REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
D S L Group (Nottingham) Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
D S L Group (Nottingham) Limited |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
D S L Group (Nottingham) Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Park House |
37 Clarence Street |
Leicester |
Leicestershire |
LE1 3RW |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The financial year 2024 was a period of transition for D S L Group (Nottingham) Limited. The company underwent significant structural changes, including a demerger that resulted in a shift in ownership and leadership. On 2 April 2024, Manjit Singh Landa and his family took full control of the main trading business, marking a new chapter for the company. |
During this period, the company also relocated its head office and warehouse operations to modern, larger premises in North Nottinghamshire. This strategic move, while necessary for long-term growth, involved short-term challenges, including relocation costs and operational disruptions. Additionally, the one-off costs associated with the demerger, alongside the complexities of restructuring, had a temporary impact on the company's financial performance. |
Despite these challenges, the business has since made significant strides in improving efficiency and profitability. The consolidation of operations in the new premises has led to notable cost savings and increased operational effectiveness. A streamlined cost structure, combined with a strong focus on trading performance, has positioned the company for sustained success. |
Encouragingly, the management accounts for the seven months ending 31 January 2025 report a profit before tax of £613,000. This reflects the positive impact of our new leadership team, strategic initiatives, and recent growth in new business. With a stronger foundation in place, the company is well-positioned for continued success in the years ahead. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider the potential risks to be similar to those faced by similar companies in the sector, principally to do with the continuity of supply, the maintenance of their customers, foreign exchange variations and more specifically the continued impact from inflation. |
Considerable emphasis is devoted to maintaining service levels with customers and working closely with suppliers on logistical and quality issues to ensure that high levels of performance are achieved. |
Staff are encouraged to fully contribute to the business and the directors recognise that the future success of the business depends on the retention and dedication of key employees. Targeted remuneration packages, which the directors consider to be attractive by industry standards, are offered to mitigate this risk and encourage development. |
KEY PERFORMANCE INDICATORS |
The key performance indicators that the directors monitor the business by are levels of turnover achieved, margins achieved, net current assets position and the cash generation of the business. All these indicators are monitored monthly. |
ON BEHALF OF THE BOARD: |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of sale of promotional and non-food products through a network of petrol stations and convenience stores. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 was £1,362,398 (2023 - £nil). The dividend arose due to the demerger referred to in the Strategic Report. |
DIRECTORS |
Other changes in directors holding office are as follows: |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The company has arranged qualifying third party indemnity for all of its directors. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Report of the Directors |
for the Year Ended 30 June 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
D S L Group (Nottingham) Limited |
Opinion |
We have audited the financial statements of D S L Group (Nottingham) Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
D S L Group (Nottingham) Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
Report of the Independent Auditors to the Members of |
D S L Group (Nottingham) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
a) Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken: |
- | Understanding the nature of the industry and sector, control environment and business performance; |
- | Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities; |
- | Understanding the company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud; |
- | Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; |
- | Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation. |
b) Audit response to risks identified |
Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified. |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement; |
- | Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud |
- | Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators; |
- | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business. |
- | Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Report of the Independent Auditors to the Members of |
D S L Group (Nottingham) Limited |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Park House |
37 Clarence Street |
Leicester |
Leicestershire |
LE1 3RW |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Statement of Comprehensive |
Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
(1,570,326 | ) | (179,977 | ) |
Other operating income |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Interest receivable and similar income |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 6 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Capital redemption reserve | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2024 |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Cash Flow Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Taxation refund |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 1,399,670 | 62 |
