Company registration number 00460938 (England and Wales)
DENNIS & ROBINSON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DENNIS & ROBINSON LIMITED
COMPANY INFORMATION
Directors
Mr B Hauber
Mr M Hegdal
Mr R D Lee
Mrs E M Sparrow
Secretary
Mrs E M Sparrow
Company number
00460938
Registered office
Paula Rosa Manhattan
Blenheim Road
Lancing Business Park
Lancing
West Sussex
England
BN15 8UH
Auditor
HJS Accountants Limited
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
DENNIS & ROBINSON LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Profit and loss account
12
Statement of comprehensive income
13
Balance sheet
14 - 15
Statement of changes in equity
16
Notes to the financial statements
17 - 34
DENNIS & ROBINSON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their Strategic report for Dennis & Robinson Limited (the "company") for the year ended 31 December 2024. The Company is a wholly owned subsidiary of Ballingslöv International AB, which is part of Stena AB.

Business review

The business incurred an operating loss in 2024 of £745,000 (2023: loss £4,583,000) on sales of £29,530,000 (2023: £24,565,000). Revenue increased in the year by 20% (2023: decrease of 22%) and revenue per employee increased by 48% (2023: decrease of 24%).

 

The business demonstrated a significant step forward in overall performance in 2024.

 

Despite a challenging UK housebuild market, the business delivered a substantial increase in revenue beating the market through strong orders growth, underpinned by an investment in the sales team in the back end of 2023. The continued focus on strengthening relationships with key customers and increasing its closing order book led to the improved result and continues into 2025.

 

An 84% improvement in operating loss has been recorded in 2024 loss £745,000 (2023 loss £4,583,000). A gross profit margin improvement of +6% points year on year, and a reduction of overheads of -11% leading to this result.

 

The reported operating profit delivered over and above the increase in revenue through a combination of efficiency gains in production, re-organisation activity across the business, and strict control of overheads.

 

Gross profit improvement, driven by a reduction in cost of sales, has been fundamental to the 2024 delivery. A strong focus on sourcing and procurement delivering reduced materials spend as a percentage of revenue, along with driving productivity and efficiency in production has yielded impressive results.

 

Overheads and administration expenses have also seen considerable change in the year via a continuous improvement programme delivering initiatives to improve ways of working and accelerate our strategy to become ‘best in class for service’.

 

In addition to the improvement in operating profit the business continues to be supported by our Group, Ballingslöv International AB and ultimately Stena AB, who are committed to ensuring the business becomes sustainable for the future. To this effect, a capital injection of £8m has been provided by the group in December to bolster our balance sheet and resolve our negative net asset position from 2023.

 

During the year there was a £980K contribution towards the pension deficit (2023: £1m).

Principal risks and uncertainties

The directors consider the principal risks facing the company result from any decline in the UK housing market, the loss of a number of significant customers, competitor activity, maintaining operational efficiency and the availability and price of raw materials and skilled labour. The company continues to take sufficient action to mitigate its exposure to such risks as far as it is reasonably possible through regular communications and forecasting with suppliers, customers, and employees.

Sustainability

For us, sustainability is both a responsibility and an opportunity. Optimum resource utilisation and re use are implemented as early as the design phase. We are clear about our environmental responsibility and the health and safety of employees and suppliers alike. Thanks to our national presence, we can take greater social responsibility. Our sharp focus on sustainability has made us aware of very many opportunities – for the environment, for our employees and for society at large. Our sustainability work is described in the Group Sustainability Report for the Ballingslöv International Group, which is submitted by Ballingslöv International AB, corporate identity number 556556 2807, registered office in Malmö. The Group Sustainability Report is published on our website.

DENNIS & ROBINSON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Financial key performance indicators

 

Financial key performance indicator

 

Metric

 

2024

 

2023

 

% Change

Turnover

£’000

29,530

24,565

+20%

Turnover per employee

£’000

161

109

+48%

Operating loss

£’000

(745)

(4,583)

+84%

 

 

Non financial performance indicators

Total average employees

Of which female

 

 

 

No.

