Company registration number 03105119 (England and Wales)
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
COMPANY INFORMATION
Directors
U K Dalby
R B Dalby
R N Dalby
D P Carr
J H Foot
(Appointed 2 December 2024)
Secretary
D P Carr
Company number
03105119
Registered office
205 Gloucester Crescent
Wigston
Leicester
LE18 4YQ
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
205 Gloucester Crescent
Wigston
Leicester
LE18 4YQ
Bankers
Handelsbanken
St John's House
30 East Street
Leicester
LE1 6NB
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Fair review of the business
The principal activity of the company continues to be that of a holding company of a trading group.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and relatively non-complex nature of our group and is written in the context of the risks and uncertainties we face.
We are a manufacturing group of three fundamentally autonomous companies operating in the East Midlands. Each company has its own niche activity which provides diversification within the group in order that fluctuations in their respective markets are smoothed out as a whole.
| |
Harry Dalby Engineering Limited (www.dalby.co.uk) | Design, manufacture, installation, service and maintenance of paint finishing plant and vertical lifting platforms. Manufacture of sheet metalwork. |
Regent Engineers Limited (www.regentengineers.co.uk) | Sub-contract manufacturer of metal presswork up to 400 tonnes, precision engineering and small fabrications. |
Phoenix Aluminium Limited (www.phoenixaluminium.co.uk) | Supplier of aluminium products such as aluminium channels, sections, profiles, sheets, plate, angles, flat, tubes, round and square bars, tees, mouldings and custom extruded parts for companies across the Midlands and UK. |
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin percentage, operating profit and return on capital employed.
Consolidated sales decreased by 15% over the financial year.
The operating loss this year was £1,312,865 with a gross margin percentage of 25.8% compared with a profit of £217,334 and 28.1% for the previous year.
The group’s return on capital employed decreased to -23.4% compared with 4% for the previous year. Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities, less investments, less cash, plus overdrafts and other short term borrowings.
The principal risks and uncertainties affecting the group are continually monitored by the directors, who seek to mitigate any such risks. As for many manufacturers of our size, the business environment in which we operate continues to be challenging and is highly competitive. The group responds to this risk by continually extending the product range, improving operational effectiveness, providing a strong brand identity and investing in the future of the business. As the result of sales initiatives and product developments across the group, we are pleased to report having a strong order book.
Impact of high inflation
The group has seen considerable pressures on costs, including energy costs. The companies have been reviewing materials used and processes in manufacturing and taking action to reduce costs. The group generates a considerable amount of it’s energy usage, and has benefited from fixed contracts to mitigate some of the energy cost increases but some contracts ended in the current year and therefore prices increased significantly.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
R B Dalby
Director
22 January 2025
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their report and financial statements for the year ended 31 March 2024.
Results and dividends
The results for the year are set out on page 8.
An ordinary dividend was paid amounting to £97,900. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
U K Dalby
R B Dalby
R N Dalby
D P Carr
J H Foot
(Appointed 2 December 2024)
Research and development
Continued research and development is entered into by the group to ensure that innovative and new products are available to the market.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
R B Dalby
Director
22 January 2025
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
- 5 -
Opinion
We have audited the financial statements of Dalby Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Group Profit and Loss Account, 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 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
Material uncertainty 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.
