REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
DENNIS DAY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
DENNIS DAY LIMITED |
DENNIS DAY LIMITED (REGISTERED NUMBER: 03681861) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
DENNIS DAY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants |
Statutory Auditors |
55 Loudoun Road |
London |
NW8 0DL |
DENNIS DAY LIMITED (REGISTERED NUMBER: 03681861) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
DENNIS DAY LIMITED (REGISTERED NUMBER: 03681861) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Dennis Day Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Office equipment | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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 year 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
DENNIS DAY LIMITED (REGISTERED NUMBER: 03681861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and |
equipment | fittings | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Transfer to ownership | (21,445 | ) | - | (21,445 | ) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Transfer to ownership | (21,445 | ) | - | (21,445 | ) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
DENNIS DAY LIMITED (REGISTERED NUMBER: 03681861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Office |
equipment |
£ |
COST |
At 1 June 2023 |
Transfer to ownership | (21,445 | ) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Transfer to ownership | (21,445 | ) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | STOCKS |
31.5.24 | 31.5.23 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Amounts owed by group companies |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Amounts owed to group companies |
Taxation and social security |
Other creditors |
DENNIS DAY LIMITED (REGISTERED NUMBER: 03681861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Included within bank loans and overdrafts is an amount totalling £65,143 (2023: £87,399) due to a debt factoring company. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Finance lease- within 1 year | - | 1,427 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Factoring account | 65,143 | 87,399 |
Bank loan | 25,000 | 35,000 |
The factoring account is secured by a fixed charge over book debts and a floating charge over all other assets of the company. The bank loan is secured under the Bounce Back Loan scheme. |
The landlord holds a rent deposit deed to the value of £30,037 (2023: £30,037). |
11. | DEFERRED TAX |
£ |
Balance at 1 June 2023 | ( |
) |
Provided during year | ( |
) |
Balance at 31 May 2024 | ( |
) |
DENNIS DAY LIMITED (REGISTERED NUMBER: 03681861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | PENSION COMMITMENTS |
The company makes payments to a defined contribution pension scheme on behalf of employees and directors. Amounts charged to the profit and loss account during the year totalled £148,155 (2023: £87,386). At the balance sheet date there were unpaid employer pension contributions of £103,876 (2023: £18,652). |
15. | RELATED PARTY DISCLOSURES |
Garment Services Group Ltd (GSGL) |
The parent company. |
The company charged GSGL interest of £11,277 (2023: £10,812) at a commercial rate of 4% (2023: 4%). |
31.5.24 | 31.5.23 |
£ | £ |
Amount due from related party at the balance sheet date | 293,214 | 281,123 |
Garment Services Meegoda (PVT) Ltd (GSMPL) |
A company in the same group. |
GSMPL charged the company commissions of £17,550 (2023: £33,252) and the company purchased stock from GSMPL totalling £351,000 (2023: £701,796). |
31.5.24 | 31.5.23 |
£ | £ |
Amount due to related party at the balance sheet date | 17,897 | 48,127 |
16. | ULTIMATE CONTROLLING PARTY |
The controlling party is D S Rose due to his shareholding in the parent company. |
DENNIS DAY LIMITED (REGISTERED NUMBER: 03681861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
17. | PARENT COMPANY |
The company is a wholly owned subsidiary of their parent company Garment Services Group Ltd (GSGL) in which D S Rose is a shareholder. The company is included in the consolidated accounts of GSGL. |
Registered office address of GSGL: |
RMS 1120 & 1122 11/F |
Leighton Centre |
77 Leighton Road |
Causeway Bay |
Hong Kong |