Company Registration number:
Dartington Crystal Group Limited
for the Year Ended 31 December 2024
Dartington Crystal Group Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Dartington Crystal Group Limited
Company Information
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Directors |
J H Hammond J Proctor |
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Registered office |
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Auditors |
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Dartington Crystal Group Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the group is the manufacture and distribution of fine crystal, glass stemware, giftware and ceramics under the brands of Dartington Crystal, Royal Brierley Crystal, Caithness Glass and John Beswick.
Fair review of the business
During 2024 Dartington Crystal (Torrington) Limited, the trading company within the group, maintained its level of turnover, despite the continued pressures placed on households and businesses alike. We saw a significant reduction within our key accounts of luxury spirit producers and an increase in orders within our wine related market. We have continued with our investment into electric furnaces and overcome some of the technological challenges, but this remains a focus point within production.
The group is the UK’s only large-scale producer of crystal and glass and continues to operate from its manufacturing facilities in Torrington, North Devon and Crieff, Central Scotland. We are delighted that Royal Brierly Crystal retains its Royal Warrants and continues to hold a royal warrant from His Majesty the King.
The results for the year include an amortisation charge of £945,310 on goodwill which is being written off over 5 Years.
Future developments
In 2025, we continued to invest in electric furnace technology, supporting reductions in our carbon footprint and enabling the exploration of additional sustainability benefits. The business has implemented ongoing cost reviews to strengthen financial discipline and reduce overspending. A new on-site management team at Torrington has been appointed to oversee this work and implement effective cost-control measures.
Our shareholders have provided sustained investment, supplying additional finance to support the development of our site and production infrastructure.
Principal risks and uncertainties
The highly specialised skill sets of the production workers always remain a dependency, particularly in glass blowing, however on-going training and staff retention remain at the forefront of the Company’s policies to ensure that the skill levels throughout the business continue to be retained and improved.
Our diverse customer base, comprising of both individual consumers and retail partners, continues to be influenced by broader economic conditions. We remain confident that the strength of our established brands, combined with ongoing investment in new processes, will support the continued expansion of our customer base and drive growth in revenue and profitability.
Approved by the Board on
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Dartington Crystal Group Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the consolidated financial statements for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The group’s principal financial instruments at the year-end comprise bank balances, bank borrowings, trade creditors and debtors and preference shares which are accounted for as debt. The main purpose of these instruments is to provide finance for the group’s operations and growth. The group's approach to managing risks applicable to the financial instruments is detailed below.
Price risk, credit risk, liquidity risk and cash flow risk
Trade debtors are managed in respect of credit and cashflow with policies in place for credit offered to customers and regular monitoring of amounts outstanding. The group closely monitors and forecasts its cash flow so that availability of funds is managed, within the banking facilities available to the group. Preference shares are redeemable at the option of the company and are only redeemed if all relevant conditions are met including consideration of the group working capital position.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Future Developments
The future developments of the business are included within the strategic report.
Approved by the Board on
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Dartington Crystal Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Dartington Crystal Group Limited
Independent Auditor's Report to the Members of Dartington Crystal Group Limited
Opinion
We have audited the financial statements of Dartington Crystal Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter
Whilst our opinion is not modified in this respect, we draw your attention to note 3, key sources of estimation uncertainty. There is a high degree of subjectivity with regards to the carrying value of the investment in subsidiary companies shown in the Dartington Crystal Group Ltd company balance sheet on page 12. Management have assessed the recoverable amount of the investment value in this balance sheet and have concluded that an impairment is required. As set out in note 3, they have concluded that the underlying consolidated net asset value of the subsidiaries is the appropriate amount to use, taking a conservative stance as a result of the uncertainties and economic pressures on their customers in the UK and the potential impact on their forecasts prepared. This estimate may be incorrect and the recoverable amount may be different to this figure.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Dartington Crystal Group Limited
Independent Auditor's Report to the Members of Dartington Crystal Group Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of 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 Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Dartington Crystal Group Limited
Independent Auditor's Report to the Members of Dartington Crystal Group Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
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:
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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; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
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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 the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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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:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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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:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
Dartington Crystal Group Limited
Independent Auditor's Report to the Members of Dartington Crystal Group Limited
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Goodwood House
Blackbrook Park Avenue
Somerset
TA1 2PX
Dartington Crystal Group Limited
Consolidated Profit and Loss Account
for the Year Ended 31 December 2024
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Note |
Year ended 31 December 2024 |
16 December 2022 to 31 December 2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating loss |
( |
( |
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Interest payable and similar charges |
( |
( |
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Loss before tax |
( |
( |
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Taxation |
- |
( |
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Loss for the financial year |
( |
( |
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Profit/(loss) attributable to: |
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Owners of the company |
( |
( |
The group has no other comprehensive income in either period.
