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Registration number: 00593659

Dennis Watkins Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Dennis Watkins Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Dennis Watkins Group Limited

Company Information

Directors

Mr K R G Watkins

Mrs S R K Watkins

Mr R J Watkins

Company secretary

Mr K R G Watkins

Registered office

Watkins House
Brunswick Road
Shoreham-by-Sea
West Sussex
BN43 5ZH

Accountants

Carter Nicholls Ltd Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

 

Dennis Watkins Group Limited

(Registration number: 00593659)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

5

21,052

21,052

Current assets

 

Cash at bank and in hand

 

623,877

576,830

Creditors: Amounts falling due within one year

6

(557,026)

(534,420)

Net current assets

 

66,851

42,410

Net assets

 

87,903

63,462

Capital and reserves

 

Called up share capital

7

1,003

1,003

Retained earnings

86,900

62,459

Shareholders' funds

 

87,903

63,462

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr R J Watkins
Director

 

Dennis Watkins Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Watkins House
Brunswick Road
Shoreham-by-Sea
West Sussex
BN43 5ZH

These financial statements were authorised for issue by the Board on 18 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Dennis Watkins Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Dennis Watkins Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Dennis Watkins Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

399,990

399,990

At 30 November 2024

399,990

399,990

Amortisation

At 1 December 2023

399,990

399,990

At 30 November 2024

399,990

399,990

Carrying amount

At 30 November 2024

-

-

5

Investments

2024
£

2023
£

Investments in subsidiaries

21,052

21,052

Subsidiaries

£

Cost or valuation

At 1 December 2023

21,052

Provision

Carrying amount

At 30 November 2024

21,052

At 30 November 2023

21,052

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Dennis Watkins Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Dennis Watkins and Company Limited

Watkins House, Brunswick Road,
Shoreham-by-Sea, West Sussex
BN43 5ZH

England

Ordinary

100%

100%

Subsidiary undertakings

Dennis Watkins and Company Limited

The principal activity of Dennis Watkins and Company Limited is insurance broking..

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

493,680

474,654

Taxation and social security

 

6,231

3,143

Accruals and deferred income

 

2,850

2,940

Other creditors

 

54,265

53,683

 

557,026

534,420

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £0.25 each

3,998

1,000

3,998

1,000

Ordinary B of £0.25 each

2

1

2

1

Ordinary C of £0.75 each

4

3

4

3

4,004

1,003

4,004

1,003

 

Dennis Watkins Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £12.86 (2023 - £10.26) per each Ordinary A

51,430

41,000

Interim dividend of £Nil per each Ordinary B

-

-

Interim dividend of £23,545.75 (2023 - £25,217.50) per each Ordinary C

94,183

100,870

145,613

141,870

9

Related party transactions

 

Dennis Watkins Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

-

10,000

Summary of transactions with subsidiaries

Dennis Watkins and Company Limited

Loans from related parties

2024

Subsidiary
£

Total
£

At start of period

474,654

474,654

Advanced

49,223

49,223

At end of period

523,877

523,877

2023

Subsidiary
£

Total
£

At start of period

416,980

416,980

Advanced

57,674

57,674

At end of period

474,654

474,654