Company Registration No. 02399487 (England and Wales)
THOMAS DUDLEY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THOMAS DUDLEY LIMITED
COMPANY INFORMATION
Directors
Mr M J Dudley
Mr J Parker
Mr R Holden
Mr Y M Cramphorn
Mr S Pepper
Mr S Boyes
Secretary
Mr J Parker
Company number
02399487
Registered office
295 Birmingham New Road
Dudley
West Midlands
DY1 4SJ
Auditor
Bache Brown & Co Limited
Swinford House
Albion Street
Brierley Hill
DY5 3EE
Business address
295 Birmingham New Road
Dudley
West Midlands
DY1 4SJ
Bankers
Barclays Bank Plc
313 High Street
West Bromwich
West Midlands
B70 8LP
Solicitors
Clarke Willmott
138 Edmund Street
Birmingham
B3 2ES
THOMAS DUDLEY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
THOMAS DUDLEY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present the strategic report for the year ended 31 December 2020.
Fair review of the business
Principle Activities
The principal activity of the company is manufacturing and the areas of specialism are plastic cistern, component and resin sanitaryware manufacturers.
The Plastics division supplies the Builders Merchant, OEM and Retail markets.
There have been no significant changes in principle activities in the year under review
Business Review and Future Developments
We consider the key performance indicators which best communicate the financial performance and strength of the business are turnover, return on capital employed and with our growth plans, continued investment and liquidity
Turnover was up 45% on the prior period due to the merging of Masefield Beta Limited into Thomas Dudley Limited from 1 January 2020. This increase was disappointing as it represented a 13% drop on the 2019 combined turnover of the two entities but this was solely down to the impact of the Coronavirus pandemic which at one point in the year reduced turnover to 25% of ‘normal’. The impact was most severely felt in Q2 of 2020 but turnover came back strongly in the second half of the year. We have not lost any significant customers in 2020 and generally we still operate in markets where there is fierce competition, cheap imports and a lack of activity such as in the UK construction industry.
Operating profit increased by 36% compared to 2019 as a result of the merging of Masefield Beta Limited into Thomas Dudley Limited. The gross margin reduced when compared to 2019 due to the change in sales mix of the combined entities. Margins also remained under pressure due to increased raw material and labour costs the latter as a result of national living wage increases. These costs were not passed on in full to our customer’s but instead absorbed by the business. Against this overheads were better leveraged by the increased turnover.
Return on capital employed based on operating profit increased to 16.5% for 2019 compared to 12.3% in 2019 due to the increased return from the combined entities.
The liquidity ratio has declined from 4.75 in 2019 to 2.2 in 2020 due to combining the entities but liquidity is still very strong with £6.3m of current assets represented by cash at the year end
The balance sheet continues to improve with an increase in shareholders’ funds of 9.9% and net current assets have increased by 21% as a result of cash being kept in the business for future investment opportunities.
THOMAS DUDLEY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Principal risks and uncertainties
The main risks to the company are volatile customer demand due to the impact of Covid-19, increases in raw material prices, mandatory wage increases, energy costs and skills shortages and foreign currency exposure.
The business environment continues to be challenging with raw material price increases at levels not seen in the recent past and energy prices continuing to increase. Skilled labour continues to be in short supply so we have recruited a number of apprentices. Our exposure to the UK construction industry means that elements of the business are subject to the monetary policy adopted by the banking industry and government policy. Competition within our market continues to be fierce both from imports and two foreign competitors who purchased UK brands and businesses to assist with their UK market penetration.
The business reacted quickly to the Corona virus furloughing 75% of the workforce, utilising the Job Retention Scheme, to protect those jobs from the temporary drop in the order book. The business was then in a strong position to bounce back quickly as the markets and confidence has picked up.
In summary, given these risks and uncertainties, we are aware that the future development of the business may be influenced by unforeseen future events outside our control but feel that the current strategy of investment in acquisitions, plant and equipment, training and educating our workforce, increasing awareness of manufacturing in education, developing new innovative products and factoring risk into our decision making is correct for the long term success of the business
.
In summary, given these risks and uncertainties, we are aware that the future development of the business may be influenced by unforeseen future events outside our control but feel that the current strategy of investment in acquisitions, plant and equipment, training and educating our workforce, increasing awareness of manufacturing in education, developing new innovative products and factoring risk into our decision making is correct for the long term success of the business.
Mr M J Dudley
Director
30 June 2021
THOMAS DUDLEY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
Principal activities
The principal activity of the company is manufacturing and the areas of specialism are iron founders, plastic cistern and component manufacturers and resin sanitaryware manufacturers.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £1,500,000
. The directors do not recommend payment of a further dividend.
