IRIS Accounts Production v24.3.2.46 01655808 Board of Directors 1.9.23 31.8.24 31.8.24 Medium entities Fruit and vegetable wholesaling. 76 72 true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh016558082023-08-31016558082024-08-31016558082023-09-012024-08-31016558082022-08-31016558082022-09-012023-08-31016558082023-08-3101655808ns15:EnglandWales2023-09-012024-08-3101655808ns14:PoundSterling2023-09-012024-08-3101655808ns10:Director12023-09-012024-08-3101655808ns10:CompanySecretary12023-09-012024-08-3101655808ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3101655808ns10:MediumEntities2023-09-012024-08-3101655808ns10:Audited2023-09-012024-08-3101655808ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3101655808ns10:Medium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3101655808ns10:FullAccounts2023-09-012024-08-310165580812023-09-012024-08-3101655808ns10:OrdinaryShareClass12023-09-012024-08-3101655808ns10:Director22023-09-012024-08-3101655808ns10:Director32023-09-012024-08-3101655808ns10:Director42023-09-012024-08-3101655808ns10:Director52023-09-012024-08-3101655808ns10:Director62023-09-012024-08-3101655808ns10:Director72023-09-012024-08-3101655808ns10:Director82023-09-012024-08-3101655808ns10:RegisteredOffice2023-09-012024-08-3101655808ns5:CurrentFinancialInstruments2024-08-3101655808ns5:CurrentFinancialInstruments2023-08-3101655808ns5:Non-currentFinancialInstruments2024-08-3101655808ns5:Non-currentFinancialInstruments2023-08-3101655808ns5:ShareCapital2024-08-3101655808ns5:ShareCapital2023-08-3101655808ns5:RetainedEarningsAccumulatedLosses2024-08-3101655808ns5:RetainedEarningsAccumulatedLosses2023-08-3101655808ns5:ShareCapital2022-08-3101655808ns5:RetainedEarningsAccumulatedLosses2022-08-3101655808ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3101655808ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3101655808ns5:NetGoodwill2023-09-012024-08-3101655808ns5:ReportableOperatingSegment12023-09-012024-08-3101655808ns5:ReportableOperatingSegment12022-09-012023-08-3101655808ns5:ReportableOperatingSegment22023-09-012024-08-3101655808ns5:ReportableOperatingSegment22022-09-012023-08-3101655808ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-09-012024-08-3101655808ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-09-012023-08-3101655808ns5:OwnedAssets2023-09-012024-08-3101655808ns5:OwnedAssets2022-09-012023-08-3101655808ns5:NetGoodwill2022-09-012023-08-3101655808112023-09-012024-08-3101655808112022-09-012023-08-310165580812023-09-012024-08-310165580812022-09-012023-08-3101655808ns5:HirePurchaseContracts2023-09-012024-08-3101655808ns5:HirePurchaseContracts2022-09-012023-08-3101655808ns10:OrdinaryShareClass12022-09-012023-08-3101655808ns5:NetGoodwill2023-08-3101655808ns5:NetGoodwill2024-08-3101655808ns5:NetGoodwill2023-08-3101655808ns5:LongLeaseholdAssetsns5:LandBuildings2023-08-3101655808ns5:PlantMachinery2023-08-3101655808ns5:FurnitureFittings2023-08-3101655808ns5:MotorVehicles2023-08-3101655808ns5:LongLeaseholdAssetsns5:LandBuildings2023-09-012024-08-3101655808ns5:PlantMachinery2023-09-012024-08-3101655808ns5:FurnitureFittings2023-09-012024-08-3101655808ns5:MotorVehicles2023-09-012024-08-3101655808ns5:LongLeaseholdAssetsns5:LandBuildings2024-08-3101655808ns5:PlantMachinery2024-08-3101655808ns5:FurnitureFittings2024-08-3101655808ns5:MotorVehicles2024-08-3101655808ns5:LongLeaseholdAssetsns5:LandBuildings2023-08-3101655808ns5:PlantMachinery2023-08-3101655808ns5:FurnitureFittings2023-08-3101655808ns5:MotorVehicles2023-08-3101655808ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3101655808ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3101655808ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-08-3101655808ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-08-3101655808ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-08-3101655808ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-08-3101655808ns5:HirePurchaseContracts2024-08-3101655808ns5:HirePurchaseContracts2023-08-3101655808ns5:WithinOneYear2024-08-3101655808ns5:WithinOneYear2023-08-3101655808ns5:BetweenOneFiveYears2024-08-3101655808ns5:BetweenOneFiveYears2023-08-3101655808ns5:AllPeriods2024-08-3101655808ns5:AllPeriods2023-08-3101655808ns5:AcceleratedTaxDepreciationDeferredTax2024-08-3101655808ns5:AcceleratedTaxDepreciationDeferredTax2023-08-3101655808ns5:DeferredTaxation2023-08-3101655808ns5:DeferredTaxation2023-09-012024-08-3101655808ns5:DeferredTaxation2024-08-3101655808ns10:OrdinaryShareClass12024-08-3101655808ns5:RetainedEarningsAccumulatedLosses2023-08-3101655808ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-09-012024-08-3101655808ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2022-09-012023-08-3101655808ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2024-08-3101655808ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-08-3101655808ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2023-09-012024-08-3101655808ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2024-08-3101655808ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2023-08-31
REGISTERED NUMBER: 01655808 (England and Wales)






















