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COMPANY REGISTRATION NUMBER: 11076209
DC HOLDINGS (LINCOLN) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
DC HOLDINGS (LINCOLN) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
DC HOLDINGS (LINCOLN) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
A M Clarke
R M Dewey
Registered office
Crofton Drive
Allenby Road Industrial Estate
Lincoln
Lincs
LN3 4NP
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Windsor House
A1 Business Park at
Long Bennington
Notts
NG23 5JR
DC HOLDINGS (LINCOLN) LIMITED
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2024
We aim to present a balanced and comprehensive view of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. Business Review The group continues to manufacture and wholesale a range of animal health and equestrian products. During 2024 and into 2025 we have continued to increase our product range whilst maintaining a keen eye on phasing out low margin and slow moving products in order to release cash from working capital. We consider our key financial performance indicators to be those that communicate the financial performance and strength of the group as a whole, in particular turnover, gross margin, reported operating margin and debt service. These indicators are reviewed via monthly management accounts. We have reported a small decrease in turnover of 1% to £21.9m in 2024. The gross margin percentage has improved from 15.1% to 16.2% in the current year. The group continues to operate comfortably within all of its banking covenants. Demand for our products has remained strong as has our customers' ability to pay. Our supply chain has remained resilient with only minor disruptions. Cash generation has remained strong and our bankers remain supportive. Credit Risk The Directors seek to manage credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Currency Risk The Directors minimise the risk to foreign currency fluctuations by invoicing and purchasing in sterling where possible. Liquidity Risk The Directors seek to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Interest Rate Risk The exposure to the risk of changes in interest rates relates primarily to bank borrowings. The Directors seek to manage this risk by the use of a combination of variable and fixed rates. Supply Chain Risks In common with all similar businesses, we are experiencing continued challenges in our global supply chain affecting availability of product and cost. Every effort is being made to mitigate the impact on prices and maintain product availability. As for many businesses of our size, the business environment in which we operate continues to be challenging with good levels of competition from other wholesalers and manufacturers. We are of course subject to the vagaries of weather, to consumer spending patterns and consumers' overall levels of disposable income within our economy. The strength of our offering is in our ability to meet the needs of our customers and alongside this, the continued increase in our customer base forms an effective means of managing economic risk in the current environment. Our key financial risk is the ability to continue to generate and access sufficient funds to pay down debt and satisfy our ongoing business requirements. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. However in terms of what we can foresee at present, we remain very confident in the prospects of the business and have enjoyed good results so far in 2025.
This report was approved by the board of directors on 25 August 2025 and signed on behalf of the board by:
R M Dewey
Director
Registered office:
Crofton Drive
Allenby Road Industrial Estate
Lincoln
Lincs
LN3 4NP
DC HOLDINGS (LINCOLN) LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
A M Clarke
R M Dewey
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 the company and 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 judgments 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 25 August 2025 and signed on behalf of the board by:
R M Dewey
Director
Registered office:
Crofton Drive
Allenby Road Industrial Estate
Lincoln
Lincs
LN3 4NP
DC HOLDINGS (LINCOLN) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DC HOLDINGS (LINCOLN) LIMITED
YEAR ENDED 31 DECEMBER 2024
Opinion
We have audited the financial statements of DC Holdings (Lincoln) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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'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; - 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 auditor's 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 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 or 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 directors with respect to going concern are described in the relevant sections of this report.
Other information
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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 its 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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. 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: 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 that we identified the material laws and regulations applicable to the group through discussions with management, and from our commercial knowledge and experience of the group and various sectors in which it operates. These were the Companies Act 2006, taxation legislation, animal feed regulations, data protection, anti-bribery, employment, environmental and health and safety legislation. We then assessed the extent of compliance with these laws and regulations through making enquiries of management. We then 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 tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we 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. 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, review of correspondence with HMRC and the inspection of regulatory and legal correspondence. 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 auditor’s report. 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 an auditor's report 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.
Mark Bradshaw
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Windsor House
A1 Business Park at
Long Bennington
Notts
NG23 5JR
15 September 2025
DC HOLDINGS (LINCOLN) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
£
£
Turnover
4
21,949,601
22,180,133
Cost of sales
( 18,402,655)
( 18,836,368)
-------------
-------------
Gross profit
3,546,946
3,343,765
Administrative expenses
( 2,943,481)
( 2,678,406)
------------
------------
Operating profit
5
603,465
665,359
Other interest receivable and similar income
9
–
278
Interest payable and similar expenses
10
( 400,209)
( 347,050)
------------
------------
Profit before taxation
203,256
318,587
Tax on profit
11
( 64,252)
( 113,354)
---------
---------
Profit for the financial year and total comprehensive income
139,004
205,233
---------
---------
All the activities of the group are from continuing operations.