We draw attention to note 1.3 of the financial statements concerning the group’s ability to continue as a going concern. The group generated a loss in the year to 31 March 2024. These conditions, along with other matters as set forth in note 1.3, indicate that a material uncertainty exists that may cast doubt on the group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:
the information given in the Strategic Report and the Directors' eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
- 6 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the company.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
obtaining an understanding of the legal and regulatory framework applicable to the company by considering the nature of the industry in which the company operates and enquiring of management; and
identifying the key laws and regulations considered to have a direct impact on the financial statements including the UK Companies Act 2006, UK Generally Accepted Accounting Practice and UK tax legislation; and
assessing how the company is complying with the applicable legal and regulatory framework by making further enquiries of management and observing the company's control environment regarding compliance with regulations and fraud prevention; and
assessing the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by considering the effectiveness of the company’s accounting systems and controls and how these were monitored by management. Performance related targets and bonuses were also considered. Where the risk of material misstatement was considered to be higher in certain areas, further audit procedures were designed to address this increased risk; an
discussing amongst the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
- 7 -
Audit response to risks identified
Our procedures to respond to risks identified included the following:
enquiry of management, those charged with governance and other relevant parties around actual and potential litigation claims; and
reviewing supporting documentation regarding actual and potential litigation claims; and
performing audit work over revenue recognition including substantive tests of detail of a sample of revenue transactions; and
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
communicating identified laws and regulations and potential fraud risks to all engagement team members and assessing whether there are any indications of fraud or non-compliance with laws and regulations throughout the audit.
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.
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.
John Griffin FCCA (Senior Statutory Auditor)
For and on behalf of Newby Castleman LLP
22 January 2025
Chartered Accountants
Statutory Auditor
West Walk Building
110 Regent Road
Leicester
LE1 7LT
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,520,407
17,100,199
Cost of sales
(10,772,836)
(12,289,330)
Gross profit
3,747,571
4,810,869
Distribution costs
(1,785,636)
(1,733,010)
Administrative expenses
(3,286,122)
(2,869,583)
Other operating income
11,322
9,058
Operating (loss)/profit
4
(1,312,865)
217,334
Interest receivable and similar income
8
4,703
69
Interest payable and similar expenses
9
(85,324)
(31,416)
(Loss)/profit before taxation
(1,393,486)
185,987
Taxation
10
(22,667)
47,025
(Loss)/profit for the financial year
(1,416,153)
233,012
Total comprehensive income for the year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
220,764
251,214
Tangible assets
13
4,961,246
4,291,299
5,182,010
4,542,513
Current assets
Stocks
16
1,976,372
1,881,580
Debtors
17
3,175,558
3,496,938
Cash at bank and in hand
1,785,278
2,490,086
6,937,208
7,868,604
Creditors: amounts falling due within one year
18
(6,211,651)
(5,661,888)
Net current assets
725,557
2,206,716
Total assets less current liabilities
5,907,567
6,749,229
Creditors: amounts falling due after more than one year
19
(1,549,208)
(782,111)
Provisions for liabilities
22
(121,745)
(248,351)
Net assets
4,236,614
5,718,767
Capital and reserves
Called up share capital
25
121,518
121,518
Revaluation reserve
26
997,131
997,131
Capital redemption reserve
26
28,502
28,502
Profit and loss reserves
26
3,089,463
4,571,616
Equity attributable to owners of the parent company
4,236,614
5,718,767
The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
22 January 2025
R B Dalby
Director
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
732,169
729,774
Investments
14
874,014
874,014
1,606,183
1,603,788
Current assets
Debtors
17
115
151,122
Cash at bank and in hand
595,264
69,672
595,379
220,794
Creditors: amounts falling due within one year
18
(262,143)
(155,026)
Net current assets
333,236
65,768
Total assets less current liabilities
1,939,419
1,669,556
Creditors: amounts falling due after more than one year
19
(925,797)
Net assets
1,013,622
1,669,556
Capital and reserves
Called up share capital
25
121,518
121,518
Capital redemption reserve
26
13,502
13,502
Profit and loss reserves
26
878,602
1,534,536
Total equity
1,013,622
1,669,556
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £589,935 (2023 - £255,967 profit).
