Company registration number 08814452 (England and Wales)
GEORGE DUTTON TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GEORGE DUTTON TRADING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GEORGE DUTTON TRADING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GEORGE DUTTON TRADING 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 Trading 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 Trading 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 Trading Limited and state those matters that we have agreed to state to the board of directors of George Dutton Trading 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 Trading 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 Trading 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 Trading Limited. You consider that George Dutton Trading 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 Trading 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 TRADING LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
122,805
113,207
Investment property
4
350,000
350,000
472,805
463,207
Current assets
Stocks
2,538,917
2,771,501
Debtors
5
30,642
40,499
Cash at bank and in hand
1,217,043
799,227
3,786,602
3,611,227
Creditors: amounts falling due within one year
6
(1,380,931)
(1,474,696)
Net current assets
2,405,671
2,136,531
Total assets less current liabilities
2,878,476
2,599,738
Provisions for liabilities
(36,398)
(33,872)
Net assets
2,842,078
2,565,866
Capital and reserves
Called up share capital
7
350,000
350,000
Revaluation reserve
7,710
7,710
Profit and loss reserves
2,484,368
2,208,156
Total equity
2,842,078
2,565,866
GEORGE DUTTON TRADING 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 08814452 (England and Wales)
GEORGE DUTTON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information

George Dutton Trading 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 goods and 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
25% reducing balance basis and 33% straight line basis
Motor vehicles
25% reducing 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 TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
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.

1.8
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.

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.

GEORGE DUTTON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits

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

1.10
Leases

Amounts 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.

2
Employees

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

2024
2023
Number
Number
Total
7
7
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
197,993
15,084
35,729
248,806
Additions
34,816
-
0
-
0
34,816
Disposals
(3,196)
(3,803)
-
0
(6,999)
At 30 November 2024
229,613
11,281
35,729
276,623
Depreciation and impairment
At 1 December 2023
111,873
10,090
13,636
135,599
Depreciation charged in the year
15,358
1,000
5,986
22,344
Eliminated in respect of disposals
(2,444)
(1,681)
-
0
(4,125)
At 30 November 2024
124,787
9,409
19,622
153,818
Carrying amount
At 30 November 2024
104,826
1,872
16,107
122,805
At 30 November 2023
86,120
4,994
22,093
113,207
4
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
350,000
GEORGE DUTTON TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
4
Investment property
(Continued)
- 7 -

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 any 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
827
5,604
Other debtors
29,815
34,895
30,642
40,499
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
260,737
320,332
Taxation and social security
90,765
68,656
Other creditors
1,029,429
1,085,708
1,380,931
1,474,696
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
178,500
178,500
178,500
178,500
Ordinary B shares of £1 each
171,500
171,500
171,500
171,500
350,000
350,000
350,000
350,000
8
Financial commitments, guarantees and contingent liabilities

The total amount of financial commitments not included in the balance sheet is £8,109 (2023 - £591).

 

The total amount of other operating income expected to be received from future rents under lease agreements, but not included in the balance sheet is £51,867 (2023 - £83,453).

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