No.

 

 

 

 

183

46

 

 

 

225

50

 

 

Employee numbers have increased in the year in line with the company’s strategy. This combined with a reduction in revenue, has led to a decrease in average revenue per employee.

Major markets

The business operates principally in the new build residential supply chain delivering and installing kitchens to customers developing new homes. The geographic reach is national mainland UK with only minor exceptions.

DENNIS & ROBINSON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Quality and environmental

A quality management system (QMS) is operated, providing a clear structure for managing the business and allowing appropriate identification of risk and how risk is addressed. The QMS is compliant with the internal expectations of Ballingslöv International AB and the Stena Group and the external requirements of ISO9001:2015, ISO140001:2015 and ISO45001:2018. Furthermore, the company supplements its own quality processes with external accreditations and holds FIRA gold certification for products and installation service, is a member of the Furniture Industry Sustainability Programme (FISP) and is certified in accordance with the requirements of the Forest Stewardship Council (FSC®).

 

Employee health, wellbeing and safety related processes are monitored and reviewed regularly. Where employees, or others, are exposed to risk information, instruction and training are provided. The company operates the Construction Skills Certificate Scheme (CSCS) and subscribes to the Safety Skills in Procurement (SSIP) scheme as well as conforming to ISO45001:2018.

 

 

Employees

The company strives to create an environment that encourages employees to maximise their contribution to the success of the company and their own personal development. This is achieved through a tiered approach to managing performance where corporate, team and individual objectives are aligned. Roles are defined and grading systems are used so that the relative responsibilities and accountabilities of each role are clearly understood.

 

The company’s employee survey takes place each year taking the temperature of employee engagement. This is done with the help of a leading organisation specialising in workplace culture called the “Great Place to Work” institute. The company benchmarks employee sentiment against industry norms and uses the data to drive improvement programs. 2024’s results showed a further improvement year on year up 2% (66% vs 64%) on 2023.

 

 

Average number of employees in the year by gender and seniority are as follows:

 

 

 

Male

2024

 

Female

 

Male

2023

 

Female

Total employees

137

 

46

175

 

50

Of which senior managers

5

 

1

5

 

1

Of which directors

1

 

1

1

 

1

Human Rights

Policy statements regarding human rights, modern slavery and bribery and corruption are incorporated into the Ballingslöv International AB Code of Conduct which is available on the company’s website.

DENNIS & ROBINSON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Section 172

Section 172 of the Companies Act 2006 requires that the Directors act in a way that they consider to be in good faith, would be most likely to promote the success of the Company for the for the benefit of its shareholders and in doing so have regard to:

 

 

The Directors have complied with these requirements.

 

A regular strategic board meeting is held with all key decisions taken with a view to the long term health of the Company. Dennis & Robinson Ltd regards the satisfaction and retention of staff, clients and suppliers as a key factor in the continued success of the Company, with decisions being taken that consider the views of all of these stakeholders.

 

Stakeholder engagement

 

Shareholders

The Company aims to build supportive working relationships with Shareholders (who are also lenders) and communicates progress and strategy via update presentation and other meetings as required.

 

Client and Suppliers

Managing close relationships with customers and network of vendors and contractors is core to the achievement of our business objectives.

 

Regulators

The company complies with all reporting and keeps up to date with changes in regulatory requirements relating to the operation of the business.

On behalf of the board

Mrs E M Sparrow
Director
24 April 2025
DENNIS & ROBINSON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of manufacturing and installation of kitchens and bathrooms for the new housing market.

Results and dividends

The results for the year are set out on page 11.

 

The loss for the year, after taxation, amounted to £2,435,000 (2023 - £4,465,000).

 

The net assets in the business totalled £5,416,000 at 31 December 2024, (2023: -£2,141,000).

