Company registration number NI022095 (Northern Ireland)
DENNISON COMMERCIALS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DENNISON COMMERCIALS LIMITED
COMPANY INFORMATION
Directors
Mr W W Dennison
Mrs L W Dennison
Mrs K L Mackie
Mrs C A McCaldin
Mr M Petticrew
Mr J Jenkins
Mr R B Ireland
Mr H McDaid
Secretary
Mr M Petticrew
Company number
NI022095
Registered office
37 Hillhead Road
Ballyclare
Antrim
Northern Ireland
BT39 9DS
Auditor
HM Chartered Accountants
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
County Antrim
BT1 3LP
Bankers
Danske Bank
Donegall Square West
Belfast
Co. Antrim
Northern Ireland
BT1 6JS
Solicitors
Carson McDowell LLP
Murray House
Murray Street
Belfast
BT1 6DN
Wilson Nesbitt
36 Alfred Street
Belfast
BT2 8EP
Millar McCall Wylie
Imperial House
Donegall Square E
Belfast
BT1 5HD
DENNISON COMMERCIALS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 11
Income statement
12
Group statement of comprehensive income
13
Group statement of financial position
14 - 15
Company statement of financial position
16 - 17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 47
DENNISON COMMERCIALS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities and review of the business

The principal activities of the company continue to be the sale of new and used vehicles and plant, the sale of original equipment, new and used parts, service, maintenance and repair of commercial vehicles and plant, a commercial bodyshop, leasing and contract hire of commercial vehicles and property management. The company has dealer points located in Ballyclare, Coleraine, Dungannon and Newry.

Review of the business

The consolidated financial statements include the activities of Dennison Commercials Limited ('the Company') and its subsidiary undertakings made up to 31 December 2024. The Dennison group is focused on serving the transport industry in Northern Ireland. The key activities carried out by the group are as follows:

- Dennison Commercials Limited - the distribution and maintenance of Volvo commercial vehicles, assembly of vehicle bodies and painting and spraying commercial vehicles, with dealer points located in Ballyclare, Coleraine, Dungannon and Newry. The company also distributes and maintains JCB Plant and Equipment, with a dealer point located in Ballyhartfield;

- Dennison Rentals Limited - the provision of leasing and contract hire commercial vehicle services;

- Dennison Properties Limited - property management services; and

- Dennpart Limited - retail trade of motor vehicle parts and accessories.

The group achieved a turnover of £97,768,983 for the year ended 31 December 2024 (2023: £89,676,841),

which is a increase of 9% on the prior year.

The profit before taxation of the group has decreased to £1,235,598 (2023: £2,016,95 0). The results for the year are set out in the profit and loss account on page 11 and in the related notes.

Key performance indicators

We aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the end of the year. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties it faces.

We consider that the group's key performance indicators are turnover, gross margin and profit before taxation. The performance of the group over recent years is as follows:

| 2024 | 2023 | 2022
| £ | £ | £
Turnover | 97,768,983 | 89,676,841 | 91,478,357
Gross profit | 16,091,193 | 15,805,042 | 1 5,410,42 3
Profit before taxation | 1,235,598 | 2,016,950 | 2,750,470

DENNISON COMMERCIALS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The principal risks and uncertainties facing the group are:

Competitive risk - Dennison Commercials Limited is one of the longest established franchised Volvo dealers in the UK and Ireland, but will always face competition from other manufacturers and new entrants to the market.

Legislative risk - truck and plant manufacture continues to be governed in terms of emissions, and environmental concerns. As we leave the EU, it will be as important as ever that we remain compliant with whatever standards are agreed by Government.

Economic risk - the market for 2024 has continued to fall back due to the cost of living crisis. We have also faced higher interest costs than in recent years.

Foreign exchange risk - the majority of sales and purchasing activity is in GBP but given changes in exchange rates we can expect input costs to rise.

Financial risk management

The management of the financial risks facing the company is governed by policies reviewed and approved by the Board of Directors. These policies primarily cover liquidity risk, credit risk, interest rate risk and currency risk. The primary objective of the company's policies is to minimise financial risk at a reasonable cost. The company does not trade in financial instruments. The company uses cash resources and borrowings at prevailing rates to finance its operations. Trade debtors and creditors arise directly from operations on normal terms. The company's exposure to price risk of financial instruments is therefore minimal.

The group ensures that it has sufficient financing facilities available through cash flow generated from operating activities and banking facilities to meet its projected short and medium term funding.

