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Registration number: 13641211

Drayton Beaumont Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

Drayton Beaumont Group Limited

Contents

Group Information

1

Group Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 32

 

Drayton Beaumont Group Limited

Group Information

Directors

Mr SP Beaumont

Mr N Blaise

Company secretary

Ms Y Willett

Registered office

Drayton Beaumont Building
Merrial Street
Newcastle-Under-Lyme
Staffordshire
ST5 2AE

Solicitors

RJS Solicitors Limited
G1 Bellringer Road
Trentham Business Quarter
Stoke on Trent
Staffordshire
ST4 8GB

Auditors

Alextra Audit Limited
Chartered Certified Accountants & Registered Auditors7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Drayton Beaumont Group Limited

Group Strategic Report for the Year Ended 30 September 2024

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

Principal activity

The principal activity of the group is the design and installation of electrical and mechanical engineering services within the construction industry.

Fair review of the business

The group has continued to trade successfully providing the design and installation of mechanical and electrical building services within the construction industry. We have undertaken an analysis of the group's activities, performance and closing year end position. Our review has considered the market conditions prevailing and the opportunities and risks that the group has encountered during the year and we have anticipated what could occur going forward. Overall we consider the development and performance of the group to be very positive, an increase in gross margins overall being attained this year with decrease in turnover levels.

The balance sheet gearing and funding of the group remain adequate and the coming year continues to hold the prospect of further economic growth subject to the final overall effect of the Covid-19 outbreak.

Principal risks and uncertainties

We consider the affairs of the group to be satisfactory. Although it is acknowledged that the industry is still facing a very challenging environment with strong competition along with the general uncertainty concerning Brexit, world affairs and the recent Covid-19 outbreak.
We regularly review the markets and contracts which the group is involved in, and the costs which are incurred, in delivering these works. This ensures that the group remains in a stable position and continues with its year on year trading improvement.

In addition to the above the group has a good working capital base which is monitored on a regular basis. Controls are in place to ensure that the group regularly reviews the credit processes. Credit levels are assessed, and provided, to help reduce any future bad debt exposure that may occur during this economic recovery period.

Health and safety is taken very seriously within the group and is controlled centrally with decisions and policies made by the directors, in consultation with outside health and safety consultants, which are delivered within the group to ensure a compliant and consistent approach to this area.

Approved and authorised by the Board on 10 April 2025 and signed on its behalf by:
 

.........................................
Mr SP Beaumont
Director

 

Drayton Beaumont Group Limited

Group Directors' Report for the Year Ended 30 September 2024

The directors present their report and the for the year ended 30 September 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr SP Beaumont

Mr N Blaise (appointed 18 March 2024)

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

The business's principal financial instruments comprise bank balances, bank overdraft, trade and other debtors, trade creditors, other creditors and loans to related parties.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances made for any doubtful debts.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans to related parties are unsecured, interest free and repayable on demand.

Important non adjusting events after the financial period

On 28 October 2024, the group acquired the entire share capital of JPR Group Holdings Limited and on 29 October 2024 the group acquired the entire share capital of Therser Holdings Limited.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 10 April 2025 and signed on its behalf by:
 

.........................................
Mr SP Beaumont
Director

 

Drayton Beaumont Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 the 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Drayton Beaumont Group Limited

Independent Auditor's Report to the Members of Drayton Beaumont Group Limited

Opinion

We have audited the financial statements of Drayton Beaumont Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 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 group's and the parent company's affairs as at 30 September 2024 and of its profit 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 auditor 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.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

 

Drayton Beaumont Group Limited

Independent Auditor's Report to the Members of Drayton Beaumont Group Limited

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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Group Strategic Report and Group Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Group Strategic Report and Group Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report and the Group Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of 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 4], 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 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.

 

Drayton Beaumont Group Limited

Independent Auditor's Report to the Members of Drayton Beaumont Group Limited

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was to identify those laws and regulations applicable to the company through discussions with the directors and to assess the content of compliance with them through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify unusual or unexpected relationships or transactions and assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias.

There are inherent limitations in our audit procedures described above. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusions.

We make enquiries of those charged with governance, review and test internal controls and accounting assertions, both individually and substantively, on a sample basis, and consider any breaches of laws and regulations, including litigation or claims.

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 auditors report.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

 

Drayton Beaumont Group Limited

Independent Auditor's Report to the Members of Drayton Beaumont Group Limited

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.

