REGISTERED NUMBER: 08738122 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
DUVAL INVESTMENTS LIMITED |
REGISTERED NUMBER: 08738122 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
DUVAL INVESTMENTS LIMITED |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
DUVAL INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
12 Market Street |
Hebden Bridge |
West Yorkshire |
HX7 6AD |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The director presents his strategic report of the company and the group for the year ended 31st March 2024. |
The main trading subsidiary of the group, Premier Mist is the UK's leading approved low pressure watermist provider. Premier Mist UK Limited are a specialist provider of low-pressure Water Mist and Sprinkler systems with a reputation for delivering an exceptional and proven product to its clients across a wide spectrum. |
REVIEW OF BUSINESS |
The parent company is an investment holding company with limited trading activity outside of the group. In respect of the trading subsidiary, Premier Mist UK Limited: |
2023-2024 has seen the Company’s highest turnover since its incorporation and has followed the trend of its yearly increase in turnover and company growth. |
There are a number of factors that have contributed to this continued growth: |
i) | Continual high demand within the industry resulting in the company experiencing record number |
ii) | To deal with growth the company has increased its staffing resources both office and site based, |
iii) | Further to point ii) above, the company has fostered strategic partnerships with approved subco |
iv) | It has also looked to commit to the longevity of its staff by promoting within house and offering |
v) | The company has achieved numerous industry specific accreditation's to ensure all avenues of s |
The directors are happy with company performance which is in line with its forecast and expectations and see this year as part of the continued growth of the company. |
FINANCIAL KEY PERFORMANCE INDICATORS (KPI’s) |
The important KPI’s the company relies on are turnover and GP%, both of which have proven to fall within the parameters set out in the Director’s forecasts. Turnover continuing to grow in line with expectations and more importantly GP achieving a minimum of 30%. This is monitored regularly through the financial period to ensure standards and targets are achieved. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks that the company has highlighted that could affect the company’s growth and performance are: |
Materials |
Due to inflation materials are rising in cost year on year and as such the directors have found the need to build in allowances for this in their costings going forward which as a result will ensure stability and increase GP%. |
Skilled installation engineers |
Within such a competitive industry there is a constant battle to find enough killed workers to fulfil the company’s requirements and manage it’s order book. The company is constantly looking to increase its installation workforce. In the meantime, it is taking advantage of the large subcontractor sector in the industry which comes with its own benefits. |
The fragility of some of the main contractors’ financial positions and the cutthroat nature of the construction industry in general can lead to the risk of liquidation of potential clients |
The company seeks to mitigate the risk of bad debt through a number of strategies. These include: the implementation of strict commercial contract review, the continual monitoring of clients’ finances through credit checks and financial reporting, limiting credit facilities when necessary, carrying out regular site audits on all projects and ensuring the risk of contracting is spread across a multiple and diverse client base. |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FUTURE PLANS FOR THE GROUP |
The trading subsidiary plans to continually grow by increasing turnover year on year and aims to achieve a GP of 37%. This will be done by adjusting its costings according to material price fluctuations, increasing its resources, attaining more accreditation and opening new revenue streams through diversification. In 2024-25 the company will be purchasing large prestigious new office premises which will allow for an increase in staff, an increase in services provided/diversification such as an electrical division, a better working environment for its office based staff and will be an important and much needed step to achieving its next level/phase of growth covering the next ten years. |
ON BEHALF OF THE BOARD: |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31st March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31st March 2024 will be £ 358,650 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Cresswells Accountants (UK) Limited, 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 |
DUVAL INVESTMENTS LIMITED |
Opinion |
We have audited the financial statements of Duval Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st 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, except for the effects of the matter described in the Basis for qualified opinion paragraph, the financial statements: |
- | give a true and fair view of the state of the parent company's affairs as at 31st March 2024 and of the group's profit for the year 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 qualified opinion |