The majority of the group's activities are conducted in Sterling, with the amount of trade in other currencies being minimal. Therefore the currency risk to the company is minimal.

DENNISON COMMERCIALS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006

This report sets out how the directors comply with the requirements of section 172 (1) and how these requirements have impacted the decision making of the directors throughout the financial year. The primary responsibility of the directors is to promote the long term success of the company by creating and delivering sustainable shareholder value as well as contributing to wider society. The company is focused on engaging with its stakeholders to make informed decisions at board level.

The board ensures that the directors have acted both individually and collectively in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole with regard to all its stakeholders and to the matters set out in paragraphs a-f of section 172 of the Companies Act 2006.

· a) The likely consequence of any decision in the long term

The board is focused on the continuing sustainability of the company and has implemented a strategy which considers the various risks facing the business and concentrates on the long term prospects for the company.

· b) The interest of the company's employees

The board recognises that a skilled and experienced workforce is an integral part of the company's continued success. The health, safety and wellbeing of the company's employees (and other stakeholders) remains its utmost priority and we continue to demand the highest standards of health and safety.

We offer a range of training and development programmes for employees at all levels.

· c) The need to foster the company's business relationships with suppliers, customers and others

The board regularly reviews how the company maintains positive relationships with all its stakeholders including suppliers, customers and others.

The company is one of the longest established franchised Volvo dealers in the UK and Ireland and huge importance is placed on maintaining this business relationship.

The group places huge importance on partnering with key clients and continues to build on long term associations with existing customers whilst also developing links with new ones.

Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006 continued

· d) The impact of the company's operations on the community and the environment

The board aims to promote the company as the employer of choice in the areas it is established in, by offering competitive remuneration and benefit packages to staff. The board ensure the company complies with waste regulations laid down by the Northern Ireland Environment Agency and the company is accredited under ISO14001. The franchises held with JCB and Volvo are at the cutting edge of hybrid and electric technology, as well as conventional fuel economy standards.

· e) The desirability of the company maintaining a reputation for high standards of business conduct

The directors continue to take the responsibility of ensuring that the company remains a good corporate citizen very seriously and consider that maintaining its strong reputation for the highest standard of business conduct is a key priority.

· f) The need to act fairly as between members of the company

The company is a family owned business and has the reputation of being a leading supplier of Volvo and JCB products. The board comprises of a mix of shareholders and non-shareholders, with oversight of different areas of the business and with one common goal - to ensure the long term success of the company.

DENNISON COMMERCIALS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

On behalf of the board

Mr J Jenkins
Director
4 December 2025
DENNISON COMMERCIALS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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

Principal activities

The principal activity of the group continued to be the sale of new and used vehicles and plant, the sale of original equipment, new and used parts, service, maintenance and repair of commercial vehicles and plant, a commercial bodyshop, leasing and contract hire of commercial vehicles and property management. The company has dealer points located in Ballyclare, Coleraine, Dungannon and Newry.

Branches

The subsidiary company Dennison Rentals Limited has a branch established in the Republic of Ireland.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £1,262,863. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr W W Dennison
Mrs L W Dennison
Mrs K L Mackie
Mrs C A McCaldin
Mr M Petticrew
Mr J Jenkins
Mr R B Ireland
Mr H McDaid
Mr I McKinney
(Resigned 17 February 2025)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters

likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. Weekly performance Dashboards are displayed as applicable to enable employees to track performance versus target in areas such as parts, labour, truck and plant sales. The members of the executive board visit all the depots at least twice a year to update on financial performance, order intake and to remind employees of the staff benefits available.

Auditor

In accordance with the company's articles, a resolution proposing that HM Chartered Accountants be reappointed as auditor of the group will be put at a General Meeting.

DENNISON COMMERCIALS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Energy and carbon report

Our energy usage is made up primarily of Road Fuels, Electricity, Renewable Biomass, Gas and Oil. Our electricity throughout 2024 purchased from Power NI and Click Energy on renewable tariffs, and the bulk of our heating was done using biomass and oil. Our overall Kw/h Usage in 2024 was 5,325,777, up slightly on 2023's figure of 5,253,618 (2023: 2,584,797 excluding Road Fuels).

In terms of our primary function this represents usage of 38.7 kWh per labour hour sold, down from 40 kWh per labour hour sold in 2023. Using the UK Standard Emissions factor, https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2020 our tonnes of CO2 per £million of turnover is 8.5, up from 8.2 in 2023.

