Dycem Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 03239439 (England and Wales)
Dycem Limited
Company Information
Directors
I H Abrahams
S E Schmidt-Chiari
C James
(Appointed 1 August 2024)
L J Wild
(Appointed 1 April 2025)
Secretary
C James
Company number
03239439
Registered office
Unit 2 - 4 Ashley Trading Estate
Ashley Parade
Bristol
United Kingdom
BS2 9BB
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Bankers
Santander
3rd Floor
One Glass Wharf
Avon Street
Bristol
BS2 0EL
Solicitors
TLT LLP
One Redcliff Street
Bristol
BS1 6TP
Dycem Limited
Strategic Report
For the year ended 31 December 2024
Page 1
The principal activity of the Group is the manufacture and supply of contamination control flooring solutions and non‑slip products internationally. The Group trades in over 60 countries around the world.
Business review
Dycem continues to grow and develop in new and existing markets, developing innovative products to support the needs of our customers. The business has seen revenue growth of 8% year on year with a mix of performance across different market segments and geographies. Gross profit increased by £868k, returning 70% margin on sales. Operating profits and EBITDAE have increased significantly on 2023, 39% and 28% respectively, based on the company’s ongoing commitment to effectively manage costs and continuously improve process efficiencies.
Non-Slip product sales dropped 6% in 2024 to £2,830k (2023 £3,015k). Contamination Control has grown 8% year on year to £16,502k (2023 £15,210k) with a mix in growth across the market sectors. The strongest year-on-year growth was achieved throughout Asia at 18%, with a continuation of strong performance throughout Europe with growth of 13%. All regions held a strong sales pipeline at year end going into 2025.
To ensure the business can continue providing our products and services to the highest standards and meet the demands of our global markets, Dycem remains focused on driving efficiencies throughout our global operations and investing in our product development, marketing, and lead generation strategies. Manufacturing and business infrastructure continues to be developed and enhanced to meet our global market needs, and particular focus and investment is being made to enter and grow within specific new markets. Dycem’s ongoing improvement and market penetration continues to drive future growth
Financial Performance
*EBITDA & Operating Profit are calculated before Group and Non-Executive Costs, £78k (2023 £178k), loss on Exchange £31k (2023 loss £221k), and non-recurring costs, £669k (2023 £293k).
Principle risks and uncertainties
Financial Instrument Risks The group uses financial instruments comprising group and bank borrowings, some cash and liquid resources and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to assist in financing the group’s operations. The group also has bank facilities denominated in euros and US dollars. The purpose of these facilities is to manage the currency risk arising from the group’s operations. The main risks arising from the group’s financial instruments are foreign currency risk and interest risk.
Currency risk The group is exposed to transaction foreign exchange risk. The group seeks to hedge its exposure using a combination of bank facilities denominated in euros and US Dollars, along with a long term hedge agreement, with the objective of minimising the effects of fluctuations in exchange rates on future transactions and cash flows.
Interest rate risk The group finances its operations through a mixture of retained profits, group and bank borrowings. The group’s exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Dycem Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Financial key performance indicators
The directors have monitored the progress of the overall group strategy and the individual strategic elements by reference to certain financial and non‑financial key performance indicators.
C James
Director
2 June 2025
Dycem Limited
Directors' Report
For the year ended 31 December 2024
Page 3
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group is the manufacture and supply of contamination control flooring and non slip products internationally.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Daziel
(Resigned 31 March 2025)
I H Abrahams
S G Cantley
(Resigned 31 March 2025)
G E Nicholson
(Resigned 31 March 2025)
S E Schmidt-Chiari
M J Briand
(Resigned 31 July 2024)
N Crofts
(Resigned 18 January 2024)
J R H Barry
(Appointed 18 January 2024 and resigned 31 March 2025)
C James
(Appointed 1 August 2024)
L J Wild
(Appointed 1 April 2025)
Results and dividends
Final dividends were paid amounting to £nil (2023: £nil). The directors do not recommend payment of a dividend.
Post reporting date events
There have been no significant events affecting the group since the year end.
Future developments
The business continues to focus on the contamination control market across Europe and the USA. There are no changes in the strategic focus of the business.
Auditor
In accordance with the company's articles, a resolution proposing that Moore Kingston Smith be reappointed as auditor of the group will be put at a General Meeting.
