Company Registration No. 06523760 (England and Wales)
DURA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
DURA GROUP LIMITED
COMPANY INFORMATION
Directors
CC Burns
SC Burns
Mrs JB Burns
Secretary
SC Burns
Company number
06523760
Registered office
Dura House
Telford Road
Clacton on Sea
Essex
CO15 4LP
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
DURA GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
DURA GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the period ended 30 June 2024.

Review of the business

We are extremely pleased with the financial performance of the companies, driven by Dura Composites Ltd, during a period where the economy slowed amidst political uncertainty and negative global events. The drivers of success continue to be attributable to our strong and positive PRIDE culture that delivers high levels of staff retention and the huge levels of investment into innovation resulting in a huge proportion of revenue being generated by highly differentiated product solutions. Work is underway to reposition Dura Group as the d2 Group with the clear purpose of providing the lowest carbon civil infrastructure product systems in the world.

 

Record revenues were once again achieved and we managed to maintain our selling prices to achieve record direct profitability. The continued investment into R&D has resulted in a total of 20 patents supported by the d2 sub brand used to differentiate our products in the market. The company continued its focus on government funded projects with growth potential expected in the rail, power and energy sectors. These markets continued to dominate sales providing more than 50% of sales revenue and around 80% of Net Profit where the d2 Grating walkway products remain core to our success and where niche high profit IP protected products such as Dura Platform for rail and Dura Slab for Industrial trenches allow the group to generate high revenues and high profit margins.

 

The launch of Traction2 from April 1st 2023 allowed all staff to further engage including them all in profit gain share system fuelled by quarterly ‘Rock Games’ designed to habitualise leaner methods of working.  

 

We continued hedging a proportion of USD currency rather than take spot rates to mitigate risk in periods of foreign exchange fluctuations. FX levels were reasonably favourable during the course of the year which helped the trading performance.

 

The group invested in the purchase of a further 5% shareholding in the pre-revenue company The Orange Train Wash Ltd taking us to 25%. Dura Composites are the exclusive manufacturer and the group will now be paid 25% of Net Profit as a priority dividend annually plus quarterly management fees.

 

The group updated its financial year end from March 31 to June 30 to avoid the major year-end challenge experienced by virtue of the fact that the group needs to plan the next financial year whilst also servicing government projects operating around April 5th year end Budgets. Mekina was already operating around these dates. The Orange Train Wash has not been changed as, being pre-revenue, and not being run week to week with Dura Group, there was little benefit investing in the change.

 

The grant provided by Innovate UK is progressing well and the group was close to being able to process small amounts of waste GRP at the close of the year. This solution will allow the group to prove that’s its products have the lowest carbon in the world for products of this kind. Clients will be more likely to purchase GRP if they know that it can be re-used and makes their project lower in carbon. The group invested in a further start up company (Mekina) that provide GRP floor tray formwork solution for bridges that are made using poured concrete. This company made strong sales in year one and managed to on-board major Tier 1 contractors which bodes well for the future.  

DURA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

As always, the strength of the UK economy has an impact on the value of the pound against foreign currency such as US Dollars, which the group relies upon as part of its treasury management. This is off-set as much as possible by up to 15% by multi-currency income and in the post balance sheet period through forward contract arrangements. It is anticipated that the interest rate increases and high inflation levels will have a negative effect on performance in 2024-25.

 

The management of the business is subject to a number of other risks including Quality assurance, Environmental factors and Health and Safety issues. These are mitigated by ISO 9001 Quality Management launched in 2019 and ISO 14001 Environmental Management launched in 2021 plus ISO 45001 Health and Safety launched in 2022 which not only make our operations run more smoothly but also serve to make us more attractive to major blue chip contractor clients who insist on this type of accreditation. We are investigating the launch of ISO 45003 (Psychological Health and Safety) which will further support our staff in the area of well-being, which we see as being increasingly important to the retention of staff and business continuity.  To assist in this area, the group are planning to appoint a Head of Operations who will have full responsibility for all manufacturing and installation operations plus quality, safety and continuous improvement.

