynamic Office Seating Limited

Opinion
We have audited the financial statements of Dynamic Office Seating Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 29 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
Dynamic Office Seating 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
Dynamic Office Seating 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.

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 obtained an understanding of the legal and regulatory framework applicable to the company and
the sector in which they operate. We determined that the following laws and regulations were most
significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate
taxation laws.
- We obtained an understanding of how the company is complying with those legal and regulatory
frameworks by making inquiries to the management and by observing the oversight of management,
the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud
prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which
could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries
through our review of all relevant available audit information.
- We assessed and understood the susceptibility of the company's financial statements to material
misstatement, including how fraud might occur. Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and regulations. The audit procedures
performed by the engagement team included:
> Identifying and assessing the design and effectiveness of controls management has in place to
prevent and detect fraud;
> Understanding of how senior management considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
> Challenging assumptions and judgements made by management in its significant accounting
estimates;
> Performing audit work over the risk of management override of controls, including 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;
and,
> Assessing the extent of compliance with relevant 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Dynamic Office Seating 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.




Adam Billingham BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Clifford Roberts
Chartered Accountants &
Statutory Auditors
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

9 September 2024

Dynamic Office Seating Limited (Registered number: 05796111)

Statement of Comprehensive
Income
for the year ended 29 February 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 17,489,552 16,424,367

Cost of sales 9,286,125 8,611,834
GROSS PROFIT 8,203,427 7,812,533

Distribution costs 2,227,419 3,886,232
Administrative expenses 2,741,238 2,518,195
4,968,657 6,404,427
3,234,770 1,408,106

Other operating income 136,772 442,061
OPERATING PROFIT 5 3,371,542 1,850,167

Interest receivable and similar income 486 16
3,372,028 1,850,183

Interest payable and similar expenses 6 107,511 126,036
PROFIT BEFORE TAXATION 3,264,517 1,724,147

Tax on profit 7 796,874 350,139
PROFIT FOR THE FINANCIAL YEAR 2,467,643 1,374,008

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,467,643

1,374,008

Dynamic Office Seating Limited (Registered number: 05796111)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 42,466 42,496
Tangible assets 10 265,406 365,179
307,872 407,675

CURRENT ASSETS
Stocks 11 3,568,678 3,898,274
Debtors 12 3,655,115 3,565,348
Cash at bank and in hand 273,805 235,956
7,497,598 7,699,578
CREDITORS
Amounts falling due within one year 13 2,990,450 5,664,225
NET CURRENT ASSETS 4,507,148 2,035,353
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,815,020

2,443,028

CREDITORS
Amounts falling due after more than one
year

14

(86,267

)

(115,405

)

PROVISIONS FOR LIABILITIES 17 (52,665 ) (86,678 )
NET ASSETS 4,676,088 2,240,945

CAPITAL AND RESERVES
Called up share capital 18 200 200
Share premium 19 49,975 49,975
Capital redemption reserve 19 25 25
Retained earnings 19 4,625,888 2,190,745
SHAREHOLDERS' FUNDS 4,676,088 2,240,945

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





C Verlander - Director


Dynamic Office Seating Limited (Registered number: 05796111)

Statement of Changes in Equity
for the year ended 29 February 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 March 2022 200 859,237 49,975 25 909,437

Changes in equity
Dividends - (42,500 ) - - (42,500 )
Total comprehensive income - 1,374,008 - - 1,374,008
Balance at 28 February 2023 200 2,190,745 49,975 25 2,240,945

Changes in equity
Dividends - (32,500 ) - - (32,500 )
Total comprehensive income - 2,467,643 - - 2,467,643
Balance at 29 February 2024 200 4,625,888 49,975 25 4,676,088

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Dynamic Office Seating Limited is a private company, limited by shares, incorporated and domiciled in England and has its registered office and principle place of business at Unit 5, Lodge Way, Lodge Farm Industrial Estate, Northampton, NN5 7RA.

The company's registered number can be found on the company information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to the last day of February each year.

Going Concern
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' continues to adopt the going concern basis of accounting in preparing the financial statements after taking into account the potential impact of current global issues on the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Details of the parent of the group in which full disclosure can be obtained, can be found in the "Ultimate Controlling Party" note.