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 auditor of the company 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 auditor of the company is aware of that information.
Dycem Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 4
On behalf of the board
C James
L J Wild
Director
Director
2 June 2025
Dycem Limited
Directors' Responsibilities Statement
For the year ended 31 December 2024
Page 5
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Dycem Limited
Independent Auditor's Report
To the Members of Dycem Limited
Page 6
Opinion
We have audited the financial statements of Dycem Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 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.
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 group and parent 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 group's and 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.
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.
Dycem Limited
Independent Auditor's Report (Continued)
To the Members of Dycem Limited
Page 7
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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:
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 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 group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.
Dycem Limited
Independent Auditor's Report (Continued)
To the Members of Dycem Limited
Page 8
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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Dycem Limited
Independent Auditor's Report (Continued)
To the Members of Dycem Limited
Page 9
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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 through collusion.
Dycem Limited
Independent Auditor's Report (Continued)
To the Members of Dycem Limited
Page 10
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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.
Karen Wardell (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
4 June 2025
Chartered Accountants
Statutory Auditor
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Dycem Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2024
Page 11
2024
2023
Notes
£
£
Turnover
3
19,814,323
18,374,409
Cost of sales
(5,899,430)
(5,327,609)
Gross profit
13,914,893
13,046,800
Distribution costs
(803,342)
(678,361)
Administrative expenses
(9,456,664)
(10,253,884)
Exceptional item
4
(669,010)
Operating profit
5
2,985,877
2,114,555
Interest receivable and similar income
9
52,071
Interest payable and similar expenses
10
(20,246)
(40,823)
Profit before taxation
3,017,702
2,073,732
Tax on profit
11
(499,543)
(481,716)
Profit for the financial year
25
2,518,159
1,592,016
Other comprehensive income
Currency translation loss taken to retained earnings
(15,861)
(59,758)
Total comprehensive income for the year
2,502,298
1,532,258
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
Dycem Limited
Group Balance Sheet
As at 31 December 2024
31 December 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
214,243
254,308
Tangible assets
13
175,756
192,332
389,999
446,640
Current assets
Stocks
16
947,225
985,557
Debtors
18
7,069,695
4,646,776
Cash at bank and in hand
1,717,465
1,150,702
9,734,385
6,783,035
Creditors: amounts falling due within one year
19
(2,416,808)
(1,930,650)
Net current assets
7,317,577
4,852,385
Total assets less current liabilities
7,707,576
5,299,025
Creditors: amounts falling due after more than one year
20
-
(60,635)
Provisions for liabilities
Deferred tax liability
22
558,396
525,284
558,396
525,284
Net assets
8,265,972
5,763,674
Capital and reserves
Called up share capital
24
3,300
3,300
Share premium account
25
9,456
9,456
Capital redemption reserve
25
66,391
66,391
Capital contribution reserve
25
193,084
370,270
Profit and loss reserves
25
7,993,741
5,314,257
Total equity
8,265,972
5,763,674
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
02 June 2025
C James
Director
Dycem Limited
Company Balance Sheet
As at 31 December 2024
31 December 2024
Page 13
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
214,243
254,308
Tangible assets
13
157,267
166,286
Investments
14
173,215
173,215
544,725
593,809
Current assets
Stocks
16
380,365
349,337
Debtors
18
6,360,612
4,400,596
Cash at bank and in hand
781,150
587,035
7,522,127
5,336,968
Creditors: amounts falling due within one year
19
(2,145,696)
(1,675,612)
Net current assets
5,376,431
3,661,356
Total assets less current liabilities
5,921,156
4,255,165
Creditors: amounts falling due after more than one year
20
-
(60,635)
Provisions for liabilities
Deferred tax liability
22
19,067
18,619
19,067
18,619
Net assets
5,940,223
4,213,149
Capital and reserves
Called up share capital
24
3,300
3,300
Share premium account
25
9,456
9,456
Capital redemption reserve
25
66,391
66,391
Capital contribution reserve
25
102,146
279,332
Profit and loss reserves
25
5,758,930
3,854,670
Total equity
5,940,223
4,213,149
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,727,074 (2023 - £492,734 profit).
