Company No: 01585507 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	142,322		146,676
Investments	4	252,417		252,417
		394,739		399,093
Current assets
Stocks		44,934		40,093
Debtors	5	546,820		638,263
Cash at bank and in hand		181,383		67,907
		773,137		746,263
Creditors: amounts falling due within one year	69	( 157,703)		( 136,734)
Net current assets		615,434		609,529
Total assets less current liabilities		1,010,173		1,008,622
Creditors: amounts falling due after more than one year	7	( 9,933)		( 1,541)
Net assets		1,000,240		1,007,081
Capital and reserves
Called-up share capital	10	10,000		10,000
Profit and loss account		990,240		997,081
Total shareholders' funds		1,000,240		1,007,081

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Dennis Lee & Company Limited (registered number: 01585507) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr J D Lee Director

Mrs M Lee Director

11 December 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dennis Lee & Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, NR21 9HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Pensions

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	15 - 20 % reducing balance
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 method 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.

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 payments 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		14

3. Tangible assets

	Plant and machinery		Vehicles		Total
	£		£		£
Cost
At 01 April 2024	857,952		38,952		896,904
Additions	8,101		17,900		26,001
Disposals	( 1,276)		( 12,151)		( 13,427)
At 31 March 2025	864,777		44,701		909,478
Accumulated depreciation
At 01 April 2024	721,568		28,660		750,228
Disposals	( 1,266)		( 8,306)		( 9,572)
Charge for the year on owned assets	17,012		1,613		18,625
Charge for the year on financed assets	7,875		0		7,875
At 31 March 2025	745,189		21,967		767,156
Net book value
At 31 March 2025	119,588		22,734		142,322
At 31 March 2024	136,384		10,292		146,676

The net book value of assets held under finance leases or hire purchase contracts, included above, are £49,398 (2024 £39,373).

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	252,417
At 31 March 2025	252,417
Carrying value at 31 March 2025	252,417
Carrying value at 31 March 2024	252,417

Gurney Reeve & Co Limited was a subsidiary undertaking of the Company, holding 100% of £1 ordinary shares.

5. Debtors

	2025		2024
	£		£
Trade debtors	137,724		122,538
Amounts owed by Group undertakings	300,015		507,982
Amounts owed by directors	81,399		1,000
Prepayments	2,603		2,743
Other debtors	25,079		4,000
	546,820		638,263

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	56,606		55,750
Amounts owed to directors	308		308
Accruals	18,757		17,668
Other taxation and social security	48,301		47,051
Obligations under finance leases and hire purchase contracts	6,508		14,182
Other creditors	27,223		1,775
	157,703		136,734

Net obligations under hire purchase contracts are secured upon the assets to which they relate.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	9,933		1,541

Net obligations under hire purchase contracts are secured upon the assets to which they relate.

8. Related party transactions

The Company has taken advantage of the exemption available in FRS102 Section 33 from the requirement to disclose transactions with its parent Company and any wholly owned subsidiaries.

At the year end the Company held a director loan account creditor of £308 (2024: £308).

At the year end the Company held a director loan account debtor of £81,399 (2024: £1,000).

All director balances are repayable on demand and no interest to be charged.

9. Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,750 (2024 £7,187). Contributions totaling £2,144 (2024 £1,775) were payable to the fund at the reporting date and are included in creditors.

10. Controlling party

The company is controlled by its directors who are the shareholders.