Company registration number 01315638 (England and Wales)
GEORGE DUTTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GEORGE DUTTON LIMITED
COMPANY INFORMATION
Directors
G S Dutton
F M Dutton
J E Dutton
S D Dutton
(Appointed 10 May 2024)
Secretary
F M Dutton
Company number
01315638
Registered office
Moor Farm Road
Airfield Industrial Estate
Ashbourne
Derbyshire
DE6 1HD
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
GEORGE DUTTON LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GEORGE DUTTON LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GEORGE DUTTON LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Dutton Limited for the year ended 30 November 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of George Dutton Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of George Dutton Limited and state those matters that we have agreed to state to the board of directors of George Dutton Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Dutton Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that George Dutton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of George Dutton Limited. You consider that George Dutton Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of George Dutton Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
5 May 2025
GEORGE DUTTON LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
54,792
55,642
Investment property
4
8,870,000
8,870,000
8,924,792
8,925,642
Current assets
Debtors
5
480,791
515,204
Cash at bank and in hand
1,201,326
986,758
1,682,117
1,501,962
Creditors: amounts falling due within one year
6
(967,054)
(495,622)
Net current assets
715,063
1,006,340
Total assets less current liabilities
9,639,855
9,931,982
Provisions for liabilities
(981,477)
(980,640)
Net assets
8,658,378
8,951,342
Capital and reserves
Called up share capital
7
33,000
33,000
Revaluation reserve
25,987
25,987
Other reserves
4,851,145
4,851,145
Profit and loss reserves
3,748,246
4,041,210
Total equity
8,658,378
8,951,342
GEORGE DUTTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 3 -
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 May 2025 and are signed on its behalf by:
G S Dutton
Director
Company registration number 01315638 (England and Wales)
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information
George Dutton Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moor Farm Road, Airfield Industrial Estate, Ashbourne, Derbyshire, DE6 1HD.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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
2% straight line basis on buildings. Freehold land is not depreciated
Plant and machinery
15% reducing balance basis and 20% straight line basis
Fixtures, fittings and equipment
25% reducing balance basis
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.
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
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.
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. Financial assets classified as receivable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or valuation
At 1 December 2023
55,000
345,143
354
400,497
Disposals
(354)
(354)
At 30 November 2024
55,000
345,143
400,143
Depreciation and impairment
At 1 December 2023
344,542
313
344,855
Depreciation charged in the year
783
26
809
Eliminated in respect of disposals
(313)
(313)
At 30 November 2024
783
344,568
345,351
Carrying amount
At 30 November 2024
54,217
575
54,792
At 30 November 2023
55,000
601
41
55,642
Land and buildings with a carrying amount of £54,217 (2023 - £55,000) were revalued at 18 March 2024 by Gadsby Nichols, independent valuers not connected with the company on the basis of market value.
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Tangible fixed assets
(Continued)
- 7 -
If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold land and buildings
2024
2023
£
£
Cost
31,368
31,368
Accumulated depreciation
(4,079)
(3,632)
Carrying value
27,289
27,736
4
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
8,870,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 18 March 2024 by Gadsby Nichols, who are not connected to the company. The directors don't consider that there has been a material adjustment to the valuation from the date of the independent valuation to the balance sheet date.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
48,092
59,247
Other debtors
432,699
455,957
480,791
515,204
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,754
63,438
Taxation and social security
103,097
45,069
Other creditors
847,203
387,115
967,054
495,622
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,000
30,000
30,000
30,000
Ordinary A shares of £1 each
1,500
1,500
1,500
1,500
Ordinary B shares of £1 each
30
750
30
750
Ordinary C shares of £1 each
250
250
250
250
Ordinary D shares of £1 each
970
250
970
250
Ordinary E shares of £1 each
250
250
250
250
33,000
33,000
33,000
33,000
8
Financial commitments, guarantees and contingent liabilities
At the balance sheet date, the total amount of future rental income expected to be received on investment properties based on signed leases with tenants, but not included in the balance sheet is £2,468,705 (2023 - £2,873,512 ).
9
Events after the reporting date
Since the balance sheet date the following dividends have been voted;
£62,000 on ordinary D £1 shares
£32,000 on ordinary E £1 shares