Dycem Limited
Company Balance Sheet (Continued)
As at 31 December 2024
31 December 2024
Page 14
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
02 June 2025
C James
Director
Company Registration No. 03239439
Dycem Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 15
Share capital
Share premium account
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
3,300
9,456
66,391
370,270
3,781,999
4,231,416
Year ended 31 December 2023:
Profit for the year
-
-
-
-
1,592,016
1,592,016
Other comprehensive income:
Currency translation differences
-
-
-
-
(59,758)
(59,758)
Total comprehensive income for the year
-
-
-
-
1,532,258
1,532,258
Balance at 31 December 2023
3,300
9,456
66,391
370,270
5,314,257
5,763,674
Year ended 31 December 2024:
Profit for the year
-
-
-
-
2,518,159
2,518,159
Other comprehensive income:
Currency translation differences
-
-
-
-
(15,861)
(15,861)
Total comprehensive income for the year
-
-
-
-
2,502,298
2,502,298
Credit to equity for equity settled share-based payments
-
-
-
-
177,186
177,186
Share option charge
-
-
-
(177,186)
-
(177,186)
Balance at 31 December 2024
3,300
9,456
66,391
193,084
7,993,741
8,265,972
Dycem Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 16
Share capital
Share premium account
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
3,300
9,456
66,391
279,332
3,361,936
3,720,415
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
492,734
492,734
Balance at 31 December 2023
3,300
9,456
66,391
279,332
3,854,670
4,213,149
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
-
1,727,074
1,727,074
Credit to equity for equity settled share-based payments
-
-
-
-
177,186
177,186
Share option charge
-
-
-
(177,186)
-
(177,186)
Balance at 31 December 2024
3,300
9,456
66,391
102,146
5,758,930
5,940,223
Dycem Limited
Group Statement of Cash Flows
For the year ended 31 December 2024
Page 17
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
919,408
1,405,325
Interest paid
(20,246)
(40,823)
Income taxes paid
(44,829)
(490,558)
Net cash inflow from operating activities
854,333
873,944
Investing activities
Purchase of intangible assets
(39,787)
(187,656)
Purchase of tangible fixed assets
(131,848)
(167,560)
Proceeds on disposal of tangible fixed assets
-
4,184
Interest received
52,071
Net cash used in investing activities
(119,564)
(351,032)
Financing activities
(Repayment)/Drawdown of bank loans
-
(200,000)
Payment of finance leases obligations
(152,145)
(95,679)
Net cash used in financing activities
(152,145)
(295,679)
Net increase in cash and cash equivalents
582,624
227,233
Cash and cash equivalents at beginning of year
1,150,702
983,227
Effect of foreign exchange rates
(15,861)
(59,758)
Cash and cash equivalents at end of year
1,717,465
1,150,702
Dycem Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 18
1
Accounting policies
Company information
Dycem Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2 - 4 Ashley Trading Estate, Ashley Parade, Bristol, United Kingdom, BS2 9BB.
The group consists of Dycem Limited and all of its subsidiaries.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The 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:
Section 26 'Share based Payment' - Share - based payment expenses charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements.
Section 33 'Related Party Disclosures': Compensation for key management personnel.
The following principal accounting policies have been applied:
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Dycem Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 19
1.3
Going concern
At 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. The directors have prepared forecasts for a period of at least 12 months from the date of approval of these statements which indicate that the company and the group is able to operate within its funding facilities. Thus the directors’ continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
1.5
Sales of Goods
Revenue from the sale of goods is recognised when all of the following conditions are met:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction;and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be reliably measured;
it is probable the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably;and
the costs incurred and the costs to complete the contract can be measured reliably.
1.7
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.
During the year, software costs previously recognised within tangible fixed assets were reclassified to intangibles.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 20
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
4 years
Trademarks & brands
10 years
1.8
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:
Leasehold land and buildings
Over the period of the lease
Plant and equipment
10% - 40% per annum
Motor vehicles
20% per annum
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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 recognised in the profit and loss account.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part it expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charge to profit or loss during the period in which they are incurred.
1.9
Fixed asset investments
Investment in subsidaries are measured at cost less accumulated impairment.
1.10
Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine where 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 high 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 group at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 21
1.11
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initally at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.13
Cash at bank and in hand
Cash at bank and in hand 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.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.