The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
22 January 2025
R B Dalby
Director
Company registration number 03105119 (England and Wales)
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
121,518
997,131
28,502
4,433,504
5,580,655
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
233,012
233,012
Dividends
11
-
-
-
(94,900)
(94,900)
Balance at 31 March 2023
121,518
997,131
28,502
4,571,616
5,718,767
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(1,416,153)
(1,416,153)
Dividends
11
-
-
-
(66,000)
(66,000)
Balance at 31 March 2024
121,518
997,131
28,502
3,089,463
4,236,614
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
121,518
13,502
1,373,470
1,508,490
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
255,966
255,966
Dividends
11
-
-
(94,900)
(94,900)
Balance at 31 March 2023
121,518
13,502
1,534,536
1,669,556
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(589,934)
(589,934)
Dividends
11
-
-
(66,000)
(66,000)
Balance at 31 March 2024
121,518
13,502
878,602
1,013,622
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(661,813)
1,178,502
Interest paid
(85,324)
(31,416)
Income taxes refunded
2,046
Net cash (outflow)/inflow from operating activities
(747,137)
1,149,132
Investing activities
Purchase of tangible fixed assets
(963,712)
(341,010)
Proceeds from disposal of tangible fixed assets
3,825
7,942
Interest received
4,703
69
Net cash used in investing activities
(955,184)
(332,999)
Financing activities
Proceeds from new bank loans
1,000,000
Repayment of bank loans
(40,160)
(43,377)
Payment of finance leases obligations
(269,822)
(202,681)
Dividends paid to equity shareholders
(66,000)
(94,900)
Net cash generated from/(used in) financing activities
624,018
(340,958)
Net (decrease)/increase in cash and cash equivalents
(1,078,303)
475,175
Cash and cash equivalents at beginning of year
1,367,812
892,637
Cash and cash equivalents at end of year
289,509
1,367,812
Relating to:
Cash at bank and in hand
1,785,278
2,490,086
Bank overdrafts included in creditors payable within one year
(1,495,769)
(1,122,274)
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Dalby Holdings Limited ("the company") is a company limited by shares incorporated in England and Wales. The address of the registered office and place of business is given in the company information page of these financial statements.
The group consists of Dalby Holdings Limited and all of its subsidiaries ("the group").
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of a certain freehold property. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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:true
1.2
Basis of consolidation
The consolidated financial statements incorporate those of Dalby Holdings 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). All financial statements are made up to 31 March 2024.
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.
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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the truegroup and company have 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.The group meets its day to day working capital requirements through management of its cash resources and a bank loan facility. The directors have prepared forecasts for the period ending 12 months from the date of approval of these financial statements and beyond. Based on these forecasts, the directors consider the group will have sufficient working capital to meet the forecast levels of group activity. However, the margin of facilities over requirements is not large and, inherently, there can be no certainty in relation to these matters.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services supplied, net of VAT and trade discounts.
Turnover from the sale of goods is recognised on the date of despatch as this is the point at which the significant risks and rewards of ownership of the goods are transferred to the customer.
Turnover from construction contracts is recognised by reference to the stage of completion of the contract activity at the end of the reporting period when the stage of completion, costs incurred and costs to complete can be estimated reliably. The “percentage of completion method” is used to determine the appropriate amount of revenue to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs.
Turnover from maintenance services is recognised on the date that such services are provided.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.6
Tangible fixed assets
Tangible fixed assets are 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 buildings
No depreciation
Leasehold alterations
5% per annum of cost
Leasehold improvements
20% per annum reducing balance
Plant and machinery
10% - 20% per annum of cost
Fixtures, fittings & computer equipment
10% - 33% per annum of cost / 25% reducing balance
Motor vehicles
25% per annum of cost / 25% reducing balance
Assets under construction
No depreciation
No depreciation is provided in respect of freehold land.
The estimated residual value of freehold buildings is such that their depreciable amount is insignificant. Accordingly, no depreciation is charged on freehold buildings.
The group has adopted the transition exemption under FRS 102 paragraph 35.10(c) and has elected to measure a certain freehold property held at the date of transition to FRS 102 at its fair value and use that fair value as the deemed cost for this property.
1.7
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.8
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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Bank loans are initially measured at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. 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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.11
Employee benefits
When employees have rendered service to the group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are recognised.
1.12
Retirement benefits
The group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
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.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the lease term.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
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.