 

In order to align long term goals the Senior Leadership Team of 6 people were provided with shares at Group level of 1% each during the course of the year. This team meet weekly with Directors and operate quarterly strategic days to ensure alignment to long term Group objectives and the delivery of annual goals. This de-risks the relatively small and ageing Board team.  The next level of 15 managers also meet weekly and quarterly and use the Traction2 system to deliver the plans. It was determined that Lean coaching  (3 days per person) would be rolled out to all staff over a 12 month period with the objective of encouraging the elimination of waste, and maximise quality and efficiency.

 

Other risks are reviewed by the board using the Traction Business Planning model including quarterly SWOT Analysis for each of the 15 departments plus weekly Issue tracking and Scorecard management to monitor and mitigate them.

 

The Orange Train Wash remains a relatively high risk investment as until the system is proven in a live environment clients will not purchase it. That said, at £1.5m per machine, sales could grow to £20m per annum very quickly. This innovation utilises many new aspects of design and technology and as such requires significant testing and development before commercialisation. The company is seeking grant funding to progress this growth opportunity.

 

Development and performance

There has been further investment to provide more capacity and greater efficiencies both at the Operations Centre in terms of storage systems, cutting machinery and handling equipment plus improved and enlarged welfare facilities as well as at our Fabrication Centre which saw further CNC equipment to increase speed and consistency of operations. The company is still considering plans for larger premises but has mitigated this huge investment by implementing novel electric Fork Lift Trucks with technology that allows storage aisle width reductions enabling 2 new aisles to be added which represents 20% more storage capacity. Dura Composites introduced a new ERP (Rootstock) and CRM (Salesforce) system in November 2023 all based around the Salesforce ecosystem with the vision of providing a single system for all activities in the company. This cost £300k to set-up and with on-going costs only around £75k per annum more than previous disjointed and outdated Sage systems.

 

The Directors will need to provide direction and support to its subsidiary Mekina with monthly board meetings and day-to-day support in finance and marketing plus support to The Orange Train Wash in its quest for funding to prove its effectiveness if it is to make this a commercial success. The group is open to investing in other new ventures but will only do so if there is sufficient management bandwidth.

DURA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -
Key performance indicators

The directors monitor progress on overall strategy by reference to the below key financial performance indicators:

 

2024-25 Plan            2023-24 (15m)                     2022-23          

Turnover                      £23.0m                       £22.56m                      £20.04m

Net Profit                     £3.33m                        £1.99m                        £2.10m                                  

Net Profit Margin      14.5%                          8.8%                          10.5%

 

The Business Plan for 2024-25 assumes an increase in sales to £23m (excluding Mekina) commensurate with the product-led growth potential but tempered by the anticipated economic challenges. Taking into account the many planned efficiencies (eg Salesforce, Lean) that will result in lower overheads and the planned increase in Direct profit due to d2 differentiation Net Profit is targeted at £3.33m but with a target of £4.0m for staff to earn up to a 10% Net Profit Gain share bonus. It is anticipated that further new products that carry higher margins will help gross profit margins and therefore mitigate some of the additional staffing costs incurred as the business infrastructure is developed.

 

 

On behalf of the board

SC Burns
Director
5 February 2025
DURA GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -

The directors present their annual report and financial statements for the period ended 30 June 2024.

Principal activities

The principal activity of the company was that of a holding and group management company. The subsidiary activities included the sale of composite materials and property holding.

Results and dividends

The results for the period are set out on page 10.

Ordinary dividends were paid as shown in the Statement of Changes in Equity. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

CC Burns
SC Burns
Mrs JB Burns
Directors' insurance

The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

Financial instruments
Treasury operations and Financial instruments

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the group’s activities.

 

The group’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the group’s activities, and bank overdrafts and loans, the main purpose of which is to raise finance for the group’s operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the group enters into principally comprise forward exchange contracts. In accordance with group’s treasury policy, derivative instruments are not entered into for speculative purposes.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

DURA GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
SC Burns
Director
5 February 2025
DURA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DURA GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Dura Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

DURA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DURA GROUP LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

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.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management and via inspection of the parent company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group and the parent company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the parent company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution; relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

DURA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DURA GROUP LIMITED
- 8 -

Secondly the parent company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade and export legislation; legislation relevant to the commercial property rental environment; data protection legislation; and anti bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DURA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DURA GROUP LIMITED
- 9 -

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 an auditor's report 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.