1.14
Financial instruments
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flow and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is sound, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
Financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 22
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
1.15
Creditors
Short term creditors are measured at the transaction price. The financial liabilities, including bank loans, are measured initally at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.16
Interest income
Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest rate.
1.17
Borrowing Costs
All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.
1.18
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 23
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 if, and only if, there is 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.
1.19
Pensions
Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds.
1.20
Finance Costs
Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
1.21
Leased Assets
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.22
Operating 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 leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Inital direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 24
1.23
Foreign exchange
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised the in the Consolidated Statement of Comprehensive Income.
On consolidation, the results of the overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operation at actual rate are recognised in the Consolidated Statement of Comprehensive income.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 25
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation
The group exercises judgements to determine useful lives and residual useful lives and residual values for tangible fixed assets. The assets are depreciated down to their residual values over their estimated useful lives.
Provision for bad and doubtful debts
Provisions are made for significantly overdue items on the debtors ledger with specific provision for debtors in financial difficulty.
Provision for obsolete and slow moving inventories
Inventories provision is based upon the movement of inventories in the previous 12 months.
Impairment of non financial assets
Where there are indicators of impairment of individual assets, management perform impairment tests based on the fair value less costs to sell or a value in use calculations. The value in use model is based on a discounted cash flow model, cash flow being based on budgets and estimated discount rates.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
2,296,326
1,917,822
Europe
7,547,829
6,577,715
Rest of the World
9,970,168
9,878,872
19,814,323
18,374,409
2024
2023
£
£
Other revenue
Interest income
52,071
-
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 26
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional restructuring costs
669,010
-
669,010
-
Exceptional items in the year relate to redundancy and legal costs incurred regarding restructuring in the US.
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
29,707
220,066
Research and development costs
37,032
34,299
Depreciation of owned tangible fixed assets
145,970
247,327
Profit on disposal of tangible fixed assets
-
(4,184)
Amortisation of intangible assets
79,852
58,896
Operating lease charges
257,115
336,640
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
43,100
40,950
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Direct
20
20
14
14
Sales
62
65
25
25
Administration
10
10
10
10
Total
92
95
49
49
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
7
Employees
(Continued)
Page 27
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,538,466
6,424,620
2,788,239
2,497,938
Social security costs
743,331
629,478
278,701
184,997
Pension costs
164,012
155,222
62,373
74,179
7,445,809
7,209,320
3,129,313
2,757,114
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
560,556
463,619
Company pension contributions to defined contribution schemes
26,658
29,587
587,214
493,206
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 5).
The number of directors who are entitled to receive shares under long term incentive schemes during the year was 0 (2023 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
179,570
149,094
During the year, a director was paid £90,746 upon their departure from the company.
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,124
Interest receivable from group companies
42,947
Total income
52,071
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
9
Interest receivable and similar income
(Continued)
Page 28
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
52,071
-
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
15,164
31,281
Other finance costs:
Interest on finance leases and hire purchase contracts
5,082
9,542
Total finance costs
20,246
40,823
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
212,311
Adjustments in respect of prior periods
171,597
Benefit arising from a previously unrecognised tax loss or credit
125
5,505
Total UK current tax
212,436
177,102
Foreign current tax on profits for the current period
312,682
219,505
Adjustments in foreign tax in respect of prior periods
