Registration number:
Drayton Beaumont Group Limited
for the Year Ended 30 September 2024
Drayton Beaumont Group Limited
Contents
Group Information |
|
Group Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
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 |
|
Notes to the Financial Statements |
Drayton Beaumont Group Limited
Group Information
Directors |
Mr SP Beaumont Mr N Blaise |
Company secretary |
Ms Y Willett |
Registered office |
|
Solicitors |
|
Auditors |
|
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
......................................... |
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:
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
......................................... |
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.
......................................
For and on behalf of
7-9 Macon Court
Cheshire
CW1 6EA
Drayton Beaumont Group Limited
Consolidated Profit and Loss Account for the Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
24,504 |
33,032 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
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) |
|
Fixed assets |
|||
Intangible assets |
- |
( |
|
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
Drayton Beaumont Group Limited
(Registration number: 13641211)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
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 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
( |
At 30 September 2024 |
|
|
|
|
Share capital |
Retained earnings |
Total |
Total equity |
|
At 1 October 2022 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
( |
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 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 September 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 October 2022 |
|
( |
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
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) |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in trade debtors |
( |
|
|
Decrease in trade creditors |
( |
( |
|
Cash generated from operations |
( |
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Acquisition of investment properties |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments to finance lease creditors |
( |
- |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 October |
|
|
|
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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
UK
These financial statements were authorised for issue by the
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
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.
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 |
|
|
Drayton Beaumont Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
( |
( |
Operating lease expense - plant and machinery |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
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 |
2023 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
15,697 |
17,103 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of these financial statements |
7,000 |
34,700 |
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
- |
345,423 |
18,878 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Effect of revenues exempt from taxation |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax decrease from effect of unrelieved tax losses carried forward |
- |
( |
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Tax decrease from changes in tax provisions due to legislation |
( |
( |
Total tax charge |
|
|
Intangible assets |
Group
Goodwill |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
|||
At 1 October 2023 |
( |
|
( |
At 30 September 2024 |
( |
|
( |
Amortisation |
|||
At 1 October 2023 |
( |
|
( |
Amortisation charge |
( |
- |
( |
At 30 September 2024 |
( |
|
( |
Carrying amount |
|||
At 30 September 2024 |
- |
- |
- |
At 30 September 2023 |
( |
- |
( |
Drayton Beaumont Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible assets |
Group
Leasehold property improvements |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 October 2023 |
|
|
|
|
|
Additions |
- |
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 October 2023 |
- |
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 30 September 2024 |
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
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 |
- |
|
- |
|
Additions |
|
|
|
|
At 30 September 2024 |
|
|
|
|
Depreciation |
||||
At 1 October 2023 |
- |
|
- |
|
Charge for the year |
|
|
|
|
At 30 September 2024 |
|
|
|
|
Carrying amount |
||||
At 30 September 2024 |
|
|
|
|
At 30 September 2023 |
- |
|
- |
|
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 Building
|
|
|
|
England and Wales |
Subsidiary undertakings
Drayton Beaumont Services Holdings Limited The principal activity of Drayton Beaumont Services Holdings Limited is |
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 October 2023 |
|
Provision |
|
Carrying amount |
|
At 30 September 2024 |
|
At 30 September 2023 |
|
Drayton Beaumont Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Debtors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
|
|
|
|
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Gross amount due from customers for contract work |
|
|
- |
- |
|
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
|
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) |
|
||||
|
( |
( |
|
Drayton Beaumont Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
|
- |
- |
- |
|
Trade creditors |
|
|
|
- |
|
Amounts due to related parties |
|
|
|
|
|
Social security and other taxes |
|
|
|
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other payables |
|
|
( |
( |
|
Accruals |
|
|
- |
- |
|
Income tax liability |
345,612 |
19,040 |
- |
- |
|
Gross amount due to customers for contract work |
|
|
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
- |
- |
- |
Loans and borrowings |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Current loans and borrowings |
||||
Finance lease liabilities |
|
- |
- |
- |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Non-current loans and borrowings |
||||
Finance lease liabilities |
|
- |
- |
- |
The liabilities are secured on the assets financed.
Drayton Beaumont Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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 £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
4,623,000 |
|
4,623,000 |
Commitments |
Group
Other financial commitments
The total amount of operating lease commitments not included in the balance sheet is £
Drayton Beaumont Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Related party transactions |
Group
Summary of transactions with other related parties
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 |
|
|
2023 |
Other related parties |
Sale of goods |
|
Settlement of liabilities |
( |
|
|
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2024 |
Other related parties |
Purchase of goods |
|
|
Loans to related parties
2024 |
Other related parties |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
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 |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
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.
Non adjusting events after the financial period |
|