| REGISTERED NUMBER: 01428383 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| AUDITED |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| R. J. DANCE (CONTRACTORS) LIMITED |
| REGISTERED NUMBER: 01428383 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| AUDITED |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| R. J. DANCE (CONTRACTORS) LIMITED |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Financial Statements | 14 |
| R. J. DANCE (CONTRACTORS) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Kate Brasser FCCA |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| Unit 4 Mulgrave Chambers |
| 26-28 Mulgrave Road |
| Sutton |
| Surrey |
| SM2 6LE |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The director presents his strategic report of the company and the group for the year ended 31 October 2024. |
| REVIEW OF BUSINESS |
| We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. |
| The group continues to operate as contractors in respect of minor civil and engineering works, predominantly for local authorities in Surrey, Sussex and the London Boroughs. |
| The group consists of the parent company, R J Dance (Contractors) Limited and its wholly owned subsidiary, Belmont Tool Hire Limited. Belmont Tool Hire Limited predominantly hires tools and equipment to R J Dance (Contractors) Limited. |
| Group turnover fell by 15.8% this year, having fallen from £13.34 million to £11.23 million attributable to the one-off nature of certain projects completed in the previous year. |
| The group achieved a profit before tax of £435,234 down from £1,197,458 in 2023. Overall, the group's profit and loss reserve has increased by £267,005 to £3,363,463 (2023 - £3,096,458). |
| On 31 October 2024 the trade, assets and liabilities of Belmont Tool Hire Limited were transferred to the parent company, at book value. In consequence, Belmont Tool Hire Limited ceased trading on that date and will remain as a dormant company. |
| KEY PERFORMANCE INDICATORS |
| The group uses the following Key Performance Indicators to monitor the performance of the business: |
| 2024 | 2023 |
| Turnover | £11.23m | £13.34m |
| Gross Profit Percentage | 54.98% | 54.22% |
| Operating profit before taxation | £0.44m | £1.20m |
| The net assets of the group are £3.36 million at the balance sheet date up from £3.10 million in 2023. |
| Despite the challenges of the economic environment, with rising inflation and a changing political climate the group has continued to operate profitably. |
| The strong net asset position continues to form a foundation that will support the group through any challenges ahead and enable the group to continue to grow and prosper. |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of the business and the nature of the group's strategy are subject to a number of risks. |
| The Director sets out below the principal risks facing the business. |
| Financial risk management |
| The group continuously monitors its cash flow and working capital requirements to ensure that an adequate level of liquidity is maintained at all times, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the company's reputation. Liquidity is provided through cash balances and access to the group's banking facilities. It is the group's policy to pay all creditors in line with their credit terms. |
| Economic risk management |
| The group recognises the challenging risks associated with the current economic environment. The board considers that the group has a strong balance sheet, robust internal controls and the necessary long term strategy required to minimise and manage the impact of these risks. |
| Competitive risk management |
| The group recognises the risks associated with the competitive market and will continue to offer the highest level of service to it's customers. |
| Credit risk management |
| As with most businesses the group is exposed to the credit risk of customers and their ability to pay debts on a timely basis. The group monitors credit terms and levels regularly to ensure it mitigates its exposure to customers exceeding payment terms. |
| Government policy |
| The group recognises the risks associated with changes in government policy and regularly assesses and considers the risks in relation to potential changes in policy that may impact the group. |
| ON BEHALF OF THE BOARD: |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 October 2024. |
| DIVIDENDS |
| The parent company paid interim ordinary dividends of £50,505 (2023 - £60,606) during the year. |
| The subsidiary company, Belmont Tool Hire Limited, paid an interim dividend of £86,148 during the year. |
