REGISTERED NUMBER: NI072179 (Northern Ireland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2023 |
for |
Dickson & Co (NI) Limited |
REGISTERED NUMBER: NI072179 (Northern Ireland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2023 |
for |
Dickson & Co (NI) Limited |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Dickson & Co (NI) Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Thistlebank House |
2 Old Henry Street |
Enniskillen |
Co. Fermanagh |
BT74 7JX |
BANKERS: | Danske Bank |
5-7 Market Street |
Omagh |
Co. Tyrone |
BT78 1BN |
SOLICITORS: |
24 Dublin Road |
Omagh |
Co. Tyrone |
BT78 1HE |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
Turnover has increased by 11% to £4.52m (2022: £4.06m). Overall, a net profit before tax of £1.15m was achieved for the year ended 31 March 2023 compared to a net profit before tax of £1.12m for the year ended 31 March 2022. The group asset base remains strong with net assets of £4.6m at 31 March 2023 (2022: £4.1m). The directors are satisfied with the group's performance in the year and the emphasis going forward continues to be securing turnover that will result in sustainable growth and profitability. |
The group's key performance indicators are as follows: |
2023 | 2022 |
Sales | £4.52m | £4.06m |
Shareholders' funds | £4.6m | £4.1m |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the group's strategy are subject to a number of risks. Performance in the sector is affected by general economic conditions and the specific sectoral factors associated with the worldwide insurance market. The board is aware of competitor activity, market trends and forecasts and customer requirements. Insurance capacity availability and pricing are other secretarial risks faced. |
FINANCIAL RISK MANAGEMENT |
The group's operations expose it to a variety of financial risks that include the effects of changes in credit risk, price risk and liquidity risk. The group has a risk management programme in place that seeks to limit their adverse effects on it's financial performance. |
CREDIT RISK |
The group implements policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit which is reassessed regularly by the board. |
PRICE RISK |
The group maintains a wide panel of insurance providers to ensure it remains competitive within the market and therefore address any associated price risk. |
LIQUIDITY RISK |
The group actively maintains a mixture of long term and short term debt finance that is designed to ensure that it has sufficient available funds for operations and planned expansions. |
ON BEHALF OF THE BOARD: |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of insurance broking and property rental. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of 10.3328 per share. |
The total distribution of dividends for the year ended 31 March 2023 will be £ 372,000 . |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Dundas Gallagher, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dickson & Co (NI) Limited |
Opinion |
We have audited the financial statements of Dickson & Co (NI) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 March 2023 and of the group's 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 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 Auditors' 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. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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. |
Report of the Independent Auditors to the Members of |
Dickson & Co (NI) Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. |
We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Dickson & Co (NI) Limited |
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 a Report of the Auditors 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 |
Chartered Accountants and Statutory Auditors |
Thistlebank House |
2 Old Henry Street |
Enniskillen |
Co. Fermanagh |
BT74 7JX |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Consolidated Income Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 4,521,382 | 4,063,232 |
Cost of sales | 857 | 1,088 |
GROSS PROFIT | 4,520,525 | 4,062,144 |
Administrative expenses | 3,594,902 | 3,106,502 |
925,623 | 955,642 |
Other operating income | 192,821 | 113,528 |
OPERATING PROFIT | 5 | 1,118,444 | 1,069,170 |
Income from interest in associated undertakings | 12,948 | 8,689 |
Income from other participating interests | 67,958 | 70,126 |
Interest receivable and similar income | 6,766 | 5,996 |
87,672 | 84,811 |
1,206,116 | 1,153,981 |
Interest payable and similar expenses | 8 | 52,657 | 33,927 |
PROFIT BEFORE TAXATION | 1,153,459 | 1,120,054 |
Tax on profit | 9 | 221,161 | 194,794 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 932,298 | 925,260 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 932,298 | 925,260 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
932,298 |
925,260 |
Total comprehensive income attributable to: |
Owners of the parent | 932,298 | 925,260 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Consolidated Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 2,545,490 | 1,624,113 |
Tangible assets | 13 | 1,871,179 | 1,831,947 |
Investments | 14 |
Interest in joint venture |
Share of gross assets | 409,904 | 341,946 |
409,904 | 341,946 |
Other investments | 62,335 | 49,387 |
4,888,908 | 3,847,393 |
CURRENT ASSETS |
Stocks | 15 | 6,601 | 6,601 |
Debtors | 16 | 3,306,042 | 2,747,072 |
Cash at bank | 1,670,107 | 1,797,459 |
4,982,750 | 4,551,132 |
CREDITORS |
Amounts falling due within one year | 17 | 4,014,834 | 3,620,566 |
NET CURRENT ASSETS | 967,916 | 930,566 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,856,824 |
4,777,959 |
CREDITORS |