......................................
Matthew Geoffrey Price FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

11 April 2025

 

Drayton Beaumont Group Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

12,451,828

12,286,130

Cost of sales

 

(9,367,865)

(9,915,902)

Gross profit

 

3,083,963

2,370,228

Administrative expenses

 

(1,022,595)

(703,676)

Operating profit

4

2,061,368

1,666,552

Other interest receivable and similar income

5

28,445

34,413

Interest payable and similar expenses

6

(3,941)

(1,381)

   

24,504

33,032

Profit before tax

 

2,085,872

1,699,584

Tax on profit

10

(367,831)

(22,626)

Profit for the financial year

 

1,718,041

1,676,958

Profit/(loss) attributable to:

 

Owners of the company

 

1,718,041

1,676,958

The group has no recognised gains or losses for the year other than the results above.

 

Drayton Beaumont Group Limited

(Registration number: 13641211)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

11

-

(888,746)

Tangible assets

12

694,219

688,609

Investment property

2,745,862

2,456,449

 

3,440,081

2,256,312

Current assets

 

Debtors

14

6,762,694

5,720,586

Cash at bank and in hand

 

2,457,412

3,600,702

 

9,220,106

9,321,288

Creditors: Amounts falling due within one year

17

(3,601,013)

(4,188,781)

Net current assets

 

5,619,093

5,132,507

Total assets less current liabilities

 

9,059,174

7,388,819

Creditors: Amounts falling due after more than one year

17

(10,408)

-

Provisions for liabilities

(43,674)

(21,266)

Net assets

 

9,005,092

7,367,553

Capital and reserves

 

Called up share capital

20

4,623,000

4,623,000

Retained earnings

4,382,092

2,744,553

Equity attributable to owners of the company

 

9,005,092

7,367,553

Shareholders' funds

 

9,005,092

7,367,553

Approved and authorised by the Board on 10 April 2025 and signed on its behalf by:
 

.........................................
Mr SP Beaumont
Director

 

Drayton Beaumont Group Limited

(Registration number: 13641211)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

203,472

54,208

Investments

13

4,623,000

4,623,000

 

4,826,472

4,677,208

Current assets

 

Debtors

14

974,566

595,000

Cash at bank and in hand

 

1,388,858

291,504

 

2,363,424

886,504

Creditors: Amounts falling due within one year

17

(2,504,200)

(901,027)

Net current liabilities

 

(140,776)

(14,523)

Total assets less current liabilities

 

4,685,696

4,662,685

Provisions for liabilities

(38,082)

(12,469)

Net assets

 

4,647,614

4,650,216

Capital and reserves

 

Called up share capital

20

4,623,000

4,623,000

Retained earnings

24,614

27,216

Shareholders' funds

 

4,647,614

4,650,216

The company made a profit after tax for the financial year of £77,900 (2023 - profit of £116,045).

As permitted by Section 408 Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.

Approved and authorised by the Board on 10 April 2025 and signed on its behalf by:
 

.........................................
Mr SP Beaumont
Director

 

Drayton Beaumont Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

Total equity
£

At 1 October 2023

4,623,000

2,744,553

7,367,553

7,367,553

Profit for the year

-

1,718,041

1,718,041

1,718,041

Total comprehensive income

-

1,718,041

1,718,041

1,718,041

Dividends

-

(80,502)

(80,502)

(80,502)

At 30 September 2024

4,623,000

4,382,092

9,005,092

9,005,092

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 October 2022

4,623,000

1,140,097

5,763,097

5,763,097

Profit for the year

-

1,676,958

1,676,958

1,676,958

Dividends

-

(72,502)

(72,502)

(72,502)

At 30 September 2023

4,623,000

2,744,553

7,367,553

7,367,553

 

Drayton Beaumont Group Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 October 2023

4,623,000

27,216

4,650,216

Profit for the year

-

77,900

77,900

Total comprehensive income

-

77,900

77,900

Dividends

-

(80,502)

(80,502)

At 30 September 2024

4,623,000

24,614

4,647,614

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

4,623,000

(16,327)

4,606,673

Profit for the year

-

116,045

116,045

Dividends

-

(72,502)

(72,502)

At 30 September 2023

4,623,000

27,216

4,650,216

 

Drayton Beaumont Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

(As restated)

2023
£

Cash flows from operating activities

Profit for the year

 

1,718,041

1,676,958

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

(647,331)

(815,668)

Finance income

5

(28,445)

(34,413)

Finance costs

6

3,941

1,381

Income tax expense

10

367,831

22,626

 

1,414,037

850,884

Working capital adjustments

 

(Increase)/decrease in trade debtors

14

(1,042,111)

2,089,594

Decrease in trade creditors

17

(923,605)

(2,139,674)

Cash generated from operations

 

(551,679)

800,804

Income taxes paid

10

(18,851)

(111,075)

Net cash flow from operating activities

 

(570,530)

689,729

Cash flows from investing activities

 

Interest received

28,445

34,413

Acquisitions of tangible assets

(214,086)

(60,418)

