REGISTERED NUMBER: 00282575 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
For The Year Ended 30 September 2024 |
for |
Dudbridge Estates Ltd |
REGISTERED NUMBER: 00282575 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
For The Year Ended 30 September 2024 |
for |
Dudbridge Estates Ltd |
Dudbridge Estates Ltd (Registered number: 00282575) |
Contents of the Consolidated Financial Statements |
For The Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Dudbridge Estates Ltd |
Company Information |
For The Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
BANKERS: | Lloyds Bank Plc |
12 Rowcroft |
Stroud |
Gloucestershire |
GL5 3BD |
Dudbridge Estates Ltd (Registered number: 00282575) |
Group Strategic Report |
For The Year Ended 30 September 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
In the opinion of the directors, the group did well to consolidate it's position in it's chosen business sector. |
REVIEW OF BUSINESS |
The principle activity of the group is that of the production and marketing of metal pressings and plastic products. |
The group's key financial indicators are considered by management to be Turnover, Gross Profit and Profit before tax. The results of these for the last 5 years are as follows:- |
Financial year end | 2024 | 2023 | 2022 | 2021 | 2020 |
Turnover movement |
-1% |
+5% |
+17% |
+9% |
-17% |
Gross profit movement |
+20% |
+8% |
(-4%) |
+73% |
-36% |
Profit/(Loss) before tax | £503k | £204k | £236k | £492k | (£534k | ) |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's markets are essentially those of the production and marketing of metal pressings and plastic products. |
These markets continue to be subject to rigorous competition from other operators based both within the United Kingdom and elsewhere. |
The group's aim is to compete in its chosen markets through the provision of quality services to its customers. |
ON BEHALF OF THE BOARD: |
Dudbridge Estates Ltd (Registered number: 00282575) |
Report of the Directors |
For The Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2024 will be £ 40,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dudbridge Estates Ltd |
Opinion |
We have audited the financial statements of Dudbridge Estates Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's 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 Auditors' 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Dudbridge Estates Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident. |
At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud. |
Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud. |
We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit. |
The group is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements. |
Report of the Independent Auditors to the Members of |
Dudbridge Estates Ltd |
The group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, provision and use of work equipment regulations, employment laws, GDPR and environmental laws and regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
Dudbridge Estates Ltd (Registered number: 00282575) |
Consolidated |
Income Statement |
For The Year Ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER | 3 | 7,886,050 | 7,995,051 |
Cost of sales | 5,833,431 | 6,278,566 |
GROSS PROFIT | 2,052,619 | 1,716,485 |
Administrative expenses | 1,447,267 | 1,414,155 |
605,352 | 302,330 |
Other operating income | 3,000 | 2,996 |
OPERATING PROFIT | 5 | 608,352 | 305,326 |
Interest receivable and similar income | 11,176 | 7,592 |
619,528 | 312,918 |
Interest payable and similar expenses | 6 | 116,658 | 108,720 |
PROFIT BEFORE TAXATION | 502,870 | 204,198 |
Tax on profit | 7 | 448,245 | 114,367 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 54,625 | 89,831 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Consolidated |
Other Comprehensive Income |
For The Year Ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 54,625 | 89,831 |
OTHER COMPREHENSIVE INCOME |
Revaluation gain on freehold property | 665,380 | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
665,380 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
720,005 |
89,831 |
Total comprehensive income attributable to: |
Owners of the parent | 720,005 | 89,831 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Consolidated Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 8,849,420 | 8,356,606 |
Investments | 12 | - | - |
8,849,420 | 8,356,606 |
CURRENT ASSETS |
Stocks | 13 | 1,012,759 | 1,332,402 |