We are franchise holders for Volvo & JCB, manufacturers who are at the forefront of technological advances in hybrid and electric technology. Volvo’s stated aim is to enable customers to “run our zero emission vehicles and products on 100% fossil free energy” and to achieve net zero by 2040. A mix of battery electric and fuel cell electric vehicles are being developed, and the first battery electric vehicles sold by Dennisons will be on the road in 202 4. JCB have over the last 10 years reduced carbon emissions from their machines by over 45%, and continue to work towards net carbon zero by 2050, having recently developed the world’s first fully electric mini digger. JCB are also working on a hydrogen combustion engine for plant & machinery.

We have now installed solar panels at a third site, and generated 110,000 kWh of solar electricity in 2024. By continuing to use renewables, and given the improvements in efficiency of the products we sell, we aim to be a net carbon zero business by 2050

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Directors' responsibilities statement

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DENNISON COMMERCIALS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
On behalf of the board
Mr J Jenkins
Director
4 December 2025
DENNISON COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DENNISON COMMERCIALS LIMITED
- 8 -
Opinion

We have audited the financial statements of Dennison Commercials Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

DENNISON COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DENNISON COMMERCIALS LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 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.

DENNISON COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DENNISON COMMERCIALS LIMITED
- 10 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and/or senior management, and from our commercial knowledge and experience of the sector;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation:

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and the company’s legal advisors;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DENNISON COMMERCIALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DENNISON COMMERCIALS LIMITED
- 11 -

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Clare McCarrison (Senior Statutory Auditor)
For and on behalf of HM Chartered Accountants
Chartered Accountants
Statutory Auditor
4 December 2025
6th Floor East Tower
Lanyon Plaza
Belfast
County Antrim
BT1 3LP
DENNISON COMMERCIALS LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
97,768,983
89,676,841
Cost of sales
(81,677,790)
(73,871,799)
Gross profit
16,091,193
15,805,042
Distribution costs
(7,391,664)
(6,882,108)
Administrative expenses
(6,355,815)
(6,124,049)
Other operating income
4,000
4,000
Operating profit
4
2,347,714
2,802,885
Interest receivable and similar income
8
326,601
(7,842)
Interest payable and similar expenses
9
(1,438,717)
(778,093)
Profit before taxation
1,235,598
2,016,950
Tax on profit
10
(248,889)
(602,985)
Profit for the financial year
986,709
1,413,965
Profit for the financial year is attributable to:
- Owners of the parent company
978,001
1,402,574
- Non-controlling interests
8,708
11,391
986,709
1,413,965
DENNISON COMMERCIALS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
£
£
Profit for the year
986,709
1,413,965
Other comprehensive income
Actuarial gain/(loss) on defined benefit pension schemes
170,000
(43,000)
Cash flow hedges gain arising in the year
-
0
-
0
Tax relating to other comprehensive income
(42,500)
10,750
Other comprehensive income for the year
127,500
(32,250)
Total comprehensive income for the year
1,114,209
1,381,715
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,105,501
1,370,324
- Non-controlling interests
8,708
11,391
1,114,209
1,381,715
DENNISON COMMERCIALS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
13,184,339
12,026,408
Investment property
13
2,987,525
2,987,526
Investments
14
4,736
4,736
16,176,600
15,018,670
Current assets
Stocks
18
27,250,128
25,530,483
Debtors
19
13,122,888
12,380,726
Cash at bank and in hand
2,066,120
511,775
42,439,136
38,422,984
Creditors: amounts falling due within one year
20
(36,615,369)
(33,989,830)
Net current assets
5,823,767
4,433,154
Total assets less current liabilities
22,000,367
19,451,824
Creditors: amounts falling due after more than one year
21
(4,760,871)
(2,151,501)
Provisions for liabilities
Deferred tax liability
24
947,641
657,813
(947,641)
(657,813)
Net assets excluding pension liability
16,291,855
16,642,510
Defined benefit pension liability
26
(203,000)
(405,000)
Net assets
16,088,855
16,237,510
Capital and reserves
Called up share capital
27
9,000
9,000
Share premium account
1,320,343
1,320,343
Capital redemption reserve
1,000
1,000
Profit and loss reserves
14,577,216
14,734,579
Equity attributable to owners of the parent company
15,907,559
16,064,922
Non-controlling interests
181,296
172,588
Total equity
16,088,855
16,237,510
DENNISON COMMERCIALS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 4 December 2025 and are signed on its behalf by:
04 December 2025
Mr J Jenkins
Director
Company registration number NI022095 (Northern Ireland)
DENNISON COMMERCIALS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 16 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
7,918,407
8,005,358
Investments
14
303,546
303,446
8,221,953
8,308,804
Current assets
Stocks
18
27,250,128
25,530,483
Debtors
19
15,795,616
14,827,911
Cash at bank and in hand
1,876,837
465,190
44,922,581
40,823,584
Creditors: amounts falling due within one year
20
(37,710,673)
(35,903,105)
Net current assets
7,211,908
4,920,479
Total assets less current liabilities
15,433,861
13,229,283
Creditors: amounts falling due after more than one year
21
(2,868,436)
(251,536)
Provisions for liabilities
Deferred tax liability
24
555,905
412,149
(555,905)
(412,149)
Net assets excluding pension liability
12,009,520
12,565,598
Defined benefit pension liability
26
(203,000)
(405,000)
Net assets
11,806,520
12,160,598
Capital and reserves
Called up share capital
27
9,000
9,000
Share premium account
1,320,343
1,320,343
Capital redemption reserve
1,000
1,000
Profit and loss reserves
10,476,177
10,830,255
Total equity
11,806,520
12,160,598
DENNISON COMMERCIALS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 17 -