 

No dividends will be distributed for the year ended 31 December 2024 (2023: £Nil).

Directors

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

Mr B Hauber
Mr M Hegdal
Mr R D Lee
Mrs E M Sparrow
Financial instruments
Financial risk management

The company's operations expose it to a variety of financial risks that include the effects of changes in foreign exchange, credit risk and liquidity and interest rate risk. The company's overall risk management programme focuses on the unpredictability of the financial markets and seeks to minimise potential adverse effects on the company's financial performance.

Liquidity and interest rate risk

The company maintains a short term debt as part of group financing facility that is designed to ensure the company has sufficient available funds for operations and planned expansion. Interest rate risk exposure is managed by group treasury.

Foreign exchange risk

The company is exposed to foreign exchange risk primarily with the Euro. Direct foreign exchange risks arise through the purchase of inventory in Euros, whilst sales in the company key market of the UK are denominated in Sterling. Fluctuations are monitored and no hedging Instruments are currently used.

 

Indirect exposure to foreign exchange risks may arise through the purchase of inventory in Sterling but suppliers have a secondary exposure purchasing in Euros. The company works actively with such suppliers to offset this exposure but where such risks are unavoidable the company may choose to adjust customer pricing to compensate.

Credit risk

The company has policies in place that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual customer is subject to a limit, which is periodically reviewed.

DENNIS & ROBINSON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Future developments

The business continues to be highly focused on increasing market share in the new housing market while launching new revenue streams via retail and bedrooms.

 

The business continues its journey in delivering its company strategy of being ‘best in class for service’, developing

the brand and elevating its overall position in the market.

 

Investment in the business’s continuous improvement programme with a clear directive of enhancing and improving our customer journey continues.

 

Employees

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the company continues and the appropriate training support is arranged. It is the policy of the company that the opportunities for training, career development and promotion of a disabled person with a disability should, as far as practicable, be identical to that of a person who does not suffer from a disability.

 

Consultation with elected employee representatives takes place on a monthly basis with the aim of ensuring that their ideas to improve the working environment are heard.

 

Communication with all employees continues through weekly team briefings by managers and regular companywide meetings given by the Exec team. The company operates a permanent Company Forum for consultation and joint problem solving. All relevant employees are signed up to the Group Code of Conduct and this is a condition of employment for all new employees.

 

Going concern

The company's financial statements have been prepared on a going concern basis. The company made a loss in the year mainly due to operating at a volume level below break even. The intermediate parent company, Ballingslöv International AB, have indicated their ongoing willingness to provide financial support to the company. On this basis, the Directors of the company are confident that the company will have adequate resources to continue in operational existence for the foreseeable future.

Auditor

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

Energy and carbon report

The company's greenhouse gas emissions and energy consumption for the year are:

 

 

 

2024

2023

Manufactured units

104,632

98,255

KWH (now incl company cars)

4,243

6,955

Total CO2e/MT

244

481

Total kg/CO2e per unit of production

2.3

4.9

 

 

Data is collated using information from Energy bills and fuel card usage. UK Government GHG Conversion Factors for Company Reporting are used to determine the CO2e emission associated with our Scope 1 operations.

 

 

DENNIS & ROBINSON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mrs E M Sparrow
Director
24 April 2025
DENNIS & ROBINSON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DENNIS & ROBINSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DENNIS & ROBINSON LIMITED
- 9 -
Opinion

We have audited the financial statements of Dennis & Robinson Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

DENNIS & ROBINSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DENNIS & ROBINSON LIMITED (CONTINUED)
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as Employment Law and Health & Safety regulations. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.

Audit procedures performed by the audit engagement team included:

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.

