REGISTERED NUMBER: 04307232 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
Dante FS Group Ltd |
REGISTERED NUMBER: 04307232 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
Dante FS Group Ltd |
Dante FS Group Ltd (Registered number: 04307232) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Dante FS Group Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
Seymour Chambers |
92 London Road |
Liverpool |
Merseyside |
L3 5NW |
Dante FS Group Ltd (Registered number: 04307232) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
Dante FS Group Ltd trades as a commercial buildings maintenance and project delivery business specialising in fire detection and suppression, CCTV, access control, mechanical & electrical, and fabrication. The business is based in the North West, but has been operating successfully nationwide for over 20 years.The business started as a fire and security installation business but over the years has diversified successfully into other markets. |
Dante FS Group Ltd is the parent company of Cathedral Building Services Ltd. Dante FS Group Ltd acquired 100% of the share capital of Cathedral Building Services Ltd in 2021. Cathedral Building Services Ltd operates the southern arm of the Dante FS Group Ltd operations as well as servicing it's various long standing maintenance contracts. |
REVIEW OF BUSINESS |
The year to 31 March 2024 has seen Dante FS Group Ltd maintain it's market position and take advantage of growth in the fire stopping market. We have continued to services our larger contracts whilst still retaining our core customer base and bringing in new contracts during 2024. Group turnover has remained consistent with 2023 results coming in at £13.4 million (2023 - £13.8 million) which is a 3% year on year reduction in revenue. Our subsidiary, Cathedral Building Services Ltd has had a particularly strong year increasing turnover from £1.74 million in 2023 to £2.41 million in 2024. |
Group gross profit margins have increased to 28.05% (2023 - 17.20%), this increase in GPM was expected after the resolution of an issue on one contract which led to the slight down turn in the margin during 2023 and also due being able to utilise our workforce across a greater number of contracts which has reduced the need for the group to source external contractors. Net profit margins prior to depreciation and other accounting adjustments are showing a strong year on year improvement coming in at 7.64% return on turnover, compared to 3.01% in 2023, with our subsidiary Cathedral Building Services Ltd delivering consistent returns of 13% compared with 12% in 2023 . Management have been working hard to reduce overheads to bring the net profit margins back up to a more desirable levels, which is now starting to show in the net profits levels being returned. Management will seek to continue to improve these margins in the coming years. |
The group balance sheet continues to show strong year on year increases, group reserves now stand at £796,424 compared with £386,526 for 2023 (as detailed on pg 9). With our long term debts reducing (see page 24), the cash flow position of the business (as detailed on page 13) is expected to improve significantly through 2024/25 and beyond, which will provide us with opportunities to expand the business further. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principle risks to the business will always remain the cash available in the business to service our debts and allow us the working capital to perform the contracts driving our revenue streams. Bad debts, particularly on our larger contracts pose a risk to the cash flow position of the business. The use of invoice financing companies means we are managing this risk successfully. Whilst the cash flow is working in our favour in 2024 and due to the contracts and customer base that we have in place, there are no current or impending threats to the going concern basis of preparation, management consider the going concern basis of preparation to remain appropriate for the foreseeable future. |
ON BEHALF OF THE BOARD: |
Dante FS Group Ltd (Registered number: 04307232) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
An interim dividend of £2,660 per share was paid on 30 April 2023. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2024 will be £ 255,360 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 each director 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. |
AUDITORS |
The auditors, Douglas Fairless Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dante FS Group Ltd |
Opinion |
We have audited the financial statements of Dante FS Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 31 March 2024 and of the group's 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 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 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 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 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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 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 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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Dante FS Group Ltd |
