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Registered number: 999233









DARKE & TAYLOR LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
DARKE & TAYLOR LIMITED
 
 
COMPANY INFORMATION


 
 
Directors
S D Newton 
G Winstone 
M Swadling 
J Butler 
K Richmond 
S Fifield (appointed 20 May 2024)




 
 
Registered number
999233



 
 
Registered office
Radiant House
11 Blenheim Office Park

Long Hanborough

Witney

Oxfordshire

OX29 8LN




 
 
Trading Address
Radiant House
11 Blenheim Office Park

Long Hanborough

Witney

Oxfordshire

OX29 8LN






 
 
Independent auditors
KBDR Ltd
Chartered Accountants & Registered Auditors

The Old Tannery

Hensington Road

Woodstock

Oxon

OX20 1JL





 
DARKE & TAYLOR LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Statement of income and retained earnings
 
 
9
Balance sheet
 
 
10 - 11
Notes to the financial statements
 
 
12 - 28


 
DARKE & TAYLOR LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The results for the year and financial position of the company are shown in the attached financial statements. The directors are satisfied with the results for the year in which turnover and gross profit increased, and operating profit remained strong. As a result the company has made a significant contribution to the group.

Business review
 
Darke & Taylor is a specialist company that provides a multi-disciplinary and integrated approach to building services incorporating electrical, network, mechanical, public health, fire, security and energy efficiency systems. The company provides high quality, compliant solutions for the design and installation of these systems as a specialist subcontractor to main contractors and project managers constructing and refurbishing buildings, and also to the landlords, owners and occupants of buildings who require maintenance, testing, remedial repairs and minor works.   
The directors and senior management play an important part in day-to-day operations, and bring their extensive experience to each project. Furthermore, in an industry where the extensive use of sub-contract and agency labour is common, the company has a proud tradition of committing to the direct employment of site and office staff. Continual investment in staff training, staff benefits, and an award-winning apprenticeship scheme are important aspects of the company’s long-term, sustainable plan to continually develop its workforce and provide the skills, experience and technical knowledge to deliver services that meet client requirements and keep up to date with advancing technology in its sector.
The company benefits from high levels of repeat business and focuses on developing long-term relationships with its valued client base. As the company progresses and evolves it continues to acquire new clients that it looks to establish relationships with. In particular the company is experiencing growth in its integrated approach to building services and is now established as a multi-disciplinary MEP services company that is well placed to deliver the future requirements for the drive towards zero carbon and digital transformation in the sectors it operates in.
As the company continues to develop both its range of services and the scale at which it can operate, the selection and management of a quality supply chain is key. The commercial relationships with this supply chain are seen as an important component of the company’s ability to deliver. Collaboration, partnership, fair treatment and good payment terms are the core principles that ensure that these relationships continue to succeed. 
Despite the disruption caused to the UK economy in recent years by the coronavirus pandemic, Brexit and high inflation, the company has delivered significant growth and solid financial performance. This has been achieved through its commitment to high-quality solutions, staff investment, and excellent service levels. The directors are optimistic for the company’s future prospects and its ability to generate excellent levels of repeat and referral business.

Principal risks and uncertainties
 
The business faces no specific risks over the coming year, but its marketplace is competitive and the company is exposed to general risks associated with operating in the construction sector and to broader economic trends. Cash flow has been identified as a general risk that might affect the business, however there are sufficient cash reserves and credit facilities available. Where risks can be identified they have been addressed and actions taken, where possible, to control them.

Financial key performance indicators
 
The key performance indicators defined by the company are turnover, trading profit and cash.

Page 1

 
DARKE & TAYLOR LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators
 
The company has no other defined key performance indicators.


This report was approved by the board on 23 September 2025 and signed on its behalf.



................................................
S D Newton
Director

Page 2

 
DARKE & TAYLOR LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,089,655 (2023 - £3,124,288).

During the year equity dividends of £2,102,443 were paid (2023 - £2,410,020). No final dividend is recommended by the directors in respect of the year’s result.

Directors

The directors who served during the year were:

S D Newton 
G Winstone 
M Swadling 
J Butler 
K Richmond 
S Fifield (appointed 20 May 2024)

Future developments

There are no material future developments to disclose in these financial statements.

Page 3

 
DARKE & TAYLOR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Disclosure of information to auditors



Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsKBDR Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 September 2025 and signed on its behalf.
 