1.15
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stage of completion of construction contracts
As explained in note 1.4, where the outcome of construction contracts can be estimated reliably, contract revenues and costs are recognised on a contract by contract basis using the percentage of completion method. The application of this accounting policy requires both the total costs and the stage of completion of contracts to be assessed. An inherent degree of judgement will exist in determining the stage of completion of a contract at the end of the reporting period.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover
Goods
12,749,295
15,660,997
Services
1,771,112
1,439,202
14,520,407
17,100,199
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 18 -
Other revenue
Interest income
4,703
69
Grants received
10,272
2,000
Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
14,433,288
17,100,199
Europe
87,119
14,520,407
17,100,199
Included in turnover is revenue of £4,727,554 (2023 - £5,881,457) arising on construction contracts in the year.
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Government grants
(10,272)
(2,000)
Depreciation of owned tangible fixed assets
211,465
210,239
Depreciation of tangible fixed assets held under finance leases
207,286
146,956
Impairment of owned tangible fixed assets
36,971
Profit on disposal of tangible fixed assets
(3,825)
(7,942)
Amortisation of intangible assets
30,450
30,450
Operating lease charges
127,686
103,750
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
4,680
4,500
Audit of the financial statements of the company's subsidiaries
21,320
20,500
26,000
25,000
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and administration
44
43
3
4
Production
112
136
-
-
Sales and service
23
7
-
-
Total
179
186
3
4
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,667,701
5,679,170
264,992
277,830
Social security costs
594,382
587,074
34,949
37,614
Pension costs
129,838
114,345
5,222
4,973
6,391,921
6,380,589
305,163
320,417
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
327,279
334,017
Company pension contributions to defined contribution schemes
6,399
6,020
333,678
340,037
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
104,290
118,000
Company pension contributions to defined contribution schemes
5,222
4,973
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,703
69
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
33,872
3,516
Interest on finance leases
44,729
27,789
Other interest
6,723
111
Total finance costs
85,324
31,416
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
22,667
(47,025)
The charge for the year can be reconciled to the profit per the profit and loss account as follows:
2024
2023
£
£
(Loss)/profit before taxation
(1,393,486)
185,987
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(348,372)
35,338
Tax effect of expenses that are not deductible in determining taxable profit
11,482
8
Change in unrecognised deferred tax assets
243,300
Depreciation on assets not qualifying for tax allowances
1,802
1,322
Research and development tax credit
(7,955)
(44,954)
Deferred tax adjustments in respect of prior years
119,886
Other tax adjustments
7,476
9,092
Super deduction relief
(46,430)
Change in deferred tax rate
(4,952)
(1,401)
Taxation charge/(credit) for the year
22,667
(47,025)
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
11
Dividends
2024
2023
£
£
Ordinary paid
66,000
94,900
66,000
94,900
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
421,580
Amortisation and impairment
At 1 April 2023
170,366
Amortisation charged for the year
30,450
At 31 March 2024
200,816
Carrying amount
At 31 March 2024
220,764
At 31 March 2023
251,214
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold alterations
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
2,099,774
125,994
7,192
4,673,572
900,857
658,807
8,466,196
Additions
835,653
80,877
72,238
136,901
1,125,669
Disposals
(53,835)
(53,835)
At 31 March 2024
2,099,774
125,994
7,192
835,653
4,754,449
973,095
741,873
9,538,030
Depreciation and impairment
At 1 April 2023
51,426
1,764
2,947,158
781,965
392,584
4,174,897
Depreciation charged in the year
6,299
1,086
256,556
49,091
105,719
418,751
Impairment losses
36,971
36,971
Eliminated in respect of disposals
(53,835)
(53,835)
At 31 March 2024
36,971
57,725
2,850
3,203,714
831,056
444,468
4,576,784
Carrying amount
At 31 March 2024
2,062,803
68,269
4,342
835,653
1,550,735
142,039
297,405
4,961,246
At 31 March 2023
2,099,774
74,568
5,428
1,726,414
118,892
266,223
4,291,299
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
Company
Freehold land and buildings
Motor vehicles
Total
£
£
£
Cost or valuation
At 1 April 2023
729,774
729,774
Additions
44,990
44,990
At 31 March 2024
729,774
44,990
774,764
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
5,624
5,624
Impairment losses
36,971
36,971
At 31 March 2024
36,971
5,624
42,595
Carrying amount
At 31 March 2024
692,803
39,366
732,169
At 31 March 2023
729,774
729,774
Certain freehold properties have been pledged as security for the company’s bank borrowings.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
1,011,765
1,136,967
Motor vehicles
173,490
110,518
39,366
1,185,255
1,247,485
39,366
The group has adopted the transition exemption under FRS 102 paragraph 35.10(c) and has elected to measure a certain freehold property held at the date of transition to FRS 102 at its fair value and use that fair value as the deemed cost for this property.