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 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 directors either intend to liquidate the group or the parent 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. |
Extent to which the audit was capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
In identifying and assessing risks of material misstatement in the financial statements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, the control environment and the impact of business performance on Directors earnings. |
- results of our enquiries of management and key finance persons about their own identification and assessment of the risks and irregularities. |
- any matters we identified after obtaining and reviewing company policies and procedures relating to; identifying, evaluating and complying with laws and regulations. Detecting and responding to risks of fraud. The internal controls in place to mitigate the risks of fraud or non-compliance with laws and regulations. |
From this assessment, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and |
- in addressing the risk of fraud through management override of controls; we have tested the operational effectiveness of internal controls relevant to the financial statements, tested 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. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 |
Dante FS Group Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
and Statutory Auditors |
Seymour Chambers |
92 London Road |
Liverpool |
Merseyside |
L3 5NW |
Dante FS Group Ltd (Registered number: 04307232) |
Consolidated |
Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 13,430,822 | 13,844,758 |
Cost of sales | 9,667,598 | 10,981,899 |
GROSS PROFIT | 3,763,224 | 2,862,859 |
Distribution costs | 8,629 | 2,675 |
Administrative expenses | 2,844,686 | 2,583,947 |
2,853,315 | 2,586,622 |
909,909 | 276,237 |
Other operating income | 2,555 | - |
OPERATING PROFIT | 5 | 912,464 | 276,237 |
Interest receivable and similar income | 1,458 | 335 |
913,922 | 276,572 |
Amounts written off investments | 6 | - | 2,080,786 |
913,922 | (1,804,214 | ) |
Interest payable and similar expenses | 7 | 45,207 | 25,565 |
PROFIT/(LOSS) BEFORE TAXATION | 868,715 | (1,829,779 | ) |
Tax on profit/(loss) | 8 | 211,436 | (58,288 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 665,258 | (1,765,383 | ) |
Non-controlling interests | (7,979 | ) | (6,108 | ) |
657,279 | (1,771,491 | ) |
Dante FS Group Ltd (Registered number: 04307232) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
as restated |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 657,279 | (1,771,491 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
657,279 |
(1,771,491 |
) |
Note |
Prior year adjustment | 11 | (2,152,869 | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(1,495,590 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (1,495,590 | ) | (1,771,491 | ) |
Dante FS Group Ltd (Registered number: 04307232) |
Consolidated Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 646,305 | 737,305 |
Tangible assets | 13 | 291,388 | 264,952 |
Investments | 14 |
Interest in associate | 17,706 | 9,727 |
955,399 | 1,011,984 |
CURRENT ASSETS |
Stocks | 15 | 327,426 | 405,745 |
Debtors | 16 | 3,327,831 | 3,376,327 |
Cash at bank and in hand | 132,723 | 245,514 |
3,787,980 | 4,027,586 |
CREDITORS |
Amounts falling due within one year | 17 | 3,655,240 | 4,356,615 |
NET CURRENT ASSETS/(LIABILITIES) | 132,740 | (329,029 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,088,139 |
682,955 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(242,072 |
) |
(267,319 |
) |
PROVISIONS FOR LIABILITIES | 22 | (49,643 | ) | (29,110 | ) |
NET ASSETS | 796,424 | 386,526 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 98 | 98 |
Capital redemption reserve | 24 | 2 | 2 |
Retained earnings | 24 | 796,324 | 386,426 |
SHAREHOLDERS' FUNDS | 796,424 | 386,526 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by: |
D G Roberts - Director |
Dante FS Group Ltd (Registered number: 04307232) |
Company Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Capital redemption reserve | 24 |
Retained earnings | 24 | 1,044,760 | 476,730 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 823,390 | (1,388,809 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Dante FS Group Ltd (Registered number: 04307232) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | 100 | 2,510,754 | - | 2,510,854 |
Changes in equity |
Issue of share capital | (2 | ) | - | - | (2 | ) |
Dividends | - | (320,001 | ) | - | (320,001 | ) |
Total comprehensive income | - | 348,542 | 2 | 348,544 |
Balance at 31 March 2023 | 98 | 2,539,295 | 2 | 2,539,395 |
Prior year adjustment | - | (2,152,869 | ) | - | (2,152,869 | ) |
As restated | 98 | 386,426 | 2 | 386,526 |
Changes in equity |
Dividends | - | (255,360 | ) | - | (255,360 | ) |
Total comprehensive income | - | 665,258 | - | 665,258 |
Balance at 31 March 2024 | 98 | 796,324 | 2 | 796,424 |
Dante FS Group Ltd (Registered number: 04307232) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Issue of share capital | ( |
) | - | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 | 2,629,699 |
Prior year adjustment | - | ( |
) | - | ( |
) |
As restated |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | 823,390 | 823,390 |
Balance at 31 March 2024 |
Dante FS Group Ltd (Registered number: 04307232) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 651,153 | (785,613 | ) |
Interest paid | (43,382 | ) | (23,944 | ) |
Interest element of hire purchase payments paid |
(1,825 |
) |
(1,621 |
) |
Tax paid | (41,222 | ) | (70,002 | ) |
Net cash from operating activities | 564,724 | (881,180 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (93,042 | ) |
Purchase of tangible fixed assets | (103,072 | ) | (18,984 | ) |
Purchase of fixed asset investments | - | (3,619 | ) |
Sale of tangible fixed assets | 11,331 | - |
- | 2,080,784 |
Interest received | 1,458 | 335 |
Net cash from investing activities | (90,283 | ) | 1,965,474 |
Cash flows from financing activities |
Loan repayments in year | (61,169 | ) | (979,739 | ) |
Adjustment to loan interest | 23,181 | - |
Capital repayments in year | 41,216 | (11,790 | ) |
Amount withdrawn by directors | (335,100 | ) | 39,504 |
Share issue | - | (2 | ) |
Equity dividends paid | (255,360 | ) | (320,001 | ) |
Net cash from financing activities | (587,232 | ) | (1,272,028 | ) |
Decrease in cash and cash equivalents | (112,791 | ) | (187,734 | ) |
Cash and cash equivalents at beginning of year |
2 |
245,514 |
433,248 |
Cash and cash equivalents at end of year | 2 | 132,723 | 245,514 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Profit/(loss) before taxation | 868,715 | (1,829,779 | ) |
Depreciation charges | 159,974 | 166,529 |
Profit on disposal of fixed assets | (3,667 | ) | - |
Finance costs | 45,207 | 25,565 |
Finance income | (1,458 | ) | (335 | ) |
1,068,771 | (1,638,020 | ) |
Decrease/(increase) in stocks | 78,319 | (262,859 | ) |
Decrease in trade and other debtors | 343,159 | 1,570,629 |
Decrease in trade and other creditors | (839,096 | ) | (455,363 | ) |
Cash generated from operations | 651,153 | (785,613 | ) |
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: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 132,723 | 245,514 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
as restated |
£ | £ |
Cash and cash equivalents | 245,514 | 433,248 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 245,514 | (112,791 | ) | 132,723 |
245,514 | (112,791 | ) | 132,723 |
Debt |
Finance leases | (34,440 | ) | (41,216 | ) | (75,656 | ) |
Debts falling due within 1 year | (61,167 | ) | (20,199 | ) | (81,366 | ) |
Debts falling due after 1 year | (244,668 | ) | 58,185 | (186,483 | ) |
(340,275 | ) | (3,230 | ) | (343,505 | ) |
Total | (94,761 | ) | (116,021 | ) | (210,782 | ) |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Dante FS Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate those of Dante FS Group Ltd and all of its subsidiaries. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
All financial statements are made up to 31st March each year. Where necessary, adjustments are made to the financial statements of the subsidiary to bring accounting policies in line with those used by the group. |
All intra-group transactions and balances between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. |
Associates |
Investments in associates are carried on the group balance sheet using the equity method. |
Turnover |
The turnover in the profit and loss account represents revenue recognised on installation and maintenance works fully delivered during the period exclusive of value added tax. Revenue on monitoring contracts are recognised based on the accrued contract period. |
Goodwill |
Goodwill represents the difference between the cost of a business combination and the group's interest in the fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill is amortised over it's expected useful life which is estimated to be 10 years. Goodwill is assessed for impairment, when there are indicators of impairment, any impairment is charged to the profit and loss account. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
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. |
Work In Progress is calculated by reference to costs directly incurred on installations and maintenance contracts which have not yet been invoiced and recognised as revenue in the year. |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to and from related parties. |
Taxation |
Taxation for the year 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. |
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. |
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 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. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group. |
Revenue analysed by category was as follows: |
31.03.24 | 31.03.23 |
£ | £ |
Rendering of Services | 13,122,384 | 13,844,758 |
Management Fees | 2,555 |
Deposit Account Interest | 1,458 | 335 |
13,126,397 | 13,845,093 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Wages and salaries | 2,453,367 | 2,287,028 |
Social security costs | 262,671 | 251,305 |