Michael Breame (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited, Statutory Auditor
Chartered Accountants
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
11 February 2025
DURA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
- 10 -
Period
Year
ended
ended
30 June
31 March
2024
2023
Notes
£
£
Turnover
3
22,557,058
20,040,117
Cost of sales
(15,513,930)
(13,629,180)
Gross profit
7,043,128
6,410,937
Administrative expenses
(5,480,296)
(4,078,261)
Other operating income
745,482
13,407
Operating profit
5
2,308,314
2,346,083
Interest payable and similar expenses
6
(320,474)
(247,507)
Profit before taxation
1,987,840
2,098,576
Tax on profit
9
-
0
-
0
Profit for the financial period
1,987,840
2,098,576
Profit for the financial period is attributable to:
- Owners of the parent company
2,053,839
2,098,576
- Non-controlling interests
(65,999)
-
1,987,840
2,098,576
Total comprehensive income for the period is attributable to:
- Owners of the parent company
2,053,839
2,098,576
- Non-controlling interests
(65,999)
-
1,987,840
2,098,576
DURA GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
30 June 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,740,202
3,860,788
Investments
11
313,914
249,999
5,054,116
4,110,787
Current assets
Stocks
14
5,504,732
5,049,487
Debtors
15
5,397,988
6,127,367
Cash at bank and in hand
391,037
191,864
11,293,757
11,368,718
Creditors: amounts falling due within one year
16
(4,955,766)
(5,068,912)
Net current assets
6,337,991
6,299,806
Total assets less current liabilities
11,392,107
10,410,593
Creditors: amounts falling due after more than one year
17
(950,218)
(591,018)
Provisions for liabilities
Deferred tax liability
20
98,571
98,571
(98,571)
(98,571)
Net assets
10,343,318
9,721,004
Capital and reserves
Called up share capital
22
237
225
Share premium account
95,647
18,994
Revaluation reserve
387,051
387,051
Profit and loss reserves
9,926,382
9,314,734
Equity attributable to owners of the parent company
10,409,317
9,721,004
Non-controlling interests
(65,999)
-
Total equity
10,343,318
9,721,004
The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
05 February 2025
SC Burns
Director
Company registration number 06523760 (England and Wales)
DURA GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
514,477
450,512
Current assets
Debtors
15
232,502
186,297
Cash at bank and in hand
135
226
232,637
186,523
Creditors: amounts falling due within one year
16
(655,727)
(624,235)
Net current liabilities
(423,090)
(437,712)
Total assets less current liabilities
91,387
12,800
Capital and reserves
Called up share capital
22
237
225
Share premium account
95,647
18,994
Profit and loss reserves
(4,497)
(6,419)
Total equity
91,387
12,800

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,444,113 (2023 - £821,780 profit).

The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
05 February 2025
SC Burns
Director
Company Registration No. 06523760
DURA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2022
225
18,994
387,051
8,045,422
8,451,692
-
8,451,692
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
2,098,576
2,098,576
-
2,098,576
Dividends
-
-
-
(829,264)
(829,264)
-
(829,264)
Balance at 31 March 2023
225
18,994
387,051
9,314,734
9,721,004
-
0
9,721,004
Period ended 30 June 2024:
Profit and total comprehensive income for the period
-
-
-
2,053,839
2,053,839
(65,999)
1,987,840
Issue of share capital
22
12
76,653
-
-
76,665
-
76,665
Dividends
-
-
-
(1,442,191)
(1,442,191)
-
(1,442,191)
Balance at 30 June 2024
237
95,647
387,051
9,926,382
10,409,317
(65,999)
10,343,318
DURA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
225
18,994
1,065
20,284
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
821,780
821,780
Dividends
-
-
(829,264)
(829,264)
Balance at 31 March 2023
225
18,994
(6,419)
12,800
Period ended 30 June 2024:
Profit and total comprehensive income for the period
-
-
1,444,113
1,444,113
Issue of share capital
22
12
76,653
-
76,665
Dividends
-
-
(1,442,191)
(1,442,191)
Balance at 30 June 2024
237
95,647
(4,497)
91,387
DURA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,019,746
2,223,242
Interest paid
(320,474)
(247,507)
Income taxes refunded/(paid)
28,419
(2,958)
Net cash inflow from operating activities
1,727,691
1,972,777
Investing activities
Purchase of tangible fixed assets
(509,874)
(535,112)
Proceeds from disposal of tangible fixed assets
216,504
-
Purchase of associates
(63,965)
(249,999)
Repayment of loans
364,175
105,947
Net cash generated from/(used in) investing activities
6,840
(679,164)
Financing activities
Proceeds from issue of shares
76,665
-
Proceeds from new bank loans
447,261
-
Repayment of bank loans
(358,426)
(770,644)
Payment of finance leases obligations
(258,667)
(55,883)
Proceeds from new finance agreements
-
60,458
Dividends paid to equity shareholders
(1,442,191)
(829,264)
Net cash used in financing activities
(1,535,358)
(1,595,333)
Net increase/(decrease) in cash and cash equivalents
199,173
(301,720)
Cash and cash equivalents at beginning of period
191,864
493,584
Cash and cash equivalents at end of period
391,037
191,864
DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 16 -
1
Accounting policies
Company information