Acquisition of investment properties

(289,413)

(221,608)

Net cash flows from investing activities

 

(475,054)

(247,613)

Cash flows from financing activities

 

Interest paid

6

(3,941)

(1,381)

Payments to finance lease creditors

 

(13,263)

-

Dividends paid

(80,502)

(72,502)

Net cash flows from financing activities

 

(97,706)

(73,883)

Net (decrease)/increase in cash and cash equivalents

 

(1,143,290)

368,233

Cash and cash equivalents at 1 October

 

3,600,702

3,232,469

Cash and cash equivalents at 30 September

 

2,457,412

3,600,702

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Drayton Beaumont Building
Merrial Street
Newcastle-Under-Lyme
Staffordshire
ST5 2AE
UK

These financial statements were authorised for issue by the Board on 10 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Prior period errors

During the year ended 30 September 2023, land with a value of £2,456,449 had been incorrectly transferred to stocks from investment property. However, this didn't reflect the intended use of the asset and as a result a prior year adjustment has been made to correct this.

This correction has resulted in the value of investment property increasing by £2,456,449 and stock reducing by the same amount. There has been no effect on net profit.

Judgements

In the application of the company'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.

Judgements in applying accounting policies:

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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

The directors must judge whether all of the conditions required for turnover to be recognised in the profit and loss for the financial year, as set out in the revenue recognition accounting policy below, have been met.

Sources of estimation uncertainty:

Depreciation rates are based on estimates of the useful lives and residual values of the assets involved. Rebate provisions are based on the likely amounts receivable based on agreed rates and percentages. The directors must make estimates in relation to the recoverable amounts of debtors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Contract revenue recognition

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contact turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount 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. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% and 25% straight line basis

Tools and equipment

25% straight line basis

Motor vehicles

25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Negative goodwill

straight line over 3 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Design and installation of electrical and mechanical engineering services

12,451,828

12,286,130

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

241,415

73,077

Amortisation expense

(888,746)

(888,745)

Operating lease expense - plant and machinery

12,475

8,329

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

27,027

33,063

Other finance income

1,418

1,350

28,445

34,413

6

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

2,766

1,381

Interest expense on other finance liabilities

1,175

-

3,941

1,381

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,243,572

1,191,395

Social security costs

119,988

122,216

Other short-term employee benefits

16,694

12,415

Pension costs, defined contribution scheme

27,997

30,677

Other employee expense

14,241

537

1,422,492

1,357,240

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

2024
No.

2023
No.

Production

16

19

Administration and support

21

20

37

39

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

8,509

9,328

Contributions paid to money purchase schemes

7,188

7,775

15,697

17,103

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

7,000

34,700

Other fees to auditors

All other non-audit services

2,220

26,258


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

345,612

18,878

UK corporation tax adjustment to prior periods

(189)

-

345,423

18,878

Deferred taxation

Arising from origination and reversal of timing differences

22,408

3,748

Tax expense in the income statement

367,831

22,626

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,085,872

1,699,584

Corporation tax at standard rate

521,468

424,896

Tax decrease from effect of capital allowances and depreciation

(1,694)

(214,879)

Effect of revenues exempt from taxation

(222,187)

-

Effect of expense not deductible in determining taxable profit (tax loss)

70,433

32,773

Tax decrease from effect of unrelieved tax losses carried forward

-

(221,347)

Deferred tax expense relating to changes in tax rates or laws

-

3,748

Tax decrease from changes in tax provisions due to legislation

(189)

(2,565)

Total tax charge

367,831

22,626

11

Intangible assets

Group

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2023

(2,666,236)

2,501

(2,663,735)

At 30 September 2024

(2,666,236)

2,501

(2,663,735)

Amortisation

At 1 October 2023

(1,777,490)

2,501

(1,774,989)

Amortisation charge

(888,746)

-

(888,746)

At 30 September 2024

(2,666,236)

2,501

(2,663,735)

Carrying amount

At 30 September 2024

-

-

-

At 30 September 2023

(888,746)

-

(888,746)

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

12

Tangible assets

Group

Leasehold property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

537,057

62,496

123,360

52,958

775,871

Additions

-

9,536

69,870

167,616

247,022

At 30 September 2024

537,057

72,032

193,230

220,574

1,022,893

Depreciation

At 1 October 2023

-

40,622

36,288

10,351

87,261

Charge for the year

134,264

16,059

41,804

49,286

241,413

At 30 September 2024

134,264

56,681

78,092

59,637

328,674

Carrying amount

At 30 September 2024

402,793

15,351

115,138

160,937

694,219

At 30 September 2023

537,057

21,874

87,072

42,606

688,609

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Other tangible assets

25,388

-

   