The comparative financial statements were not subject to audit and as such we have not been able to gain audit comfort on the opening balances. |
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 Auditor's responsibilities for the audit of 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 is sufficient and appropriate to provide a basis for our qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DUVAL INVESTMENTS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DUVAL INVESTMENTS LIMITED |
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: |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following: |
- | we obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company and the sector in which it operates. We determined the following laws and regulations were most significant: The Companies Act 2006, FRS 102 and Health and Safety Act. |
- | we obtained an understanding of how the group and parent company is complying with those legal and regulatory frameworks by making inquiries to the management. |
- | we assessed the susceptibility of the group and parent company's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the audit team included: |
- | identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud. |
- | understanding how those charged with governance considered and addressed the potential of override of controls or other inappropriate influence over the financial reporting process. |
- | challenging assumptions and judgements made by management in its significant accounting estimates. |
- | identifying and testing journal entries. |
- | assessing the extent of compliance with the relevant laws and regulations. |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
12 Market Street |
Hebden Bridge |
West Yorkshire |
HX7 6AD |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 15,167,571 | 12,690,054 |
Cost of sales | 10,555,697 | 8,985,084 |
GROSS PROFIT | 4,611,874 | 3,704,970 |
Administrative expenses | 3,831,224 | 2,960,862 |
OPERATING PROFIT | 5 | 780,650 | 744,108 |
Interest receivable and similar income | 31,335 | 22,000 |
811,985 | 766,108 |
Interest payable and similar expenses | 6 | 115,634 | 157,825 |
PROFIT BEFORE TAXATION | 696,351 | 608,283 |
Tax on profit | 7 | 228,905 | 125,426 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 395,752 | 416,942 |
Non-controlling interests | 71,694 | 65,915 |
467,446 | 482,857 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 467,446 | 482,857 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
467,446 |
482,857 |
Total comprehensive income attributable to: |
Owners of the parent | 371,752 | 416,942 |
Non-controlling interests | 95,694 | 65,915 |
467,446 | 482,857 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
CONSOLIDATED BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 125,970 | 155,645 |
Tangible assets | 11 | 27,993 | 57,751 |
Investments | 12 | - | - |
Investment property | 13 | - | 700,000 |
153,963 | 913,396 |
CURRENT ASSETS |
Stocks | 14 | 301,956 | 348,988 |
Debtors | 15 | 4,093,550 | 2,960,374 |
Cash at bank and in hand | 3,117,467 | 2,436,364 |
7,512,973 | 5,745,726 |
CREDITORS |
Amounts falling due within one year | 16 | 5,985,943 | 4,775,215 |
NET CURRENT ASSETS | 1,527,030 | 970,511 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,680,993 |
1,883,907 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(452,002 |
) |
(794,710 |
) |
PROVISIONS FOR LIABILITIES | 19 | (6,998 | ) | - |
NET ASSETS | 1,221,993 | 1,089,197 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,001 | 1,001 |
Retained earnings | 21 | 971,712 | 934,610 |
SHAREHOLDERS' FUNDS | 972,713 | 935,611 |
NON-CONTROLLING INTERESTS | 22 | 249,280 | 153,586 |
TOTAL EQUITY | 1,221,993 | 1,089,197 |
The financial statements were approved by the director and authorised for issue on 18th March 2025 and were signed by: |
P A Duval - Director |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
COMPANY BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 78,791 | 159,534 |
The financial statements were approved by the director and authorised for issue on |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1st April 2022 | 1,001 | 657,668 | 658,669 | 87,671 | 746,340 |
Changes in equity |
Dividends | - | (140,000 | ) | (140,000 | ) | - | (140,000 | ) |
Total comprehensive income | - | 416,942 | 416,942 | 65,915 | 482,857 |
Balance at 31st March 2023 | 1,001 | 934,610 | 935,611 | 153,586 | 1,089,197 |
Changes in equity |
Dividends | - | (358,650 | ) | (358,650 | ) | - | (358,650 | ) |
Total comprehensive income | - | 395,752 | 395,752 | 95,694 | 491,446 |
Balance at 31st March 2024 | 1,001 | 971,712 | 972,713 | 249,280 | 1,221,993 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2024 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,390,878 | 1,564,312 |
Interest paid | (115,634 | ) | (157,825 | ) |
Tax paid | (23,337 | ) | (198,243 | ) |
Net cash from operating activities | 1,251,907 | 1,208,244 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,803 | ) | (21,526 | ) |
Purchase of investment property | - | (700,000 | ) |
Sale of investment property | 700,000 | - |
Interest received | 31,335 | 22,000 |
Net cash from investing activities | 726,532 | (699,526 | ) |
Cash flows from financing activities |
New loans in year | - | 329,000 |
Loan repayments in year | (327,041 | ) | (336,268 | ) |
Amount introduced by directors | - | 584,790 |
Amount withdrawn by directors | (611,645 | ) | - |
Equity dividends paid | (358,650 | ) | (140,000 | ) |