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £781,286 (2023 - £1,148,562 profit).

The financial statements were approved by the board of directors and authorised for issue on 4 December 2025 and are signed on its behalf by:
04 December 2025
Mr J Jenkins
Director
Company registration number NI022095 (Northern Ireland)
DENNISON COMMERCIALS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2023
9,000
1,320,343
1,000
14,627,119
15,957,462
161,197
16,118,659
Year ended 31 December 2023:
Profit for the year
-
-
-
1,402,574
1,402,574
11,391
1,413,965
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
(43,000)
(43,000)
-
(43,000)
Tax relating to other comprehensive income
-
-
-
10,750
10,750
-
10,750
Total comprehensive income
-
-
-
1,370,324
1,370,324
11,391
1,381,715
Dividends
11
-
-
-
(1,262,863)
(1,262,863)
-
(1,262,863)
Balance at 31 December 2023
9,000
1,320,343
1,000
14,734,580
16,064,923
172,588
16,237,511
Year ended 31 December 2024:
Profit for the year
-
-
-
978,001
978,001
8,708
986,709
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
170,000
170,000
-
170,000
Tax relating to other comprehensive income
-
-
-
(42,500)
(42,500)
-
(42,500)
Total comprehensive income
-
-
-
1,105,501
1,105,501
8,708
1,114,209
Dividends
11
-
-
-
(1,262,863)
(1,262,863)
-
(1,262,863)
Balance at 31 December 2024
9,000
1,320,343
1,000
14,577,217
15,907,560
181,296
16,088,855
DENNISON COMMERCIALS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
9,000
1,320,343
1,000
10,976,805
12,307,148
Year ended 31 December 2023:
Profit for the year
-
-
-
1,148,563
1,148,563
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
(43,000)
(43,000)
Tax relating to other comprehensive income
-
-
-
10,750
10,750
Total comprehensive income
-
-
-
1,116,313
1,116,313
Dividends
11
-
-
-
(1,262,863)
(1,262,863)
Balance at 31 December 2023
9,000
1,320,343
1,000
10,830,255
12,160,598
Year ended 31 December 2024:
Profit for the year
-
-
-
781,285
781,285
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
170,000
170,000
Tax relating to other comprehensive income
-
-
-
(42,500)
(42,500)
Total comprehensive income
-
-
-
908,785
908,785
Dividends
11
-
-
-
(1,262,863)
(1,262,863)
Balance at 31 December 2024
9,000
1,320,343
1,000
10,476,177
11,806,520
DENNISON COMMERCIALS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
6,041,114
4,345,195
Interest paid
(1,438,717)
(778,093)
Income taxes refunded/(paid)
572,909
(406,572)
Net cash inflow from operating activities
5,175,306
3,160,530
Investing activities
Purchase of tangible fixed assets
(4,239,132)
(4,031,460)
Proceeds from disposal of tangible fixed assets
913,897
2,033,734
Purchase of investment property
-
(55,173)
Repayment of loans
(1,511,073)
-
Interest received
342,601
9,158
Net cash used in investing activities
(4,493,707)
(2,043,741)
Financing activities
Repayment of bank loans
2,917,934
-
Payment of finance leases obligations
970,165
(1,323,798)
Dividends paid to equity shareholders
(1,262,863)
(1,262,863)
Net cash generated from/(used in) financing activities
2,625,236
(2,586,661)
Net increase/(decrease) in cash and cash equivalents
3,306,835
(1,469,872)
Cash and cash equivalents at beginning of year
(1,240,715)
229,158
Cash and cash equivalents at end of year
2,066,120
(1,240,715)
Relating to:
Cash at bank and in hand
2,066,120
511,775
Bank overdrafts included in creditors payable within one year
-
(1,752,490)
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
1
Accounting policies
Company information

Dennison Commercials Limited (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is 37 Hillhead Road, Ballyclare, Antrim, Northern Ireland, BT39 9DS.