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(a) Determining net realisable values of stock
In determining the net realisable value of stocks, management takes into account the most reliable evidence available at the dates the estimates are made. Stock is initially recognised at cost and reviewed for potential provision. A provision has been applied to stock which is considered to be slow moving or obsolete, based upon the sales data in the past 12 months.

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of Goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Steel containers - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Routemaster Bus - 25% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis plus an element of shipping cost where applicable.

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 or loss

Financial instruments
Dynamic Office Seating Limited enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans and balances to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

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 impairment is found, an impairment loss is recognised in the income statement.

Derivatives, including futures, are not considered basic financial instruments. Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or income as appropriate.

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

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

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

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

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.

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at undiscounted cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at undiscounted cost.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Wholesale of office furniture 17,489,552 16,424,367
17,489,552 16,424,367

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 16,536,704 15,640,683
Europe 952,848 783,684
17,489,552 16,424,367

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,745,207 1,674,568
Social security costs 154,798 144,327
Other pension costs 57,663 53,023
1,957,668 1,871,918

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

Office, administration & warehouse 61 64

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 161,998 151,407
Directors' pension contributions to money purchase schemes 6,068 5,959

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

Money purchase schemes 2 2

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 86,298 78,707
Other operating leases 1,244,653 1,012,006
Depreciation - owned assets 119,827 52,237
Depreciation - assets on hire purchase contracts 25,220 95,951
Profit on disposal of fixed assets (11,200 ) (5,833 )
Computer software amortisation 7,449 5,943
Auditors' remuneration 6,500 6,500
Foreign exchange differences 14,638 109,046

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 91,554 110,023
Hire purchase 15,957 16,013
107,511 126,036

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 830,886 351,300

Deferred tax (34,012 ) (1,161 )
Tax on profit 796,874 350,139

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

7. TAXATION - continued

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
£    £   
Profit before tax 3,264,517 1,724,147
Profit multiplied by the standard rate of corporation tax in the UK of
24.492% (2023 - 19%)

799,546

327,588

Effects of:
Expenses not deductible for tax purposes - 72
Income not taxable for tax purposes (2,750 ) (1,108 )
Depreciation in excess of capital allowances 34,090 24,748
Deferred tax adjustment timing (34,012 ) 27,738
Deferred tax adjustment change in rate - (28,899 )
Total tax charge 796,874 350,139

8. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of £1 each
Interim 32,500 42,500

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 March 2023 73,868
Additions 7,419
At 29 February 2024 81,287
AMORTISATION
At 1 March 2023 31,372
Amortisation for year 7,449
At 29 February 2024 38,821
NET BOOK VALUE
At 29 February 2024 42,466
At 28 February 2023 42,496

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Steel Plant and and
containers machinery fittings
£    £    £   
COST
At 1 March 2023 170,100 457,747 238,177
Additions - 39,525 5,750
Disposals (45,301 ) - -
At 29 February 2024 124,799 497,272 243,927
DEPRECIATION
At 1 March 2023 159,016 260,749 174,197
Charge for year 8,067 91,874 33,231
Eliminated on disposal (45,300 ) - -
At 29 February 2024 121,783 352,623 207,428
NET BOOK VALUE
At 29 February 2024 3,016 144,649 36,499
At 28 February 2023 11,084 196,998 63,980

Motor Routemaster
vehicles Bus Totals
£    £    £   
COST
At 1 March 2023 127,355 56,439 1,049,818
Additions - - 45,275
Disposals - - (45,301 )
At 29 February 2024 127,355 56,439 1,049,792
DEPRECIATION
At 1 March 2023 34,238 56,439 684,639
Charge for year 11,875 - 145,047
Eliminated on disposal - - (45,300 )
At 29 February 2024 46,113 56,439 784,386
NET BOOK VALUE
At 29 February 2024 81,242 - 265,406
At 28 February 2023 93,117 - 365,179

