REGISTERED NUMBER: 14641380 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
FOR |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD |
REGISTERED NUMBER: 14641380 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
FOR |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD |
COMPANY INFORMATION |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Orbit Business Centre |
Rhydycar Business Park |
Merthyr Tydfil |
CF48 1DL |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
The director presents his strategic report of the company and the group for the period 6 February 2023 to 30 April 2024. |
REVIEW OF BUSINESS |
The results for the financial year are set out in the profit and loss account on page 9 and the financial position of the company at 30th April 2024 is shown on page 11. |
The principal activity of the group is the design and manufacture of upholstered furniture following the acquisition in June 2023 of the share capital of Hulst Limited, and by extension its subsidiary company Ashwood Designs Limited. |
Ashwood Designs Limited has enjoyed a successful first year under new ownership. |
After significant growth since 2021 Ashwood Designs stabilised in FY24 with turnover of £28.0m, compared to £30.4m in FY23, reflecting market conditions and demand. Gross margin improved by ~ 1.5ppts to 29.1% in FY24 thanks to efficiencies in operations and cost control. |
Linked to the acquisition were exceptional costs of £896,266 incurred in FY24 on professional and finance facility charges which are non-recurring and a debt from Dunham Massey Investment Group Limited, a company under common ownership as Dunham Massey Investment Group No3 Ltd, which the shareholders decided to write off in both companies under their common control. After adjusting for these exceptional costs, pre-tax profits remained strong in FY24. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Raw material costs and supply chain volatility remain key risks facing the business. Volatility in shipping leads times and costs from the Far East have been a concern during the year impacting margins and delivery performance. |
The availability of skilled staff has is a key risk for the business. During the year Ashwood recruited trainees into dedicated training areas in our upholstery and sewing departments. |
In FY24 with the sale of the business the importance of a successful succession from the former owner directors have been recognised and addressed, with the strengthening of the management team and board. |
The directors will continually monitor the principal and other risks and uncertainties for the business. |
FINANCIAL KEY PERFORMANCE INDICATORS |
2024 |
Turnover | £24,753,105 |
Gross Profit/Turnover | 28.9% |
Pre-Tax Profit/Turnover* | 4.4% |
* FY24 excludes exceptional non-recurring costs of £896,266 |
Given the known impacts upon margin during the year the directors are pleased with the results at the year-end as all key performance indicators are in line with their expectations. |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
DEVELOPMENTS AND PERFORMANCE |
The business continues to invest heavily in design new model development to provide industry leading products incorporating function and motion. |
The directors are proud that 2025 will mark the 20th anniversary of the Ashwood business. The company's order book continues to be strong and the directors are optimistic that the business will continue to trade profitably for the foreseeable future. |
ON BEHALF OF THE BOARD: |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
The director presents his report with the financial statements of the company and the group for the period 6 February 2023 to 30 April 2024. |
INCORPORATION |
The company was incorporated on 6 February 2023 and the group was formed on the 14 June 2023 following the acquisition of Hulst Ltd. |
PRINCIPAL ACTIVITY |
The principal activity of the group is in the period under review was that of the design and manufacture of upholstered furniture. |
DIVIDENDS |
No dividends will be distributed for the period ended 30 April 2024. |
DIRECTORS |
The directors who have held office during the period from 6 February 2023 to the date of this report are as follows: |
The director who is eligible offers himself for election at the forthcoming first Annual General Meeting. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
AUDITORS |
The auditors, Baker Knoyle Audit Limited, have expressed their willingness to be re-appointed at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD |
Opinion |
We have audited the financial statements of Dunham Massey Investment Group No3 Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the period 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade union legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD |
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 |
Chartered Certified Accountants |
Orbit Business Centre |
Rhydycar Business Park |
Merthyr Tydfil |
CF48 1DL |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
Notes | £ | £ |
TURNOVER | 24,753,105 |
Cost of sales | 17,603,735 |
GROSS PROFIT | 7,149,370 |
Distribution costs | 1,415,098 |
Administrative expenses | 5,627,688 |
7,042,786 |
OPERATING PROFIT | 4 | 106,584 |
Interest receivable and similar income | 62 |
106,646 |
Interest payable and similar expenses | 6 | 238,579 |
LOSS BEFORE TAXATION | (131,933 | ) |
Tax on loss | 7 | (317,100 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 185,167 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
Notes | £ |
PROFIT FOR THE PERIOD | 185,167 |
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
185,167 |
Total comprehensive income attributable to: |
Owners of the parent | 185,167 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 5,091,681 |
Tangible assets | 10 | 389,177 |
Investments | 11 | - |
5,480,858 |
CURRENT ASSETS |
Stocks | 12 | 2,343,654 |
Debtors | 13 | 4,974,239 |
Cash at bank and in hand | 59,668 |
7,377,561 |
CREDITORS |
Amounts falling due within one year | 14 | 10,407,273 |
NET CURRENT LIABILITIES | (3,029,712 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,451,146 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(2,169,131 |
) |
PROVISIONS FOR LIABILITIES | 17 | (96,748 | ) |
NET ASSETS | 185,267 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 100 |
Retained earnings | 19 | 185,167 |
SHAREHOLDERS' FUNDS | 185,267 |
The financial statements were approved by the director and authorised for issue on 9 January 2025 and were signed by: |
R Patrick - Director |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 722,984 |
The financial statements were approved by the director and authorised for issue on |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 100 | - | 100 |
Total comprehensive income | - | 185,167 | 185,167 |
Balance at 30 April 2024 | 100 | 185,167 | 185,267 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 30 April 2024 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,668,605 |
Interest paid | (238,579 | ) |
Tax paid | (578,761 | ) |
Net cash from operating activities | 1,851,265 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (5,584,326 | ) |
Purchase of tangible fixed assets | (113,357 | ) |
Sale of tangible fixed assets | 2,428 |
Interest received | 62 |
Profit & Loss pre acquisition adjustment | 334,803 |
Net cash from investing activities | (5,360,390 | ) |
Cash flows from financing activities |
New loans in year | 150,000 |
Loan repayments in year | (50,086 | ) |
Share issue | 100 |
Equity dividends paid | (20,000 | ) |
Net cash from financing activities | 80,014 |
Decrease in cash and cash equivalents | (3,429,111 | ) |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period |
2 |
(3,429,111 |
) |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Loss before taxation | (131,933 | ) |
Depreciation charges | 614,696 |
Profit on disposal of fixed assets | (620 | ) |
Finance costs | 238,579 |
Finance income | (62 | ) |
720,660 |
Increase in stocks | (2,343,654 | ) |
Increase in trade and other debtors | (4,668,760 | ) |
Increase in trade and other creditors | 8,960,359 |
Cash generated from operations | 2,668,605 |
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: |
Period ended 30 April 2024 |
30.4.24 | 6.2.23 |
£ | £ |
Cash and cash equivalents | 59,668 | - |
Bank overdrafts | (3,488,779 | ) | - |
(3,429,111 | ) | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 6.2.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | - | 59,668 | 59,668 |
Bank overdrafts | - | (3,488,779 | ) | (3,488,779 | ) |
- | (3,429,111 | ) | (3,429,111 | ) |
Debt |
Debts falling due within 1 year | - | (24,801 | ) | (24,801 | ) |
Debts falling due after 1 year | - | (102,465 | ) | (102,465 | ) |
- | (127,266 | ) | (127,266 | ) |
Total | - | (3,556,377 | ) | (3,556,377 | ) |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Dunham Massey Investment Group No3 Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
2. | 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 period 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. |
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 and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries | 6,100,398 |
Social security costs | 488,263 |
Other pension costs | 155,733 |
6,744,394 |
The average number of employees during the period was as follows: |
Operational | 191 |
Management and Administration | 33 |
Directors | 2 |
The average number of employees by undertakings that were proportionately consolidated during the period was 226 . |
£ |