DENNIS & ROBINSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DENNIS & ROBINSON LIMITED (CONTINUED)
- 11 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Angela Trainor
Senior Statutory Auditor
For and on behalf of HJS Accountants Limited
24 April 2025
Chartered Accountants and Statutory Auditor
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
DENNIS & ROBINSON LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
as restated
Notes
£'000
£'000
Turnover
3
29,530
24,565
Cost of sales
(21,773)
(19,568)
Gross profit
7,757
4,997
Distribution costs
(1,324)
(1,864)
Administrative expenses
(7,188)
(7,749)
Other operating income
10
33
Operating loss
5
(745)
(4,583)
Interest payable and similar expenses
9
(1,348)
(1,069)
Loss before taxation
(2,093)
(5,652)
Tax on loss
10
623
1,187
Loss for the financial year
(1,470)
(4,465)

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

DENNIS & ROBINSON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
as restated
£'000
£'000
Loss for the year
(1,470)
(4,465)
Other comprehensive income
Actuarial gain/(loss) on defined benefit pension schemes
1,369
(205)
Tax relating to other comprehensive income
(342)
51
Total other comprehensive income for the year
1,027
(154)
Total comprehensive income for the year
(443)
(4,619)
DENNIS & ROBINSON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
as restated
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
11
15
-
0
Tangible assets
12
7,348
8,018
7,363
8,018
Current assets
Stocks
13
2,134
2,423
Debtors
14
16,420
12,574
18,554
14,997
Creditors: amounts falling due within one year
15
(21,364)
(23,978)
Net current liabilities
(2,810)
(8,981)
Total assets less current liabilities
4,553
(963)
Provisions for liabilities
Provisions
16
-
0
212
Deferred tax liability
17
983
433
Defined benefit pension liability
18
-
0
533
(983)
(1,178)
Net assets excluding pension surplus/(deficit)
3,570
(2,141)
Defined benefit pension surplus/(deficit)
18
1,846
-
0
Net assets/(liabilities)
5,416
(2,141)
Capital and reserves
Called up share capital
19
8,065
65
Share premium account
20
5
5
Capital redemption reserve
21
24,541
24,541
Profit and loss reserves
(27,195)
(26,752)
Total equity
5,416
(2,141)
DENNIS & ROBINSON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Mrs E M Sparrow
Director
Company registration number 00460938 (England and Wales)
DENNIS & ROBINSON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
65
5
24,541
(22,133)
2,478
Year ended 31 December 2023:
Loss
-
-
-
(4,465)
(4,465)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
(205)
(205)
Tax relating to other comprehensive income
-
-
-
51
51
Total comprehensive income
-
-
-
(4,619)
(4,619)
Balance at 31 December 2023
65
5
24,541
(26,752)
(2,141)
Year ended 31 December 2024:
Loss
-
-
-
(1,470)
(1,470)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
1,369
1,369
Tax relating to other comprehensive income
-
-
-
(342)
(342)
Total comprehensive income
-
-
-
(443)
(443)
Issue of share capital
19
8,000
-
0
-
-
8,000
Balance at 31 December 2024
8,065
5
24,541
(27,195)
5,416
DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Dennis & Robinson Limited is a private company limited by shares incorporated in England and Wales. The registered office is Paula Rosa Manhattan, Blenheim Road, Lancing Business Park, Lancing, West Sussex, England, BN15 8UH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Stena AB as at 31 December 2023. These consolidated financial statements are available from Box 7123, 402 33 Gothenburg, Sweden.

1.2
Going concern

The company's financial statements have been prepared on a going concern basis. trueThe company made a loss in the year mainly due to operating at a volume level below break even. The intermediate parent company, Ballingslöv International AB, have indicated their willingness to provide financial support to the company as required, for at least 12 months from the signing of the financial statements. On this basis and considering the ability of Ballingslöv International AB to provide this support as detailed below, the directors of the company are confident that the company will have adequate resources to continue in operational existence for the foreseeable future.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Turnover

Turnover is recognised to the extent that it is probably that the economic benefits will flow to the company and the turnover can be reliably measured.