7,537
(19,269)
Total current tax
532,655
377,338
Deferred tax
Origination and reversal of timing differences
(32,606)
100,156
Foreign exchange differences
(506)
4,222
Total deferred tax
(33,112)
104,378
Total tax charge
499,543
481,716
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
11
Taxation
(Continued)
Page 29
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,017,702
2,073,732
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
754,426
518,433
Tax effect of expenses that are not deductible in determining taxable profit
43,467
(68,120)
Tax effect of income not taxable in determining taxable profit
(160,115)
(18,279)
Adjustments in respect of prior years
(34,394)
152,328
Effect of change in corporation tax rate
20,769
40,742
Group relief
(129,892)
(97,508)
Foreign exchange differences
(381)
9,693
Fixed asset differences
5,663
8,362
Remeasurement of deferred tax for changes in tax rates
234
Patent box additional deduction
(64,169)
Taxation charge
499,543
481,716
12
Intangible fixed assets
Group
Software
Trademarks & brands
Total
£
£
£
Cost
At 1 January 2024
270,971
259,015
529,986
Additions - internally developed
5,848
33,939
39,787
At 31 December 2024
276,819
292,954
569,773
Amortisation and impairment
At 1 January 2024
169,236
106,442
275,678
Amortisation charged for the year
57,078
22,774
79,852
At 31 December 2024
226,314
129,216
355,530
Carrying amount
At 31 December 2024
50,505
163,738
214,243
At 31 December 2023
101,735
152,573
254,308
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
12
Intangible fixed assets
(Continued)
Page 30
Company
Software
Trademarks & brands
Total
£
£
£
Cost
At 1 January 2024
270,971
259,015
529,986
Additions - internally developed
5,848
33,939
39,787
At 31 December 2024
276,819
292,954
569,773
Amortisation and impairment
At 1 January 2024
169,236
106,442
275,678
Amortisation charged for the year
57,078
22,774
79,852
At 31 December 2024
226,314
129,216
355,530
Carrying amount
At 31 December 2024
50,505
163,738
214,243
At 31 December 2023
101,735
152,573
254,308
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
1,031,834
1,067,994
56,349
2,156,177
Additions
131,848
131,848
Disposals
(30,401)
(18,848)
(49,249)
Exchange adjustments
13,888
(5,998)
7,890
At 31 December 2024
1,015,321
1,174,996
56,349
2,246,666
Depreciation and impairment
At 1 January 2024
926,273
983,338
54,234
1,963,845
Depreciation charged in the year
27,440
117,216
1,314
145,970
Eliminated in respect of disposals
(30,204)
(18,848)
(49,052)
Exchange adjustments
11,477
(1,330)
10,147
At 31 December 2024
934,986
1,080,376
55,548
2,070,910
Carrying amount
At 31 December 2024
80,335
94,620
801
175,756
At 31 December 2023
105,561
84,656
2,115
192,332
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
13
Tangible fixed assets
(Continued)
Page 31
Company
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
934,683
1,763,303
56,349
2,754,335
Additions
118,152
118,152
At 31 December 2024
934,683
1,881,455
56,349
2,872,487
Depreciation and impairment
At 1 January 2024
838,720
1,694,294
55,035
2,588,049
Depreciation charged in the year
18,869
106,988
1,314
127,171
At 31 December 2024
857,589
1,801,282
56,349
2,715,220
Carrying amount
At 31 December 2024
77,094
80,173
157,267
At 31 December 2023
95,963
69,009
1,314
166,286
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
1,314
1,314
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
173,215
173,215
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
14
Fixed asset investments
(Continued)
Page 32
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
173,215
Carrying amount
At 31 December 2024
173,215
At 31 December 2023
173,215
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 33
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Dycem Corporation
1
Supply of Contamination Control Flooring
Ordinary
100.00
Dycem Asia
2
Supply of Contamination Control Flooring
Ordinary
100.00
Dycem GmbH
3
Supply of Contamination Control Flooring
Ordinary
100.00
Dycem France SAS
4
Supply of Contamination Control Flooring
Ordinary
100.00
Registered Office addresses:
1 33 Appain Way, Smithfield RI, 02917-1777, USA
2 Unit 1205 Coherco Financial Tower, Trade St Cor Investment Drive, Madrigal Business Park, Btgy, Ayala, Alabang, Muninlupa City, Phillippines
3 Vogesenstraße 6, 76437 Rastatt, Germany
4 29 Rue du Pont 92200 Neuilly Sur Seine.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
252,787
248,364
227,777
209,269
Finished goods and goods for resale
694,438
737,193
152,588
140,068
947,225
985,557
380,365
349,337
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
6,686,759
4,646,776
6,166,066
4,400,596
Carrying amount of financial liabilities
Measured at amortised cost
2,102,143
1,930,650
1,975,281
1,675,612
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 34
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,469,459
3,425,425
824,872
724,203
Corporation tax recoverable
243,004
237,659
Amounts owed by group undertakings
3,217,300
619,661
5,341,194
3,264,352
Prepayments and accrued income
382,936
358,686
194,546
174,382
7,069,695
4,646,776
6,360,612
4,400,596
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
8,518
100,028
8,518
100,028