The group consists of Dennison Commercials Limited and all of its subsidiaries.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Dennison Commercials Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
30 years straight line
Plant and equipment
10% - 67% straight line
Fixtures and fittings
10% - 33% straight line
Motor vehicles
2 - 15 years straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.9
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 25 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 26 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 27 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 28 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

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

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 29 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of trade debtors

The group trades with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The group uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

Useful lives of tangible fixed assets

Long-lived assets comprising primarily of property, plant and machinery, fixtures and fittings and motor vehicles represent a significant portion of total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of t angible f ixed a ssets subject to depreciation at the financial year end date was £1 3,184,339 (20 2 3: £12,026,408).

3
Turnover and other revenue

Turnover relates to the group's principal activities, all of which are carried out in the United Kingdom.

Turnover represent amounts receivable for goods and services net of VAT and trade discounts.

An analysis of turnover by class is as follows:

2024
2023
£
£
Turnover analysed by class of business
Distribution and maintenance of Commercial Vehicles and plant
94,695,762
85,866,993
Leasing and contract hire of vehicles
2,956,738
3,696,626
Property and investment management
116,483
113,222
97,768,983
89,676,841
2024
2023
£
£
Other revenue
Interest income
326,601
(7,842)
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(92,105)
(35,912)
Depreciation of owned tangible fixed assets
1,174,404
1,130,534
Depreciation of tangible fixed assets held under finance leases
1,215,874
1,589,243
Profit on disposal of tangible fixed assets
(222,974)
(453,575)
Operating lease charges
68,618
51,870
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
18,975
13,475
Audit of the financial statements of the company's subsidiaries
6,000
5,500
24,975
18,975
For other services
Taxation compliance services
5,000
5,000
For services in respect of associated pension schemes
Audit-related assurance services
3,025
3,025
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and management
98
73
98
73
Sales staff
12
8
12
8
Workshop
144
152
144
152
Stores
38
49
38
49
292
282
292
282
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 31 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,044,245
9,185,710
10,044,245
9,185,710
Social security costs
924,335
923,675
924,335
923,675
Pension costs
525,921
548,634
525,921
548,634
11,494,501
10,658,019
11,494,501
10,658,019
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,076,756
1,244,924
Company pension contributions to defined contribution schemes
64,098
105,389
Sums paid to third parties for directors' services
24,000
21,000
1,164,854
1,371,313

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 6).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
219,822
445,344
Company pension contributions to defined contribution schemes
21,266
34,352
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on the net defined benefit asset
(16,000)
(17,000)
Other interest income
342,601
9,158
Total income
326,601
(7,842)
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,350,340
751,459
Interest payable to group undertakings
54,331
-
0
1,404,671
751,459
Other finance costs:
Interest on finance leases and hire purchase contracts
33,961
26,634
Other interest
85
-
Total finance costs
1,438,717
778,093

Interest of £175,094 (20 2 3: £225,090) charged on finance leases has been classified within cost of sales.

10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
117,990
190,330
Adjustments in respect of prior periods
(118,799)
-
0
Total UK current tax
(809)
190,330
Foreign current tax on profits for the current period
2,370
4,210
Adjustments in foreign tax in respect of prior periods
-
0
4,600
Total current tax
1,561
199,140
Deferred tax
Origination and reversal of timing differences
247,328
300,436
Adjustment in respect of prior periods
-
0
103,409
Total deferred tax
247,328
403,845
Total tax charge
248,889
602,985
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 33 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,235,598
2,016,950
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
308,900
474,397
Tax effect of expenses that are not deductible in determining taxable profit
212,416
75,947
Adjustments in respect of prior years
(118,799)
4,600
Permanent capital allowances in excess of depreciation
(399,067)
(354,675)
Effect of overseas tax rates
2,370
-
0
Deferred tax adjustments in respect of prior years
-
0
103,409
Timing differences
(4,259)
(1,129)
Movement in deferred tax
247,328
300,436
Taxation charge
248,889
602,985