Directors
The directors' beneficial interests in the shares of the company were as stated below:
Mr M J Dudley
Mr J Parker
Mr R Holden
Mr Y M Cramphorn
Mr S Pepper
Mr S Boyes
Auditor
The auditor, Bache Brown & Co Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
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 company’s transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THOMAS DUDLEY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr M J Dudley
Director
30 June 2021
THOMAS DUDLEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMAS DUDLEY LIMITED
- 5 -
Opinion
We have audited the financial statements of Thomas Dudley Limited (the 'company') for the year ended 31 December 2020 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 company's affairs as at 31 December 2020 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.
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 opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THOMAS DUDLEY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS DUDLEY LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
THOMAS DUDLEY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS DUDLEY LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
Approach to assessing the risks of misstatement due to irregularities, including fraud
|
We assessed the risk of material misstatement in respect of fraud by meeting with management to understand where it considered there was susceptibility to fraud.
|
|
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant reporting frameworks which are likely to affect the company include FRS102 , the Companies Act 2006 and the relevant tax laws. In addition we determined that there were no significant laws and regulations which have a direct effect on the amounts and disclosures in the financial statements.
|
|
Audit response to risks identified
|
We considered the risk of fraud through management override of controls. We also considered how management bias may impact upon performance targets.
In response we performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of any significant transactions outside the normal course of business, reviewing accounting estimates for management bias.
|
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquires with management around actual and potential claims. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
|
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Mr Ian Baker (Senior Statutory Auditor)
for and on behalf of Bache Brown & Co Limited
30 June 2021
Chartered Certified Accountants
Statutory Auditor
Swinford House
Albion Street
Brierley Hill
DY5 3EE
THOMAS DUDLEY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
2020
2019
Notes
£
£
Turnover
3
22,084,069
15,268,038
Cost of sales
(15,336,285)
(9,265,807)
Gross profit
6,747,784
6,002,231
Distribution costs
(2,807,118)
(1,959,123)
Administrative expenses
(2,905,458)
(2,524,853)
Other operating income
1,145,262
87,820
Operating profit
4
2,180,470
1,606,075
Interest receivable and similar income
7
500,000
550,000
Interest payable and similar expenses
8
112
Amounts written off investments
426,094
(426,094)
Profit before taxation
3,106,564
1,730,093
Tax on profit
9
(337,568)
(214,831)
Profit for the financial year
2,768,996
1,515,262
THOMAS DUDLEY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
2020
2019
£
£
Profit for the year
2,768,996
1,515,262
Other comprehensive income
-
-
Total comprehensive income for the year
2,768,996
1,515,262
THOMAS DUDLEY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 10 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,456,641
6,188,687
Investments
13
926,803
500,709
6,383,444
6,689,396
Current assets
Stocks
15
4,265,362
1,925,027
Debtors
16
5,143,711
5,031,353
Cash at bank and in hand
6,320,428
1,559,793
15,729,501
8,516,173
Creditors: amounts falling due within one year
17
(7,578,092)
(1,793,913)
Net current assets
8,151,409
6,722,260
Total assets less current liabilities
14,534,853
13,411,656
Creditors: amounts falling due after more than one year
18
(81,929)
(169,749)
Provisions for liabilities
Deferred tax liability
19
384,914
442,893
(384,914)
(442,893)
Net assets
14,068,010
12,799,014
Capital and reserves
Called up share capital
22
100,000
100,000
Profit and loss reserves
23
13,968,010
12,699,014
Total equity
14,068,010
12,799,014
The financial statements were approved by the board of directors and authorised for issue on 30 June 2021 and are signed on its behalf by:
Mr M J Dudley
Director
Company Registration No. 02399487
THOMAS DUDLEY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2019
100,000
12,683,752
12,783,752
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
1,515,262
1,515,262
Dividends
10
-
(1,500,000)
(1,500,000)
Balance at 31 December 2019
100,000
12,699,014
12,799,014
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
2,768,996
2,768,996
Dividends
10
-
(1,500,000)
(1,500,000)