Directors' remuneration | - |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
£ |
Hire of plant and machinery | 76,518 |
Depreciation - owned assets | 138,350 |
Profit on disposal of fixed assets | (620 | ) |
Goodwill amortisation | 492,645 |
Auditors' remuneration | 3,250 |
The auditing of accounts of any associate of the company | 16,265 |
Foreign exchange differences | 19,890 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
5. | EXCEPTIONAL ITEMS |
£ |
Exceptional items | (896,266 | ) |
Of the amounts contained within the exceptional items £422,500 are Professional fees and credit charges relating to the implementation of the new factoring facility, along with the exit fees relating to the old factoring facility, these events were triggered by the sale of Ashwood Designs Limited and Hulst Limited to Dunham Massey Investment Group No.3 Limited and are not expected to reoccur. |
And £473,766 is in relation to a debt from Dunham Massey Investment Group Limited, a company under common ownership as Dunham Massey Investment Group No3 Ltd. The shareholders decided to write this balance off in both of the companies under their common control. This event is not expected to reoccur. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank interest | 200,346 |
Bank loan interest | 38,233 |
238,579 |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the period was as follows: |
£ |
Current tax: |
UK corporation tax | (333,238 | ) |
Deferred tax | 16,138 |
Tax on loss | (317,100 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
Additions | 5,584,326 |
At 30 April 2024 | 5,584,326 |
AMORTISATION |
Amortisation for period | 492,645 |
At 30 April 2024 | 492,645 |
NET BOOK VALUE |
At 30 April 2024 | 5,091,681 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 6 February 2023 | 868,422 | 133,845 | 43,308 | 1,045,575 |
Additions | 58,875 | 32,472 | 22,010 | 113,357 |
Disposals | (3,800 | ) | - | - | (3,800 | ) |
At 30 April 2024 | 923,497 | 166,317 | 65,318 | 1,155,132 |
DEPRECIATION |
At 6 February 2023 | 581,266 | 38,398 | 9,651 | 629,315 |
Charge for period | 90,590 | 31,693 | 16,067 | 138,350 |
Eliminated on disposal | (1,710 | ) | - | - | (1,710 | ) |
At 30 April 2024 | 670,146 | 70,091 | 25,718 | 765,955 |
NET BOOK VALUE |
At 30 April 2024 | 253,351 | 96,226 | 39,600 | 389,177 |
At 5 February 2023 | 287,156 | 95,447 | 33,657 | 416,260 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Robertstown House, Aberdare Business Park, Robertstown, Aberdare, CF44 8ER |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£ |
Aggregate capital and reserves |
Profit for the period |
Ashwood Designs Ltd |
Registered office: |
Nature of business: Furniture manufacturer |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ |
Aggregate capital and reserves | 5,070,907 |
Profit for the period | 1,405,138 |
Registered office: Robertstown House, Aberdare Business park, Robertstown, Aberdare, CF44 8ER |
12. | STOCKS |
Group |
£ |
Raw materials | 1,793,826 |
Work-in-progress | 417,120 |
Finished goods | 132,708 |
2,343,654 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Trade debtors | 4,403,331 |
Other debtors | 150,461 |
Tax | 305,479 |
Prepayments | 114,968 |
4,974,239 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Bank loans and overdrafts (see note 16) | 3,513,580 |
Trade creditors | 3,301,884 |
Amounts owed to group undertakings | - |
Social security and other taxes | 119,235 |
VAT | 436,026 | - |
Other creditors | 3,036,548 |
10,407,273 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
£ | £ |
Bank loans (see note 16) | 102,465 |
Other creditors | 2,066,666 |
2,169,131 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
£ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 3,488,779 |
Bank loans | 24,801 |
3,513,580 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 102,465 |
17. | PROVISIONS FOR LIABILITIES |
Group |
£ |
Deferred tax | 96,748 |
DUNHAM MASSEY INVESTMENT GROUP NO3 LTD (REGISTERED NUMBER: 14641380) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 FEBRUARY 2023 TO 30 APRIL 2024 |
17. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Accelerated capital allowances | 16,138 |
Balance at 30 April 2024 | 16,138 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
Profit for the period | 185,167 |
At 30 April 2024 | 185,167 |
Company |
Retained |
earnings |
£ |
Profit for the period |
At 30 April 2024 |
20. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
£ |
Amount due from related party | 150,000 |
During the year a loan of £100,000 was made to Metaliform Limited and a £50,000 loan was made to Dunham Massey Investment Group Limited, both companies are not members of the same group as Ashwood Designs, but are associated companies with shareholders and directors in common.These loans were made interest-free. |