Debtors | 14 | 1,279,246 | 1,360,236 |
Cash at bank | 2,375,003 | 1,278,044 |
4,667,008 | 3,970,682 |
CREDITORS |
Amounts falling due within one year | 15 | 1,437,705 | 1,298,041 |
NET CURRENT ASSETS | 3,229,303 | 2,672,641 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,078,723 |
11,029,247 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(1,793,974 |
) |
(1,929,260 |
) |
PROVISIONS FOR LIABILITIES | 20 | (704,415 | ) | (199,658 | ) |
NET ASSETS | 9,580,334 | 8,900,329 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 4,657 | 4,657 |
Share premium | 595,216 | 595,216 |
Revaluation reserve | 1,007,435 | 644,850 |
Capital redemption reserve | 7,979 | 7,979 |
Retained earnings | 7,965,047 | 7,647,627 |
SHAREHOLDERS' FUNDS | 9,580,334 | 8,900,329 |
The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by: |
M W Large - Director |
Dudbridge Estates Ltd (Registered number: 00282575) |
Company Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(32,791 |
) |
303,753 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Dudbridge Estates Ltd (Registered number: 00282575) |
Consolidated Statement of Changes in Equity |
For The Year Ended 30 September 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 October 2022 | 4,657 | 7,577,796 | 595,216 |
Changes in equity |
Profit for the year | - | 89,831 | - |
Total comprehensive income | - | 89,831 | - |
Dividends | - | (20,000 | ) | - |
Balance at 30 September 2023 | 4,657 | 7,647,627 | 595,216 |
Changes in equity |
Profit for the year | - | 54,625 | - |
Other comprehensive income | - | 302,795 | - |
Total comprehensive income | - | 357,420 | - |
Dividends | - | (40,000 | ) | - |
Balance at 30 September 2024 | 4,657 | 7,965,047 | 595,216 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 October 2022 | 644,850 | 7,979 | 8,830,498 |
Changes in equity |
Profit for the year | - | - | 89,831 |
Total comprehensive income | - | - | 89,831 |
Dividends | - | - | (20,000 | ) |
Balance at 30 September 2023 | 644,850 | 7,979 | 8,900,329 |
Changes in equity |
Profit for the year | - | - | 54,625 |
Other comprehensive income | 362,585 | - | 665,380 |
Total comprehensive income | 362,585 | - | 720,005 |
Dividends | - | - | (40,000 | ) |
Balance at 30 September 2024 | 1,007,435 | 7,979 | 9,580,334 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Company Statement of Changes in Equity |
For The Year Ended 30 September 2024 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Profit for the year | - | 303,753 | - | - | 303,753 |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 30 September 2023 |
Changes in equity |
Deficit for the year | - | (32,791 | ) | - | - | (32,791 | ) |
Other comprehensive income | - | 302,795 | - | 665,380 |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 30 September 2024 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Consolidated Cash Flow Statement |
For The Year Ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,391,201 | 763,195 |
Interest paid | (116,658 | ) | (108,720 | ) |
Net cash from operating activities | 1,274,543 | 654,475 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (193,041 | ) | (593,894 | ) |
Sale of tangible fixed assets | 179,567 | 7,315 |
Interest received | 11,176 | 7,592 |
Net cash from investing activities | (2,298 | ) | (578,987 | ) |
Cash flows from financing activities |
Loan repayments in year | (135,286 | ) | (134,257 | ) |
Equity dividends paid | (40,000 | ) | (20,000 | ) |
Net cash from financing activities | (175,286 | ) | (154,257 | ) |
Increase/(decrease) in cash and cash equivalents | 1,096,959 | (78,769 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,278,044 |
1,356,813 |
Cash and cash equivalents at end of year |
2 |
2,375,003 |
1,278,044 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Cash Flow Statement |
For The Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.24 | 30.9.23 |
£ | £ |
Profit before taxation | 502,870 | 204,198 |
Depreciation charges | 202,773 | 182,282 |
Profit on disposal of fixed assets | (16,733 | ) | (7,315 | ) |
Finance costs | 116,658 | 108,720 |
Finance income | (11,176 | ) | (7,592 | ) |
794,392 | 480,293 |
Decrease in stocks | 319,643 | 538,318 |
Decrease/(increase) in trade and other debtors | 137,502 | (218,619 | ) |
Increase/(decrease) in trade and other creditors | 139,664 | (36,797 | ) |