Trade creditors
706,646
643,368
479,380
388,905
Amounts owed to group undertakings
74,978
72,086
894,850
702,607
Corporation tax payable
244,822
162,328
Other taxation and social security
69,843
218,003
8,087
121,849
Other creditors
7,107
31,828
5,807
31,828
Accruals and deferred income
1,304,894
865,337
586,726
330,395
2,416,808
1,930,650
2,145,696
1,675,612
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
60,635
60,635
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
8,518
60,635
8,518
60,635
In two to five years
-
100,028
-
100,028
8,518
160,663
8,518
160,663
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
21
Finance lease obligations
(Continued)
Page 35
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
(19,879)
(33,336)
Other timing differences
(97,742)
(71,423)
Arising on business combinations
(440,775)
(420,525)
(558,396)
(525,284)
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
(10,622)
(12,369)
Other timing differences
(8,445)
(6,250)
(19,067)
(18,619)
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(525,284)
(18,619)
Credit to profit or loss
(33,112)
(448)
Asset at 31 December 2024
(558,396)
(19,067)
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 36
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
164,012
155,222
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
33,000
33,000
3,300
3,300
There is a single class of ordinary shares. There are no restrictions on repayment of capital or payment of dividends.
25
Reserves
Share premium
Includes any premiums received on issue of share capital. Any transactions costs associated with the issuing of shares are deducted from the share premium.
Capital contribution reserve
Comprises amounts recognised as a result of share options provided to company employees within the parent company. They are recognised against the cost of investment in the parent company.
The amount recognised each year relates to the fair value of these options. The company has taken exemption from including the detail of these options as they can be found in the financial statements of Seafox Dycem 1 Limited.
Capital redemption reserve
Represents the amount that the company has transferred from the profit and loss account and is required to retain as a result of repurchasing its own shares.
Profit and loss reserves
Includes all current and prior period retained profits and losses.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 37
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
205,517
273,861
124,408
109,752
Between two and five years
609,998
698,583
478,520
420,136
In over five years
96,281
1,020,765
96,281
201,315
911,796
1,993,208
699,209
731,203
27
Financial commitments, guarantees and contingent liabilities
The company has granted a fixed and floating charge over its assets to secure a bank loan for other companies within the group.
28
Related party transactions
The company has taken advantage of the exemption available under FRS102 to not disclose transactions with other wholly owned group companies.
The members of key management as defined by FRS102 are considered to be the directors of the company.
At the 31 December 2024, the group was owed an amount of £12,500 (2023: £nil) from Longacre Group International Limited, a company under common control of three of the company's directors. During the year the company recognised an expense of £137,500 (2023: £115,000) in respect of monitoring fees charged from the same company.
During the year, the company received goods and services worth £515,929 (2023: £nil) and included within trade creditors at the year end is an amount of £88,972 (2023: £82,973) owed to Polyblend Limited, a company under common control of three of the company's directors.
29
Controlling party
The company is a wholly owned subsidiary of Seafox Dycem 2 Limited, a company incorporated in England and Wales. The ultimate parent company is Longacre Group Limited a limited company incorporated in England and Wales.
Seafox Dycem 2 Limited is the smallest group to prepare consolidated financial statements which include these financial statements. Longacre Group Limited is the largest group to prepare consolidated financial statements which include these financial statements. Copies of the consolidated financial statements can be obtained from 1 Mercer Street, London, WC2H 9QJ.
Dycem Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 38
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,518,159
1,592,016
Adjustments for:
Taxation charged
499,543
481,716
Finance costs
20,246
40,823
Investment income
(52,071)
Loss/(gain) on disposal of tangible fixed assets
197
(4,184)
FX on fixed assets
2,257
-
Amortisation and impairment of intangible assets
79,852
58,896
Depreciation and impairment of tangible fixed assets
145,970
247,327
Movements in working capital:
Decrease in stocks
38,332
191,717
Increase in debtors
(2,665,923)
(848,270)
Increase/(decrease) in creditors
332,846
(354,716)
Cash generated from operations
919,408
1,405,325
31
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,150,702
566,763
1,717,465
Obligations under finance leases
(160,663)
152,145
(8,518)
990,039
718,908
1,708,947
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