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REGISTERED NUMBER: NI012464 (Northern Ireland)












Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 29 February 2024

for

Duncan and Griffin Co Limited

Duncan and Griffin Co Limited (Registered number: NI012464)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Duncan and Griffin Co Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr AK Duncan
Mrs N S Duncan



SECRETARY: Mr AK Duncan



REGISTERED OFFICE: Silverbirch Hotel
5 Gortin Road
Omagh
Co. Tyrone
BT79 7DH



REGISTERED NUMBER: NI012464 (Northern Ireland)



AUDITORS: HMCI Limited
T/A Hamill McIlwaine
Chartered Accountants and Statutory Auditors
28-30 Old Mountfield Road
Omagh
Co. Tyrone
BT79 7BJ



BANKERS: Ulster Bank
14 High Street
Omagh
Co. Tyrone
BT78 1BJ



SOLICITORS: McConnell & Fyffe Limited
21 Church Street
Omagh
Co Tyrone
BT78 1DG

Duncan and Griffin Co Limited (Registered number: NI012464)

Strategic Report
for the Year Ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
Performance

The directors consider the results of the year ended 29 February 2024 to be satisfactory. The company will continue to seek every opportunity to remain profitable in the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of business risks and financial risks that include liquidity risk and interest rate risk.

The business risks and uncertainties affecting the company relate to competitor activity and customer behaviour. These risks are monitored by the provision of good customer service and responding to market demands.Currently the risks and uncertainties which are judged to have the most significant impact on the company relate to operating during a period with rising costs and other cost pressures being experienced by the general public.

Regarding other financial risks the company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board are implemented by the company's finance department.


Duncan and Griffin Co Limited (Registered number: NI012464)

Strategic Report
for the Year Ended 29 February 2024


Liquidity risk
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Interest rate cash flow risk
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances. The company maintains debt at a variable rate. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Environment
The company aims to reduce its impact on the environment by minimising environmental waste. The management comply with environmental legislation relevant to them and recycle and reduce waste throughout their operations.

Health and safety
The company has a strong ethos with regard health and safety for its employees and customers, striving to ensure their operations are carried out to high standards of health and safety.

Future Developments
The directors are committed to the long term creation of shareholder value by increasing the company's market share through organic growth. While the incoming year is likely to be very challenging both because of increased competition and the general economic climate. Early results are satisfactory and the directors will continue to closely monitor current performance.

Key Performance Indicators
The directors have determined that the following financial key performance indicators are the most effective measures of progress
2024 2023 2022
£    £    £   
Turnover 3,127,758 3,110,138 2,410,760
Profit/(Loss) on ordinary
activities before taxation

26,772

47,361

229,081

ON BEHALF OF THE BOARD:





Mr AK Duncan - Director


21 November 2024

Duncan and Griffin Co Limited (Registered number: NI012464)

Report of the Directors
for the Year Ended 29 February 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of hoteliers.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

FUTURE DEVELOPMENTS
The commentary on future developments is detailed in the Strategic Report and is included in this report by cross reference.

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

Mr AK Duncan
Mrs N S Duncan

Other changes in directors holding office are as follows:

Mr RI Duncan - deceased 2 November 2023

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Duncan and Griffin Co Limited (Registered number: NI012464)

Report of the Directors
for the Year Ended 29 February 2024


AUDITORS
Under section 487(2) of the Companies Act 2006, HMCI Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

ON BEHALF OF THE BOARD:





Mr AK Duncan - Director


21 November 2024

Report of the Independent Auditors to the Members of
Duncan and Griffin Co Limited

Opinion
We have audited the financial statements of Duncan and Griffin Co Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 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
Duncan and Griffin Co 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 four, 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatements in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statements disclosures to underlying supporting documentation, enquires with management and enquires of legal counsel where appropriate. There are inherent limitations in the audit procedures described above 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 would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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
Duncan and Griffin Co 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.