Dura Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Dura House, Telford Road, Clacton-On-Sea, Essex, CO15 4LP.

 

The group consists of Dura Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -

The consolidated financial statements incorporate those of Dura Group Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). 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 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Reporting period

The reporting period for these financial statements has been increased to 15 months. The period has been increased to remain in line with the period of the subsidiaries, which have also been increased to 15 months. The comparative amounts presented in the financial statements are therefore not entirely comparable as they relate to a 12 month period.

1.5
Turnover

Turnover is recognised at the fair value of the 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, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% on reducing balance
Plant and equipment
15% on reducing balance
Fixtures, fittings & equipment
20% on reducing balance
Computer equipment
25% straight line and 30% reducing balance
Motor vehicles
25% on reducing balance and 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Carrying value of properties

Properties are carried at fair value. Fair value is determined by the directors with reference to periodic professional valuations obtained. The directors have considered the carrying value of the properties with reference to market conditions and with reference to improvement works made throughout the period. Like for like comparisons in the local market are limited and therefore there is a degree of subjectivity involved in this.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sales of goods
22,557,058
20,040,117
2024
2023
£
£
Turnover analysed by geographical market
UK Sales
21,450,429
19,239,777
Overseas Sales
1,106,629
800,340
22,557,058
20,040,117
2024
2023
£
£
Other revenue
Grants received
724,362
7,985
DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 23 -

Sales of goods above includes the associated income relating to installation and design services. All such services are linked to the underlying supply of goods and are not considered to represent separable income streams for the purpose of turnover analysis.

4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,625
2,500
Audit of the financial statements of the company's subsidiaries
30,475
23,000
33,100
25,500
5
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange (gains)/losses
(138,816)
40,771
Government grants
(724,362)
(7,985)
Depreciation of owned tangible fixed assets
310,318
216,980
Depreciation of tangible fixed assets held under finance leases
105,600
40,093
(Profit)/loss on disposal of tangible fixed assets
(100,794)
28,671
Operating lease charges
290,455
183,255

During the year the group incurred expenditure attributable to research and development totalling £1,973,000 (2023: £1,715,375), including the relevant apportionment of staff costs, which have not been capitalised as permitted under FRS102.

6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
55,391
33,884
Other interest
265,083
213,623
Total finance costs
320,474
247,507
DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 24 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
3
3
Other employees
114
107
-
-
Total
117
110
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,472,891
4,121,231
-
0
-
0
Social security costs
612,693
440,441
-
-
Pension costs
113,546
78,321
-
0
-
0
6,199,130
4,639,993
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
111,062
137,120
DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 25 -
9
Taxation