Company

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

-

75,876

-

75,876

Additions

3,722

69,870

126,828

200,420

At 30 September 2024

3,722

145,746

126,828

276,296

Depreciation

At 1 October 2023

-

21,668

-

21,668

Charge for the year

854

23,743

26,559

51,156

At 30 September 2024

854

45,411

26,559

72,824

Carrying amount

At 30 September 2024

2,868

100,335

100,269

203,472

At 30 September 2023

-

54,208

-

54,208

13

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Drayton Beaumont Services Holdings Limited

Drayton Beaumont Building
Merrial Street
Newcastle-under-Lyme
Staffordshire
ST5 2AE

Ordinary

100%

100%

England and Wales

Subsidiary undertakings

Drayton Beaumont Services Holdings Limited

The principal activity of Drayton Beaumont Services Holdings Limited is design and installation of electrical and mechanical engineering services

Company

2024
£

2023
£

Investments in subsidiaries

4,623,000

4,623,000

Subsidiaries

£

Cost or valuation

At 1 October 2023

4,623,000

Provision

Carrying amount

At 30 September 2024

4,623,000

At 30 September 2023

4,623,000

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

14

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

3,830,972

3,500,353

-

-

Amounts owed by related parties

22

1,180,474

1,471,070

974,566

595,000

Other debtors

 

301,358

396,948

-

-

Prepayments

 

139,154

44,743

-

-

Gross amount due from customers for contract work

 

1,310,736

307,472

-

-

 

6,762,694

5,720,586

974,566

595,000

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

228

89

-

-

Cash at bank

137,387

729,193

4,724

72,317

Short-term deposits

2,319,797

2,871,420

1,384,134

219,187

2,457,412

3,600,702

1,388,858

291,504

16

Analysis of changes in net debt

Group

At 1 October 2023
£

Financing cash flows
£

New finance leases
£

At 30 September 2024
£

Cash and cash equivalents

Cash

3,600,702

(1,143,290)

-

2,457,412

Borrowings

Lease liabilities

-

13,263

(32,936)

(19,673)

 

3,600,702

(1,130,027)

(32,936)

2,437,739

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

9,265

-

-

-

Trade creditors

 

1,386,541

1,684,607

4,444

-

Amounts due to related parties

22

445,356

1,601,662

2,495,934

901,028

Social security and other taxes

 

58,259

57,923

3,823

-

Outstanding defined contribution pension costs

 

4,658

5,273

-

-

Other payables

 

459,427

433,995

(1)

(1)

Accruals

 

431,454

350,409

-

-

Income tax liability

10

345,612

19,040

-

-

Gross amount due to customers for contract work

 

460,441

35,872

-

-

 

3,601,013

4,188,781

2,504,200

901,027

Due after one year

 

Loans and borrowings

18

10,408

-

-

-

18

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

9,265

-

-

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

10,408

-

-

-

The liabilities are secured on the assets financed.

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £27,997 (2023 - £30,677).

Contributions totalling £4,658 (2023 - £5,273) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

4,623,000

4,623,000

4,623,000

4,623,000

       

21

Commitments

Group

Other financial commitments

The total amount of operating lease commitments not included in the balance sheet is £146,793 (2023 - £175,000), in connection with the property rental.

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

22

Related party transactions

Group

Summary of transactions with other related parties

Related parties by virtue of Mr SP Beaumont being director and shareholder in the companies.
Costs have been incurred and recharged, at cost, to related parties. Also, the company has made cash loans to several related parties, which are unsecured and interest free.

Income and receivables from related parties

2024

Other related parties
£

Sale of goods

3,308,304

2023

Other related parties
£

Sale of goods

3,414,677

Settlement of liabilities

(3,103,372)

311,305

Amounts receivable from related party

2,298,196

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

3,099,472

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,290,654

1,290,654

Repaid

(10,180)

(10,180)

At end of period

1,280,474

1,280,474

2023

Other related parties
£

Total
£

At start of period

693,423

693,423

Advanced

676,064

676,064

Repaid

(78,833)

(78,833)

At end of period

1,290,654

1,290,654

 

Drayton Beaumont Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

1,421,241

1,421,241

Repaid

(875,885)

(875,885)

At end of period

545,356

545,356

2023

Other related parties
£

Total
£

At start of period

1,416,500

1,416,500

Advanced

503,621

503,621

Repaid

(498,880)

(498,880)

At end of period

1,421,241

1,421,241

23

Parent and ultimate parent undertaking

The shareholders are considered to be the controlling party.

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.

24

Non adjusting events after the financial period

On 28 October 2024, the group acquired the entire share capital of JPR Group Holdings Limited and on 29 October 2024 the group acquired the entire share capital of Therser Holdings Limited.