Mr Rodney Hamill FCA (Senior Statutory Auditor)
for and on behalf of HMCI Limited
T/A Hamill McIlwaine
Chartered Accountants and Statutory Auditors
28-30 Old Mountfield Road
Omagh
Co. Tyrone
BT79 7BJ

21 November 2024

Duncan and Griffin Co Limited (Registered number: NI012464)

Income Statement
for the Year Ended 29 February 2024

2024 2023
Notes £    £   

TURNOVER 5 3,127,758 3,110,138

Cost of sales 666,984 668,121
GROSS PROFIT 2,460,774 2,442,017

Administrative expenses 2,283,383 2,296,888
177,391 145,129

Other operating income 6 11,250 21,463
OPERATING PROFIT 9 188,641 166,592

Interest receivable and similar income 5,561 757
194,202 167,349

Interest payable and similar expenses 10 167,430 119,988
PROFIT BEFORE TAXATION 26,772 47,361

Tax on profit 11 17,925 60,722
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

8,847

(13,361

)

Duncan and Griffin Co Limited (Registered number: NI012464)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 5,294,876 5,401,163

CURRENT ASSETS
Stocks 13 60,548 62,749
Debtors 14 109,726 106,231
Cash at bank 292,504 433,982
462,778 602,962
CREDITORS
Amounts falling due within one year 15 990,515 928,450
NET CURRENT LIABILITIES (527,737 ) (325,488 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,767,139

5,075,675

CREDITORS
Amounts falling due after more than one
year

16

(1,613,008

)

(1,929,655

)

PROVISIONS FOR LIABILITIES 21 (189,494 ) (190,230 )
NET ASSETS 2,964,637 2,955,790

CAPITAL AND RESERVES
Called up share capital 22 656,768 656,768
Revaluation reserve 25,000 25,000
Capital redemption reserve 28,088 28,088
Retained earnings 2,254,781 2,245,934
SHAREHOLDERS' FUNDS 2,964,637 2,955,790

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





Mr AK Duncan - Director


Duncan and Griffin Co Limited (Registered number: NI012464)

Statement of Changes in Equity
for the Year Ended 29 February 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 March 2022 656,768 2,259,295 25,000 28,088 2,969,151

Changes in equity
Total comprehensive income - (13,361 ) - - (13,361 )
Balance at 28 February 2023 656,768 2,245,934 25,000 28,088 2,955,790

Changes in equity
Total comprehensive income - 8,847 - - 8,847
Balance at 29 February 2024 656,768 2,254,781 25,000 28,088 2,964,637

Duncan and Griffin Co Limited (Registered number: NI012464)

Cash Flow Statement
for the Year Ended 29 February 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 293,204 324,864
Interest paid (165,835 ) (117,979 )
Interest element of hire purchase
payments paid

(1,595

)

(2,009

)
Tax paid (11,802 ) (41,399 )
Net cash from operating activities 113,972 163,477

Cash flows from investing activities
Purchase of tangible fixed assets (32,415 ) (339,581 )
Sale of tangible fixed assets - 4,049
Interest received 5,561 757
Net cash from investing activities (26,854 ) (334,775 )

Cash flows from financing activities
Loan repayments in year (222,484 ) (210,412 )
Capital repayments on HPs in year (6,112 ) (7,947 )
Net cash from financing activities (228,596 ) (218,359 )

Decrease in cash and cash equivalents (141,478 ) (389,657 )
Cash and cash equivalents at
beginning of year

2

433,982

823,639

Cash and cash equivalents at end of
year

2

292,504

433,982

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Cash Flow Statement
for the Year Ended 29 February 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 26,772 47,361
Depreciation charges 138,702 235,126
Finance costs 167,430 119,988
Finance income (5,561 ) (757 )
327,343 401,718
Decrease/(increase) in stocks 2,201 (19,059 )
Increase in trade and other debtors (3,495 ) (68,685 )
(Decrease)/increase in trade and other creditors (32,845 ) 10,890
Cash generated from operations 293,204 324,864

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 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 292,504 433,982
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 433,982 823,639


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank 433,982 (141,478 ) 292,504
433,982 (141,478 ) 292,504
Debt
Finance leases (13,041 ) 6,112 (6,929 )
Debts falling due within 1 year (248,336 ) (91,860 ) (340,196 )
Debts falling due after 1 year (1,460,034 ) 314,344 (1,145,690 )
(1,721,411 ) 228,596 (1,492,815 )
Total (1,287,429 ) 87,118 (1,200,311 )

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Duncan and Griffin Co Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company in the year under review was that of hoteliers.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the invoiced value of goods and services supplied during the year, excluding value added tax and is net of trade discounts. Turnover is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its performance.