Dennis Butler Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st August 2024






Dennis Butler Limited (Registered number: 01655808)






Contents of the Financial Statements
for the year ended 31st August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Financial Statements 11


Dennis Butler Limited

Company Information
for the year ended 31st August 2024







DIRECTORS: D W Butler
R J D'Arcy
P R Hough
Mrs S P Butler
Mrs M D'Arcy
Mrs K Corlett
J W Corlett
C W D'Arcy



SECRETARY: R J D'Arcy



REGISTERED OFFICE: Unit 9 Priory Market
Henry Boot Way
Priory Park East
Hull
East Yorkshire
HU4 7EA



REGISTERED NUMBER: 01655808 (England and Wales)



AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA



BANKERS: Lloyds Bank Plc
1 George Street
Hull
HU1 3BB

Dennis Butler Limited (Registered number: 01655808)

Strategic Report
for the year ended 31st August 2024

The directors present their strategic report for the year ended 31st August 2024.

REVIEW OF BUSINESS
The key activity of the company is the wholesaling of fruit and vegetables. The company is also engaged in the wholesaling of flowers and food products. The company trades from locations within the Priory Market in Hull. The company has not split the results of the activities between the wholesaling of fruit and vegetables, flowers and food products as it is not practicable to do so and the directors believe that it would not have any value to the members or other users of the financial statements.

The directors consider that the company's key financial performance indicators are those that communicate financial performance and strengths of the company as a whole, these being turnover and profitability.

The company has produced a strong result for the year under review and continues to trade well since the year end.

The company is financed primarily through its substantial shareholders' funds, which puts it in a strong position to take advantage of any opportunities that may arise in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business include the following:

Debtors
The company maintains strong relationships with its key customers through its sales team. In addition, the company operates a defined credit control policy and monitors its debts on a daily basis.

Major disruption
The company has contingency plans for major disruption from disasters arising from the restriction of use of the trading premises or the shortage of supply of produce to supply to its customers. The company reviews the contingency plans on a regular basis.

Legislation
The company monitors current and forthcoming legislation regularly, both directly and through membership of trade associations. The company not only seeks to ensure on-going compliance but strives to ensure that it incorporates best practice.

Competition
The company operates within a highly competitive market. The company has attained ISO (SAI Global) accreditation, which is key to winning new business with customers engaged in food processing.

Sales and marketing
The company relies on the availability of fresh produce for sale. Any shortages in supply will impact on the company's financial performance. Such shortages may arise from poor weather conditions for growing crops or a general decline in the economy.

New and replacement business is being won continually. New and existing markets have been developed in line with the company's strategy. Key customer relationships are monitored on a regular basis.

ON BEHALF OF THE BOARD:





R J D'Arcy - Secretary


16th January 2025

Dennis Butler Limited (Registered number: 01655808)

Report of the Directors
for the year ended 31st August 2024

The directors present their report with the financial statements of the company for the year ended 31st August 2024.

DIVIDENDS
During the year the company paid interim dividends totalling £141,600 (2023: £141,600).

DIRECTORS
The directors shown below have held office during the whole of the period from 1st September 2023 to the date of this report.

D W Butler
R J D'Arcy
P R Hough
Mrs S P Butler
Mrs M D'Arcy
Mrs K Corlett

Other changes in directors holding office are as follows:

J W Corlett and C W D'Arcy were appointed as directors after 31st August 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



R J D'Arcy - Secretary


16th January 2025

Report of the Independent Auditors to the Members of
Dennis Butler Limited

Opinion
We have audited the financial statements of Dennis Butler Limited (the 'company') for the year ended 31st August 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 company's affairs as at 31st August 2024 and of its profit for the year 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 company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Dennis Butler Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Report of the Independent Auditors to the Members of
Dennis Butler Limited


Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

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.