Balance at 31 December 2020
100,000
13,968,010
14,068,010
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 12 -
1
Accounting policies
Company information
Thomas Dudley Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
295 Birmingham New Road, Dudley, West Midlands, DY1 4SJ.
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.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the
parent of that group prepares publicly available consolidated financial statements, including this company,
which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss
of the group. The company has therefore taken advantage of exemptions from the following disclosure
requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of
shares;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes
and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ –
Carrying amounts, interest income/expense and net gains/losses for each category of financial
instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details
of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive
income;
-
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss,
reconciliation of opening and closing number and weighted average exercise price of share
options, how the fair value of options granted was measured, measurement and carrying amount
of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Thomas Dudley Limited is a wholly owned subsidiary of Thomas Dudley Group Limited and the results of Thomas Dudley Limited are included in the consolidated financial statements of Thomas Dudley Group Limited which are available from the Registrar of Companies.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related
party transactions with wholly owned subsidiaries within the group.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.4
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:
Land and buildings Leasehold
Straight line over the remaining life of the lease, commencing 1st August 1996
Plant and machinery
Up to 20% straight line
Fixtures, fittings & equipment
6.67% straight line / 20% straight line
Motor vehicles
25% straight line
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
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
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.
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 14 -
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.
1.7
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.
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.
1.8
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.
1.9
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
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.
1.11
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.
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.
1.12
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.
1.13
Retirement benefits
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Defined benefit scheme
The company operates within the group defined benefit pension scheme.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 17 -
1.14
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.
1.15
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.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Inventory
Inventories are valued at the lower of cost and net realisation. Net realisation value includes where
necessary, provisions for slow moving and obsolete stocks. The calculation of these provisions is made on
a line by line basis based on a combination of the item’s age, sales history and classification as a
discontinued line. The adequacy of the provision is monitored with reference to the amounts realised when
old stock is cleared.
Bad debt provision
A bad debt provision is set up when the likelihood of recovering the debt is diminished. The level of
provision will be based on any current repayment plan entered into and which is being adhered to by
t
he
debtor, together with an estimate of the likelihood of the amounts due being fully recovered.
Useful economic lives of non current assets
The useful economic lives of non-current assets have been derived from the judgement of the
d
irectors,
using their best estimate of write-down period.
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Rebates
The estimates and assumptions which have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities are the estimation of rebate and discount accruals by the
directors
which are based on turnover and agreements in place.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Turnover analysed by class of business
Sale of goods
22,084,069
15,268,038
2020
2019
£
£
Other significant revenue
Dividends received
500,000
550,000
Grants received
1,145,262
87,820
2020
2019
£
£
Turnover analysed by geographical market
United Kingdom
17,775,094
14,851,988
Exports
4,308,975
416,050
22,084,069
15,268,038
4
Operating profit
2020
2019
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
77,131
14,051
Government grants
(1,145,262)
(87,820)
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
12,500
Depreciation of owned tangible fixed assets
1,218,654
1,186,451
Profit on disposal of tangible fixed assets
(52,349)
(37,631)
Operating lease charges
204,559
60,492
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Administration
20
20
Sales and distribution
20
23
Works
103
112
Total
143
155
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
6,238,597
4,657,397
Social security costs
535,973
468,319
Pension costs
504,346
426,104
7,278,916
5,551,820
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
487,989
412,044
Company pension contributions to defined contribution schemes
31,824
29,516
519,813
441,560
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2019 - 3).
The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2019 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
140,611
116,330
Company pension contributions to defined contribution schemes
12,902
11,806
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
6
Directors' remuneration
(Continued)
- 20 -
Certain directors of this company are employed by the parent company and their costs are included in parent company net recharges of £271,970 (201
9
£
244,868,
). Retirement benefits are accruing to
0
(201
9
- 1) of these directors under a defined benefit pension scheme, and to
2
(201
9
- 1) under a defined contribution scheme.
