Company registration number 00452403 (England and Wales)
DUALIT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
DUALIT LIMITED
COMPANY INFORMATION
Directors
Mr L A Gort-Barten
Mr A C Gort-Barten
Mr C M Stewart
Company number
00452403
Registered office
County Oak Way
Crawley
West Sussex
RH11 7ST
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
DUALIT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
DUALIT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Business Review

The result for the year reflect an easing of the cost pressures facing the company , particularly in terms of FX. The board wish to express their gratitude to all employees for their contribution to the company’s activities.

Going concern

The directors have prepared forecasts for a period of at least 12 months from the date of these financial statements. The uncertainty as to the future impact on the company of the current global economic environment has been considered as part of the company’s adoption of the going concern basis. Whilst there are increased cost pressures the business has continued to service its markets in a challenging marketplace.

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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 the financial statements.

Principal risks and uncertainties

 

Financial risk management objectives and policies
The company uses financial instruments comprising cash, other liquid resources and various other items such as trade debtors and creditors that arises directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are liquidity and foreign exchange risk. The Director's review and agree policies for managing these risks and are summarised below:

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest any cash assets safely and profitably. The company's policy throughout the year has been to ensure continuity of funding by using the company's bankers. The company is cash positive and invests surplus cash securely to ensure it has funds to meet its liabilities as they fall due.

Foreign exchange risk
The company is exposed to both translation and transaction foreign exchange risk. In relation to translation risk, the risk is managed though the use of foreign currency bank accounts. Transaction exposure, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts. Whilst the aim is to achieve an economic hedge the company does not adopt an accounting policy of hedge accounting for these financial statements.

DUALIT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Financial key performance Indicators

The financial performance for the year can be summarised by the following key figures and indicators which the Directors have found useful in monitoring the company’s progress:

 

 

 

2024

£

2023

£

 

 

 

 

Turnover

 

24,772,228

22,567,323

Profit/(Loss) after tax

 

607,980

(1,408,461)

Cash at bank and in hand

 

5,014,952

4,587,294

On behalf of the board

Mr L A Gort-Barten
Director
28 March 2025
DUALIT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

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

Principal activities

The principal activity of the company is the manufacture and sale of electrical supplies and coffee.

Results and dividends

The profit for the year, after taxation, amounted to £607,980 (2023: £1,408,461).

No dividend was paid in the year. (2023: Nil).

Directors

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

Mr L A Gort-Barten
Mr A C Gort-Barten
Mr C M Stewart
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

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

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 company’s auditor 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 company’s auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr L A Gort-Barten
Director
28 March 2025
DUALIT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DUALIT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DUALIT LIMITED
- 5 -
Opinion

We have audited the financial statements of Dualit Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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:

DUALIT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DUALIT LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

 

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:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, and compliance with the UK Companies Act.

DUALIT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DUALIT LIMITED
- 7 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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.

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.

Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
28 March 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
DUALIT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
24,772,228
22,567,323
Change in stocks of finished goods and in work in progress
168,114
(1,767,348)
Other operating income
10,719
22,647
Raw materials and consumables
224,377
490,084
Other external expenses
(14,839,327)
(10,865,756)
Staff costs
5
(3,805,997)
(3,383,630)
Depreciation and other amounts written off tangible and intangible fixed assets
4
(694,233)
(606,657)
Other operating charges
(5,082,650)
(8,033,164)
Operating profit/(loss)
4
753,231
(1,576,501)
Interest receivable and similar income
84,528
49,625
Profit/(loss) before taxation
837,759
(1,526,876)
Tax on profit/(loss)
7
(229,779)
118,415
Profit/(loss) for the financial year
607,980
(1,408,461)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 22 form part of these financial statements.

DUALIT LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
260,735
282,345
Tangible assets
9
3,626,177
3,285,927
3,886,912
3,568,272
Current assets
Stocks
10
5,924,121
5,531,629
Debtors
11
3,855,729
2,889,715
Cash at bank and in hand
5,014,952
4,587,294
14,794,802
13,008,638
Creditors: amounts falling due within one year
12
(11,445,104)
(10,220,516)
Net current assets
3,349,698
2,788,122
Total assets less current liabilities
7,236,610
6,356,394
Creditors: amounts falling due after more than one year
13
(83,333)
(83,333)
Provisions for liabilities
Provisions
14
497,480
455,023
Deferred tax liability
15
587,211
357,432
(1,084,691)
(812,455)
Net assets
6,068,586
5,460,606
Capital and reserves
Called up share capital
17
200
200
Other reserves
(54,497)
(54,497)
Profit and loss reserves
6,122,883
5,514,903
Total equity
6,068,586
5,460,606

The notes on pages 12 to 22 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr L A Gort-Barten
Director
Company registration number 00452403 (England and Wales)
DUALIT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
200
(54,497)
6,923,364
6,869,067
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
(1,408,461)
(1,408,461)
Balance at 30 June 2023
200
(54,497)
5,514,903
5,460,606
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
607,980
607,980
Balance at 30 June 2024
200
(54,497)
6,122,883
6,068,586

The notes on pages 12 to 22 form part of these financial statements.