Ian Lamb FCA CF (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

16th January 2025

Dennis Butler Limited (Registered number: 01655808)

Statement of Comprehensive Income
for the year ended 31st August 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 22,251,911 21,928,839

Cost of sales 17,928,324 17,724,104
GROSS PROFIT 4,323,587 4,204,735

Distribution costs 2,807,232 2,630,766
Administrative expenses 1,167,801 1,071,127
3,975,033 3,701,893
OPERATING PROFIT 6 348,554 502,842

Interest receivable and similar income 487 -
349,041 502,842

Interest payable and similar expenses 7 28,480 25,064
PROFIT BEFORE TAXATION 320,561 477,778

Tax on profit 8 92,026 108,776
PROFIT FOR THE FINANCIAL YEAR 228,535 369,002

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

228,535

369,002

Dennis Butler Limited (Registered number: 01655808)

Balance Sheet
31st August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 207,497 240,684
Tangible assets 11 1,111,275 1,188,349
1,318,772 1,429,033

CURRENT ASSETS
Stocks 12 267,589 230,021
Debtors 13 1,777,650 1,710,900
Cash at bank and in hand 1,418,294 1,162,703
3,463,533 3,103,624
CREDITORS
Amounts falling due within one year 14 2,204,564 1,999,541
NET CURRENT ASSETS 1,258,969 1,104,083
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,577,741

2,533,116

CREDITORS
Amounts falling due after more than one
year

15

(211,595

)

(243,336

)

PROVISIONS FOR LIABILITIES 18 (142,051 ) (152,620 )
NET ASSETS 2,224,095 2,137,160

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 20 2,223,095 2,136,160
SHAREHOLDERS' FUNDS 2,224,095 2,137,160

The financial statements were approved by the Board of Directors and authorised for issue on 16th January 2025 and were signed on its behalf by:





R J D'Arcy - Director


Dennis Butler Limited (Registered number: 01655808)

Statement of Changes in Equity
for the year ended 31st August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st September 2022 1,000 1,908,758 1,909,758

Changes in equity
Profit for the year - 369,002 369,002
Total comprehensive income - 369,002 369,002
Dividends - (141,600 ) (141,600 )
Balance at 31st August 2023 1,000 2,136,160 2,137,160

Changes in equity
Profit for the year - 228,535 228,535
Total comprehensive income - 228,535 228,535
Dividends - (141,600 ) (141,600 )
Balance at 31st August 2024 1,000 2,223,095 2,224,095

Dennis Butler Limited (Registered number: 01655808)

Cash Flow Statement
for the year ended 31st August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 22 550,153 707,497
Interest paid (8,869 ) (6,379 )
Interest element of hire purchase
payments paid

(19,611

)

(18,685

)
Tax paid - (110,518 )
Net cash from operating activities 521,673 571,915

Cash flows from investing activities
Purchase of tangible fixed assets (152,988 ) (641,436 )
Sale of tangible fixed assets 8,999 10,000
Interest received 487 -
Net cash from investing activities (143,502 ) (631,436 )

Cash flows from financing activities
Capital repayments in year 19,020 345,849
Equity dividends paid (141,600 ) (141,600 )
Net cash from financing activities (122,580 ) 204,249

Increase in cash and cash equivalents 255,591 144,728
Cash and cash equivalents at
beginning of year

23

1,162,703

1,017,975

Cash and cash equivalents at end of
year

23

1,418,294

1,162,703

Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements
for the year ended 31st August 2024

1. STATUTORY INFORMATION

Dennis Butler Limited 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of produce is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Purchased goodwill is recognised at cost and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years and provisions are made for any impairment following annual reviews.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Long leasehold property 2% on cost
Warehouse equipment10% on cost
Office equipment10%-20% on cost
Motor vehicles25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Leasing commitments
Rentals payable under operating leases are charged to the profit and loss account over the period of the lease on a straight line basis.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 22,233,705 21,915,205
Commissions 18,206 13,634
22,251,911 21,928,839

Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

4. EMPLOYEES AND DIRECTORS

20242023
£   £   

Wages and salaries2,115,9672,115,018
Social security220,865210,523
Other pension costs277,628326,436
2,651,9772,651,977


The average monthly number of employees during the year was as
follows:

2024

2022

Management43
Administration77
Operational and sales6562
7672

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 104,877 103,307
Directors' pension contributions to money purchase schemes 240,000 271,650

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 94,200 94,200
Depreciation - owned assets 221,622 172,825
(Profit)/loss on disposal of fixed assets (559 ) 9,280
Goodwill amortisation 33,187 33,184
Auditors' remuneration 9,850 9,500
Operating leases - plant and machinery 137,309 118,876

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable on loans 8,869 6,379
Hire purchase 19,611 18,685
28,480 25,064

Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 102,595 -

Deferred tax (10,569 ) 108,776
Tax on profit 92,026 108,776

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 320,561 477,778
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

80,140

119,445

Effects of:
Expenses not deductible for tax purposes 11,886 11,886

Superdeduction - (22,555 )
Total tax charge 92,026 108,776

The expected net reversal of deferred tax assets and liabilities in 2025 is £100,097. This is due to the reversal of accelerated capital allowances.