7
Interest receivable and similar income
2020
2019
£
£
Income from fixed asset investments
Income from shares in group undertakings
500,000
550,000
8
Interest payable and similar expenses
2020
2019
£
£
Other interest
(112)
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
182,000
Adjustments in respect of prior periods
(44,635)
(48,211)
Group tax relief
258,182
209,508
Total current tax
395,547
161,297
Deferred tax
Origination and reversal of timing differences
(57,979)
53,534
Total tax charge
337,568
214,831
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
9
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
3,106,564
1,730,093
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
590,247
328,718
Tax effect of expenses that are not deductible in determining taxable profit
1,244
4,343
Adjustments in respect of prior years
(2,241)
Depreciation on assets not qualifying for tax allowances
4,298
4,298
Research and development tax credit
(15,270)
(39,135)
Under/(over) provided in prior years
(44,635)
(45,992)
Dividend income
(95,000)
(104,500)
Patent box deduction
(3,578)
(10,450)
Other tax adjustments
(18,780)
(1,168)
Impairment adjustments
(80,958)
80,958
Taxation charge for the year
337,568
214,831
10
Dividends
2020
2019
£
£
Final paid
1,500,000
1,500,000
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2020
2019
Notes
£
£
In respect of:
Fixed asset investments
13
-
426,094
Recognised in:
Amounts written off investments
-
426,094
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11
Impairments
(Continued)
- 22 -
Reversals of previous impairment losses have been recognised in profit or loss as follows:
2020
2019
Notes
£
£
In respect of:
Fixed asset investments
13
426,094
-
Recognised in:
Amounts written off investments
426,094
-
12
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
484,195
24,243,351
1,008,198
904,952
26,640,696
Additions
270,847
47,500
318,347
Disposals
(18,459)
(250,087)
(268,546)
Transfers
17,025
886,632
32,090
935,747
At 31 December 2020
501,220
25,382,371
1,008,198
734,455
27,626,244
Depreciation and impairment
At 1 January 2020
92,327
19,159,796
618,537
581,349
20,452,009
Depreciation charged in the year
9,980
1,010,396
50,069
148,209
1,218,654
Eliminated in respect of disposals
(18,458)
(238,020)
(256,478)
Transfers
9,751
722,424
23,243
755,418
At 31 December 2020
112,058
20,874,158
668,606
514,781
22,169,603
Carrying amount
At 31 December 2020
389,162
4,508,213
339,592
219,674
5,456,641
At 31 December 2019
391,868
5,083,555
389,661
323,603
6,188,687
13
Fixed asset investments
2020
2019
Notes
£
£
Investments in subsidiaries
14
926,803
500,709
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
13
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2020
500,709
Valuation changes
426,094
At 31 December 2020
926,803
Carrying amount
At 31 December 2020
926,803
At 31 December 2019
500,709
14
Subsidiaries
These financial statements are separate company financial statements for Thomas Dudley Limited.
Details of the company's subsidiaries at 31 December 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Rugby Plastics Limited
England and Wales
Ordinary
100.00
Thomas Dudley Foundry Limited
England and Wales
Ordinary
100.00
Waterfit Limited
England and Wales
Ordinary
100.00
15
Stocks
2020
2019
£
£
Raw materials and consumables
3,220,766
1,312,153
Work in progress
266,401
Finished goods and goods for resale
778,195
612,874
4,265,362
1,925,027
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 24 -
16
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
4,382,072
2,691,802
Corporation tax recoverable
25,000
Amounts owed by group undertakings
551,503
2,187,071
Other debtors
2,801
10,646
Prepayments and accrued income
182,335
141,834
5,143,711
5,031,353
17
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Trade creditors
1,704,758
1,349,421
Amounts owed to group undertakings
5,513,433
214,660
Corporation tax
72,000
Other taxation and social security
185,417
130,261
Government grants
20
87,820
87,820
Other creditors
14,664
11,751
7,578,092
1,793,913
18
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Government grants
20
81,929
169,749
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
384,914
442,893
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
19
Deferred taxation
(Continued)
- 25 -
2020
Movements in the year:
£
Liability at 1 January 2020
442,893
Credit to profit or loss
(57,979)
Liability at 31 December 2020
384,914
20
Government grants
2020
2019
£
£
Arising from government grants
169,749
257,569
Deferred income is included in the financial statements as follows:
2020
2019
£
£
Current liabilities
87,820
87,820
Non-current liabilities
81,929
169,749
21
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
217,002
163,350
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
Defined benefit scheme
The parent company also operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested with insurance companies. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the company. The regular cost is attributed to the individual years using the projected unit credit method. Variations in cost which are identified as a result of actuarial valuations, are amortised over the average expected remaining working lives of employees in proportion to their expected payroll costs.
Due to the nature of the group scheme the company cannot identify its share of the underlying assets and liabilities of the scheme, nor can it identify any surplus or deficit and the implications of that surplus or deficit to the company.
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 26 -
22
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100,000
100,000
100,000
100,000
23
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
12,699,014
12,683,752
Profit for the year
2,768,996
1,515,262
Dividends declared and paid in the year
(1,500,000)
(1,500,000)
At the end of the year
13,968,010
12,699,014
24
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties which
include property rental
and equipment rental.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2020
2019
£
£
Within one year
277,175
112,487
Between two and five years
908,700
441,024
In over five years
1,004,823
1,056,620
2,190,698
1,610,131
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2020
2019
£
£
Acquisition of tangible fixed assets
232,305
THOMAS DUDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 27 -
26
Ultimate controlling party
The ultimate parent company is
Thomas Dudley Group Limited
, a company registered in England and Wales.
The ultimate controlling party is
The Executors of HJT Dudley (deceased).
Thomas Dudley Group Limited prepares group financial statements and copies can be obtained from its registered office.
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