Dartington Crystal Group Limited
(Registration number: 14545080)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Capital redemption reserve |
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- |
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Retained earnings |
( |
( |
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Equity attributable to owners of the company |
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Shareholders' funds |
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Approved and authorised by the
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Dartington Crystal Group Limited
(Registration number: 14545080)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Capital redemption reserve |
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- |
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Retained earnings |
( |
( |
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Shareholders' deficit |
( |
( |
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a loss after tax for the financial year of £789,063 (2023 - loss of £4,667,164).
Approved and authorised by the
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Dartington Crystal Group Limited
Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2024
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
Total equity |
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At 1 January 2024 |
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- |
- |
( |
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Loss for the year |
- |
- |
- |
( |
( |
( |
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New share capital subscribed |
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- |
- |
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Purchase of own share capital |
- |
- |
874,872 |
- |
874,872 |
874,872 |
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At 31 December 2024 |
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( |
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Share capital |
Retained earnings |
Total |
Total equity |
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Loss for the year |
- |
( |
( |
( |
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New share capital subscribed |
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- |
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At 31 December 2023 |
3,061,250 |
(957,269) |
2,103,981 |
2,103,981 |
Dartington Crystal Group Limited
Statement of Changes in Equity
for the Year Ended 31 December 2024
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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- |
- |
( |
( |
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Loss for the year |
- |
- |
- |
( |
( |
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New share capital subscribed |
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- |
- |
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Purchase of own share capital |
- |
- |
874,872 |
- |
874,872 |
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At 31 December 2024 |
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( |
( |
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Share capital |
Retained earnings |
Total |
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Loss for the year |
- |
( |
( |
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New share capital subscribed |
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- |
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At 31 December 2023 |
3,061,250 |
(4,667,164) |
(1,605,914) |
Dartington Crystal Group Limited
Consolidated Statement of Cash Flows
for the Year Ended 31 December 2024
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Note |
Year ended 31 December 2024 |
16 December 2022 to 31 December 2023 |
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Cash flows from operating activities |
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Loss for the year |
( |
( |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
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- |
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Finance costs |
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Income tax expense |
- |
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( |
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Working capital adjustments |
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Decrease in stocks |
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Decrease in trade debtors |
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Increase in trade creditors |
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Increase in deferred income, including government grants |
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- |
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Cash generated from operations |
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Income taxes paid |
- |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Acquisitions of tangible assets |
( |
( |
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Acquisition of subsidiary (net of cash acquired) |
- |
( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from issue of ordinary shares, net of issue costs |
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Proceeds from bank borrowing draw downs |
- |
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Repayment of bank borrowing |
( |
( |
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Redemption of shares classified as liabilities |
- |
( |
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Receipts from finance lease |
- |
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Payments to finance lease creditors |
( |
( |
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Net cash flows from financing activities |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 1 January 2024 |
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- |
|
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Cash and cash equivalents at 31 December 2024 |
200,594 |
144,548 |
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Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
The parent has taken advantage of s408 of the Companies Act 2016 and not included its own profit and loss account in these financial statements. The parent company's profit or loss for the year is disclosed below its balance sheet within these accounts.
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Going concern
The consolidated profit and loss account for the year shows a loss before tax of £1,734,373 excluding amortisation of goodwill included on consolidation this would be a loss of £789,063.
Dartington Crystal (Torrington) Ltd is the trading company of the group, with long-standing brands of Dartington Crystal, Royal Brierley, Beswick and Caithness Glass. This company saw a reduction in both turnover and profitability in the year to December 2024 and there have been a number of contributing factors to these reductions. The level of orders from some of our key customers reduced in certain markets during 2024, however, it increased in other markets. There has been a continuation of investment into the new electric furnaces and have overcome some of the technological challenges along the way.