DUALIT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,356,003
261,880
Income taxes paid
-
0
(165,658)
Net cash inflow from operating activities
1,356,003
96,222
Investing activities
Purchase of intangible assets
(19,661)
(263,614)
Purchase of tangible fixed assets
(993,212)
(661,585)
Proceeds from disposal of tangible fixed assets
-
0
4,638
Interest received
84,528
49,625
Net cash used in investing activities
(928,345)
(870,936)
Net increase/(decrease) in cash and cash equivalents
427,658
(774,714)
Cash and cash equivalents at beginning of year
4,587,294
5,362,008
Cash and cash equivalents at end of year
5,014,952
4,587,294

The notes on pages 12 to 22 form part of these financial statements.

DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information

Dualit Limited is a private company limited by shares incorporated in England and Wales. The registered office is County Oak Way, Crawley, West Sussex, RH11 7ST.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set below.

1.2
Going concern

The directors have prepared forecasts for a period of at least 12 months from the date of these financial statements. The uncertainty as to the future impact on the company of the current global economic environment has been considered as part of the company’s adoption of the going concern basis. Whilst there are increased cost pressures the business has continued to service its markets in a challenging marketplace.true

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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 the financial statements

1.3
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.

Sales of goods are recognised on despatch of goods to the customer as this represents the point at which the conditions are met.

Royalty income, earned from other manufactures in relation to the sale of products designed by the company, is recognised on an accruals basis in accordance with the substance of the relevant agreement.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
20% per annum straight line
1.5
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.

DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -

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:

Leasehold land and buildings
10% per annum straight line
Plant and equipment
10% per annum straight line
Fixtures and fittings
20% per annum straight line
Motor vehicles
25% per annum 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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

 

DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
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.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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. 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 company’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.

DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Warranty and faulty goods provision

Provision for warranty and faulty goods is recognised at the date of sale of the relevant products at the company's best estimate for the expenditure required to settle the company's liability, The liability is considered to be a general right of return and as such the provision itself has been deducted from revenues.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.14
Retirement benefits

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

1.15
Leases

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 leases asset are consumed.

1.16
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 company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Management have made a significant judgement in regards to:

  • Stock provisioning

  • Warranty and faulty goods provisioning

No key sources of estimation uncertainty have been identified by management in preparing these financial statements.

 

DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
3
Turnover

The whole of the turnover is attributable to the one principal activity of the company.

 

All turnover arose within the United Kingdom.

 

4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Foreign exchange (gains) / losses
(302,667)
560,161
Fees payable to the company's auditor for the audit of the company's financial statements
26,500
24,900
Depreciation of owned tangible fixed assets
652,962
600,835
Amortisation of intangible assets
41,271
5,822
Operating lease charges
760,202
706,577
5
Employees

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

2024
2023
Number
Number
Production
60
48
Administration
30
32
Distribution
14
14
Directors
3
3
Total
107
97

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,415,132
3,001,368
Social security costs
301,265
302,806
Pension costs
89,600
79,456
3,805,997
3,383,630
DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
238,880
225,959
Company pension contributions to defined contribution schemes
25,980
24,000
264,860
249,959