| No final dividends are proposed. |
| FUTURE DEVELOPMENTS |
| As for many businesses of our size, the business environment in which we operate continues to be challenging. We are confident in the group's ability to maintain its position and we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| R. J. DANCE (CONTRACTORS) LIMITED |
| Opinion |
| We have audited the financial statements of R. J. Dance (Contractors) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of 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 of the parent company affairs as at 31 October 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. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 the 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| R. J. DANCE (CONTRACTORS) LIMITED |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - | we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the group operates; |
| - | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, and health and safety legislation; |
| - | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - | performed analytical procedures to identify any unusual or unexpected relationships; |
| - | reviewed journal entries to identify unusual transactions; |
| - | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - | investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - | agreeing financial statement disclosures to underlying supporting documentation; |
| - | enquiring of management as to actual and potential litigation and claims; and |
| - | reviewing correspondence with HMRC and any other relevant regulators as required. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| R. J. DANCE (CONTRACTORS) LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| Unit 4 Mulgrave Chambers |
| 26-28 Mulgrave Road |
| Sutton |
| Surrey |
| SM2 6LE |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 11,236,611 | 13,344,419 |
| Cost of sales | 9,428,937 | 10,921,122 |
| GROSS PROFIT | 1,807,674 | 2,423,297 |
| Administrative expenses | 1,394,375 | 1,224,743 |
| 413,299 | 1,198,554 |
| Other operating income | 16,740 | - |
| OPERATING PROFIT | 5 | 430,039 | 1,198,554 |
| Interest receivable and similar income | 34,020 | 18,633 |
| 464,059 | 1,217,187 |
| Interest payable and similar expenses | 6 | 28,825 | 19,729 |
| PROFIT BEFORE TAXATION | 435,234 | 1,197,458 |
| Tax on profit | 7 | 117,724 | 174,514 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
317,510 |
1,022,944 |
| Profit attributable to: |
| Owners of the parent | 317,510 | 1,022,944 |
| Total comprehensive income attributable to: |
| Owners of the parent | 317,510 | 1,022,944 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| CONSOLIDATED BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 4 | 4 |
| Tangible assets | 11 | 443,284 | 532,662 |
| Investments | 12 | - | - |
| 443,288 | 532,666 |
| CURRENT ASSETS |
| Debtors | 13 | 3,151,568 | 3,414,230 |
| Cash at bank and in hand | 2,234,956 | 2,484,001 |
| 5,386,524 | 5,898,231 |
| CREDITORS |
| Amounts falling due within one year | 14 | 2,155,614 | 2,943,469 |
| NET CURRENT ASSETS | 3,230,910 | 2,954,762 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
3,674,198 |
3,487,428 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(224,635 |
) |
(293,477 |
) |
| PROVISIONS FOR LIABILITIES | 18 | (86,000 | ) | (97,393 | ) |
| NET ASSETS | 3,363,563 | 3,096,558 |
| CAPITAL AND RESERVES |
| Called up share capital | 19 | 100 | 100 |
| Retained earnings | 3,363,463 | 3,096,458 |
| SHAREHOLDERS' FUNDS | 3,363,563 | 3,096,558 |
| The financial statements were approved by the director and authorised for issue on 24 July 2025 and were signed by: |
| P J Hartman - Director |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| COMPANY BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 400,769 | 981,867 |
| The financial statements were approved by the director and authorised for issue on |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 November 2022 | 100 | 2,134,120 | 2,134,220 |
| Changes in equity |
| Dividends | - | (60,606 | ) | (60,606 | ) |
| Total comprehensive income | - | 1,022,944 | 1,022,944 |
| Balance at 31 October 2023 | 100 | 3,096,458 | 3,096,558 |
| Changes in equity |
| Dividends | - | (50,505 | ) | (50,505 | ) |
| Total comprehensive income | - | 317,510 | 317,510 |
| Balance at 31 October 2024 | 100 | 3,363,463 | 3,363,563 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 November 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 25 | 165,612 | 1,404,826 |
| Interest element of hire purchase payments paid |
(28,825 |
) |
(19,729 |
) |