Net cash from financing activities | (1,297,336 | ) | 437,522 |
Increase in cash and cash equivalents | 681,103 | 946,240 |
Cash and cash equivalents at beginning of year |
2 |
2,436,364 |
1,490,124 |
Cash and cash equivalents at end of year |
2 |
3,117,467 |
2,436,364 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 696,351 | 608,283 |
Depreciation charges | 64,236 | 69,533 |
Finance costs | 115,634 | 157,825 |
Finance income | (31,335 | ) | (22,000 | ) |
844,886 | 813,641 |
Decrease in stocks | 47,032 | 132,979 |
Increase in trade and other debtors | (470,494 | ) | (49,354 | ) |
Increase in trade and other creditors | 969,454 | 667,046 |
Cash generated from operations | 1,390,878 | 1,564,312 |
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 31st March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 3,117,467 | 2,436,364 |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,436,364 | 1,490,124 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,436,364 | 681,103 | 3,117,467 |
2,436,364 | 681,103 | 3,117,467 |
Debt |
Debts falling due within 1 year | (351,041 | ) | 8,333 | (342,708 | ) |
Debts falling due after 1 year | (794,710 | ) | 342,708 | (452,002 | ) |
(1,145,751 | ) | 351,041 | (794,710 | ) |
Total | 1,290,613 | 1,032,144 | 2,322,757 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Duval Investments Limited is a |
The functional and presentation currency of Duval Investments Limited is considered to be pound sterling (£) because that is the currency of the primary economic environment in with the company operates. the financial statements have been prepared using round pounds only. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of Duval Investments Limited and its subsidiary undertaking. The acquisition method of accounting has been adopted. Under this method the results of subsidiary undertakings acquired in the period are included in the consolidated profit and loss account from the date of acquisition. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported tor assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
(i) Valuation of long term contracts |
The directors undertake a review, on a contract-by-contract basis, by reference to the stage of completion when the stage of completion, cost incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
The directors determine the need for provisions against ongoing long term contracts by reference to the stage of completeness of the contract and the expected future costs to complete the contract, assessed on a contract-by-contract basis. |
(ii) Useful economic lives of tangible assets |
The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(iii) Stock provisions |
In determining the need for the impairment of stock the directors have made significant judgements as to the saleability of the stock that is being held in the company, together with the costs to complete and make that sale. |
(iv) Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the age ink profile of debtors and historical experience. |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts , settlements and volume rebates. |
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, cost incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials , as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
Full provision is made for losses on all contracts in the year in which the loss is first foreseen. |
Goodwill |
Consolidated goodwill is being amortised evenly over its estimated useful life of 5 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Included within patents and licences are the costs related to the licences of the Dual Mist System which are being amortised over 25 years. |
Tangible fixed assets |
Leasehold improvements | - |
Office equipment | - |
Plant & Machinery | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are initially recorded at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company and group have chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
The company and group have no 'Other financial assets'. |
Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control ot the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, here the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
The company and group have no 'Other financial liabilities'. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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 |
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. |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group and parent company and is wholly generated in the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,140,101 | 2,225,358 |
Social security costs | 212,496 | 242,182 |
Other pension costs | 37,629 | 41,666 |
2,390,226 | 2,509,206 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 1 | 1 |
Staff | 48 | 48 |
The average number of employees by undertakings that were proportionately consolidated during the year was 49 (2023 - 49 ) . |
2024 | 2023 |
£ | £ |
Director's remuneration | - | - |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 108,892 | 72,916 |
Other operating leases | 184,321 | 109,649 |
Depreciation - owned assets | 34,561 | 40,327 |
Goodwill amortisation | 23,850 | 23,849 |
Patents and licences amortisation | 5,825 | 5,356 |
Auditors' remuneration | 25,000 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest on tax due | 207 | 389 |
CIS penalties and interest | - | 35,000 |