DC HOLDINGS (LINCOLN) LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
3,112,287
3,363,223
Current assets
Stocks
16
6,632,275
7,213,301
Debtors
17
2,700,794
2,695,265
Cash at bank and in hand
248
2,405
------------
------------
9,333,317
9,910,971
Creditors: amounts falling due within one year
19
( 6,751,798)
( 7,509,860)
------------
------------
Net current assets
2,581,519
2,401,111
------------
------------
Total assets less current liabilities
5,693,806
5,764,334
Creditors: amounts falling due after more than one year
20
( 1,084,632)
( 1,357,390)
Provisions
22
( 266,100)
( 201,848)
------------
------------
Net assets
4,343,074
4,205,096
------------
------------
Capital and reserves
Called up share capital
25
1,000
1,000
Profit and loss account
26
4,342,074
4,204,096
------------
------------
Shareholders funds
4,343,074
4,205,096
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 August 2025 , and are signed on behalf of the board by:
R M Dewey
Director
Company registration number: 11076209
DC HOLDINGS (LINCOLN) LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
15
2,420,538
2,420,538
Current assets
Debtors
17
172,930
171,904
Creditors: amounts falling due within one year
19
( 2,592,468)
( 2,591,442)
------------
------------
Net current liabilities
( 2,419,538)
( 2,419,538)
------------
------------
Total assets less current liabilities
1,000
1,000
-------
-------
Capital and reserves
Called up share capital
25
1,000
1,000
-------
-------
Shareholders funds
1,000
1,000
-------
-------
The profit for the financial year of the parent company was £ 1,026 (2023: £ 2,053 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 August 2025 , and are signed on behalf of the board by:
R M Dewey
Director
Company registration number: 11076209
DC HOLDINGS (LINCOLN) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
1,000
4,000,916
4,001,916
Profit for the year
205,233
205,233
-------
------------
------------
Total comprehensive income for the year
–
205,233
205,233
Dividends paid and payable
12
–
( 2,053)
( 2,053)
-------
------------
------------
Total investments by and distributions to owners
–
( 2,053)
( 2,053)
At 31 December 2023
1,000
4,204,096
4,205,096
Profit for the year
139,004
139,004
-------
------------
------------
Total comprehensive income for the year
–
139,004
139,004
Dividends paid and payable
12
–
( 1,026)
( 1,026)
----
-------
-------
Total investments by and distributions to owners
–
( 1,026)
( 1,026)
-------
------------
------------
At 31 December 2024
1,000
4,342,074
4,343,074
-------
------------
------------
DC HOLDINGS (LINCOLN) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
1,000
–
1,000
Profit for the year
2,053
2,053
-------
-------
-------
Total comprehensive income for the year
–
2,053
2,053
Dividends paid and payable
12
–
( 2,053)
( 2,053)
-------
-------
-------
Total investments by and distributions to owners
–
( 2,053)
( 2,053)
At 31 December 2023
1,000
–
1,000
Profit for the year
1,026
1,026
-------
-------
-------
Total comprehensive income for the year
–
1,026
1,026
Dividends paid and payable
12
–
( 1,026)
( 1,026)
----
-------
-------
Total investments by and distributions to owners
–
( 1,026)
( 1,026)
-------
-------
-------
At 31 December 2024
1,000
–
1,000
-------
-------
-------
DC HOLDINGS (LINCOLN) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
139,004
205,233
Adjustments for:
Depreciation of tangible assets
310,796
183,557
Other interest receivable and similar income
–
( 278)
Interest payable and similar expenses
400,209
347,050
Gains on disposal of tangible assets
–
( 5,747)
Tax on profit
64,252
113,354
Accrued income
( 88,598)
( 39,063)
Changes in:
Stocks
581,026
1,773,583
Trade and other debtors
( 5,529)
206,102
Trade and other creditors
( 365,526)
( 1,101,597)
------------
------------
Cash generated from operations
1,035,634
1,682,194
Interest paid
( 8,269)
–
Interest received
–
278
Tax paid
( 6,473)
( 243,752)
------------
------------
Net cash from operating activities
1,020,892
1,438,720
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 59,860)
( 223,270)
Proceeds from sale of tangible assets
–
7,468
------------
------------
Net cash used in investing activities
( 59,860)
( 215,802)
------------
------------
Cash flows from financing activities
Movement on borrowings
( 208,943)
( 794,717)
Payments of finance lease liabilities
( 361,699)
( 85,400)
Interest paid
( 391,940)
( 347,050)
Dividends paid
( 1,026)
( 2,053)
------------
------------
Net cash used in financing activities
( 963,608)
( 1,229,220)
------------
------------
Net decrease in cash and cash equivalents
( 2,576)
( 6,302)
Cash and cash equivalents at beginning of year
2,405
8,707
-------
-------
Cash and cash equivalents at end of year
18
( 171)
2,405
-------
-------
DC HOLDINGS (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crofton Drive, Allenby Road Industrial Estate, Lincoln, LN3 4NP, Lincs.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Disclosure exemptions
No disclosure exemptions have been taken by the Directors.