| Tax paid | (77,184 | ) | 30,788 |
| Net cash from operating activities | 59,603 | 1,415,885 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (24,217 | ) | (19,623 | ) |
| Sale of tangible fixed assets | 375 | 65,919 |
| Interest received | 34,020 | 18,633 |
| Net cash from investing activities | 10,178 | 64,929 |
| Cash flows from financing activities |
| Capital repayments in year | (208,927 | ) | (177,615 | ) |
| Amount introduced by directors | - | 60,001 |
| Amount withdrawn by directors | (59,394 | ) | - |
| Equity dividends paid | (50,505 | ) | (60,606 | ) |
| Net cash from financing activities | (318,826 | ) | (178,220 | ) |
| (Decrease)/increase in cash and cash equivalents | (249,045 | ) | 1,302,594 |
| Cash and cash equivalents at beginning of year |
26 |
2,484,001 |
1,181,407 |
| Cash and cash equivalents at end of year |
26 |
2,234,956 |
2,484,001 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| R. J. Dance (Contractors) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements are prepared on the going concern basis, which assumes the ability of the group to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
| The director, having considered all the information available, is confident that the group has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the director is satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements. |
| Basis of consolidation |
| The consolidated financial statements represent the results of the company and its subsidiary, whom is 100% owned, made up to 31 October 2024. All accounting policies as detailed below are applied consistently across the Group. |
| All intra-group transactions and balances are eliminated on consolidation. |
| The subsidiary undertakings, Belmont Tool Hire Limited has claimed exemption from audit under Section 479A of the Companies Act 2006. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| a) Critical judgements in applying the entity's accounting policies |
| There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity’s accounting policies that have a significant effect on the amounts recognised in the financial statements. |
| b) Critical accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| (i) Useful economic lives of tangible and intangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of tangible assets and note 3 for the amortisation and depreciation policy in respect of each class of asset. |
| (ii) Impairment of debtors |
| The company makes an estimate of the recoverable value of trade and other debtors. When assessing their impairment, the management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of debtors. |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services supplied, net of returns, discounts and value added taxes. |
| Revenue is recognised in the accounting period in which the services were rendered. |
| Accrued income - contracts in progress |
| Provision is made for works completed but not invoiced at the year end and is calculated based upon the stage of completion at the year end date, inclusive of attributable profits. The attributable value of accrued income is included within Debtors in the balance sheet. |
| Intangible fixed assets |
| Computer software is stated at cost less accumulated amortisation, provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Computer software | - 25% on cost |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, commencing in the month of acquisition. |
| Freehold land and buildings | - 2% on cost of buildings only |
| Plant and machinery | - 25% on cost |
| Fixtures and fittings | - 33%, 25% and 10% on cost |
| Motor vehicles | - 25% on cost |
| Equipment for hire | - 33% on cost |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or financial leases are capitalised in the balance sheet and are depreciated over their estimated useful lives. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. The capital element of the future payment is treated as a liability. |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred. |
| Pension costs and other post-retirement benefits |
| The company provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan. |
| (i) Short Term Benefits |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
| (ii) Group Personal Pension Plan |
| The company operates a group person pension plan for its employees. This is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the company in independently administered funds. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 573,112 | 514,582 |
| Social security costs | 49,240 | 42,954 |
| Other pension costs | 9,254 | 8,465 |