The freehold property was last revalued in 2015 on the basis of existing use value by independent qualified valuers. The resulting revaluation adjustments were taken to the revaluation reserve.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 24 -
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
613,762
613,762
-
-
Accumulated depreciation
240,894
240,894
-
-
Carrying value
372,868
372,868
-
-
Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within the group and company tangible fixed assets is £692,803 (2023 - £729,774).
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
874,014
874,014
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
874,014
Carrying amount
At 31 March 2024
874,014
At 31 March 2023
874,014
An impairment has been recognised in the current year to reflect the net asset position of the subsidiaries where these have fallen below the initial cost of investment.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
15
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Country of
Nature of business
Class of
% Held
incorporation
shares held
Direct
Indirect
Harry Dalby Engineering Limited
England and Wales
Manufacturing
Ordinary
100.00
Oakland Press Tool Company Limited
England and Wales
Non trading
Ordinary
100.00
Regent Engineers Limited
England and Wales
Manufacturing
Ordinary
100.00
Phoenix Aluminium Limited
England and Wales
Aluminium Supply
Ordinary
100.00
Phoenix Aluminium Limited is a trading subsidiary of Regent Engineers Limited and Oakland Press Tool Company Limited is a dormant subsidiary of Regent Engineers Limited.
The registered address of all subsidiaries is the same as the company's registered office address as given in the company information page of these financial statements.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
589,822
631,310
Work in progress
242,695
346,010
Finished goods and goods for resale
1,143,855
904,260
1,976,372
1,881,580
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,081,445
3,225,577
Amounts owed by group undertakings
115
Other debtors
1,849
1,849
Prepayments and accrued income
94,113
120,239
3,175,558
3,347,665
115
1,849
Deferred tax asset (note 23)
149,273
149,273
3,175,558
3,496,938
115
151,122
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
1,611,718
1,167,054
105,787
34,869
Obligations under finance leases
21
243,212
229,503
9,255
Payments received on account
709,770
1,534,597
Trade creditors
2,404,149
1,693,153
31,363
4,836
Amounts owed to group undertakings
304
100,000
69,792
Other taxation and social security
714,336
344,148
10,635
19,753
Other creditors
35,739
7,716
1,103
682
Accruals and deferred income
492,727
685,413
4,000
25,094
6,211,651
5,661,888
262,143
155,026
Bank borrowings are secured by virtue of legal charges on certain freehold properties.
The aggregate amount of creditors for which security has been given amounts to £1,884,295 (2023: £1,022,418). Finance leases are secured on the assets to which they relate.
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
912,736
24,065
898,824
Obligations under finance leases
21
636,472
758,046
26,973
1,549,208
782,111
925,797
Amounts included above which fall due after five years are as follows:
Payable by instalments
47,619
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,028,685
68,845
1,004,611
34,869
Bank overdrafts
1,495,769
1,122,274
2,524,454
1,191,119
1,004,611
34,869
Payable within one year
1,611,718
1,167,054
105,787
34,869
Payable after one year
912,736
24,065
898,824
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Loans and overdrafts
(Continued)
- 27 -
The company bank loan is repayable by instalments by 2028 and attracts a rate of interest over the LIBOR rate of 3%. A covenant of the bank loan was breached as at 31 March 2024 and continues to be monitored by the bank. Terms have not been renegotiated.