Consolidation
The financial statements consolidate the financial statements of DC Holdings (Lincoln) Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. - Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Those that have the most significant effect on the amounts recognised in the financial statements are as follows: - The manufactured finished goods valuation is £279,366 (2023 - £288,143) - the Directors make an estimate of the element of factory overheads to include within the valuation. When making their assessment, the Directors consider all applicable factory costs and their apportionment to stock manufacture.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 2 years
Development costs
-
20% straight line
Software
-
10%-20% reducing balance and 20%-33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
straight line over the term of the lease
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
20%-50% reducing balance
Motor vehicles
-
10% reducing balance
IT equipment
-
20%-33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
All stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost of raw materials is calculated on a First-In-First-Out basis whereas the cost of finished goods comprises of raw materials, direct labour and an element of factory overheads.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
21,949,601
22,180,133
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
21,433,750
21,750,670
Overseas
515,851
429,463
-------------
-------------
21,949,601
22,180,133
-------------
-------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
310,796
183,557
Gains on disposal of tangible assets
–
( 5,747)
Impairment of trade debtors
73
(64,834)
Operating lease costs
112,876
267,984
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
16,000
17,350
--------
--------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
105
107
Distribution staff
7
8
Administrative staff
48
31
Management staff
2
2
----
----
162
148
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,620,793
2,769,837
Social security costs
229,502
228,606
Other pension costs
159,498
141,825
------------
------------
3,009,793
3,140,268
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
202,707
209,182
Company contributions to defined contribution pension plans
120,000
120,000
---------
---------
322,707
329,182
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
98,118
110,882
Company contributions to defined contribution pension plans
60,000
60,000
---------
---------
158,118
170,882
---------
---------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
–
278
----
----
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
292,461
321,688
Interest on obligations under finance leases and hire purchase contracts
99,479
25,362
Other interest payable and similar charges
8,269
–
---------
---------
400,209
347,050
---------
---------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
64,252
113,354
--------
---------
Tax on profit
64,252
113,354
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).
2024
2023
£
£
Profit on ordinary activities before taxation
203,256
318,587
---------
---------
Profit on ordinary activities by rate of tax
50,814
74,933
Effect of expenses not deductible for tax purposes
9,709
1,927
Effect of capital allowances and depreciation
3,729
3,494
Effect of different UK tax rates on some earnings
–
33,000
---------
---------
Tax on profit
64,252
113,354
---------
---------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
1,026
2,053
-------
-------
13. Intangible assets
Group
Goodwill
Development costs
Software
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
( 345,500)
44,705
66,865
( 233,930)
---------
--------
--------
---------
Amortisation
At 1 January 2024 and 31 December 2024
( 345,500)
44,705
66,865
( 233,930)
---------
--------
--------
---------
Carrying amount
At 1 January 2024 and 31 December 2024
–
–
–
–
---------
--------
--------
---------
At 31 December 2023
–
–
–
–
---------
--------
--------
---------
The company has no intangible assets.
Negative goodwill arose on the formation of the group in 2017.
14. Tangible assets
Group
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
IT equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
1,478,412
3,361,941
666,347
398,112
259,669
6,164,481
Additions
–
53,994
6,317
–
( 451)
59,860
------------
------------
---------
---------
---------
------------
At 31 Dec 2024
1,478,412
3,415,935
672,664
398,112
259,218
6,224,341
------------
------------
---------
---------
---------
------------
Depreciation
At 1 Jan 2024
615,660
1,329,185
637,618
74,787
144,008
2,801,258
Charge for the year
13,197
225,685
8,192
28,030
35,692
310,796
------------
------------
---------
---------
---------
------------
At 31 Dec 2024
628,857
1,554,870
645,810
102,817
179,700
3,112,054
------------
------------
---------
---------
---------
------------
Carrying amount
At 31 Dec 2024
849,555
1,861,065
26,854
295,295
79,518
3,112,287
------------
------------
---------
---------
---------
------------
At 31 Dec 2023
862,752
2,032,756
28,729
323,325
115,661
3,363,223
------------
------------
---------
---------
---------
------------
The company has no tangible assets.