| 631,606 | 566,001 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Manual operatives | 5 | 5 |
| Office staff | 15 | 13 |
| Directors | 1 | 1 |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration | - | - |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of equipment | 895,457 | 990,748 |
| Depreciation - owned assets | 6,891 | 7,365 |
| Depreciation - assets on hire purchase contracts | 212,150 | 209,920 |
| Loss/(profit) on disposal of fixed assets | 9,269 | (23,053 | ) |
| Auditors' remuneration | 8,820 | 8,400 |
| Auditors' remuneration for non audit work | 12,945 | 10,763 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Hire purchase interest | 28,825 | 19,729 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 129,117 | 77,121 |
| Deferred tax: |
| Transfer to/(from) deferred |
| tax | (11,393 | ) | 97,393 |
| Tax on profit | 117,724 | 174,514 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 435,234 | 1,197,458 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22.518 %) |
108,809 |
269,644 |
| Effects of: |
| Expenses not deductible for tax purposes | 5,852 | 3,384 |
| Income not taxable for tax purposes | - | (3,008 | ) |
| Depreciation in excess of capital allowances | 10,592 | 77,957 |
| Utilisation of tax losses | (7,529 | ) | (173,789 | ) |
| Change in standard rate of corporation tax | - | 326 |
| Total tax charge | 117,724 | 174,514 |
| 8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 50,505 | 60,606 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Computer |
| software |
| £ |
| COST |
| At 1 November 2023 | 34,903 |
| Disposals | (3,640 | ) |
| At 31 October 2024 | 31,263 |
| AMORTISATION |
| At 1 November 2023 | 34,899 |
| Eliminated on disposal | (3,640 | ) |
| At 31 October 2024 | 31,259 |
| NET BOOK VALUE |
| At 31 October 2024 | 4 |
| At 31 October 2023 | 4 |
| Company |
| Computer |
| software |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold |
| land and | Equipment | Plant and |
| buildings | for hire | machinery |
| £ | £ | £ |
| COST |
| At 1 November 2023 | 152,822 | 254,842 | 28,864 |
| Additions | - | 4,682 | 22,314 |
| Disposals | - | (259,524 | ) | (4,919 | ) |
| At 31 October 2024 | 152,822 | - | 46,259 |
| DEPRECIATION |
| At 1 November 2023 | 68,557 | 209,984 | 28,859 |
| Charge for year | 2,004 | 17,584 | - |
| Eliminated on disposal | - | (227,568 | ) | (4,919 | ) |
| At 31 October 2024 | 70,561 | - | 23,940 |
| NET BOOK VALUE |
| At 31 October 2024 | 82,261 | - | 22,319 |
| At 31 October 2023 | 84,265 | 44,858 | 5 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 | 16,730 | 1,325,096 | 1,778,354 |
| Additions | 6,746 | 127,879 | 161,621 |
| Disposals | (6,130 | ) | (115,819 | ) | (386,392 | ) |
| At 31 October 2024 | 17,346 | 1,337,156 | 1,553,583 |
| DEPRECIATION |
| At 1 November 2023 | 16,726 | 921,566 | 1,245,692 |
| Charge for year | 1,405 | 198,048 | 219,041 |
| Eliminated on disposal | (6,130 | ) | (115,817 | ) | (354,434 | ) |
| At 31 October 2024 | 12,001 | 1,003,797 | 1,110,299 |
| NET BOOK VALUE |
| At 31 October 2024 | 5,345 | 333,359 | 443,284 |
| At 31 October 2023 | 4 | 403,530 | 532,662 |
| Included in cost of land and buildings is freehold land of £52,822 (2023 - £52,822) which is not depreciated. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Equipment | Plant and | Motor |
| for hire | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2023 | 80,140 | - | 868,886 | 949,026 |
| Additions | - | 15,602 | 127,879 | 143,481 |
| Disposals | (72,580 | ) | - | - | (72,580 | ) |
| Transfer to ownership | (7,560 | ) | - | (147,657 | ) | (155,217 | ) |
| At 31 October 2024 | - | 15,602 | 849,108 | 864,710 |
| DEPRECIATION |
| At 1 November 2023 | 42,331 | - | 465,364 | 507,695 |
| Charge for year | 14,102 | - | 198,048 | 212,150 |
| Eliminated on disposal | (48,873 | ) | - | - | (48,873 | ) |
| Transfer to ownership | (7,560 | ) | - | (147,653 | ) | (155,213 | ) |
| At 31 October 2024 | - | - | 515,759 | 515,759 |
| NET BOOK VALUE |
| At 31 October 2024 | - | 15,602 | 333,349 | 348,951 |
| At 31 October 2023 | 37,809 | - | 403,522 | 441,331 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Freehold | Fixtures |
| land and | Plant and | and | Motor |
| buildings | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Included in cost of land and buildings is freehold land of £ 52,822 (2023 - £ 52,822 ) which is not depreciated. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Transfer to ownership | - | (147,657 | ) | (147,657 | ) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Transfer to ownership | - | (147,653 | ) | (147,653 | ) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: 310 Brighton Road, Belmont, Sutton, Surrey, SM2 5SU |