Cash generated from operations | 1,391,201 | 763,195 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 2,375,003 | 1,278,044 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 1,278,044 | 1,356,813 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,278,044 | 1,096,959 | 2,375,003 |
1,278,044 | 1,096,959 | 2,375,003 |
Debt |
Debts falling due within 1 year | (363,282 | ) | - | (363,282 | ) |
Debts falling due after 1 year | (1,929,260 | ) | 135,286 | (1,793,974 | ) |
(2,292,542 | ) | 135,286 | (2,157,256 | ) |
Total | (1,014,498 | ) | 1,232,245 | 217,747 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements |
For The Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Dudbridge Estates Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales of bespoke manufactured metal pressings largely for the automotive and plumbing industries net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer. |
Goodwill |
Goodwill on consolidation, being the amount paid in connection with the acquisition of a business in 2016, has been amortised evenly over its estimated useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
No depreciation is provided on freehold buildings because in the directors opinion the real (inflation adjusted) estimated residual value is not less than the carrying value in the accounts. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
Work in progress is valued on the basis of cost of direct materials and labour plus attributable |
overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, and loans, are recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised at transaction price. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
30.9.24 | 30.9.23 |
£ | £ |
United Kingdom | 4,163,260 | 4,689,128 |
Europe | 3,182,470 | 2,821,104 |
Rest of the World | 540,320 | 484,819 |
7,886,050 | 7,995,051 |
4. | EMPLOYEES AND DIRECTORS |
30.9.24 | 30.9.23 |
£ | £ |
Wages and salaries | 1,674,956 | 1,730,392 |
Social security costs | 164,871 | 166,196 |
Other pension costs | 132,015 | 115,933 |
1,971,842 | 2,012,521 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.9.24 | 30.9.23 |
Directors | 2 | 2 |
Production | 42 | 42 |
Selling and administration | 7 | 10 |
The average number of employees by undertakings that were proportionately consolidated during the year was 49 (2023 - 52 ) . |
30.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration | 100,046 | 120,815 |
Directors' pension contributions to money purchase schemes | 94,609 | 76,571 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.24 | 30.9.23 |
£ | £ |
Depreciation - owned assets | 202,773 | 182,282 |
Profit on disposal of fixed assets | (16,733 | ) | (7,315 | ) |
Auditors' remuneration | 20,100 | 17,600 |
Auditors' remuneration for non audit work | 4,998 | 10,991 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.24 | 30.9.23 |
£ | £ |
Bank interest | 20,776 | 18,139 |
Loan | 95,882 | 90,581 |
116,658 | 108,720 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Current tax: |
Overprovision in prior years | (56,512 | ) | - |
Deferred tax | 504,757 | 114,367 |
Tax on profit | 448,245 | 114,367 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.24 | 30.9.23 |
£ | £ |
Profit before tax | 502,870 | 204,198 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
125,718 |
38,798 |
Effects of: |
Adjustments to tax charge in respect of previous periods | (56,512 | ) | - |
Super deduction enhance relief | - | (885 | ) |
Deferred tax not adjusted current year | - | (3,292 | ) |
Deferred tax not adjusted brought forward | 59,550 | 43,572 |
Change in tax rate | 17,609 | 36,174 |
Disposal of NQAs | (915 | ) | - |
Deferred tax on revaluation of freehold property | 302,795 | - |
Total tax charge | 448,245 | 114,367 |
Tax effects relating to effects of other comprehensive income |
30.9.24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation gain on freehold property | 665,380 | - | 665,380 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
30.9.24 | 30.9.23 |
£ | £ |
Interim | 40,000 | 20,000 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
on |
consolidation |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 107,230 |
AMORTISATION |
At 1 October 2023 |
and 30 September 2024 | 107,230 |
NET BOOK VALUE |
At 30 September 2024 | - |
At 30 September 2023 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2023 | 6,834,620 | 4,633,383 | 734,415 | 195,628 | 12,398,046 |
Additions | - | 185,778 | 7,263 | - | 193,041 |
Disposals | - | (222,121 | ) | - | - | (222,121 | ) |
