Company registration number 1542645 (England and Wales)
DALEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
DALEN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DALEN LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
468,082
476,253
Current assets
Stocks
789,231
312,363
Debtors
5
1,294,707
1,235,980
Cash at bank and in hand
1,679,520
2,459,433
3,763,458
4,007,776
Creditors: amounts falling due within one year
6
(1,793,614)
(2,089,291)
Net current assets
1,969,844
1,918,485
Total assets less current liabilities
2,437,926
2,394,738
Creditors: amounts falling due after more than one year
7
(341,667)
(416,667)
Provisions for liabilities
(29,919)
(28,712)
Net assets
2,066,340
1,949,359
Capital and reserves
Called up share capital
557
557
Other reserves
443
443
Profit and loss reserves
2,065,340
1,948,359
Total equity
2,066,340
1,949,359
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DALEN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2022
30 June 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 December 2022 and are signed on its behalf by:
Mr C Beardmore
Director
Company Registration No. 1542645
DALEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Dalen Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
, Valepits Road, Garretts Green, Birmingham, West Midlands, United Kingdom, B33 0TD.
1.1
Accounting convention
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company an the revenue can be reliably measured. All revenue of the company is from sales of products at a point in time with the delivery of the product seen as the only performance obligation under the contract.
Revenue is recognised on delivery when control of the goods has passed to the buyer. Revenue is recorded net of value added tax.
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:
Long leasehold property
at varying rates on cost
Plant and machinery
15% on reducing balance
Fixtures and fittings
33% on cost
Motor vehicles
25% on reducing balance
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
.
1.4
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
. Cost is calculated on a first in, first out basis. Provision is made for damaged, obsolete and slow moving stock where appropriate.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DALEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Expenditure on research and development is written off in the year in which it is incurred.
DALEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
1.12
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.13
Coronavirus Business Interruption Loan (CBIL)
The government offered Coronavirus Business Interruption Loans during the year. The government will make a Business Interruption Payment to cover the first twelve months of the interest and any lender- levied charges. The interest charge and the government grant is recognised in the profit or loss.
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:
2022
2021
Number
Number
Total
68
71
DALEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
4
Tangible fixed assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2021
546,669
544,922
248,477
85,975
1,426,043
Additions
22,703
17,113
39,816
At 30 June 2022
546,669
567,625
248,477
103,088
1,465,859
Depreciation and impairment
At 1 July 2021
257,625
377,940
248,038
66,187
949,790
Depreciation charged in the year
13,427
25,675
373
8,512
47,987
At 30 June 2022
271,052
403,615
248,411
74,699
997,777
Carrying amount
At 30 June 2022
275,617
164,010
66
28,389
468,082
At 30 June 2021
289,044
166,982
439
19,788
476,253
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,180,283
1,114,873
Other debtors
4,034
Prepayments and accrued income
114,424
117,073
1,294,707
1,235,980
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
580,878
708,081
Amounts owed to group undertakings
414,585
514,495
Corporation tax
4,453
53,048
Other taxation and social security
196,560
324,939
Other creditors
107,645
107,846
Accruals and deferred income
489,493
380,882
1,793,614
2,089,291
DALEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
341,667
416,667
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
618,500
680,000
9
Events after the reporting date
The United Kingdom's anticipated worsening economic climate and the ongoing war in Ukraine represent the company's most notable external risks. The company's trading position will remain challenging as the sectors in which the company operates are impacted by the effects of these external factors.
The directors consider that an accurate estimate of the possible future impact of such external factors cannot reasonably be made. However, the directors confirm that they have considered the effect of future uncertainties as known at the date of signing when considering the company's going concern position. the directors are confident that the actions they have taken to mitigate the impact of such external risks will ensure that the company can continue to make satisfactory progress.
10
Secured debts
An all assets debenture is held by the asset finance company.
11
Ultimate controlling party
The company is a wholly owned subsidiary of Top-Tec Holdings Limited, a company incorporated in England and Wales and owned by Mr C Beardmore & Mrs C Beardmore.
12
Related party disclosures
During the year purchases and recharges of £360,000 (2021: £360,000) were charged by fellow group company Top-Tec Holdings Limited. In addition, a dividend of £400,000 (2021: £500,000) was paid to Top-Tec Holdings Limited.
Included in Creditors are amounts due to Top-Tec Holdings Limited of £414,281 (2021: £514,281).