| Nature of business: |
| % |
| Class of shares: | holding |
| The trade and net assets of Belmont Tool Hire Limited were transferred to R J Dance (Contractors) Limited at 31 October 2024, when Belmont Tool Hire Limited ceased to trade. It will remain as a dormant company. |
| Belmont Tool Hire Limited has claimed exemption from audit under section 479A of the Companies Act 2006. |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 2,162,851 | 2,388,965 |
| Prepayments and accrued income | 988,717 | 1,025,265 |
| 3,151,568 | 3,414,230 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 16) | 162,354 | 187,349 |
| Trade creditors | 1,255,732 | 1,878,524 |
| Corporation tax | 129,054 | 77,121 |
| Social security and other taxes | 506,550 | 597,529 |
| Other creditors | 1,894 | 2,295 |
| Amount due to group companies | - | - |
| Director's current account | 8,356 | 67,750 |
| Accruals and deferred income | 91,674 | 132,901 |
| 2,155,614 | 2,943,469 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 16) | 224,635 | 293,477 |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 186,929 | 212,307 |
| Between one and five years | 266,314 | 342,974 |
| 453,243 | 555,281 |
| Finance charges repayable: |
| Within one year | 24,575 | 24,958 |
| Between one and five years | 41,679 | 49,497 |
| 66,254 | 74,455 |
| Net obligations repayable: |
| Within one year | 162,354 | 187,349 |
| Between one and five years | 224,635 | 293,477 |
| 386,989 | 480,826 |
| Company |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts | 386,989 | 480,826 | 386,989 | 444,831 |
| Hire purchase liabilities are secured against the assets to which they pertain. |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 18. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 86,000 | 97,393 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 | 97,393 |
| Credit to Statement of Comprehensive Income during year | (11,393 | ) |
| Balance at 31 October 2024 | 86,000 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 October 2024 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 20. | PENSION COMMITMENTS |
| The group contributes to a defined contribution pension scheme for certain of its directors and staff. The assets of the scheme are held separately from those of the group in an independently administered fund. |
| At the year end date £458 (2023 - £145) was due to be paid to the scheme. |
| 21. | CONTINGENT LIABILITIES |
| The parent company R J Dance (Contractors) Limited has given guarantee, under Section 479C of Companies Act 2006, for the outstanding liabilities to which the subsidiary company, Belmont Tool Hire Limited (Company number 02307990), is subject at the end of the financial year ended 31 October 2024. |
| 22. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 63,939 | 63,939 |
| 23. | RELATED PARTY DISCLOSURES |
| During the year the group paid rent of £21,400 (2023 - £21,400) to its director. |
| At the year end the group owed its director an amount of £8,536 (2023 - £67,750). The amount is interest free and carries no fixed terms of repayment. |
| 24. | ULTIMATE CONTROLLING PARTY |
| The company and group were controlled by the director, P J Hartman, throughout the period. |
| R. J. DANCE (CONTRACTORS) LIMITED (REGISTERED NUMBER: 01428383) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 25. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 435,234 | 1,197,458 |
| Depreciation charges | 219,041 | 217,285 |
| Loss/(profit) on disposal of fixed assets | 9,269 | (15,261 | ) |
| Finance costs | 28,825 | 19,729 |
| Finance income | (34,020 | ) | (18,633 | ) |
| 658,349 | 1,400,578 |
| Decrease/(increase) in trade and other debtors | 262,662 | (570,454 | ) |
| (Decrease)/increase in trade and other creditors | (755,399 | ) | 574,702 |
| Cash generated from operations | 165,612 | 1,404,826 |
| 26. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 October 2024 |
| 31.10.24 | 1.11.23 |
| £ | £ |
| Cash and cash equivalents | 2,234,956 | 2,484,001 |
| Year ended 31 October 2023 |
| 31.10.23 | 1.11.22 |
| £ | £ |
| Cash and cash equivalents | 2,484,001 | 1,181,407 |
| 27. | ANALYSIS OF CHANGES IN NET FUNDS |
| Other |
| non-cash |
| At 1.11.23 | Cash flow | changes | At 31.10.24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 2,484,001 | (249,045 | ) | 2,234,956 |
| 2,484,001 | (249,045 | ) | 2,234,956 |
| Debt |
| Finance leases | (480,826 | ) | 208,927 | - | (386,989 | ) |
| (480,826 | ) | 208,927 | - | (386,989 | ) |
| Total | 2,003,175 | (40,118 | ) | - | 1,847,967 |