................................................
S D Newton
Director

Page 4

 
DARKE & TAYLOR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARKE & TAYLOR LIMITED
 

Opinion


We have audited the financial statements of Darke & Taylor Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 5

 
DARKE & TAYLOR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARKE & TAYLOR LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
DARKE & TAYLOR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARKE & TAYLOR LIMITED (CONTINUED)


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 an Auditors' 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:

Discussions with and enquires of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements.  During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with law regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified.  However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed.  Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.  As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditors' 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 2006Our 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 Auditors' 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.


Page 7

 
DARKE & TAYLOR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARKE & TAYLOR LIMITED (CONTINUED)





Lorraine Butler FCA (Senior statutory auditor)
  
for and on behalf of
KBDR Ltd
 
Chartered Accountants & Registered Auditors
  
The Old Tannery
Hensington Road
Woodstock
Oxon
OX20 1JL

23 September 2025
Page 8

 
DARKE & TAYLOR LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
38,726,264
32,912,986

Cost of sales
  
(29,627,331)
(24,579,741)

Gross profit
  
9,098,933
8,333,245

Administrative expenses
  
(5,147,196)
(4,216,183)

Operating profit
  
3,951,737
4,117,062

Interest receivable and similar income
 8 
-
964

Interest payable and similar expenses
 9 
(37,239)
(3,566)

Profit before tax
  
3,914,498
4,114,460

Tax on profit
 10 
(824,843)
(990,172)

Profit after tax
  
3,089,655
3,124,288

Retained earnings
  

Brought forward
  
3,216,533
2,666,613

Previous years profit overstatement
  
-
(164,348)

At the beginning of the year as restated
  
3,216,533
2,502,265

  

Profit for the year
  
3,089,655
3,124,288

Dividends declared and paid
  
(2,102,443)
(2,410,020)

Retained earnings at the end of the year
  
4,203,745
3,216,533
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
DARKE & TAYLOR LIMITED
REGISTERED NUMBER: 999233

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,775,508
1,252,580

Investments
 13 
15,000
15,000

  
2,790,508
1,267,580

Current assets
  

Stocks
 14 
18,778
14,716

Debtors
 15 
5,692,301
4,820,242

Cash at bank and in hand
 16 
412,867
970,389

  
6,123,946
5,805,347

Creditors: amounts falling due within one year
 17 
(4,106,108)
(3,584,144)

Net current assets
  
 
 
2,017,838
 
 
2,221,203

Total assets less current liabilities
  
4,808,346
3,488,783

Creditors: amounts falling due after more than one year
 18 
(126,235)
(15,070)

Provisions for liabilities
  

Deferred tax
 21 
(471,116)
(249,930)

  
 
 
(471,116)
 
 
(249,930)

Net assets
  
4,210,995
3,223,783

Page 10

 
DARKE & TAYLOR LIMITED
REGISTERED NUMBER: 999233
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 22 
7,250
7,250

Profit and loss account
 23 
4,203,745
3,216,533

  
4,210,995
3,223,783


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2025.




................................................
S D Newton
................................................
G Winstone
Director
Director

The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Darke & Taylor Limited, Company Registration Number 999233
A company limited by shares and incorporated in England and Wales
Registered office address
Radiant House
11 Blenheim Office Park
Long Hanborough
Witney
Oxfordshire
OX29 8LN
The principal activity of the group is that of the provision of building engineering services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 12

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 13

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 14

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Page 15

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement
Page 16

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. 


4.


Turnover

The whole of the turnover is attributable to the provision of MEP Engineering services.

All turnover arose within the United Kingdom.

Page 17

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,340
9,400

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
12,514,523
9,820,374

Cost of defined contribution scheme
321,583
241,356

12,836,106
10,061,730


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
6
5



Office and supervisory
67
55



Engineering staff
191
173

264
233

Page 18

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
701,332
62,045

Company contributions to defined contribution pension schemes
150,457
82,500

851,789
144,545


During the year retirement benefits were accruing to 6 directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £135,226 (2023 - £12,000).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
-
964

-
964


9.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
3,822
3,566

Other interest payable
33,417
-

37,239
3,566

Page 19

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
690,434
901,264

Adjustments in respect of previous periods
(86,777)
-


603,657
901,264


Total current tax
603,657
901,264

Deferred tax


Origination and reversal of timing differences
221,186
88,908

Total deferred tax
221,186
88,908


Taxation on profit on ordinary activities
824,843
990,172
Page 20

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 19/25% (2023 - 19/25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,914,498
4,114,460