Other pension costs | 50,790 | 45,631 |
2,766,828 | 2,583,964 |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
as restated |
Directors | 4 | 4 |
Management | 3 | 2 |
Other | 62 | 72 |
The average number of employees by undertakings that were proportionately consolidated during the year was 78 (2023 - 73 ) . |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Directors' remuneration | 37,710 | 27,288 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Hire of plant and machinery | 102,049 | 137,746 |
Depreciation - owned assets | 57,616 | 62,445 |
Depreciation - assets on hire purchase contracts | 11,361 | 13,086 |
Profit on disposal of fixed assets | (3,672 | ) | - |
Goodwill amortisation | 91,000 | 91,000 |
Auditors' remuneration | 14,500 | 14,000 |
Other non- audit services | 5,103 | 7,765 |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Amounts w/o invs | - | 2,080,786 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Bank loan interest | 43,382 | 23,944 |
Hire purchase | 1,825 | 1,621 |
45,207 | 25,565 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 190,903 | 39,655 |
Corporation tax adjustment | - | (89,936 | ) |
Total current tax | 190,903 | (50,281 | ) |
Deferred tax | 20,533 | (8,007 | ) |
Tax on profit/(loss) | 211,436 | (58,288 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Profit/(loss) before tax | 868,715 | (1,829,779 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
217,179 |
(457,445 |
) |
Effects of: |
Expenses not deductible for tax purposes | 14,098 | 15,691 |
Capital allowances in excess of depreciation | (6,608 | ) | - |
Depreciation in excess of capital allowances | - | 13,073 |
Utilisation of tax losses | (58,809 | ) | (63,426 | ) |
Structural Buildings Allowance | (549 | ) | (549 | ) |
Deferred taxation movement | 20,533 | (8,007 | ) |
Adjustment for R & D Claim for 2021 | - | (89,936 | ) |
Amounts W/off investments | - | 520,197 |
Inter-group transactions affecting tax | 2,842 | (12,524 | ) |
Goodwill | 22,750 | 22,750 |
Unused non-trading loan relationship deficit | - | 1,888 |
Total tax charge/(credit) | 211,436 | (58,288 | ) |
9. | 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. |
10. | DIVIDENDS |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Ordinary shares of £1 each |
Interim | 255,360 | 320,001 |
11. | PRIOR YEAR ADJUSTMENT |
A prior year adjustment totalling £2,080,786 has been made to the carrying value of the investment in our subsidiary. The goodwill amortisation has also been adjusted for this amendment to the carrying value. A further £72,083 adjustment has been made to carrying value of leasehold property to account for depreciation not provided for. |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 910,001 |
AMORTISATION |
At 1 April 2023 | 172,696 |
Amortisation for year | 91,000 |
At 31 March 2024 | 263,696 |
NET BOOK VALUE |
At 31 March 2024 | 646,305 |
At 31 March 2023 | 737,305 |
13. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 | 180,208 | 18,663 | 181,830 |
Additions | - | - | 5,297 |
Disposals | - | - | - |
At 31 March 2024 | 180,208 | 18,663 | 187,127 |
DEPRECIATION |
At 1 April 2023 | 72,083 | 12,030 | 140,718 |
Charge for year | 18,021 | 1,658 | 11,602 |
Eliminated on disposal | - | - | - |
At 31 March 2024 | 90,104 | 13,688 | 152,320 |
NET BOOK VALUE |
At 31 March 2024 | 90,104 | 4,975 | 34,807 |
At 31 March 2023 | 108,125 | 6,633 | 41,112 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 222,662 | 165,115 | 768,478 |
Additions | 93,498 | 4,277 | 103,072 |
Disposals | (68,524 | ) | - | (68,524 | ) |
At 31 March 2024 | 247,636 | 169,392 | 803,026 |
DEPRECIATION |
At 1 April 2023 | 164,988 | 113,707 | 503,526 |
Charge for year | 22,079 | 15,617 | 68,977 |
Eliminated on disposal | (60,865 | ) | - | (60,865 | ) |
At 31 March 2024 | 126,202 | 129,324 | 511,638 |
NET BOOK VALUE |
At 31 March 2024 | 121,434 | 40,068 | 291,388 |
At 31 March 2023 | 57,674 | 51,408 | 264,952 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 | 75,613 |
Additions | 47,719 |
At 31 March 2024 | 123,332 |
DEPRECIATION |
At 1 April 2023 | 42,101 |
Charge for year | 11,361 |
At 31 March 2024 | 53,462 |
NET BOOK VALUE |
At 31 March 2024 | 69,870 |
At 31 March 2023 | 33,512 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
14. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 April 2023 | 9,727 |
Share of profit/(loss) | 7,979 |
At 31 March 2024 | 17,706 |
NET BOOK VALUE |
At 31 March 2024 | 17,706 |
At 31 March 2023 | 9,727 |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 | 96,660 | 953,119 |
NET BOOK VALUE |
At 31 March 2024 | 953,119 |
At 31 March 2023 | 953,119 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | 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: |
Subsidiary |
Registered office: Seymour Chambers, 92 London Road, Liverpool, England, L3 5NW |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Associated company |
Registered office: Seymour Chambers, 92 London Road, Liverpool, Merseyside, L3 5NW |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
15. | STOCKS |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
as restated | as restated |