 

Housebuild turnover is based on when the customer confirms the goods and services are complete. Project turnover is recognised based on the costs of goods and services incurred and projected profit margins.

 

All turnover is shown net of Valued Added Tax.

 

As turnover is recognised a corresponding amount is included within debtors/released from deferred income.

1.4
Intangible fixed assets other than goodwill

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
- straight line over 3-5 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
- straight line over 10-50 years
Plant and equipment
- straight line over 3-15 years
Fixtures and fittings
- straight line over 3-15 years
Motor vehicles
- straight line over 5-7 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Assets under construction (AUC) are capitalised upon incurring the expense and depreciated when the assets are first started to be used.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.6
Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each Statement of financial position date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each Statement of financial position date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

1.7
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overhead appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow moving items.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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 are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

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

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Provisions

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

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying 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.

 

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

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions

The company has recognised provisions for impairment of trade receivables, customer rebates and income tax in its financial statements all of which requires management to make judgements. The judgements, estimates and associated assumptions to calculate these provisions are based on historical experience and other reasonable factors.

 

In addition in the year the directors have recognised an onerous lease provision where the company had a a lease commitment for a property they do not expect to be use in the future. Judgments have been made on the ability of the company to end this lease and if the company might find a use for the property in the future.

Pension

The company is the principal employer of a pension scheme that has obligations to pay pension benefits to certain employees and former employees. The cost of these benefits and the present value of the obligations are determined based on assumptions concerning the discount rates on corporate bonds, future salary increases, mortality rates and future pension increases. Due to the complexity of this valuation the underlying assumption and the long term nature of these plans, such estimates are subject to significant uncertainty.

3
Turnover and other revenue
2024
2023
£'000
£'000
Turnover analysed by class of business
Manufacturing and installation
17,480
18,170
Project income
12,050
6,395
29,530
24,565
2024
2023
£'000
£'000
Turnover analysed by geographical market
United Kingdom
29,530
24,565
4
Exceptional item
2024
2023
£'000
£'000
Income
Gain from waiver of intercompany debt
-
2,032
-
2,032

The waiver of intercompany debt was from a sister company KWP Interiors Limited, registered number 03471086.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£'000
£'000
Exchange gains
-
0
(2)
Depreciation of owned tangible fixed assets
921
952
Amortisation of intangible assets
5
-
Operating lease charges
404
405
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
30
53
For other services
Taxation compliance services
-
0
4
All other non-audit services
8
7
8
11
7
Employees

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

2024
2023
Number
Number
Manufacturing
91
57
Administration and selling
92
168
Total
183
225

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
7,237
7,834
Social security costs
724
792
Pension costs
270
305
8,231
8,931
DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
8
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
332
406
Company pension contributions to defined contribution schemes
9
6
341
412
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
205
251

Mr MA Hegdal and Mr B Hauber are remunerated by the ultimate parent company in Sweden for their services in Dennis & Robinson Limited and no (2022: Nil) recharge is made to the company as their services are considered incidental to their services to the rest of the group.

9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest payable to group undertakings
1,350
1,048
Net interest on the net defined benefit liability
(2)
21
1,348
1,069
10
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
(831)
(1,560)
Deferred tax
Origination and reversal of timing differences
208
373
Total tax credit
(623)
(1,187)
DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 26 -

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

2024
2023
£'000
£'000
Loss before taxation
(2,093)
(5,652)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
(523)
(1,328)
Tax effect of expenses that are not deductible in determining taxable profit
(527)
(565)
Depreciation on assets not qualifying for tax allowances
232
223
Under/(over) provided in prior years
(18)
-
0
Deferred tax adjustments in respect of current year
213
373
Transition adjustments
-
110
Taxation credit for the year
(623)
(1,187)

