DENHOLM REES & O'DONNELL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Company registration number 00257758 (England and Wales)
PAGES FOR FILING WITH REGISTRAR
DENHOLM REES & O'DONNELL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
DENHOLM REES & O'DONNELL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,769,428
1,542,514
Current assets
Stocks
246,035
297,427
Debtors
5
3,462,597
3,442,974
Cash at bank and in hand
676,957
717,831
4,385,589
4,458,232
Creditors: amounts falling due within one year
6
(751,304)
(1,003,451)
Net current assets
3,634,285
3,454,781
Total assets less current liabilities
5,403,713
4,997,295
Creditors: amounts falling due after more than one year
7
(455,894)
(281,714)
Provisions for liabilities
(352,477)
(279,738)
Net assets
4,595,342
4,435,843
Capital and reserves
Called up share capital
50,000
50,000
Share premium account
65,222
65,222
Revaluation reserve
530,649
539,875
Capital redemption reserve
3,781
3,781
Profit and loss reserves
3,945,690
3,776,965
Total equity
4,595,342
4,435,843

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 October 2025 and are signed on its behalf by:
Mr I D Johns
Director
Company registration number 00257758 (England and Wales)
DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
1
Accounting policies
Company information

Denholm Rees & O'Donnell Limited is a private company limited by shares incorporated in England and Wales. The registered office is 110-116 Albany Road, Aintree, Liverpool, Merseyside, L9 0HB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 at market value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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.

1.3
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.

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
not depreciated
Plant and equipment
10-25% per annum

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.

DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 3 -

Freehold property is not depreciated since it is considered that given the long life of the property concerned, depreciation would be immaterial, if any. The Directors carry out an annual impairment review in accordance with Accounting Standards, the property will be professionally valued every five years, unless a significant change in value is expected and the Directors feel it is materially misstated and cannot be determined by and internal valuation.

Freehold property in included in the balance sheet at a valuation made on 1st February 2022.

1.4
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.5
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.

1.6
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.

DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include 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.

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 company after deducting all of its liabilities.

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. A m ounts 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.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
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 profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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 when the company has 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.

1.10
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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

1.11
Retirement benefits

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

The company operated a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company.

With effect from 31st December 2002 the Scheme operated as a closed fund. The directors have been advised by the actuaries to the Company Pension Scheme, that the Scheme is now fully paid up. The actuarial valuation of the Scheme was carried out in May 2024 as at 31st May 2023 which showed a healthy surplus on actuarial value. The directors of the company have agreed that until this changes, and a deficit potentially arises, there is no need to make payments into the pension scheme.

Under these circumstances the directors do not wish to incur the financial costs of complying with FRS 102, which they consider is not necessary to fully understand the financial statements. The information required for the financial statement disclosures is not otherwise available and it is not therefore possible to provide this information.

1.12
Leases
As lessee

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 balance sheet 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.

DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Employees

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

2025
2024
Number
Number
Total
39
37
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 July 2024
928,711
4,287,005
5,215,716
Additions
13,548
395,562
409,110
At 30 June 2025
942,259
4,682,567
5,624,826
Depreciation and impairment
At 1 July 2024
-
0
3,673,202
3,673,202
Depreciation charged in the year
-
0
182,196
182,196
At 30 June 2025
-
0
3,855,398
3,855,398
Carrying amount
At 30 June 2025
942,259
827,169
1,769,428
At 30 June 2024
928,711
613,803
1,542,514

Land and buildings with a carrying amount of £900,000 were revalued at 1st February 2022 by Phil Winckles BSc (Hons) MRICS, of Matthews & Goodman LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
4
Tangible fixed assets
(Continued)
- 7 -

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings:

Cost £341,409

Aggregate depreciation £122,404

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,031,258
1,561,515
Amounts owed by group undertakings
240,000
-
0
Other debtors
82,109
77,045
1,353,367
1,638,560
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,109,230
1,804,414
Total debtors
3,462,597
3,442,974
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
38,668
21,266
Trade creditors
276,451
500,931
Corporation tax
41,198
144,538
Other taxation and social security
175,403
210,837
Other creditors
219,584
125,879
751,304
1,003,451

The bank loans included in the financial statements are secured by fixed and floating charge over the undertaking and all property and assets. The charge is held by HSBC Bank dated 26th July 2000.

Certain items of property, plant and equipment are financed under hire purchase agreements. The hire purchase liabilities, included within other creditors are secured against the assets to which they relate. Ownership of the assets transfers to the company upon settlement of the final instalment.

DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
219,516
225,847
Other creditors
236,378
55,867
455,894
281,714
Creditors which fall due after five years are payable as follows:
Payable by instalments
61,957
140,783
DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
8
Related party transactions

At the year end £2,438,299 (2024:£1,804,414) was due from Denholm Holdings Limited, the parent company, as shown in note 5 of the Financial Statements.

9
Parent company

The ultimate parent company is Denholm Holdings and is registered in England and Wales. R egistered office 110-116 Albany Road, Aintree, Liverpool L9 0HB.

The ultimate controlling party was deemed to be Ian Johns by virtue of his majority shareholding in Denholm Holdings Limited.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified opinion on financial statements

In our opinion, except for the effects of the matter described in the note 1.11 relating to defined benefit pension disclosures the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

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

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

Basis for qualified opinion

The company operates a defined benefit pension scheme and the assets of the scheme are held separately from the company. The directors have decided that they do not wish to incur the financial costs of complying with FRS102 section 28 in making certain disclosures regarding the pension scheme and consider this is not necessary to fully understand the financial statements. The information required for this disclosure is not otherwise available and therefore we have not been able to satisfy ourselves regarding the adequacy of the disclosures in this regard.

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 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 qualified opinion.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to defined benefit pension disclosures, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

DENHOLM REES & O'DONNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
Peter Buck FCA, DChA
Statutory Auditor:
Champion Accountants LLP
Date of audit report:
23 October 2025
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