REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 29th February 2024 |
for |
DLP SERVICES (NORTHERN) LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 29th February 2024 |
for |
DLP SERVICES (NORTHERN) LIMITED |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Contents of the Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 17 |
DLP SERVICES (NORTHERN) LIMITED |
Company Information |
for the Year Ended 29th February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Strategic Report |
for the Year Ended 29th February 2024 |
The directors present their strategic report for the year ended 29th February 2024. |
REVIEW OF BUSINESS |
This year the company's trading has resulted in a net profit before tax of £532k. Turnover has increased from £16.1m to £17.4m; GP% has decreased slightly in the year. The director continues to monitor the company's performance on a daily basis and is focused on implementing tighter cost controls to maintain the gross profit margin. The director is confident that the company is well positioned to grow profitably. |
KEY PERFORMANCE INDICATORS (KPI) |
The directors monitor progress on the company's strategy and individual elements by reference to the following KPI's: |
KPI 2024 2023 |
Sales growth 7.4% 35.8% |
Gross margin 21.5% 22.7% |
The company continues to focus on winning new tenders with new customers in a wider geographical area, whilst maintaining existing contracts. |
PRINCIPAL RISKS AND UNCERTAINTIES: |
ENVIRONMENTAL AND OTHER RISKS |
The company continues to closely monitor and evaluate environmental and other regulatory matters which could have a major impact on its activities. |
The company is keen to eliminate all injuries, occupational illnesses, unsafe practices and incidents of environmental harm from its activities. The health and safety of its employees, the local community and the environment is the number one priority of the company. |
FINANCIAL RISK MANAGEMENT |
The company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate cash flow risk through fluctuations in interest rates. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. |
The state of the economy and the construction sector specifically, is a risk which is outside the immediate control of the company; however, the directors carefully track future work opportunities in a bid to ensure continued profitability. |
Trade Debtors: |
Trade debtors are a significant financial asset of the company; these customers are large companies with strong credit ratings and formal procedures are in place to ensure that the collection of outstanding amounts is prioritised. |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Strategic Report |
for the Year Ended 29th February 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES - CONT... |
Working capital requirement: |
The company's trading arrangements with customers and suppliers is supported by continuous negotiations throughout the supply chain and robust credit control procedures ensure that adequate working capital is available to meet its day to day requirements and allow the ongoing development of trading activities. |
Credit risk: |
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. |
Liquidity risk: |
The company actively maintains short term debt finance that is designed to ensure the company has sufficient funds for operations. |
Health and Safety: |
The company seeks to comply with all relevant health and safety legislation to ensure, as far as reasonably practicable, that safe working rules are established, maintained and adhered to in order to secure the safety of employees, contractors and visitors within all aspects of its operations. |
All employees are educated in aspects of health and safety within their environment, with suitable procedures in place to cover incidents should they arise. |
ON BEHALF OF THE BOARD: |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Report of the Directors |
for the Year Ended 29th February 2024 |
The directors present their report with the financial statements of the company for the year ended 29th February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of building maintenance and roofing contractors. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
10.00 | - 1st April 2023 |
10.00 | - 1st July 2023 |
15.00 | - 1st October 2023 |
13.50 | - 1st January 2024 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 29th February 2024 will be £ |
DIRECTORS |
Other changes in directors holding office are as follows: |
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. |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Report of the Directors |
for the Year Ended 29th February 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the 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. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
DLP Services (Northern) Limited |
Opinion |
We have audited the financial statements of DLP Services (Northern) Limited (the 'company') for the year ended 29th February 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29th February 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
DLP Services (Northern) 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. |
Report of the Independent Auditors to the Members of |
DLP Services (Northern) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the housing sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental regulations and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, the Regulator of Social Housing, and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 |
DLP Services (Northern) Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Income Statement |
for the Year Ended 29th February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Other Comprehensive Income |
for the Year Ended 29th February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Balance Sheet |
29th February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Statement of Changes in Equity |
for the Year Ended 29th February 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28th February 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 29th February 2024 |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Cash Flow Statement |
