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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: R Patrick





REGISTERED OFFICE: 85 Great Portland Street
First Floor
London
W1W 7LT





REGISTERED NUMBER: 14641380 (England and Wales)





AUDITORS: Baker Knoyle Audit Limited
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:



R Patrick - Director


9 January 2025

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:

A R Howitt - appointed 2 June 2023
R Patrick - appointed 6 February 2023

A R Howitt ceased to be a director after 30 April 2024 but prior to the date of this report.

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:





R Patrick - Director


9 January 2025

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.




Richard Phillips FCCA (Senior Statutory Auditor)
for and on behalf of Baker Knoyle Audit Limited
Chartered Certified Accountants
Orbit Business Centre
Rhydycar Business Park
Merthyr Tydfil
CF48 1DL

9 January 2025

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 185,167
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 10,838,000
10,838,000

CURRENT ASSETS
Debtors 13 100

CREDITORS
Amounts falling due within one year 14 8,048,350
NET CURRENT LIABILITIES (8,048,250 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,789,750

CREDITORS
Amounts falling due after more than one
year

15

2,066,666
NET ASSETS 723,084

CAPITAL AND RESERVES
Called up share capital 18 100
Retained earnings 19 722,984
SHAREHOLDERS' FUNDS 723,084

Company's profit for the financial year 722,984

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)

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 100 - 100
Total comprehensive income - 722,984 722,984
Balance at 30 April 2024 100 722,984 723,084

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

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

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost, 20% on cost and 10% on cost
Fixtures and fittings - 33% on cost, 20% on cost and 10% on cost
Computer equipment - 33% on cost and 20% on cost

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
226

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 10,838,000
At 30 April 2024 10,838,000
NET BOOK VALUE
At 30 April 2024 10,838,000

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

Hulst Limited
Registered office: Robertstown House, Aberdare Business Park, Robertstown, Aberdare, CF44 8ER
Nature of business: Holding company
%
Class of shares: holding
A Ordinary 100.00
B Ordinary 100.00
2024
£   
Aggregate capital and reserves 247,595
Profit for the period 1,213,190

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 150,461 100
Tax 305,479 -
Prepayments 114,968 -
4,974,239 100

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 - 6,211,766
Social security and other taxes 119,235 -
VAT 436,026 -
Other creditors 3,036,548 1,836,584
10,407,273 8,048,350

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR


Group Company
£    £   
Bank loans (see note 16) 102,465 -
Other creditors 2,066,666 2,066,666
2,169,131 2,066,666

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: £   
100 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 722,984
At 30 April 2024 722,984


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.