In addition to the amount credited to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£'000
£'000
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
342
(51)
11
Intangible fixed assets
Software
£'000
Cost
At 1 January 2024
-
0
Additions
20
At 31 December 2024
20
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
5
At 31 December 2024
5
Carrying amount
At 31 December 2024
15
At 31 December 2023
-
0
DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2024
3,915
87
9,536
3,423
1,681
18,642
Additions
23
105
63
42
18
251
At 31 December 2024
3,938
192
9,599
3,465
1,699
18,893
Depreciation and impairment
At 1 January 2024
432
-
0
5,697
2,820
1,675
10,624
Depreciation charged in the year
69
-
0
610
238
4
921
At 31 December 2024
501
-
0
6,307
3,058
1,679
11,545
Carrying amount
At 31 December 2024
3,437
192
3,292
407
20
7,348
At 31 December 2023
3,483
87
3,839
603
6
8,018
13
Stocks
2024
2023
£'000
£'000
Raw materials and consumables
1,837
2,010
Work in progress
78
78
Finished goods and goods for resale
219
335
2,134
2,423

The replacement cost of inventories is considered the same as the carrying value.

14
Debtors
2024
2023
Amounts falling due within one year:
£'000
£'000
Trade debtors
4,455
3,077
Amounts owed by group undertakings
7,270
6,457
Other debtors
615
492
Prepayments and accrued income
3,898
2,229
16,238
12,255
DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Debtors
(Continued)
- 28 -
2024
2023
Amounts falling due after more than one year:
£'000
£'000
Trade debtors
182
319
Total debtors
16,420
12,574
15
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Trade creditors
3,192
1,489
Amounts owed to group undertakings
17,265
21,426
Taxation and social security
215
208
Other creditors
149
151
Accruals and deferred income
543
704
21,364
23,978
16
Provisions for liabilities
2024
2023
£'000
£'000
-
212
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£'000
£'000
Accelerated capital allowances
641
566
Retirement benefit obligations
342
(133)
983
433
DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Deferred taxation
(Continued)
- 29 -
2024
Movements in the year:
£'000
Liability at 1 January 2024
433
Charge to profit or loss
342
Charge to other comprehensive income
208
Liability at 31 December 2024
983

The deferred tax liability will reverse as the fixed assets come to the end of their useful lives and the pension fund deficit is eliminated.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
270
305

The company operates a group personal pension plan. The company's contributions are limited to 4% of pensionable earnings for those employees who were members of the company's defined contribution scheme as long as those employees also make a a contribution of at least 3.5% of their pensionable earnings.

Defined benefit schemes

The company operates two defined benefit pension schemes. The schemes are both administered by Barnett Waddingham Limited. All members rights, assets and employer obligations of the pension schemes are separately identifiable. The schemes provide retirement benefits on the basis of members' final salary. The schemes are closed to new members. The notes below describe the consolidated position for both pension schemes.

2024
2023
Key assumptions
%
%
Discount rate
5
5.00
Expected rate of increase of pensions in payment
3.2
3.05
Expected rate of salary increases
2.625
2.45
Rate of increase in pensions in deferment (CPI Max 5%)
2.95
2.9
Inflation assumption (RPI/CPI)
2.95/1.95
3.90/2.00
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
20.3
21
- Females
23.5
24
Retiring in 20 years
- Males
21.2
22.2
- Females
24.6
25.3
DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Retirement benefit schemes
(Continued)
- 30 -
Amounts recognised in the profit and loss account
2024
2023
Costs/(income):
£'000
£'000
Current service cost
-
4
Net interest on net defined benefit liability/(asset)
2
41
Other costs and income
5
(44)
Total costs
7
1
Amounts recognised in other comprehensive income
2024
2023
Costs/(income):
£'000
£'000
Actual return on scheme assets
239
(1,912)
Less: calculated interest element
1,184
1,207
Return on scheme assets excluding interest income
1,423
(705)
Actuarial changes related to obligations
(2,792)
910
Total costs/(income)
(1,369)
205