Revaluations | 665,380 | - | - | - | 665,380 |
At 30 September 2024 | 7,500,000 | 4,597,040 | 741,678 | 195,628 | 13,034,346 |
DEPRECIATION |
At 1 October 2023 | - | 3,760,664 | 194,646 | 86,130 | 4,041,440 |
Charge for year | - | 124,797 | 41,592 | 36,384 | 202,773 |
Eliminated on disposal | - | (59,287 | ) | - | - | (59,287 | ) |
At 30 September 2024 | - | 3,826,174 | 236,238 | 122,514 | 4,184,926 |
NET BOOK VALUE |
At 30 September 2024 | 7,500,000 | 770,866 | 505,440 | 73,114 | 8,849,420 |
At 30 September 2023 | 6,834,620 | 872,719 | 539,769 | 109,498 | 8,356,606 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 September 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2017 | 644,850 | - | - | - | 644,850 |
Valuation in 2024 | 665,380 | - | - | - | 665,380 |
Cost | 6,189,770 | 4,597,040 | 741,678 | 195,628 | 11,724,116 |
7,500,000 | 4,597,040 | 741,678 | 195,628 | 13,034,346 |
Company |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 October 2023 |
Revaluations |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Cost or valuation at 30 September 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2017 | 644,850 |
Valuation in 2024 | 665,380 |
Cost | 6,189,770 |
7,500,000 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
Impairments | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
13. | STOCKS |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Stocks | 420,113 | 619,586 |
Work-in-progress | 99,930 | 37,433 |
Finished goods | 492,716 | 675,383 |
1,012,759 | 1,332,402 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors | 1,104,328 | 1,232,428 |
Corporation tax | 56,512 | - |
Prepayments and accrued income | 118,406 | 127,808 |
1,279,246 | 1,360,236 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 138,282 | 138,282 |
Other loans (see note 17) | 225,000 | 225,000 |
Trade creditors | 800,076 | 669,260 |
Social security and other taxes | 82,391 | 132,127 |
Other creditors | 40,274 | 103 |
Amounts owed to group undertakings | - | - | 562,024 | 781,924 |
Accruals and deferred income | 151,682 | 133,269 |
1,437,705 | 1,298,041 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Bank loans (see note 17) | 1,793,974 | 1,929,260 |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 138,282 | 138,282 |
Other loans | 225,000 | 225,000 | - | - |
363,282 | 363,282 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 141,144 | 141,144 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 438,894 | 438,894 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,213,936 | 1,349,222 | 1,213,936 | 1,349,222 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Company |
The company has contracted with a subsidiary undertaking to rent the freehold premises that it owns for the following future minimum lease income: |
30.9.24 | 30.9.23 |
£ | £ |
Within 1 year | 400,000 | 400,000 |
Between 1 and 5 years | 1,600,000 | 1,600,000 |
After 5 years | 300,000 | 700,000 |
2,300,000 | 2,700,000 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Bank loans | 1,932,256 | 2,067,542 |
The bank loan is secured via fixed and floating charges over the property and land at Brunel Way, Stroudwater Business Park, Stonehouse, Gloucestershie, GL10 3SX. |
Dudbridge Estates Ltd (Registered number: 00282575) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30 September 2024 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
£ | £ | £ | £ |
Deferred tax | 704,415 | 199,658 | 380,241 | 48,932 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 199,658 |
Provided during year | 201,962 |
Deferred tax on revaluation | 302,795 |
Balance at 30 September 2024 | 704,415 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Revaluation of Freehold | 302,795 |
Balance at 30 September 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary Shares | £1 | 4,657 | 4,657 |
22. | CAPITAL COMMITMENTS |
30.9.24 | 30.9.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | 164,985 | - |
23. | RELATED PARTY DISCLOSURES |
Loans from Related Party |
At the end of March 2010, a Settlement Trust who has an interest in group shares, loaned the subsidiary Stroud Metal Company Limited £225,000 as an unsecured loan. Interest is payable on this loan quarterly at 4.% above the Bank of England base rate. During the year Stroud Metal Company Limited paid £20,776 (2023: £18,139) interest in respect of this loan. The director, MW Large, is a trustee of this Settlement. |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is M W Large. |