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 141,600 141,600

Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st September 2023
and 31st August 2024 351,866
AMORTISATION
At 1st September 2023 111,182
Amortisation for year 33,187
At 31st August 2024 144,369
NET BOOK VALUE
At 31st August 2024 207,497
At 31st August 2023 240,684

11. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st September 2023 723,839 270,343 222,909 766,859 1,983,950
Additions - 858 2,119 150,011 152,988
Disposals - - - (58,500 ) (58,500 )
At 31st August 2024 723,839 271,201 225,028 858,370 2,078,438
DEPRECIATION
At 1st September 2023 179,572 187,769 210,775 217,485 795,601
Charge for year 14,487 10,153 5,052 191,930 221,622
Eliminated on disposal - - - (50,060 ) (50,060 )
At 31st August 2024 194,059 197,922 215,827 359,355 967,163
NET BOOK VALUE
At 31st August 2024 529,780 73,279 9,201 499,015 1,111,275
At 31st August 2023 544,267 82,574 12,134 549,374 1,188,349

12. STOCKS
2024 2023
£    £   
Stocks 267,589 230,021

The amount of stock recognised as an expense during the period amounted to £17,928,324 (2023: £17,724,104).

Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,736,262 1,661,679
VAT 9,673 19,091
Prepayments and accrued income 31,715 30,130
1,777,650 1,710,900

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 153,274 102,513
Trade creditors 1,518,122 1,444,872
Corporation tax 102,595 -
Social security and other taxes 44,304 44,597
Other creditors 180,816 186,816
Accrued expenses 205,453 220,743
2,204,564 1,999,541

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 211,595 243,336

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 153,274 102,513
Between one and five years 211,595 243,336
364,869 345,849

Non-cancellable operating leases
2024 2023
£    £   
Within one year 44,126 76,767
Between one and five years 468 16,019
44,594 92,786

Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 364,869 345,849

The hire purchase creditor is secured on certain assets of the company.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 136,046 163,581
Other timing differences 6,005 (10,961 )
142,051 152,620

Deferred
tax
£   
Balance at 1st September 2023 152,620
Utilised during year (10,569 )
Balance at 31st August 2024 142,051

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

20. RESERVES
Retained
earnings
£   

At 1st September 2023 2,136,160
Profit for the year 228,535
Dividends (141,600 )
At 31st August 2024 2,223,095

Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

21. RELATED PARTY DISCLOSURES

Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

21. RELATED PARTY DISCLOSURES - continued

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 336,637 292,407
Purchases 24,512 23,322
Rent paid 34,200 34,200
Amount due from related party 9,220 2,232
Amount due to related party 6,894 349

Key management personnel of the entity
2024 2023
£    £   
Interest paid on loan accounts 8,892 6,379
Amount due to related party 174,700 180,700

During the year, a total of key management personnel compensation of £ 368,891 (2023 - £ 396,221 ) was paid.

22. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 320,561 477,778
Depreciation charges 254,809 206,009
(Profit)/loss on disposal of fixed assets (559 ) 9,280
Finance costs 28,480 25,064
Finance income (487 ) -
602,804 718,131
(Increase)/decrease in stocks (37,568 ) 29,997
Increase in trade and other debtors (66,750 ) (157,000 )
Increase in trade and other creditors 51,667 116,369
Cash generated from operations 550,153 707,497

23. 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:

Year ended 31st August 2024
31/8/24 1/9/23
£    £   
Cash and cash equivalents 1,418,294 1,162,703
Year ended 31st August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 1,162,703 1,017,975


Dennis Butler Limited (Registered number: 01655808)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

24. ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/23 Cash flow At 31/8/24
£    £    £   
Net cash
Cash at bank and in hand 1,162,703 255,591 1,418,294
1,162,703 255,591 1,418,294
Debt
Finance leases (345,849 ) (19,020 ) (364,869 )
(345,849 ) (19,020 ) (364,869 )
Total 816,854 236,571 1,053,425