Dartington Crystal (Torrington) Limited achieved pre-tax loss of £787,004 in the year to 31 December 2024 and the directors expect the results for the year ended 2025 to be a similar loss. Forecasts for 2026 show a reduction in turnover but an increase in profitability.
The improvement in profitability that is expected is based on the on-going cost reviews to strengthen cost-control, anticipated production gains following the implementation of the new furnaces and the return of consistent demand from wholesale customers.
Whilst some orders are received in advance most sales orders are received with short term delivery requirements and so there is no certainty of the turnover levels that will be achieved over the next 12 months.
The directors have prepared forecasts which demonstrate that the group can continue to meet its liabilities as they fall due for a period of at least 12 months from the approval of these financial statements.
The directors are confident that the steps necessary to achieve the forecast are being taken. The directors fully expect that the group will be able to obtain further funding should it be required if cash generated from operations is below requirements.
Taking the factors mentioned above into account, the directors consider that the group will have adequate resources to continue in operation for a period of at least 12 months from the approval of these financial statements and therefore they have adopted the going concern basis of accounting in preparing these financial statements.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue for wholesale sales when goods are despatched to customers and for retail sales at the point of sale.
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and
loss account, except that a change attributable to an item of income or expense recognised as other
comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the group operates and generates
taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities
and their carrying amounts in the consolidated financial statements and on unused tax losses or tax
credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or
substantively enacted by the reporting date.
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.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Short leasehold land and buildings |
over the term of the lease |
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Plant and machinery |
over 2 - 10 years straight line |
|
Furniture, fittings and equipment |
over 3 - 10 years straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
over 5 years straight line |
Investments
Investments in subsidiary companies are measured at cost less impairment. Whether an impairment is required is assessed by comparing the recoverable amount of the investment with the carrying value. The recoverable amount is the higher of the value in use and the net realisable value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
Capital redemption reserve records the nominal value of shares repurchased by the company.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.
|
Key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period. If the revision affects both current and future periods then it is recognised in both the current and future periods..
Investment carrying value
A key estimate in the accounts is the value of the investment in subsidiaries within the parent company balance sheet. The directors have made an assessment that the value of this investment is impaired. There is a high degree of uncertainty and subjectivity in determining the value at which this investment should be stated. Forecasts have been prepared showing a return to profitability of the subsidiaries, following low profits in 2023 and losses in 2024. Using these forecasts more than supports the value adopted for the investment. However, given the global uncertainties at present alongside economic pressures in the UK impacting the subsidiary’s customers, the Directors have concluded that a conservative stance should be adopted and have used the underling consolidated net asset value of the subsidiaries.
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Amortisation of goodwill
As described in note 2, the goodwill on the purchase of the 100% subsidiary of Dartington Crystal Holdings Ltd (which in turn owns 100% of Dartington Crystal (Torrington) Ltd) is being amortised over 5 years. There is significant subjectivity when assessing the useful life of this goodwill and therefore in determining the amortisation charge included in the consolidated profit and loss account. In assessing the period of amortisation the directors have taken into account the strong, well-known brands acquired, the current cashflows being generated and the expected future cashflows.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Wholesale of goods |
|
|
|
Retail sale of goods |
|
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating loss |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on preference shares |
- |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Exceptional charge |
An impairment of the investment held by Dartington Crystal Group Ltd in Dartington Crystal Holdings Ltd amounting to £Nil (2023 - £4,667,164) has been included in the profit & loss account of Dartington Crystal Group Ltd itself. This impairment charge is eliminated on consolidation.