Amounts falling due after more than one year | 18 | (1,124,477 | ) | (615,537 | ) |
PROVISIONS FOR LIABILITIES | 20 | (42,784 | ) | (33,157 | ) |
NET ASSETS | 4,689,563 | 4,129,265 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 36,002 | 36,002 |
Retained earnings | 22 | 4,653,561 | 4,093,263 |
SHAREHOLDERS' FUNDS | 4,689,563 | 4,129,265 |
The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by: |
W A A Dickson - Director |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Company Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 18 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 833,665 | (217,335 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 | 36,002 | 3,478,383 | 3,514,385 |
Changes in equity |
Dividends | - | (310,380 | ) | (310,380 | ) |
Total comprehensive income | - | 925,260 | 925,260 |
Balance at 31 March 2022 | 36,002 | 4,093,263 | 4,129,265 |
Changes in equity |
Dividends | - | (372,000 | ) | (372,000 | ) |
Total comprehensive income | - | 932,298 | 932,298 |
Balance at 31 March 2023 | 36,002 | 4,653,561 | 4,689,563 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,011,607 | 1,208,834 |
Interest paid | (52,657 | ) | (33,927 | ) |
Tax paid | (228,266 | ) | (128,036 | ) |
Net cash from operating activities | 730,684 | 1,046,871 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (1,037,204 | ) | (793,195 | ) |
Purchase of tangible fixed assets | (124,494 | ) | (229,696 | ) |
Purchase of fixed asset investments | - | (28,363 | ) |
Sale of tangible fixed assets | - | 42,999 |
Interest received | 6,766 | 5,996 |
Dividends received | 80,906 | 78,815 |
Net cash from investing activities | (1,074,026 | ) | (923,444 | ) |
Cash flows from financing activities |
New loans in year | 757,889 | - |
Loan repayments in year | (160,146 | ) | (144,214 | ) |
Amount introduced by directors | 16,618 | - |
Amount withdrawn by directors | - | (15,126 | ) |
Equity dividends paid | (372,000 | ) | (310,380 | ) |
Net cash from financing activities | 242,361 | (469,720 | ) |
Decrease in cash and cash equivalents | (100,981 | ) | (346,293 | ) |
Cash and cash equivalents at beginning of year | 2 | 1,766,339 | 2,112,632 |
Cash and cash equivalents at end of year | 2 | 1,665,358 | 1,766,339 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation | 1,153,459 | 1,120,054 |
Depreciation charges | 201,089 | 156,743 |
Profit on disposal of fixed assets | - | (13,169 | ) |
Income from Joint Ventures | 67,958 | (70,126 | ) |
Income from Associates | 12,948 | (8,689 | ) |
Government grants | (21,000 | ) | (6,828 | ) |
Finance costs | 52,657 | 33,927 |
Finance income | (87,672 | ) | (84,811 | ) |
1,379,439 | 1,127,101 |
Increase in stocks | - | (2,499 | ) |
Increase in trade and other debtors | (718,971 | ) | (690,405 | ) |
Increase in trade and other creditors | 351,139 | 774,637 |
Cash generated from operations | 1,011,607 | 1,208,834 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,670,107 | 1,797,459 |
Bank overdrafts | (4,749 | ) | (31,120 | ) |
1,665,358 | 1,766,339 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,797,459 | 2,120,730 |
Bank overdrafts | (31,120 | ) | (8,098 | ) |
1,766,339 | 2,112,632 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,797,459 | (127,352 | ) | 1,670,107 |
Bank overdrafts | (31,120 | ) | 26,371 | (4,749 | ) |
1,766,339 | (100,981 | ) | 1,665,358 |
Debt |
Debts falling due within 1 year | (104,237 | ) | (88,802 | ) | (193,039 | ) |
Debts falling due after 1 year | (615,537 | ) | (508,940 | ) | (1,124,477 | ) |
(719,774 | ) | (597,742 | ) | (1,317,516 | ) |
Total | 1,046,565 | (698,723 | ) | 347,842 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Dickson & Co (NI) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and on a going concern basis. |
Basis of consolidation |
In the financial statements of the parent company, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the twelve months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
The consolidated financial statements incorporate those of Dickson & Co (NI) Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method. |
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other ventures under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method. |
Associates and joint ventures |
Investments in associates and joint ventures are initially recognised at cost and adjusted for the company's share of profit/(loss) for the period. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Income relating to insurance broking is brought into account at the earlier of the policy inception date or when the policy placement has been completed and confirmed. |
Fees and other income receivable are recognised in the period to which they relate and when they can be measured with reasonable certainty. |
Goodwill |
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. |
Note 12 includes the incorporation of the existing trade in 2009. The useful economic life of this asset has been estimated by the directors as 25 years. This is deemed to be the duration that the conditions creating the original valuation will continue to remain in place. It also includes the amount paid in connection with the acquisition of a business in 2021 and another in 2022, both of which are amortised evenly over their estimated useful life of 10 years. |
The carrying value of goodwill is reviewed for impairment each year to assess whether events or changes in circumstances indicate the carrying value may not be recoverable. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are originally stated at cost and are subsequently carried at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes any costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - 2% on cost |