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
2,420,538
------------
Impairment
At 1 January 2024 and 31 December 2024
–
------------
Carrying amount
At 1 January 2024 and 31 December 2024
2,420,538
------------
At 31 December 2023
2,420,538
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Battles Limited (non-trading)
Ordinary
100
Battle, Hayward & Bower Limited
Ordinary
100
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
899,476
918,186
–
–
Work in progress
96,766
81,903
–
–
Finished goods and goods for resale
5,636,033
6,213,212
–
–
------------
------------
----
----
6,632,275
7,213,301
–
–
------------
------------
----
----
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,125,181
2,310,409
–
–
Amounts owed by group undertakings
–
–
172,930
171,904
Prepayments and accrued income
416,601
384,856
–
–
Other debtors
159,012
–
–
–
------------
------------
---------
---------
2,700,794
2,695,265
172,930
171,904
------------
------------
---------
---------
18. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
248
2,405
Bank overdrafts
( 419)
–
----
-------
( 171)
2,405
----
-------
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
419
–
–
–
Trade creditors
2,083,654
2,404,749
–
–
Amounts owed to group undertakings
–
–
2,592,468
2,591,442
Accruals and deferred income
64,695
153,293
–
–
Corporation tax
1,900
8,373
–
–
Social security and other taxes
414,299
462,300
–
–
Obligations under finance leases and hire purchase contracts
361,700
450,641
–
–
Other creditors
3,825,131
4,030,504
–
–
------------
------------
------------
------------
6,751,798
7,509,860
2,592,468
2,591,442
------------
------------
------------
------------
Included within other creditors is a stock financing facility amounting to £tbc (2023: £3,986,306) which is secured by the following charges over Group assets held by the Group's bankers:
- a fixed and floating charge over the assets of the company; and
- a Legal Charge over Victoria Works, Crofton Drive, Lincoln.
Hire purchase liabilities are secured on the assets to which they relate.
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Obligations under finance leases and hire purchase contracts
1,084,632
1,357,390
–
–
------------
------------
----
----
Hire purchase liabilities are secured on the assets to which they relate.
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
361,700
450,641
–
–
Later than 1 year and not later than 5 years
1,084,632
1,357,390
–
–
------------
------------
----
----
1,446,332
1,808,031
–
–
------------
------------
----
----
22. Provisions
Group
Deferred tax (note 23)
£
At 1 January 2024
201,848
Additions
64,252
---------
At 31 December 2024
266,100
---------
The company does not have any provisions.
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 22)
266,100
201,848
–
–
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
556,748
615,259
–
–
Unused tax losses
( 275,190)
( 394,299)
–
–
Provisions
( 15,458)
( 19,112)
–
–
---------
---------
----
----
266,100
201,848
–
–
---------
---------
----
----
The reversal of the deferred tax liability is expected to occur during the year beginning after the reporting period as capital allowances and depreciation charges offset each other in tax calculations.
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 159,498 (2023: £ 21,825 ).
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
Other changes
At 31 Dec 2024
£
£
£
£
Cash at bank and in hand
2,405
(2,157)
–
248
Bank overdrafts
–
(419)
–
(419)
Debt due within one year
(450,641)
361,699
(272,758)
(361,700)
Debt due after one year
(1,357,390)
–
272,758
(1,084,632)
------------
---------
---------
------------
( 1,805,626)
359,123
–
( 1,446,503)
------------
---------
---------
------------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
95,355
112,209
–
–
Later than 1 year and not later than 5 years
248,558
299,597
–
–
Later than 5 years
2,041,956
2,090,574
–
–
------------
------------
----
----
2,385,869
2,502,380
–
–
------------
------------
----
----
DC HOLDINGS (LINCOLN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
29. Related party transactions
Group
The group is under the control of R M Dewey and A Clarke. The directors have taken advantage of the exemption available in FRS 102 not to disclose transactions and balances with group undertakings which have been eliminated on consolidation. The directors have taken advantage of the exemption in FRS 102 from disclosing related party transactions with group companies on the grounds that the company is a subsidiary undertaking where 100% of the voting rights are controlled within the group, and the consolidated financial statements in which the company is included are publicly available.