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,987,840
2,098,576
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
496,960
398,729
Tax effect of expenses that are not deductible in determining taxable profit
16,564
2,583
Change in unrecognised deferred tax assets
(513,524)
(379,616)
Permanent capital allowances in excess of depreciation
-
0
(21,696)
Taxation charge
-
-
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or Valuation
At 1 April 2023
2,790,351
1,050,760
268,410
476,081
135,390
4,720,992
Additions
-
686,951
164,203
60,952
498,936
1,411,042
Disposals
-
(166,957)
(348)
-
-
(167,305)
At 30 June 2024
2,790,351
1,570,754
432,265
537,033
634,326
5,964,729
Depreciation and impairment
At 1 April 2023
-
386,552
124,912
295,396
53,344
860,204
Depreciation charged in the period
-
159,928
71,196
112,034
72,760
415,918
Eliminated in respect of disposals
-
(51,587)
(8)
-
-
(51,595)
At 30 June 2024
-
494,893
196,100
407,430
126,104
1,224,527
Carrying amount
At 30 June 2024
2,790,351
1,075,861
236,165
129,603
508,222
4,740,202
At 31 March 2023
2,790,351
664,208
143,498
180,685
82,046
3,860,788
The company had no tangible fixed assets at 30 June 2024 or 31 March 2023.
DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
10
Tangible fixed assets
(Continued)
- 26 -

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
2,790,351
2,790,351
-
0
-
0

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
500,187
113,048
-
0
-
0
Motor vehicles
466,377
81,713
-
0
-
0
966,564
194,761
-
-

Land and buildings comprises Dura House the main head office for the group and former Dairy Depot, now known as the Operations Centre.

 

The fair value of Dura House has been arrived at on the basis of a valuation carried out at the property by a firm of Chartered Surveyors, who are not connected with the company. They valued the property at £1,090,000 on 26th April 2022. The directors have considered the valuation position and consider that there is no material difference in the value between this valuation date and the balance sheet date. The directors believe that this continues to be a materially correct assessment of the fair value of the property at the current balance sheet date. The historic costs to date of Dura House are £363,445.

 

The fair value of The Operations Centre has been arrived at on the basis of a valuation carried out at the property by a firm of Chartered Surveyors, who are not connected with the company. They valued the property at £1,490,000 on 26th April 2022. This value has subsequently increased due to renovation works carried out during the year totalling £210,351. As at 31 March 2023 the carrying value was considered to have increased to £1,700,351. The directors believe that this continues to be a materially correct assessment of the fair value of the property at the current balance sheet date. The historic costs to date of The Operations Centre are £1,980,144.

 

The Directors have taken into consideration the carrying value of the properties at the balance sheet date and as a result have not provided for depreciation during the period.

11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries and associates
11
313,914
249,999
514,477
450,512
DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
11
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 April 2023
249,999
Additions
63,915
At 30 June 2024
313,914
Carrying amount
At 30 June 2024
313,914
At 31 March 2023
249,999
Movements in fixed asset investments
Company
Shares in associates
£
Cost or valuation
At 1 April 2023
450,512
Additions
63,965
At 30 June 2024
514,477
Carrying amount
At 30 June 2024
514,477
At 31 March 2023
450,512
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Dura Composites Limited
United Kingdom
Ordinary
100.00
Dura Property Limited
United Kingdom
Ordinary
100.00
Fibreglass Grating Limited
United Kingdom
Ordinary
100.00
WPC Dura Composites Limited
United Kingdom
Ordinary
100.00
Dura Upcycling Limited
United Kingdom
Ordinary
100.00
Mekina Industries Limited
United Kingdom
Ordinary
50.00
Dura Composites Australasia Pty
Australia
Ordinary
100.00

The registered office address of Dura Composites Limited, Dura Property Limited, Fibreglass Grating Limited, WPC Dura Composites Limited, Dura Upcycling Limited, and Mekina Industries Limited is Dura House, Telford Road, Gorse Lane Industrial Estate, Clacton-On-Sea, Essex, United Kingdom, C015 4LP.

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 28 -
13
Significant undertakings

The group also has significant holdings in undertakings which are not consolidated:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Orange Train Wash Ltd
28 Houghton Avenue, Waterlooville, Hampshire, United Kingdom, PO7 3AA
Manufacturer shares
25.00
Dura Composites Australasia Pty
Australia
Ordinary shares
100.00

The groups share in The Orange Train Wash Limited's results for the year have not been reflected within the groups consolidated financial statements due to being immaterial.