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
42,500
(10,750)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,262,863
1,262,863
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
7,127,898
2,122,877
1,470,265
9,119,561
19,840,601
Additions
349,481
369,647
14,774
3,505,230
4,239,132
Disposals
-
0
(32,700)
-
0
(2,216,149)
(2,248,849)
At 31 December 2024
7,477,379
2,459,824
1,485,039
10,408,642
21,830,884
Depreciation and impairment
At 1 January 2024
1,084,195
1,181,639
1,121,727
4,426,632
7,814,193
Depreciation charged in the year
304,885
278,142
134,501
1,672,750
2,390,278
Eliminated in respect of disposals
-
0
(32,700)
-
0
(1,525,226)
(1,557,926)
At 31 December 2024
1,389,080
1,427,081
1,256,228
4,574,156
8,646,545
Carrying amount
At 31 December 2024
6,088,299
1,032,743
228,811
5,834,486
13,184,339
At 31 December 2023
6,043,703
941,238
348,538
4,692,929
12,026,408
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
7,127,898
2,120,477
1,472,665
1,941,151
12,662,191
Additions
134,202
369,647
14,774
561,591
1,080,214
Disposals
-
0
(32,700)
-
0
(303,395)
(336,095)
At 31 December 2024
7,262,100
2,457,424
1,487,439
2,199,347
13,406,310
Depreciation and impairment
At 1 January 2024
1,084,195
1,179,239
1,124,127
1,269,272
4,656,833
Depreciation charged in the year
304,885
278,142
134,501
413,942
1,131,470
Eliminated in respect of disposals
-
0
(32,700)
-
0
(267,700)
(300,400)
At 31 December 2024
1,389,080
1,424,681
1,258,628
1,415,514
5,487,903
Carrying amount
At 31 December 2024
5,873,020
1,032,743
228,811
783,833
7,918,407
At 31 December 2023
6,043,703
941,238
348,538
671,879
8,005,358
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 35 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
5,454,244
3,142,540
702,012
572,782

Freehold land and buildings with a carrying amount of £ £3,871,560 (2023 - £Nil) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Included in Freehold land and buildings are amounts of £202,225 relating to the carrying amounts of land. Land is not depreciated

13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
2,987,525
-

No item of investment property in the year was valued by an external, independent valuer. The directors value the portfolio every year based on similar properties on the market at the year end.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
298,810
298,710
Investments in associates
16
4,736
4,736
4,736
4,736
4,736
4,736
303,546
303,446
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2024 and 31 December 2024
4,736
Carrying amount
At 31 December 2024
4,736
At 31 December 2023
4,736
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Fixed asset investments
(Continued)
- 36 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2024
303,446
Additions
100
At 31 December 2024
303,546
Carrying amount
At 31 December 2024
303,546
At 31 December 2023
303,446
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Dennison Properties Limited
United Kingdom
Property investment and management
99 ordinary shares at £1
99.00
Dennison Rentals Limited
United Kingdom
Leasing and contract hire of vehicles
95 ordinary shares at £1
95.00
Dennpart Limited
United Kingdom
Retail trade of motor vehicle parts and accessories
100 ordinary shares at £1
100.00

The registered office of all of the above companies is 37 Hillhead Road, Ballyclare, Co. Antrim BT39 9DS.

16
Associates

Details of associates at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Dennison Industrial Estates (NI) Limited
United Kingdom
Management of real estate on a fee or contract basis
Ordinary
17
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
11,162,231
9,420,732
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
34,181,407
30,438,398
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
6,709,801
6,444,535
6,709,801
6,444,535
Work in progress
103,750
82,782
103,750
82,782
Finished goods and goods for resale
20,436,577
19,003,166
20,436,577
19,003,166
27,250,128
25,530,483
27,250,128
25,530,483
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,926,257
8,451,698
7,779,043
8,032,434
Corporation tax recoverable
7,340
28,921
7,340
28,921
Amounts owed by group undertakings
-
-
3,101,527
2,927,023
Other debtors
3,447,260
969,034
3,235,974
969,034
Prepayments and accrued income
1,742,031
2,931,073
1,671,732
2,870,499
13,122,888
12,380,726
15,795,616
14,827,911

Amounts owed by subsidiary undertakings are unsecured, interest free and repayable on demand.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
334,979
1,752,490
334,979
1,752,487
Obligations under finance leases
23
3,329,417
2,385,667
392,302
262,567
Trade creditors
5,112,025
4,311,147
5,094,345
4,275,032
Amounts owed to group undertakings
-
0
-
0
4,262,945
4,471,844
Corporation tax payable
626,350
73,461
614,947
-
0
Other taxation and social security
696,455
529,800
694,888
403,375
Deferred income
25
5,872,028
5,099,672
5,872,028
5,099,672
Other creditors
20,537,077
19,719,641
20,337,748
19,520,176
Accruals and deferred income
107,038
117,952
106,491
117,952
36,615,369
33,989,830
37,710,673
35,903,105

Amounts owed to subsidiary undertakings within the Company accounts are unsecured, interest free and repayable on demand.

