Company No:
Contents
The directors present their Strategic Report for the financial year ended 30 June 2024.
OBJECTIVES
Devon Disability Collective (DDC) is a non-profit-distributing Social Enterprise that provides meaningful employment for people with disabilities through its own commercial enterprises. As a Company Limited by Guarantee, DDC has ensured its social purpose is entrenched within the foundations of the business using both an objects clause and an asset lock within its constitution. DDC’s profits are reinvested back into the company to help further deliver its social objectives.
DDC is committed towards enhancing independence for people with disabilities by creating real career opportunities, actively supporting personal & professional development and promoting wider lifestyle choices, all with the aim of reducing the unfair disadvantages that people with disabilities face in the workplace. DDC’s employees also have the opportunity to become members of the business, giving them equal voting rights and a say in the direction the business takes.
ACTIVITIES
DDC is located within a prime location in Exeter, Devon, operating from a multipurpose 22,000sq.ft factory with production, retail, office & training facilities. The space is adaptable as required to meet its business needs along with the needs of its members, in order to provide a range of specialist textile & upholstered products and services for the healthcare, military, aviation, automotive, domestic and commercial sectors. DDC’s highly skilled team members operating from a UK base provides a competitive offering, in a sector that is increasingly recognising the benefits of buying local; short lead times, lower ordering volumes and efficient quality control through locality.
DDC is a social enterprise at its core, its activities enable businesses to both partner and collaborate with DDC to recognise the benefits of disability inclusion within their supply chain and demonstrate genuine commitment to their Corporate Social Responsibility goals.
DDC’s Mobility Showroom provides a wide range of carefully selected products, suiting a wide variety of budgets and tastes. With a focus on quality, ease of use, mobility and comfort, rise recline chairs and mobility scooters are complimented by household gadgets and equipment designed to make life easier for elderly customers and people with disabilities.
The customer services team will provide advice and offer solutions to ensure DDC’s customers get the right product to meet their needs and wants.
Training and employee development remains a focus to ensure that DDC’s skilled workforce can adapt to changing products and services. A programme of statutory and mandatory training is well established for all employees.
PERFORMANCE REVIEW
DDC has ended its 9th year well, beating all previous year’s sales targets by reaching over £1.957M in income, generating a profit before tax of £281.4K.
Strong performances within key business channels ensured success against budget, with a strong order book leading the way into the company’s 10th year:
Business ChannelGrowth on previous year
Aviation 84%
Wheelchair Services 4%
Military 256%
General Sales (Bespoke Covers / Products) 18%
Growth within aviation and military markets led the way to success throughout the year, generated through repeat custom and proactive account management.
BOARD STRUCTURE AND PATRONAGE
DDC’s strong links with Devon County Council, Exeter City Council, and the Community Union helped establish the business in July 2015. The Board of Directors maintains these local government links and support from the Union to this day.
STRATEGIC INTENTIONS 2024/2025
DDC’s customers and employees share centre stage, maintaining the essential commercial focus needed to continue to sustain and grow the business and enable delivery of the company’s social value offering.
DDC’s current activities focus on the expansion of growth achieved to-date. Innovation of products, processes and services throughout the business model continue to successfully develop new markets for DDC within areas requiring performance textiles and contract packing, in particular.
Putting skills and ability first in an environment of support, value & respect, DDC will achieve its mission in delivering a secure and sustainable social enterprise.
RISK MANAGEMENT
Hybrid Working
DDC’s hybrid working model strikes a positive balance between on-site and remote working. The space available on site allows for a re-configurable setup which can change as required, and the team are well spaced in a facility that offers more space than currently needed.
Employee Retention
DDC assesses remuneration annually and as part of any new recruitment activities. Alongside competitive salaries, DDC provides enhanced annual leave packages, 8% company pension contributions, company sick pay scheme, performance bonuses and employee support programmes, alongside private health care insurance with BUPA.
INVESTMENT
Continued investment in machinery & tooling, along with the company’s design capability, is enabling DDC to support its customers how, when & where they need it most, whilst opening new market opportunities for the company.
DDC now has extensive technical design and production experience through providing a range of complex solutions for its customers, from bespoke tactical vehicle covers to large scale industrial equipment covers using the latest high performance and military-spec fabrics and connectors. This level of maturity within DDC is one of the key driving forces behind its appetite for expansion.
Through the support and skills of our workforce, the expanding range of products and services and a strong order book, the business continues to develop & grow. The support of both Exeter City Council and Devon County Council is a tangible benefit; their ongoing interest & contributions to the company are greatly appreciated and welcomed. There is therefore reasonable expectation that DDC has adequate resources to continue in operational existence for the foreseeable future and thereby deliver on its objectives.
Approved by the Board of Directors and signed on its behalf by:
Michael James Crompton-Holgate
Director |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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146,614 | 121,812 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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734,608 | 434,357 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 332,047 | 163,408 | ||
Total assets less current liabilities | 478,661 | 285,220 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net assets |
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Reserves | ||||
Profit and loss account |
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Total reserves |
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Directors' responsibilities:
The financial statements of Devon Disability Collective Limited (registered number:
Andrew Stephen Reynolds
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Devon Disability Collective Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Marsh Green Road, Marsh Barton, Exeter, EX2 8PQ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Other intangible assets |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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Computer equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
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Cost | |||
At 01 July 2023 |
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At 30 June 2024 |
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Charge for the financial year |
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Net book value | |||
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At 30 June 2023 |
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Plant and machinery | Fixtures and fittings | Office equipment | Computer equipment | Total | |||||
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Cost | |||||||||
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Additions |
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Disposals | (
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Net book value | |||||||||
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At 30 June 2023 |
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Trade debtors |
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Prepayments |
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Bank loans |
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Trade creditors |
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Other loans (secured) |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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Bank loans |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
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Unpaid contributions due to the fund (inc. in other creditors) |
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