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
108,723 |
143,702 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
17,000 |
15,000 |
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
- |
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
- |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Total tax (credit)/charge |
( |
|
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the periodperiod |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of long leasehold land and buildings and £26,502 (2023 - £30,825) in respect of short leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Plant and machinery |
97,551 |
109,377 |
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Provision |
|
|
At 1 January 2024 |
|
|
Provision |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Linden Close, Torrington, Devon, EX38 7AN |
Ordinary |
|
|
|
|
Linden Close, Torrington, Devon, EX38 7AN |
Ordinary |
|
|
|
England and Wales |
||||
|
|
Linden Close, Torrington, Devon, EX38 7AN |
Ordinary |
|
|
|
England and Wales |
||||
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
|
Linden Close, Torrington, Devon, EX38 7AN |
Ordinary |
|
|
|
England and Wales |
||||
|
|
Linden Close, Torrington, Devon, EX38 7AN |
Ordinary |
|
|
|
England and Wales |
|
Subsidiary undertakings |
|
Dartington Crystal Holdings Limited The principal activity of Dartington Crystal Holdings Limited is |
|
Dartington Crystal (Torrington) Limited The principal activity of Dartington Crystal (Torrington) Limited is |
|
Beswick Limited The principal activity of Beswick Limited is |
|
Dartington Glass Limited The principal activity of Dartington Glass Limited is |
|
Dartington Crystal Limited The principal activity of Dartington Crystal Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
- |
- |
|
Finished goods and goods for resale |
|
|
- |
- |
|
|
|
- |
- |
|
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Debtors |
|
Group |
Company |
|||
|
Current |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
|
|
- |
- |
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
- |
- |
|
|
|
- |
- |
|
|
Bank overdrafts |
( |
- |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
200,594 |
144,548 |
- |
- |
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
31 December 2024 |
31 December 2023 |
31 December 2024 |
31 December 2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts owed to group undertakings |
- |
- |
100,000 |
350,000 |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other creditors |
|
|
- |
- |
|
|
Accrued expenses |
|
|
- |
- |
|
|
Deferred income |
- |
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Other non-current financial liabilities |
|
- |
- |
- |
|
|
2,183,432 |
2,892,112 |
1,750,128 |
2,625,000 |
||
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
|
||
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
2023 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
31 December 2024 |
31 December 2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
3,061,250 |
|
3,061,250 |
|
|
|
26,041.67 |
- |
- |
|
|
|
|
|
|
Presented as a financial liability
|
31 December 2024 |
31 December 2023 |
||||
|
No. |
£ |
No. |
£ |
||
|
Redeemable preference shares of £1 each |
1,750,128 |
1,750,128 |
2,625,000 |
2,625,000 |
|
On 4 March 2024 874,872 £1 preference shares were redeemed for £Nil consideration.
The company had at the balance sheet date 1,750,128 redeemable preference shares in issue which are allotted, called up and fully paid. These shares are classified as a financial liability in accordance with FRS 102.
A result of the transaction on 4 March 24 and an amendment to the Articles of Association there is no annual dividend due on the preference shares for the year ended 31 December 2024. The proposed redemption dates expect that a minimum of 218,760 preference shares will be redeemed in the year ended 31 December 2025 and each subsequent year. There are clauses included in the Articles setting out circumstances in which these redemptions can be delayed.
The ordinary shares and ordinary B shares each carry one voting right and rank parri passu. The preference shares have no voting rights attached and are not eligible for further dividends beyond the contractual 4%.
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
New shares allotted
|
During the year 2,604,167 |
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
- |
|
- |
- |
|
Bank overdrafts |
|
- |
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
Other borrowings |
|
|
- |
- |
|
|
|
- |
- |
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Hire purchase contracts |
|
|
- |
- |
|
Redeemable preference shares |
|
|
|
|
|
|
|
|
|
|
Group
Bank borrowings
|
|
Other borrowings
The hire purchase is denominated in sterling with a nominal interest rate of 9%, and the final instalment is due on 20 February 2028. The carrying amount at year end is £63,443 (2023 - £87,092).
Hire purchase contracts are secured on the plant and machinery they are financing and are repayable in monthly instalments.
The debtor finance is denominated in sterling with a nominal interest rate of 2.5%. The carrying amount at year end is £597,191 (2023 - £528,835).
The debtor finance account is secured against trade debtors.
Redeemable preference shares
The repayment terms of the preference shares are set out in note 21.
Dartington Crystal Group Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
Group
Key management personnel
The only key management personnel in the year were the directors. The aggregate compensation paid to them is the amount shown in note 8, Directors' Remuneration.
Company
Summary of transactions with subsidiaries
The group has taken advantage of the exemption provided from disclosing transactions with wholly owned subsidiaries.
|
Non adjusting events after the financial period |
|
|