A subsidiary company bank loan is repayable by instalments by 2026 and attracts a rate of interest of 2.5%.
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
243,212
229,503
9,255
In two to five years
591,248
644,970
26,973
In over five years
45,224
113,076
879,684
987,549
36,228
Finance leases relate to plant and machinery and motor vehicles.
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Deferred tax liabilities
23
121,745
248,351
23
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
610,335
441,066
Tax losses
(479,213)
(188,287)
149,273
Short term timing differences
(9,377)
(4,428)
121,745
248,351
149,273
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Tax losses
149,273
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(asset) at 1 April 2023
99,078
(149,273)
Charge to profit or loss
22,667
149,273
Liability at 31 March 2024
121,745
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
129,838
114,345
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.
25
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
121,518 Ordinary shares of £1 each
121,518
121,518
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
26
Reserves
Revaluation reserve
The revaluation reserve comprises a revaluation surplus for a certain freehold property.
Capital redemption reserve
The capital redemption reserve represents the purchase of own shares.
Profit and loss reserves
The profit and loss reserve comprises retained profits and losses for the current and prior periods.
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
27
Financial commitments, guarantees and contingent liabilities
Company
Under the terms of interlocking guarantees, Dalby Holdings Limited, Harry Dalby Engineering Limited, Regent Engineers Limited and Phoenix Aluminium Limited jointly and severally undertook to satisfy on demand all sums owing to finance providers by the other parties to the agreements. At 31 March 2024 the net amount owing to these finance providers by the other group undertakings was £306,269 (2023 - £Nil).
Dalby Holdings Limited has also undertaken to satisfy on demand all sums owing to a finance provider by Regent Engineers Limited and Harry Dalby Engineering Limited in respect of finance leases. At 31 March 2024 the amount owing to the finance provider by Regent Engineers Limited was £85,841 (2023 - £137,984) and the amount owing by Harry Dalby Engineering Limited was £96,963 (2023 - £63,924).
28
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
44,646
35,067
Between two and five years
141,433
140,000
In over five years
5,833
186,079
180,900
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
322
322
29
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
549,238
607,793
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
29
Related party transactions
(Continued)
- 30 -
Transactions with related parties
Certain company directors are trustees of The Dalby Pension Scheme ("The Scheme"). Subsidiary undertakings occupy property owned by The Scheme. During the year, rent of £127,713 (2023: £103,750) was paid to The Scheme in respect of these properties. At the year end, £Nil (2023: £1,775) included in other debtors is owed to the company by The Scheme.
The company has taken advantage of the exemption offered by FRS 102 from the requirement to disclosetrue transactions with wholly owned subsidiaries.
30
Directors' transactions
Advances or credits have been granted by the group to its directors as follows:
Dividends totalling £66,000 (2023: £92,900) were paid in the year in respect of shares held by the company's directors.
31
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,416,153)
233,012
Adjustments for:
Taxation charged/(credited)
22,667
(47,025)
Finance costs
85,324
31,416
Investment income
(4,703)
(69)
Gain on disposal of tangible fixed assets
(3,825)
(7,942)
Amortisation and impairment of intangible assets
30,450
30,450
Depreciation and impairment of tangible fixed assets
455,722
357,195
Movements in working capital:
Increase in stocks
(94,792)
(183,905)
Decrease in debtors
172,107
74,801
Increase in creditors
91,390
690,569
Cash (absorbed by)/generated from operations
(661,813)
1,178,502
DALBY HOLDINGS LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
32
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
2,490,086
(704,808)
-
1,785,278
Bank overdrafts
(1,122,274)
(373,495)
-
(1,495,769)
1,367,812
(1,078,303)
-
289,509
Borrowings excluding overdrafts
(68,845)
(959,840)
-
(1,028,685)
Obligations under finance leases
(987,549)
269,822
(161,957)
(879,684)
311,418
(1,768,321)
(161,957)
(1,618,860)
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2024.301No description of principal activityU K DalbyR B DalbyR N DalbyJ H FootJ H FootD P 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