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19/25% (2023 - 19/25%)
978,624
967,743

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
24,013
20,126

Capital allowances for year in excess of depreciation
(221,188)
(86,605)

Adjustments to tax charge in respect of prior periods
(86,777)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(91,013)
-

Changes in provisions leading to an increase (decrease) in the tax charge
221,184
88,908

Total tax charge for the year
824,843
990,172


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends - ordinary shares
2,102,443
2,410,020

2,102,443
2,410,020

Page 21

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 January 2024
43,430
1,789,728
40,744
96,637
317,190


Additions
11,769
2,000,499
-
-
49,183


Disposals
-
(173,308)
-
-
-



At 31 December 2024

55,199
3,616,919
40,744
96,637
366,373



Depreciation


At 1 January 2024
28,328
632,019
35,788
95,723
243,290


Charge for the year on owned assets
6,718
366,937
1,239
228
34,714


Charge for the year on financed assets
-
75,764
-
-
-


Disposals
-
(120,384)
-
-
-



At 31 December 2024

35,046
954,336
37,027
95,951
278,004



Net book value



At 31 December 2024
20,153
2,662,583
3,717
686
88,369



At 31 December 2023
15,102
1,157,709
4,956
914
73,900
Page 22

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           12.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2024
2,287,729


Additions
2,061,451


Disposals
(173,308)



At 31 December 2024

4,175,872



Depreciation


At 1 January 2024
1,035,148


Charge for the year on owned assets
409,836


Charge for the year on financed assets
75,764


Disposals
(120,384)



At 31 December 2024

1,400,364



Net book value



At 31 December 2024
2,775,508



At 31 December 2023
1,252,581


13.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2024
15,000



At 31 December 2024
15,000




Page 23

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
18,778
14,716

18,778
14,716



15.


Debtors

2024
2023
£
£

Due after more than one year

Amounts recoverable on long-term contracts
770,328
132,038

770,328
132,038

Due within one year

Trade debtors
2,957,148
30,016

Amounts owed by group undertakings
1,643,038
4,497,538

Other debtors
100,310
43,293

Prepayments and accrued income
221,477
117,357

5,692,301
4,820,242



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
412,867
970,389

412,867
970,389


Page 24

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,046,604
1,873,923

Amounts owed to group undertakings
169,102
169,102

Corporation tax
89,923
862,714

Other taxation and social security
290,802
185,472

Obligations under finance lease and hire purchase contracts
95,799
44,768

Other creditors
413,878
448,165

4,106,108
3,584,144



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
126,235
15,070

126,235
15,070



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
95,799
44,768

Between 1-5 years
126,235
15,070

222,034
59,838

Page 25

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
427,867
985,389

Financial assets that are debt instruments measured at amortised cost
4,600,186
4,527,574

5,028,053
5,512,963


Financial liabilities


Financial liabilities measured at amortised cost
(3,629,584)
(2,491,192)


Financial assets measured at fair value through profit or loss comprise; Investments and cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise Trade debtors and amounts owed recoverable on long term contracts

Page 26

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Deferred taxation




2024


£






At beginning of year
(249,930)


Increase during  the year
(221,186)



At end of year
(471,116)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(471,116)
(249,930)

(471,116)
(249,930)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



7,250 (2023 - 7,250) Ordinary shares of £1.00 each
7,250
7,250


Page 27

 
DARKE & TAYLOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Reserves

Profit and loss account

Represents all current and prior period retained profits and losses.


24.


Pension commitments

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds.


25.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Later than 1 year and not later than 5 years
84,480
84,480

84,480
84,480


26.


Related party transactions

The company advanced funds to its parent company, Darke & Taylor (Holdings) Limited, details of the balances are set out below.


2024
2023
£
£

Darke & Taylor (Holdings) Limited
1,643,038
4,497,538
1,643,038
4,497,538

As a wholly owned subsidiary of Darke & Taylor (Holdings) Limited, the Company has taken advantage of
the exemption in FRS 102 “Related Party Disclosures” from disclosing transactions with other members of the group headed by Darke & Taylor Group Limited.


27.


Controlling party

At the balance sheet date the company was a 100% subsidiary of Darke & Taylor (Holdings) Limited, a
company incorporated in England and Wales. Darke & Taylor (Holdings) Limited is a 100% subsidiary of the ultimate holding company, Darke & Taylor Group Ltd, which is controlled by the directors. 

 
Page 28