for the Year Ended 29th February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | - | 149,000 |
Amounts withdrawn by directors | (61,867 | ) | (62,279 | ) |
Amount from/(to) parent to company | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(238,283 |
) |
136,801 |
Cash and cash equivalents at end of year | 2 | 315,787 | ( |
) |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Cash Flow Statement |
for the Year Ended 29th February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
29.2.24 | 28.2.23 |
£ | £ |
Profit before taxation |
Finance costs | 39,531 | 29,776 |
571,556 | 976,483 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 29th February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 315,787 | 394 |
Bank overdrafts | ( |
) |
315,787 | (238,283 | ) |
Year ended 28th February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 394 | 136,801 |
Bank overdrafts | ( |
) |
(238,283 | ) | 136,801 |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Cash Flow Statement |
for the Year Ended 29th February 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 394 | 315,393 | 315,787 |
Bank overdrafts | (238,677 | ) | 238,677 | - |
(238,283 | ) | 315,787 |
Debt |
Debts falling due within 1 year | (200,000 | ) | - | (200,000 | ) |
Debts falling due after 1 year | (450,000 | ) | 200,000 | (250,000 | ) |
(650,000 | ) | 200,000 | (450,000 | ) |
Total | (888,283 | ) | 754,070 | (134,213 | ) |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Financial Statements |
for the Year Ended 29th February 2024 |
1. | STATUTORY INFORMATION |
DLP Services (Northern) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Revenue recognition |
Revenue is the value of services, net of value added tax, provided to customers during the year. |
Revenue is recognised when the following conditions are satisfied: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods |
- the amount of revenue and related costs can be measured reliably |
- for long term contracts the stage of completion is based upon review of the contract progress and the proportion of costs incurred for work performed compared to the estimated total cost of the contract after making allowance for uncertainties |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Office equipment | - |
Computer equipment | - |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Stocks |
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete items. |
Costs include a relevant proportion of overheads according to the stage of completion. |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet 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, loans to common controlled companies and cash and bank balances, are initially measured at transaction price including transaction costs. They 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. |
Other financial assets |
All the company's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and the company therefore holds no other financial assets. |
Basic financial liabilities |
Basic financial liabilities, including creditors, 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 receipts 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. |
Other financial liabilities |
All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs |
The company makes payments to the directors and employees pension plans. Contributions are charged to the profit and loss account in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
3. | EMPLOYEES AND DIRECTORS |
29.2.24 | 28.2.23 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
29.2.24 | 28.2.23 |
Productive staff | 44 | 45 |
Administrative | 45 | 46 |
29.2.24 | 28.2.23 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
29.2.24 | 28.2.23 |
£ | £ |
Plant hire |
Auditors' remuneration |
Operating lease |
Other operating lease |
Auditors fees for non audit services |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.2.24 | 28.2.23 |
£ | £ |
Bank loan interest |
CT interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
6. | 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: |
29.2.24 | 28.2.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
and change in tax rates |
Group loss relief | (107,320 | ) | (94,067 | ) |
Total tax charge | 31,637 | 95,634 |
7. | DIVIDENDS |
29.2.24 | 28.2.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Office | Computer |
property | machinery | equipment | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st March 2023 |
and 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
and 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
9. | STOCKS |
29.2.24 | 28.2.23 |
£ | £ |
Stocks |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Amount due from parent company | 342,379 | 249,328 |
Amounts recoverable on contract |
Other debtors |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | 27,467 | 89,334 |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans (see note 13) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
29.2.24 | 28.2.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The bank loan has been taken out through the CBILS scheme introduced by the government in response to the Covid-19 pandemic. |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Within one year |
15. | SECURED DEBTS |
The company has entered into a cross company guarantee relating to its bank overdraft facility which is secured on the assets of its parent company. |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1st March 2023 |
Profit for the year |
Dividends | ( |
) |
At 29th February 2024 |
18. | ULTIMATE PARENT COMPANY |
Pendleton Property Services Limited is regarded by the directors as being the company's ultimate parent company. |
The registered office of the ultimate parent company is situated at 54 Cobden Street, Brindle Heath Industrial Estate, Salford, Manchester, M6 6WF. |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29th February 2024 and 28th February 2023: |
29.2.24 | 28.2.23 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
DLP SERVICES (NORTHERN) LIMITED (REGISTERED NUMBER: 02650749) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
20. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party is Mr L Morris via his controlling interest in the parent company - Pendleton Property Services Limited. |