Tangible fixed assets
Tangible fixed assets are stated at historic revalued amount which have been taken as deemed cost upon transition to FRS 102 less accumulated depreciation. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at the rates calculated to write off the cost or valuation of those assets, less their estimated residual value, over their expected useful lives on the following bases;

Freehold property - 2% straight line
Fixtures and fittings - 15% straight line
Plant and machinery- 20% straight line

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Stocks
Stocks are stated at the lower of cost and net realisable value. As the stock has a short shelf-life cost is based on the cost of the most recent invoice.

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtor and creditors, loans from banks and other third parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted as a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued
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.

Leased assets
Rentals under operating leases are charged to the profit and loss account as incurred. Assets held under finance leases and hire purchase contracts are recognised in the balance sheet and are depreciated over their useful lives with the corresponding lease or hire purchase obligation being recognised as a liability. The interest element of the finance lease rentals are charged to the profit and loss account over the period of the lease and represent a constant periodic rate of interest on the balance of capital repayments outstanding.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expenses, 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.

Debtors
Short term debtors are measured at transaction price less any impairment.

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

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations on future events that may affect these estimates.

a) Critical judgements in applying the company's accounting policies.

There are no critical judgements in applying the company's accounting policies.

b) Key accounting estimates and assumptions.

The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year include:

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually.

5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company. All turnover is generated within the United Kingdom.

6. OTHER OPERATING INCOME
2024 2023
£    £   
Training support grant 11,250 -
Insurance claim - 21,463
11,250 21,463

7. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,305,823 1,277,644
Social security costs 80,838 79,296
Other pension costs 38,069 27,156
1,424,730 1,384,096

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

Management and administration 13 24
Sales and operations 75 60
88 84

Staff costs shown above include directors' remuneration.

8. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 61,360 58,040

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. DIRECTORS' EMOLUMENTS - continued

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

Defined benefit schemes 2 1

The company made pension contributions for a director to a defined contribution scheme totalling £21,115 (2023: £10,025) in the year.

The directors are considered to be the key management of the company.

9. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 136,164 229,363
Depreciation - assets on hire purchase contracts 2,538 5,763
Hire of equipment 17,016 14,108
Auditor's remuneration 3,800 3,700

10. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest & charges 155,623 107,636
Other Interest 10,212 10,343
Hire purchase 1,595 2,009
167,430 119,988

11. 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 18,661 11,802

Deferred tax (736 ) 48,920
Tax on profit 17,925 60,722

UK corporation tax has been charged at 25% (2023 - 19%).

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 26,772 47,361
Profit multiplied by the standard rate of corporation tax in the UK of
21.846% (2023 - 19%)

5,849

8,999

Effects of:
Depreciation in excess of capital allowances 12,076 6,067
Change in rate to 25% - 45,656
Total tax charge 17,925 60,722

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 6,492,715 3,402,195 12,690 9,907,600
Additions - 32,415 - 32,415
Disposals - (301,201 ) - (301,201 )
At 29 February 2024 6,492,715 3,133,409 12,690 9,638,814
DEPRECIATION
At 1 March 2023 1,399,572 3,103,693 3,172 4,506,437
Charge for year 75,445 60,719 2,538 138,702
Eliminated on disposal - (301,201 ) - (301,201 )
At 29 February 2024 1,475,017 2,863,211 5,710 4,343,938
NET BOOK VALUE
At 29 February 2024 5,017,698 270,198 6,980 5,294,876
At 28 February 2023 5,093,143 298,502 9,518 5,401,163

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2023 21,500 12,690 34,190
Transfer to ownership (21,500 ) - (21,500 )
At 29 February 2024 - 12,690 12,690
DEPRECIATION
At 1 March 2023 8,063 3,172 11,235
Charge for year - 2,538 2,538
Transfer to ownership (8,063 ) - (8,063 )
At 29 February 2024 - 5,710 5,710
NET BOOK VALUE
At 29 February 2024 - 6,980 6,980
At 28 February 2023 13,437 9,518 22,955