The bank overdraft facility is subject to an arranged overdraft interest rate of 2% above the Bank of England base rate which was 4.75% at the year end.

21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
2,582,955
-
0
2,582,955
-
0
Obligations under finance leases
23
2,177,916
2,151,501
285,481
251,536
4,760,871
2,151,501
2,868,436
251,536
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,917,934
-
0
2,917,934
-
0
Bank overdrafts
-
0
1,752,490
-
0
1,752,487
2,917,934
1,752,490
2,917,934
1,752,487
Payable within one year
334,979
1,752,490
334,979
1,752,487
Payable after one year
2,582,955
-
0
2,582,955
-
0

The long-term loans are secured by fixed charges over the Group's premises in Ballyclare and Newry.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Loans and overdrafts
(Continued)
- 39 -

The loan is for a term of 15 years at a variable interest rate which is currently 7.5%.

23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,329,417
2,162,532
392,302
262,567
In two to five years
2,177,916
2,374,636
285,481
251,536
5,507,333
4,537,168
677,783
514,103

Finance leases are denominated in GBP. Terms for the majority of contracts are 36 months with interest charged quarterly at a reference rate determined by the bank plus 1.5%, subject to a minimum reference rate determined by the bank of 1.0%.

24
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,033,173
860,602
Retirement benefit obligations
(50,750)
(101,250)
Timing differences
(34,782)
(101,539)
947,641
657,813
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
641,437
614,938
Retirement benefit obligations
(50,750)
(101,250)
Timing differences
(34,782)
(101,539)
555,905
412,149
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Deferred taxation
(Continued)
- 40 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
657,813
412,149
Charge to profit or loss
247,328
101,256
Charge to other comprehensive income
42,500
42,500
Liability at 31 December 2024
947,641
555,905
25
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
5,872,028
5,099,672
5,872,028
5,099,672
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
525,330
548,316
Defined benefit scheme - group and company

The Company operates a defined benefit pension scheme covering its eligible employees, the assets of which are held in a separate trustee administered fund.

The defined benefit scheme closed to future accrual on 31 March 2013.

No further payments will be made relating to future accrual. Dennison Commercials Limited will continue to pay into the scheme according to the recovery plan.

A full actuarial valuation was carried out as at 30 November 20 22.

2024
2023
Key assumptions
%
%
Discount rate
5.25
4.35
Expected rate of increase of pensions in payment
3.10
2.95
Inflation assumption - RPI
3.30
3.15
Inflation assumption - CPI
2.65
2.40
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Retirement benefit schemes
(Continued)
- 41 -
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Expected age at death of current pensioner
- Males
86.1
86.9
- Females
88.6
89.2
Expected age at death of future pensioner
- Males
87.1
88.1
- Females
89.7
90.7

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

Group and company
2024
2023
£
£
Present value of defined benefit obligations
3,752,000
4,382,000
Fair value of plan assets
(3,549,000)
(3,977,000)
Deficit in scheme
203,000
405,000
Total liability recognised
203,000
405,000
Group and company
2024
2023
Amounts recognised in the income statement
£
£
Costs/(income):
Net interest on net defined benefit liability/(asset)
16,000
17,000

The net interest has been restricted due to a proportion of the scheme not being recoverable. The restricted net interest recognised in the Income statement is £1 6,000 (202 3 - £17,000).

Group and company
2024
2023
Amounts recognised in other comprehensive income
£
£
Costs/(income):
Actual return on scheme assets
173,000
(159,000)
Less: calculated interest element
168,000
190,000
Return on scheme assets excluding interest income
341,000
31,000
Actuarial changes related to obligations
(511,000)
12,000
Total costs/(income)
(170,000)
43,000
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Retirement benefit schemes
(Continued)
- 42 -
Group and company
2024
Movements in the present value of defined benefit obligations
Liabilities at 1 January 2024
4,382,000
Benefits paid
(303,000)
Actuarial gains and losses
(511,000)
Interest cost
184,000
At 31 December 2024
3,752,000
Group and company
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 January 2024
3,977,000
Interest income
168,000
Return on plan assets (excluding amounts included in net interest)
(341,000)
Benefits paid
(303,000)
Contributions by the employer
48,000
At 31 December 2024
3,549,000

The actual return on plan assets was £173,000 (2023 £159,000).