 

Dura Composites Australasia Pty is a newly incorporated company and its results have not been reflected within the groups financial statements due to it being immaterial.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
5,504,732
5,049,487
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,799,823
4,704,254
95,665
19,000
Other debtors
747,263
858,835
87,201
117,662
Prepayments and accrued income
638,409
323,366
-
0
-
0
5,185,495
5,886,455
182,866
136,662
Amounts falling due after more than one year:
Corporation tax recoverable
212,493
240,912
49,636
49,635
Total debtors
5,397,988
6,127,367
232,502
186,297
DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 29 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
606,984
350,839
-
0
-
0
Obligations under finance leases
19
232,712
116,721
-
0
-
0
Trade creditors
1,869,460
2,352,882
-
0
-
0
Other taxation and social security
133,821
479,370
-
-
Other creditors
1,648,141
1,210,720
652,527
621,035
Accruals and deferred income
464,648
558,380
3,200
3,200
4,955,766
5,068,912
655,727
624,235

Hire purchase agreements are secured on the assets to which they relate.

 

Included in other creditors is £534,044 owed under an invoice discounting facility. This balance is secured by a fixed and floating charge over the assets of the group.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
344,936
512,246
-
0
-
0
Obligations under finance leases
19
605,282
78,772
-
0
-
0
950,218
591,018
-
-

Hire purchase agreements are secured on the assets to which they relate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
138,302
150,976
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
951,920
863,085
-
0
-
0
Payable within one year
606,984
350,839
-
0
-
0
Payable after one year
344,936
512,246
-
0
-
0
DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
18
Loans and overdrafts
(Continued)
- 30 -

The long term loans are also secured by fixed charges over the properties of the group and a fixed and floating charge over the assets of Dura Property Limited. There is also a fixed and floating charge over the total assets of Dura Composites Limited and a debenture held over the assets of Dura Composites Limited and Dura Group Limited.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
282,912
138,564
-
0
-
0
In two to five years
729,442
93,514
-
0
-
0
1,012,354
232,078
-
-
Less: future finance charges
(174,360)
(36,585)
-
0
-
0
837,994
195,493
-
0
-
0
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
38,860
38,860
Revaluations
59,711
59,711
98,571
98,571
The company has no deferred tax assets or liabilities.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
113,546
78,321

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 31 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
10,000
10,000
100
100
Ordinary B of 1p each
8,600
8,600
86
86
Ordinary C of 1p each
3,300
3,300
33
33
Ordinary D of 1p each
1,742
562
18
6
23,642
22,462
237
225

During the year, 1,180 Ordinary D shares with a nominal value of 1p were issued for £76,665.

 

The holders of Ordinary A and B shares are entitled to one vote per share held at any general meeting of the company. The holders of Ordinary C and D shares are not entitled to any voting rights.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
257,329
118,057
-
-
Between two and five years
446,549
96,926
-
-
703,878
214,983
-
-
24
Directors' transactions

Company

During the year advances were made to directors totalling £109,247 (2023: £42,196) which have been fully repaid by the balance sheet date. These all related to personal expenses borne by the company on their behalf. In addition a balance of £77,726 (2023: £38,124) has been repaid against the brought forward loan.

 

At the balance sheet date the directors owed the company £2,741 (2023: £80,467).

 

Group

 

During the year advances were made to directors totalling £360,363 (2023: £118,494) which have been fully repaid by the balance sheet date. These all related to personal expenses borne by the group on their behalf. In addition a balance of £411,440 (2023: £124,085) has been repaid against the brought forward loan.

 

At the balance sheet date the directors owed the group £283,986 (2023: £695,426).

DURA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 32 -
25
Related party transactions

 