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
238,880
225,959
Company pension contributions to defined contribution schemes
25,980
24,000
7
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
229,779
(118,415)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
837,759
(1,526,876)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
209,440
(313,010)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
118
Adjustments in respect of prior years
(133,093)
1,046
Group relief
147,987
209,005
Depreciation on assets not qualifying for tax allowances
5,445
(16,215)
Other permanent differences
-
0
22,164
Remeasurement of deferred tax for change in tax rates
-
0
(21,523)
Taxation charge/(credit) for the year
229,779
(118,415)
DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
8
Intangible fixed assets
Software
£
Cost
At 1 July 2023
283,121
Additions
19,661
At 30 June 2024
302,782
Amortisation and impairment
At 1 July 2023
776
Amortisation charged for the year
41,271
At 30 June 2024
42,047
Carrying amount
At 30 June 2024
260,735
At 30 June 2023
282,345
9
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
1,031,887
212,405
5,326,883
864,241
374,344
7,809,760
Additions
92,947
383,225
367,440
61,786
87,814
993,212
Transfers
-
0
(212,405)
212,405
-
0
-
0
-
0
At 30 June 2024
1,124,834
383,225
5,906,728
926,027
462,158
8,802,972
Depreciation and impairment
At 1 July 2023
871,521
-
0
2,778,986
727,917
145,409
4,523,833
Depreciation charged in the year
64,333
-
0
452,775
44,811
91,043
652,962
At 30 June 2024
935,854
-
0
3,231,761
772,728
236,452
5,176,795
Carrying amount
At 30 June 2024
188,980
383,225
2,674,967
153,299
225,706
3,626,177
At 30 June 2023
160,366
212,405
2,547,897
136,324
228,935
3,285,927
DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
10
Stocks
2024
2023
£
£
Raw materials and consumables
2,591,119
2,366,741
Finished goods and goods for resale
3,333,002
3,164,888
5,924,121
5,531,629
11
Debtors
2024
2023
£
£
Trade debtors
2,662,181
2,216,978
Corporation tax recoverable
299,999
299,999
Other debtors
290,938
44,490
Prepayments and accrued income
602,611
328,248
3,855,729
2,889,715
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,974,039
1,152,865
Amounts owed to group undertakings
8,315,213
8,125,120
Taxation and social security
322,015
193,061
Other creditors
148,202
149,844
Accruals and deferred income
685,635
599,626
11,445,104
10,220,516
13
Creditors: amounts falling due after more than one year
2024
2023
£
£
Share capital treated as debt
28,836
28,836
Share premium treated as debt
54,497
54,497
83,333
83,333

Disclosure of the terms and conditions attached to the preferred shares is made in note 17.

DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
14
Provisions for liabilities
2024
2023
£
£
Warranty provision
497,480
455,023
Movements on provisions:
Warranty provision
£
At 1 July 2023
455,023
Additional provisions in the year
42,457
At 30 June 2024
497,480

A provision for warranty and faulty goods represents the best estimate of the present value of the future payments that may be required for warranty and faulty goods claims on products sold. It is expected that these costs may be incurred in the next year. The provision for warranty and faulty goods is based on the level of warranty and faulty goods claims experienced on the same products sold in prior years.

15
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
760,666
613,719
Losses and other deductions
(170,042)
(255,168)
Short term timing differences
(3,413)
(1,119)
587,211
357,432
2024
Movements in the year:
£
Liability at 1 July 2023
357,432
Charge to profit or loss
229,779
Liability at 30 June 2024
587,211
DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,600
79,456

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
B Ordinary Shares of £1 each
200
200
200
200
2024
2023
2024
2023
Shares classified as debt
Number
Number
£
£
A Ordinary shares of £1 each
24,030
24,030
24,030
24,030
Preferred shares of £1 each
4,806
4,806
4,806
4,806
28,836
28,836
28,836
28,836

The preferred shares and the 'A' ordinary shares have the right to the first £12,500 distributed from profits for the year.

 

In case the company should be wound up at any time, the assets of the company available for distribution among the members shall be applied first in repayment of all the capital paid up or credited as paid on the shares of all classes ratably and secondly in dividing among the holders of the preferred shares in proportion to the number of preferred shares held by them respectively such a sum as together with the capital paid up or credited as paid up on the preferred shares shall amount to £150,000 and thirdly by dividing the surplus among the holders of the "B" ordinary shares held by them respectively.

 

18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments, which fall due as follows:

2024
2023
£
£
Within one year
760,202
760,202
Between two and five years
1,457,054
2,280,606
2,217,256
3,040,808
DUALIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
19
Related party transactions

During the year, rental payments totalling £760,202 (2023 - £760,202) were made in respect of the premises from which the company operates and which is owned equally by the self invested personal pension (SIPP) of one of the directors, Mr L A Gort-Barten and a third party.

20
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan
-
-
275,296
275,296
-
275,296
275,296
21
Parent and Ultimate controlling party

The company's immediate parent is Dualit Holdings Limited, incorporated in Jersey.

The ultimate controlling party is A C Gort-Barten.

22
Cash generated from operations
2024
2023
£
£
Profit/(loss) for the year after tax
607,980
(1,408,461)
Adjustments for:
Taxation charged/(credited)
229,779
(118,415)
Investment income
(84,528)
(49,625)
Amortisation and impairment of intangible assets
41,271
5,822
Depreciation and impairment of tangible fixed assets
652,962
600,835
Increase/(decrease) in provisions
42,457
(27,392)
Movements in working capital:
(Increase)/decrease in stocks
(392,492)
1,277,265
Increase in debtors
(966,014)
(44,175)
Increase in creditors
1,224,588
26,026
Cash generated from operations
1,356,003
261,880
23
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
4,587,294
427,658
5,014,952
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