Company registration number 08784326 (England and Wales)
DALES CORNWALL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DALES CORNWALL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DALES CORNWALL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
75,276
90,266
Current assets
Stocks
6
1,282,263
1,284,748
Debtors
7
1,486,109
1,393,800
Cash at bank and in hand
708,573
467,378
3,476,945
3,145,926
Creditors: amounts falling due within one year
8
(1,378,636)
(1,346,441)
Net current assets
2,098,309
1,799,485
Total assets less current liabilities
2,173,585
1,889,751
Provisions for liabilities
Deferred tax liability
9
10,791
12,823
(10,791)
(12,823)
Net assets
2,162,794
1,876,928
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
2,161,794
1,875,928
Total equity
2,162,794
1,876,928

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 21 July 2025 and are signed on its behalf by:
Mr D E Cadge
Director
Company registration number 08784326 (England and Wales)
DALES CORNWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Dales Cornwall Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wheal Rose, Scorrier, Redruth, Cornwall, TR16 5BX.

1.1
Accounting convention

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

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

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

1.2
Going concern

Based on current bank balances, facilities and the level of trade at the time of approving the financial statements the truedirectors have a reasonable expectation that the group 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 recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on handover of the vehicle or in the case of workshop services, when the work is complete). It 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.

1.4
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, using the straight-line method as follows:

Plant and equipment
20% on cost
Fixtures and fittings
20% - 33% on cost
Computers
25% on cost

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

DALES CORNWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stock and work in progress are stated at the lower of cost and estimated selling price, after making due allowances for obsolete and slow-moving stock.

 

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

 

The company has applied the accounting treatment required by FRS 102 Section 13 to its vehicle consignment stock. Where the interest free consignment period has expired, vehicles are included in the statement of financial position as stock with a matching liability for the purchase price included in trade creditors.

 

Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of the relevant provision is performed.

 

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.8
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. Financial assets are all receivable within one year and are therefore, not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities are all potentially payable within one year and therefore are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities as payment is due within one year or less.

1.9
Equity instruments

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

DALES CORNWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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.

1.11
Retirement benefits

The company operates a defined contribution plan for its employees. The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The judgements which have the most significant impact on the financial statements are those related to stock valuations, which is regularly monitored against age profile and market demand using CAP valuation guides. Any provision is reviewed on a monthly basis.

 

3
Employees

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

2024
2023
Number
Number
28
24
DALES CORNWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Directors' remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
60,000
60,000
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
105,498
182,404
30,812
318,714
Additions
8,752
-
0
-
0
8,752
At 31 December 2024
114,250
182,404
30,812
327,466
Depreciation and impairment
At 1 January 2024
95,532
104,316
28,600
228,448
Depreciation charged in the year
5,023
16,520
2,199
23,742
At 31 December 2024
100,555
120,836
30,799
252,190
Carrying amount
At 31 December 2024
13,695
61,568
13
75,276
At 31 December 2023
9,966
78,088
2,212
90,266
6
Stocks
2024
2023
£
£
Parts and accessories
106,311
122,814
Vehicle stock
1,175,952
1,161,934
1,282,263
1,284,748

Excluded from stocks at the year end are vehicles received on consignment costing £474,669 (2023: £985,908) which are not accruing interest and are therefore not considered to be in substance assets of the company as at the balance sheet date.

 

DALES CORNWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Debtors: amounts falling due within one year
2024
2023
£
£
Trade debtors
328,452
356,686
Amounts owed by group undertakings
1,120,834
991,677
Prepayments and accrued income
36,823
45,437
1,486,109
1,393,800
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
703,843
867,309
Corporation tax
37,303
108,954
Other taxation and social security
528,406
317,318
Other creditors
52,634
14,281
Accruals and deferred income
56,450
38,579
1,378,636
1,346,441
9
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
10,791
12,823
2024
Movements in the year:
£
Liability at 1 January 2024
12,823
Credit to profit or loss
(2,032)
Liability at 31 December 2024
10,791

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

DALES CORNWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
950
950
950
950
Ordinary B shares of £1 each
50
50
50
50
1,000
1,000
1,000
1,000

 

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Senior Statutory Auditor:
Amy Sole FCA
Statutory Auditor:
Phillips Frith LLP
12
Ultimate controlling party

The parent company of Dales Cornwall Ltd is DCM (Cornwall) Ltd and its registered office is Wheal Rose, Scorrier, Redruth, Cornwall, TR16 5BX.

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