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2024
2023
£
£
Company
Entities over which the company has control, joint control or significant influence
569,087
584,860
26
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,987,840
2,098,576
Adjustments for:
Finance costs
320,474
247,507
(Gain)/loss on disposal of tangible fixed assets
(100,794)
28,671
Depreciation and impairment of tangible fixed assets
415,918
257,073
Movements in working capital:
Increase in stocks
(455,245)
(438,656)
Decrease in debtors
336,835
1,256,038
Decrease in creditors
(485,282)
(1,225,967)
Cash generated from operations
2,019,746
2,223,242
27
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
191,864
199,173
-
391,037
Borrowings excluding overdrafts
(863,085)
(88,835)
-
(951,920)
Obligations under finance leases
(195,493)
258,667
(901,168)
(837,994)
(866,714)
369,005
(901,168)
(1,398,877)
2024-06-302023-04-01falsefalseCCH SoftwareCCH Accounts Production 2024.301Mrs JB BurnsSC BurnsMrs JB BurnsSC Burnsfalse065237602023-04-012024-06-3006523760bus:Director42023-04-012024-06-3006523760bus:Director22023-04-012024-06-3006523760bus:Director12023-04-012024-06-3006523760bus:CompanySecretary12023-04-012024-06-3006523760bus:Director32023-04-012024-06-3006523760bus:RegisteredOffice2023-04-012024-06-3006523760bus:Consolidated2024-06-3006523760bus:Consolidated2023-04-012024-06-3006523760bus:Consolidated2022-04-012023-03-31065237602024-06-3006523760core:ShareCapitalbus:Consolidated2024-06-3006523760core:ShareCapitalbus:Consolidated2023-03-3106523760core:SharePremiumbus:Consolidated2024-06-3006523760core:SharePremiumbus:Consolidated2023-03-3106523760core:RevaluationReservebus:Consolidated2024-06-3006523760core:RevaluationReservebus:Consolidated2023-03-3106523760core:ShareCapital2024-06-3006523760core:ShareCapital2023-03-3106523760core:SharePremium2024-06-3006523760core:SharePremium2023-03-3106523760core:RetainedEarningsAccumulatedLosses2024-06-3006523760core:SharePremiumbus:Consolidated2022-03-3106523760core:RevaluationReservebus:Consolidated2022-03-3106523760core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3106523760core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3106523760core:Non-controllingInterestsbus:Consolidated2023-03-3106523760bus:Consolidated2023-03-3106523760core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-06-3006523760core:Non-controllingInterestsbus:Consolidated2024-06-3006523760core:SharePremium2022-03-3106523760core:RetainedEarningsAccumulatedLosses2022-03-3106523760core:RetainedEarningsAccumulatedLosses2023-03-31065237602023-03-3106523760core:CurrentFinancialInstruments2024-06-3006523760core:CurrentFinancialInstruments2023-03-31065237602022-04-012023-03-3106523760core:ShareCapitalbus:Consolidated2023-04-012024-06-3006523760core:ShareCapital2023-04-012024-06-3006523760core:SharePremiumbus:Consolidated2023-04-012024-06-3006523760core:SharePremium2023-04-012024-06-3006523760bus:Consolidated2022-03-3106523760core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-06-3006523760core:PlantMachinery2023-04-012024-06-3006523760core:FurnitureFittings2023-04-012024-06-3006523760core:ComputerEquipment2023-04-012024-06-3006523760core:MotorVehicles2023-04-012024-06-3006523760core:LandBuildingscore:OwnedOrFreeholdAssets2024-06-3006523760core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3106523760core:PlantMachinery2024-06-3006523760core:PlantMachinery2023-03-3106523760core:MotorVehicles2024-06-3006523760core:MotorVehicles2023-03-3106523760core:Subsidiary12023-04-012024-06-3006523760core:Subsidiary22023-04-012024-06-3006523760core:Subsidiary32023-04-012024-06-3006523760core:Subsidiary42023-04-012024-06-3006523760core:Subsidiary52023-04-012024-06-3006523760core:Subsidiary62023-04-012024-06-3006523760core:Subsidiary72023-04-012024-06-3006523760core:Subsidiary112023-04-012024-06-300652376022023-04-012024-06-300652376032023-04-012024-06-300652376042023-04-012024-06-300652376052023-04-012024-06-300652376062023-04-012024-06-300652376072023-04-012024-06-3006523760core:Subsidiary662023-04-012024-06-3006523760core:Non-currentFinancialInstruments2024-06-3006523760core:Non-currentFinancialInstruments2023-03-3106523760core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3006523760core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106523760core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3006523760core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3106523760core:WithinOneYear2024-06-3006523760core:WithinOneYear2023-03-3106523760core:BetweenTwoFiveYears2024-06-3006523760core:BetweenTwoFiveYears2023-03-3106523760bus:PrivateLimitedCompanyLtd2023-04-012024-06-3006523760bus:FRS1022023-04-012024-06-3006523760bus:Audited2023-04-012024-06-3006523760bus:ConsolidatedGroupCompanyAccounts2023-04-012024-06-3006523760bus:FullAccounts2023-04-012024-06-30xbrli:purexbrli:sharesiso4217:GBP