Share issue |
Equity dividends paid | ( |
) |
Amounts due from group undertakings | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,834,600 |
Cash and cash equivalents at end of year |
2 |
951,424 |
1,914,355 |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance income | (4,269 | ) | - |
(1,472,437 | ) | (70,210 | ) |
Decrease in stocks |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 951,424 | 1,914,355 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 1,914,355 | 1,887,154 |
Bank overdrafts | ( |
) |
1,914,355 | 1,834,600 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,914,355 | (962,931 | ) | 951,424 |
1,914,355 | ( |
) | 951,424 |
Total | 1,914,355 | (962,931 | ) | 951,424 |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
D S L Group (Nottingham) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the economic useful lives and residual values of assets. The useful economic lives and residual values are reviewed annually. |
ii) Stock provisions |
In determining stock provisions, evaluation of future demand is considered and appropriate provisions made to reflect the risk of obsolescence. This is significantly affected by forecasted needs for stock. If actual demand or usage were to be lower than estimated, additional stock provisions for excess or obsolete stock may be required. |
iii) Bad debt provisions |
Bad debt provisions are made by the directors based on the age of the unpaid debt and the terms of trade. |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and Value Added Tax. |
The company recognises turnover when the following criteria have been met: |
(a) the significant risks and rewards of ownership have been transferred to the buyer; |
(b) the company retains no ongoing involvement or control over the goods; |
(c) the revenue can be reliably measured; |
(d) it is probable that the company will receive the consideration due under the transaction; and |
(e) the costs incurred in respect of the transaction can be reliably measured. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the purchase price on a first-in, first-out basis. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operate defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the company. |
4. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Warehouse and packing | 28 | 29 |
Distribution | 20 | 20 |
Finance and administration | 21 | 26 |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
30.6.24 | 30.6.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Computer software amortisation |
Auditors remuneration |
Foreign exchange differences | ( |
) |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
Under/(Overprovision) of prior |
year | (63,589 | ) | - |
Tax on loss | ( |
) |
UK corporation tax has been charged at 25% (2023 - 19%). |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Other timing differences | - | 28,019 |
Movement on unrecognised deferred tax asset | 384,582 | - |
Total tax credit | (63,589 | ) | - |
7. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
10. | STOCKS |
30.6.24 | 30.6.23 |
£ | £ |
Finished goods |
Stock recognised in cost of sales during the period as an expense was £3,375,211 (2023: £4,305,489). |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
An impairment loss of £196,608 (2023: £252) has been recognised in profit or loss for the year in respect of bad and doubtful debts. |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Directors' current accounts | 1,399,670 | - |
Accruals and deferred income |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
Between one and five years |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 57,380 | 10,000 |
The following shares were issued during the year in exchange for the novation of related party loan balances: |
47,380 Ordinary shares of £1 |
15. | RESERVES |
Retained Earnings |
Retained earnings represents cumulative profits and losses, net of dividends paid and other adjustments. |
Share Premium Account |
Share premium account represents the premium paid for new shares in excess of the nominal value. |
Capital Redemption Reserve |
This reserve was reconciled under Section 709 to 723 of the CA2006 when shares were cancelled in the year ended 30 June 2021. |
16. | RELATED PARTY DISCLOSURES |
30.6.24 | 30.6.23 |
£ | £ |
Amount due to related party |
D S L Group (Nottingham) Limited (Registered number: 01707850) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | RELATED PARTY DISCLOSURES - continued |
Some directors had an interest in another company. During the year rent of £301,103 (2023 - £297,500 was paid to this company. At the year end the amount outstanding was £nil (2023 - £nil). |
Certain directors also have an interest in another company. Loan balances were assigned during the year of £832,432 (2023 - £nil). A debtor of £832,432 (2023 - £nil) was outstanding at the year end against which a provision of £167,432 has been applied. |
Certain directors are related to directors of a company and members of the directors' family have an interest in another company. During the year expenses of £nil (2023 - £52) were incurred on its behalf. A debtor amounting to £nil (2023 - £84) was outstanding at the year end. An amount of £84 (2023 - £nil) was written off as a bad debt |
Certain directors during the year were also directors of another company. During the year a management charge of £182,623 (2023 - £243,141) was incurred. A debtor amounting to £nil (2023 - £59) was outstanding at the year end. An amount of £59 (2023 - £nil) was written off as a bad debt. |
17. | ULTIMATE CONTROLLING PARTY |
Following a group reconstruction on 16 April 2024 the parent undertaking is HKL Holdings Limited. The registered office address is Birchwood House Unit A Willow Drive, Sherwood Business Park, Annesley, Nottingham, NG15 0DP. |
On 16 April 2024, M S Landa became the ultimate controlling party. |