Group and company
2024
2023
Fair value of plan assets
£
£
Equity instruments
95,000
101,000
Debt instruments
2,752,000
3,146,000
Multi asset income fund
630,000
701,000
Cash
72,000
29,000
3,549,000
3,977,000
Other long term benefits

The scheme had no investments in the company's own financial investments and property occupied or other assets used.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,000
9,000
9,000
9,000
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
27
Share capital
(Continued)
- 43 -

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.

28
Financial commitments, guarantees and contingent liabilities

The company has provided an unlimited bank guarantee on behalf of Dennison Rentals Limited and security by way of a floating charge on behalf of Dennison Properties Limited, both of whom did not have any bank borrowings in 2024 (20 2 3: £Nil).

29
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
43,961
31,039
43,961
31,039
Between two and five years
39,048
47,601
39,048
47,601
83,009
78,640
83,009
78,640
Lessor

Certain motor vehicles are let under operating lease. The minimum lease payments receivable under non-cancellable leases are as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,392,958
1,119,893
-
-
Between two and five years
1,381,889
1,147,960
-
-
2,774,847
2,267,853
-
-
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 44 -
30
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Company
Entities over which the company has control, joint control or significant influence
344,795
233,616
(960,628)
(1,756,832)
Other related parties
94,001
142,555
(164,985)
(197,153)
Management fee income
Rental expenses
2024
2023
2024
2023
£
£
£
£
Group
Entities over which the entity has control, joint control or significant influence
-
-
20,000
20,000
Company
Entities over which the entity has control, joint control or significant influence
120,000
120,000
80,000
80,000
Other related parties
4,000
4,000
-
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Company
Entities over which the company has control, joint control or significant influence
4,263,045
4,471,844
Other related parties
992,809
-
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
30
Related party transactions
(Continued)
- 45 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2024
2024
2023
2023
2023
Balance
Provision
Net
Balance
Provision
Net
£
£
£
£
£
£
Company
Entities over which the company has control, joint control or significant influence
8,225,648
5,339,300
2,886,348
8,266,323
5,339,300
2,927,023
Other related parties
-
-
-
15,045
-
15,045
DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
30
Related party transactions
(Continued)
- 46 -
Other information

The company pays the administration costs of the defined benefit pension scheme, Dennison Commercials Retirement Benefit Pension Scheme. In the year ended 31 December 2024 these costs amounted to £18,517 (20 2 3: £28,215).

31
Directors' transactions

Dividends totalling £1,262,614 (2023 - £1,262,614) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan from Director
-
(489,469)
2,725,961
(725,420)
1,511,072
Loan from Director
-
(2,590)
17,672
(27,072)
(11,990)
Loan from Director
-
(320,116)
219,277
(255,061)
(355,900)
Loan from Director
-
(137,134)
229,024
(255,061)
(163,171)
(949,309)
3,191,934
(1,262,614)
980,011
32
Controlling party

The ultimate controlling party is deemed to be Mr WW Dennison due to his beneficial interest in the share capital of the Company.

DENNISON COMMERCIALS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 47 -
33
Cash generated from group operations
2024
2023
£
£
Profit after taxation
986,709
1,413,965
Adjustments for:
Taxation charged
248,889
602,985
Finance costs
1,438,717
778,093
Investment income
(326,601)
7,842
Gain on disposal of tangible fixed assets
(222,974)
(453,575)
Depreciation and impairment of tangible fixed assets
2,390,278
2,719,777
Pension scheme non-cash movement
(48,000)
(4,000)
Movements in working capital:
Increase in stocks
(1,719,645)
(4,912,675)
Decrease/(increase) in debtors
747,330
(316,063)
Increase in creditors
1,774,055
4,631,646
Increase/(decrease) in deferred income
772,356
(122,800)
Cash generated from operations
6,041,114
4,345,195
34
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
511,775
1,554,345
2,066,120
Bank overdrafts
(1,752,490)
1,752,490
-
0
(1,240,715)
3,306,835
2,066,120
Borrowings excluding overdrafts
-
(2,917,934)
(2,917,934)
Obligations under finance leases
(4,537,168)
(970,165)
(5,507,333)
(5,777,883)
(581,264)
(6,359,147)
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