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Steel Plant and Motor
containers machinery vehicles Totals
£    £    £    £   
COST
At 1 March 2023 32,272 319,535 111,918 463,725
Transfer to ownership (32,272 ) (262,145 ) - (294,417 )
At 29 February 2024 - 57,390 111,918 169,308
DEPRECIATION
At 1 March 2023 21,187 147,005 18,801 186,993
Charge for year - 13,345 11,875 25,220
Transfer to ownership (21,187 ) (136,534 ) - (157,721 )
At 29 February 2024 - 23,816 30,676 54,492
NET BOOK VALUE
At 29 February 2024 - 33,574 81,242 114,816
At 28 February 2023 11,085 172,530 93,117 276,732

11. STOCKS
2024 2023
£    £   
Finished goods 3,568,678 3,898,274

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,850,846 3,122,321
Other debtors 638,945 287,143
Directors' current accounts 77,238 67,238
Tax 21,852 21,852
Prepayments 66,234 66,794
3,655,115 3,565,348

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 28,510 116,405
Trade creditors 979,892 1,062,074
Tax 556,654 351,300
Social security and other taxes 42,752 32,421
VAT 345,067 376,280
Other creditors 991,075 3,648,644
Accruals and deferred income 46,500 77,101
2,990,450 5,664,225

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 86,267 115,405

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 28,510 116,405
Between one and five years 86,267 115,405
114,777 231,810

Non-cancellable operating leases
2024 2023
£    £   
Within one year 962,162 962,812
Between one and five years 2,572,613 2,918,340
In more than five years 1,130,130 1,746,564
4,664,905 5,627,716

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 114,777 231,810
Invoice/stock finance facility - 3,113,111
CBILS loan - 20,000
114,777 3,364,921

HSBC UK Bank PLC holds a charge including fixed charges, floating charges and negative pledges over all the property or undertaking of the Company.

Close Invoice Finance Ltd hold a charge including fixed charges, floating charges and negative pledges over all property or undertaking of the company in respect of the invoice and stock finance facilities, held by Dynamic Office Seating Limited. The financed debtors are with recourse and as such the trade debtor is recognised until paid. There is also a personal guarantee from Mr C Verlander, director, limited to a maximum amount of £50,000.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 52,665 86,678

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 86,678
Credit to Statement of Comprehensive Income during year (34,013 )
Balance at 29 February 2024 52,665

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
120 Ordinary £1 120 120
80 Ordinary B £1 80 80
200 200

Called up share capital
This represents the nominal value of the shares that have been issued.

19. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2023 2,190,745 49,975 25 2,240,745
Profit for the year 2,467,643 - - 2,467,643
Dividends (32,500 ) - - (32,500 )
At 29 February 2024 4,625,888 49,975 25 4,675,888

Retained earnings
This reserve includes all current and prior period retained profit and losses.

Share premium
This represents the additional amount shareholders paid for their issued shares in excess of the nominal value of those shares.

Capital redemption reserve
This non-distributable reserve represents the nominal value of the company's own shares bought back from shareholders.

20. PENSION COMMITMENTS

The company operates defined contribution, auto enrolment retirement benefit schemes for all its qualifying employees. The total expense charged to profit or loss in the period ended 29th February, 2024 was £57,663 (2023: £53,023). The amount owed to the pension schemes at the year end was £10,718 (2023: £8,737).

Dynamic Office Seating Limited (Registered number: 05796111)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 29th February, 2024 the directors of the company owed it £77,238 (2023 - £67,238), £10,000 of this balance was repaid in full within 9 months of the balance sheet date. During the year, further advances of £10,000 were made and no repayments. The loans are interest free, unsecured and repayable on demand.

22. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Dividends 32,500 42,500
Recharges 135,572 442,061
Amount due from related party 664 -
Amount due to related party - 931

Other related parties
2024 2023
£    £   
Purchases 1,731,083 3,011,571
Salaries 141,179 146,045
Amount due from related party 305,352 -
Amount due to related party 212,010 274,565

23. ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party is Dynamic Office Group Limited, a company registered in England and Wales.

Dynamic Office Group Limited prepares financial statements available at Companies House. The registered office and business address of the parent company is Unit 5, Lodge Way, Lodge Farm Industrial Estate, Northampton, NN5 7RA.