Interest on overdue tax | 1,524 | 1,821 |
Loan interest | 107,274 | 115,936 |
Interest on overdue tax | 6,629 | 4,679 |
115,634 | 157,825 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
7. | 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 | 221,907 | 125,426 |
Deferred tax | 6,998 | - |
Tax on profit | 228,905 | 125,426 |
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 | 696,351 | 608,283 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
174,088 |
115,574 |
Effects of: |
Expenses not deductible for tax purposes | 6,680 | 3,543 |
Depreciation in excess of capital allowances | 14,438 | 2,398 |
Over provision of corporation tax | 27,737 | (620 | ) |
Amortisation of goodwill on consolidation | 5,962 | 4,531 |
Total tax charge | 228,905 | 125,426 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 358,650 | 140,000 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
and 31st March 2024 | 106,314 | 137,199 | 243,513 |
AMORTISATION |
At 1st April 2023 | 34,765 | 53,103 | 87,868 |
Amortisation for year | 23,850 | 5,825 | 29,675 |
At 31st March 2024 | 58,615 | 58,928 | 117,543 |
NET BOOK VALUE |
At 31st March 2024 | 47,699 | 78,271 | 125,970 |
At 31st March 2023 | 71,549 | 84,096 | 155,645 |
11. | TANGIBLE FIXED ASSETS |
Group |
Leasehold | Office | Plant & |
improvements | equipment | Machinery |
£ | £ | £ |
COST |
At 1st April 2023 | 147,655 | 83,679 | 136,850 |
Additions | - | - | - |
Disposals | (66,914 | ) | - | (89,147 | ) |
At 31st March 2024 | 80,741 | 83,679 | 47,703 |
DEPRECIATION |
At 1st April 2023 | 135,280 | 52,984 | 125,374 |
Charge for year | 10,100 | 15,209 | 6,803 |
Eliminated on disposal | (66,914 | ) | - | (89,147 | ) |
At 31st March 2024 | 78,466 | 68,193 | 43,030 |
NET BOOK VALUE |
At 31st March 2024 | 2,275 | 15,486 | 4,673 |
At 31st March 2023 | 12,375 | 30,695 | 11,476 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2023 | 27,380 | 39,554 | 435,118 |
Additions | - | 4,803 | 4,803 |
Disposals | (27,380 | ) | (31,106 | ) | (214,547 | ) |
At 31st March 2024 | - | 13,251 | 225,374 |
DEPRECIATION |
At 1st April 2023 | 27,380 | 36,349 | 377,367 |
Charge for year | - | 2,449 | 34,561 |
Eliminated on disposal | (27,380 | ) | (31,106 | ) | (214,547 | ) |
At 31st March 2024 | - | 7,692 | 197,381 |
NET BOOK VALUE |
At 31st March 2024 | - | 5,559 | 27,993 |
At 31st March 2023 | - | 3,205 | 57,751 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 12 Market Street, Hebden Bridge, West Yorkshire, HX7 6AD |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 12 Market Street, Hebden Bridge, West Yorkshire, HX7 6AD |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1st April 2023 | 700,000 |
Disposals | (700,000 | ) |
At 31st March 2024 | - |
NET BOOK VALUE |
At 31st March 2024 | - |
At 31st March 2023 | 700,000 |
Company |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
Disposals | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 301,956 | 348,988 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 64,433 | 3,488 |
Amounts recoverable on contract | 2,813,250 | 2,472,283 |
Other debtors | 287,121 | 250,875 |
Directors' current accounts | 755,343 | 143,698 | 708,843 | 38,896 |
Tax | 51,037 | - |
VAT | 118,400 | 33,549 |
Prepayments and accrued income | 3,966 | 56,481 |
4,093,550 | 2,960,374 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans (see note 18) | 342,708 | 351,041 |
Trade creditors | 2,882,184 | 2,727,486 |
Amounts owed to group undertakings | - | - |
Amounts owed to related undertakings | 475,500 | 475,500 | 475,500 | 475,500 |
Tax | 462,445 | 212,838 |
Social security and other taxes | 46,900 | 218,694 |
Other creditors | 401,709 | 521,929 |
Net wages | 1,283 | 5,155 | - | - |
Accrued expenses | 1,373,214 | 262,572 |
5,985,943 | 4,775,215 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Other loans (see note 18) | 452,002 | 794,710 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or | on demand: |
Other loans | 342,708 | 351,041 |
Amounts falling due between two and | five years: |
Other loans - 2-5 years | 452,002 | 794,710 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 6,998 | - |
Group |
Deferred |
tax |
£ |
Provided during year | 6,998 |
Balance at 31st March 2024 | 6,998 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,001 | 1,001 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st April 2023 | 934,610 |
Profit for the year | 395,752 |
Dividends | (358,650 | ) |
At 31st March 2024 | 971,712 |
Company |
Retained |
earnings |
£ |
At 1st April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31st March 2024 |
22. | NON-CONTROLLING INTERESTS |
Group |
2024 | 2023 |
£ | £ |
Balance brought forward | 153,586 | 87,671 |
Minority share of profit for the year | 71,694 | 65,915 |
Balance carried forward | 249,280 | 153,586 |
DUVAL INVESTMENTS LIMITED (REGISTERED NUMBER: 08738122) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
23. | RELATED PARTY DISCLOSURES |
The director is also a director of the following companies to which a management charge was paid, Prima Contract Consultancy Plus Ltd £400,000 (2023 - £400,000), Prima Fire Installations UK Ltd £300,000 (2023 - £nil) and Prima Sprinklers UK Ltd (2023 - £nil). |
During the year the company levied management charges in the sum of of £91,000 (2023 - £218,000) and received loans totalling £1,440,444 (2023 - £1,192,661) from Premier Mist UK Limited, a subsidiary undertaking. |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is P A Duval. |