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
Liabilities/(assets):
£'000
£'000
Present value of defined benefit obligations
23,490
26,448
Fair value of plan assets
(25,336)
(25,915)
(Surplus)/deficit in scheme
(1,846)
533
2024
Movements in the present value of defined benefit obligations
£'000
Liabilities at 1 January 2024
26,449
Benefits paid
(1,358)
Actuarial gains and losses
(2,792)
Interest cost
1,186
Other
5
At 31 December 2024
23,490

The defined benefit obligations arise from plans which are wholly or partly funded.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Retirement benefit schemes
(Continued)
- 31 -
2024
Movements in the fair value of plan assets
£'000
Fair value of assets at 1 January 2024
25,916
Interest income
1,184
Return on plan assets (excluding amounts included in net interest)
(1,423)
Benefits paid
(1,358)
Contributions by the employer
1,017
At 31 December 2024
25,336

The actual (loss)/return on plan assets was £239,479 (2023 - £1,912,000).

2024
2023
Fair value of plan assets
£'000
£'000
Equity instruments
-
8,508
Gilts
6,850
9,354
Corporate bonds
11,140
5,073
Diversified funds
-
739
Cash
7,346
2,241
25,336
25,915
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
8,065,100
65,100
8,065
65

During the financial year, 8 Million Ordinary £1 shares were issued and fully paid at par.

20
Share premium account

Share premium account represents the amount subscribed for share capital in excess of the nominal value.

21
Capital redemption reserve

The capital reserve represents capital equity contributions from the parent company.

 

The movement in each reserve are set out within the statement of changes in equity.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
22
Financial commitments, guarantees and contingent liabilities

The company, under a group VAT registration, is jointly and severally liable for Value Added Tax due by Southdown Kitchen Furniture Limited. At 31 December 2024 there was no liability (2023: £nil).

 

The company can be subject to claims and potential claims from customers and other third parties from time to time. Liabilities for which a cash outflow is considered probable are provided for in the company's financial statements. Liabilities for which a cash outflow is considered possible are disclosed as a contingent liability in the company's financial statements. There are no further matters for which provisions have not been made that require additional disclosure in these financial statements.

23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£'000
£'000
Within one year
774
503
Between two and five years
2,356
109
3,130
612
24
Events after the reporting date

During the year being reported discussions were held with the parent company and the pension providers to remove a charge over the property. On 3 April 2025 the company signed the deed of release for a £3 million charge that was held over the property following a payment of £1 million being made.

25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Other information

The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

26
Ultimate controlling party

The company's immediate parent company is Southdown Kitchen Furniture Limited.

 

Southdown Kitchen Furniture Limited is a wholly owned subsidiary of Ballingslov International AB incorporated in Sweden, whose principal place of business is Jungmansgatan 12, 211 19 Malmo, Sweden.

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Ultimate controlling party
(Continued)
- 33 -

The ultimate parent company of the group is Stena AB incorporated in Sweden, whose principal place of business is Box 7123, 402 33 Gothenburg, Sweden.

 

Stena AB is the smallest and largest group to consolidate these financial statements. The consolidated financial statements of Stena AB are available to the public and can be obtained from the above address or from Stena.com.

 

The ultimate controlling party is Dan Sten Olsson.

 

DENNIS & ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
27
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2023
2023
£'000
£'000
Adjustments to prior year
Opening balance adjustment corrected
-
(468)
Equity as previously reported
2,478
(1,673)
Equity as adjusted
2,478
(2,141)
Analysis of the effect upon equity
Profit and loss reserves
-
(468)
Reconciliation of changes in loss for the previous financial period
2023
£'000
Adjustments to prior year
Opening balance adjustment corrected
(468)
Loss as previously reported
(3,997)
Loss as adjusted
(4,465)
Notes to reconciliation

The prior period balances have been adjusted to correct for an opening balance adjustment in the prior year that should have been adjusted for in that year.

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