£ | £ | £ | £ |
Stocks | 21,200 | 22,530 |
Work-in-progress | 306,226 | 383,215 |
327,426 | 405,745 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
as restated | as restated |
£ | £ | £ | £ |
Trade debtors | 2,767,708 | 3,147,668 |
Other debtors | 213,360 | 165,306 |
Inter-company | - | - | - | 88,160 |
Directors' current accounts | 294,663 | - | 294,663 | - |
Prepayments | 52,100 | 63,353 |
3,327,831 | 3,376,327 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 81,366 | 61,167 |
Hire purchase contracts (see note 20) | 20,067 | 11,789 |
Trade creditors | 1,524,540 | 2,239,810 |
Corporation taxation | 231,406 | 81,725 |
Social security and other taxes | 80,784 | 116,799 |
VAT | 474,717 | 265,141 | 475,792 | 247,810 |
Other creditors | 10,912 | 82,757 |
Factoring account | 1,030,036 | 1,294,154 | 1,030,036 | 1,294,154 |
Credit card | 70,526 | 34,166 | 69,978 | 33,022 |
Inter-company | - | - | 155,358 | - |
Directors' current accounts | - | 40,437 | - | 40,437 |
Accruals and deferred income | 16,661 | 37,470 |
Accrued expenses | 114,225 | 91,200 |
3,655,240 | 4,356,615 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans (see note 19) | 186,483 | 244,668 |
Hire purchase contracts (see note 20) | 55,589 | 22,651 |
242,072 | 267,319 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 81,366 | 61,167 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 81,366 | 61,167 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 105,117 | 183,501 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Gross obligations repayable: |
Within one year | 22,507 | 13,410 |
Between one and five years | 58,529 | 24,947 |
81,036 | 38,357 |
Finance charges repayable: |
Within one year | 2,440 | 1,621 |
Between one and five years | 2,940 | 2,296 |
5,380 | 3,917 |
Net obligations repayable: |
Within one year | 20,067 | 11,789 |
Between one and five years | 55,589 | 22,651 |
75,656 | 34,440 |
Company |
Hire purchase contracts |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Company |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
21. | SECURED DEBTS |
Cynergy Business Finance Limited has a fixed and floating charge over all the property and undertakings of the company. |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
as restated | as restated |
£ | £ | £ | £ |
Deferred Tax | 49,643 | 29,110 | 45,445 | 23,724 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 29,110 |
Accelerated Capital allowances | 20,533 |
Balance at 31 March 2024 | 49,643 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Accelerated capital allowances | 21,721 |
Balance at 31 March 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | as restated |
£ | £ |
Ordinary | £1 | 98 | 98 |
24. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 2,539,295 | 2 | 2,539,297 |
Prior year adjustment | (2,152,869 | ) | (2,152,869 | ) |
386,426 | 386,428 |
Profit for the year | 665,258 | 665,258 |
Dividends | (255,360 | ) | (255,360 | ) |
At 31 March 2024 | 796,324 | 2 | 796,326 |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
24. | RESERVES - continued |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 2 |
Prior year adjustment | ( |
) | ( |
) |
476,732 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2024 | 1,044,760 | 2 | 1,044,762 |
25. | PENSION COMMITMENTS |
The group operates a defined contributions pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund.The pension cost charge represents contributions payable by the company to the fund and amounted to £51,391 (2023 - £45,388). At the balance sheet date £10,912 (2023 - £10,016) was owing to the fund contained within other creditors. |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
D G Roberts |
Balance outstanding at start of year | (13,479 | ) | (311 | ) |
Amounts advanced | 200,154 | 107,313 |
Amounts repaid | (88,454 | ) | (120,481 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 98,221 | (13,479 | ) |
B D Sinnott |
Balance outstanding at start of year | (13,479 | ) | (311 | ) |
Amounts advanced | 200,154 | 107,313 |
Amounts repaid | (88,454 | ) | (120,481 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 98,221 | (13,479 | ) |
A Roskell |
Balance outstanding at start of year | (13,479 | ) | (311 | ) |
Amounts advanced | 200,155 | 107,314 |
Amounts repaid | (88,455 | ) | (120,482 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 98,221 | (13,479 | ) |
The loans to the director's are unsecured, interest free and repayable on demand. |
27. | RELATED PARTY DISCLOSURES |
Dante FS Group Ltd (Registered number: 04307232) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
27. | RELATED PARTY DISCLOSURES - continued |
Entities that provide key management personnel services to the entity |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Management Fees | 42,788 | 37,042 |
Purchases | 271,903 | 23,943 |
Transfers | - | 51,461 |
Amount due from related party | 190,045 | 222,486 |
Amount due to related party | 1,819 | 176,883 |
These related parties provide key management services to Dante FS Group Ltd on normal commercial terms. |
Any loans between the parties is interest free and repayable on demand. |