13. STOCKS
2024 2023
£    £   
Goods for sale 60,548 62,749

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 29,888 25,993
Prepayments and accrued income 79,838 80,238
109,726 106,231

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 17) 315,078 223,193
Other loans (see note 17) 25,118 25,143
Hire purchase contracts (see note 18) 2,446 6,112
Trade creditors 246,559 200,944
Tax 18,661 11,802
Social security and other taxes 119,056 114,942
Other creditors and accruals 263,597 346,314
990,515 928,450

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 17) 1,140,234 1,432,343
Other loans (see note 17) 5,456 27,691
Hire purchase contracts (see note 18) 4,483 6,929
Other creditors 462,835 462,692
1,613,008 1,929,655

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 315,078 223,193
Other loans 25,118 25,143
340,196 248,336

Amounts falling due between one and two years:
Bank loans - 1-2 years 315,078 223,193
Other loans - 1-2 years 5,456 25,143
320,534 248,336

Amounts falling due between two and five years:
Bank loans - 2-5 years 667,853 564,547
Other loans - 2-5 years - 2,548
667,853 567,095

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
payable by instalments 157,303 644,603
157,303 644,603

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

18. LEASING AGREEMENTS

Finance lease payment obligation

The future minimum finance lease payments are as follows;

2024 2023
£    £   
Repayable within one year 3,211 7,707
Repayable between one and five years 5,887 9,098
Total gross payments 9,098 16,805
Less: finance charges (2,169 ) (3,764 )
Carrying amount of liability 6,929 13,041


19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,455,312 1,655,536
Other loans 30,574 52,834
Hire purchase contracts 6,929 13,041
1,492,815 1,721,411

The lenders hold the following as collateral:
Fixed and floating charges over the book debts and assets,
Legal charge over the property held within the company.


TERMS AND DEBT REPAYMENT SCHEDULE

Loan Interest rate Year of Repayment 2024 2023
maturity schedule £    £   
Structured
term loan LIBOR + 2.25% 2030 Quarterly 1,211,303 1,327,784

Structured
term loan Base rate + 2.25% 2026 Monthly 244,009 327,752

Trade loan 2% 2025 Monthly 30,574 52,834

Hire purchase-
van 6.26% 2027 Monthly 6,929 9,375

Hire purchase-
equipment 5.78% 2023 Monthly - 3,666

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

20. FINANCIAL INSTRUMENTS

2024 2023
£    £   
Financial assets that are debt instruments measured at
amortised cost


Trade debtors 29,888 25,993
Other debtors and prepayments 79,838 80,238
109,726 106,231


Financial liabilities measured at amortised cost

Trade creditors 246,559 200,944
Hire purchase contracts 6,929 13,041
Bank and other loans 1,485,886 1,708,370
Other creditors and accruals 726,432 809,006
2,465,806 2,731,361

,

21. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 189,494 190,230

Deferred
tax
£   
Balance at 1 March 2023 190,230
Accelerated capital allowances (736 )
Balance at 29 February 2024 189,494

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
656,768 Ordinary £1 656,768 656,768

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £38,069 (2023: £27,156). Contributions totalling £4,408 (2023: £4,800) were payable to the fund at the year end and are included within social security and other taxes within creditors.

Duncan and Griffin Co Limited (Registered number: NI012464)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

24. CONTINGENT LIABILITIES

The company has received a loan from a supplier. There is a minimum purchase obligation attached to the terms of this loan which may result in an immediate repayment of the loan if these obligations are not achieved. This loan is included within creditors in the financial statements:


2024 2023
£    £   

Amount falling due within one year 18,000 18,000
Amount falling due greater than one year 12,573 35,832
30,573 53,832




25. RELATED PARTY DISCLOSURES

The directors of the company are regarded as related parties.

2024 2023
£    £   
Amounts owed to directors and family members at year end
(included in note 16)

(207,547

)


(207,406

)