Improvements to property | - 4% on cost |
Plant and machinery | - 20% on reducing balance |
Fixtures and fittings | - 20% on reducing balance |
Motor vehicles | - 20% on reducing balance |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost, on a first-in, first-out (FIFO) basis, and net realisable value, after making due allowance for obsolete and slow moving items. |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
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 entity after deducting all of it's financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. |
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 entity after deducting all of it's financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. |
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the statement of comprehensive income. |
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 the statement of comprehensive income. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables and preference shares are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been received in the ordinary course of business from suppliers. Trade payables are classified into amounts falling due within one year if payment is due within one year or less. If not, they are presented as amounts falling due after one year. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Short term debtors and creditors |
Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other operating expenses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements indicate a profit before tax of £1.15m for the period. The group continues to demonstrate growth in revenue, continuing profitability and increase in net asset position. |
Business projections incorporating the acquisition of similar businesses indicate increasing levels of turnover and profitabilty for the forseeable future. |
The owners have expressed their satisfaction with the performance of the business and confirmed their support for the group going forward. |
Based on the above, it is deemed appropriate for the company and the group to be regarded as a going concern. |
Impairment of assets |
At each reporting year end date, the directors review the carrying amount of the tangible and intangible 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 it belongs |
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND 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 period. |
The following judgement has had the most significant effect on amounts recognised in the financial statements: |
Intangible assets |
The goodwill generated upon the incorporation of the trade has been reviewed by the directors and the remaining useful life remains appropriate. The directors do not believe that there is any impairment. |
4. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries | 1,906,481 | 1,605,274 |
Social security costs | 187,981 | 143,617 |
Other pension costs | 63,794 | 52,204 |
2,158,256 | 1,801,095 |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Administration |
The average number of employees by undertakings that were proportionately consolidated during the year was 5 (2022 - 1 ) . |
31.3.23 | 31.3.22 |
£ | £ |
Directors' remuneration | 181,881 | 184,509 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Hire of plant and machinery | 3,392 | 4,133 |
Depreciation - owned assets | 85,262 | 111,797 |
Profit on disposal of fixed assets | - | (13,169 | ) |
Goodwill amortisation | 115,827 | 75,749 |
Foreign exchange differences | (2,832 | ) | (6,261 | ) |
6. | AUDITORS' REMUNERATION |
31.3.23 | 31.3.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
13,020 |
9,800 |
7. | EXCEPTIONAL ITEMS |
31.3.23 | 31.3.22 |
£ | £ |
Exceptional items | - | (49,517 | ) |
The exceptional item of £49,517 in the prior year relates to the elimination of related party balances as part of a group restructuring process. |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Bank interest | 52,657 | 33,927 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax | 208,372 | 166,500 |
Deferred tax | 12,789 | 28,294 |
Tax on profit | 221,161 | 194,794 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax | 1,153,459 | 1,120,054 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
219,157 |
212,810 |
Effects of: |
Expenses not deductible for tax purposes | 3,394 | 4,551 |
Income not taxable for tax purposes | (15,373 | ) | (19,658 | ) |
Depreciation in excess of capital allowances | 10,562 | 10,966 |
Utilisation of tax losses | (15,278 | ) | (12,540 | ) |
Deferred tax movement | 18,699 | 35,346 |
Exceptional items | - | (36,681 | ) |
Total tax charge | 221,161 | 194,794 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
31.3.23 | 31.3.22 |
£ | £ |
Ordinary shares of £1 each |
Final | 372,000 | 310,380 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 | 2,526,427 |
Additions | 1,037,204 |
At 31 March 2023 | 3,563,631 |
AMORTISATION |
At 1 April 2022 | 902,314 |
Amortisation for year | 115,827 |
At 31 March 2023 | 1,018,141 |
NET BOOK VALUE |
At 31 March 2023 | 2,545,490 |
At 31 March 2022 | 1,624,113 |
Company |
Goodwill |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 1,518,000 | 191,150 | 144,840 |
Additions | 10,691 | 7,948 | 3,800 |
At 31 March 2023 | 1,528,691 | 199,098 | 148,640 |
DEPRECIATION |
At 1 April 2022 | 53,763 | 11,363 | 87,997 |
Charge for year | 18,679 | 7,964 | 12,692 |
At 31 March 2023 | 72,442 | 19,327 | 100,689 |
NET BOOK VALUE |
At 31 March 2023 | 1,456,249 | 179,771 | 47,951 |
At 31 March 2022 | 1,464,237 | 179,787 | 56,843 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 432,936 | 23,994 | 2,310,920 |
Additions | 102,055 | - | 124,494 |
At 31 March 2023 | 534,991 | 23,994 | 2,435,414 |
DEPRECIATION |
At 1 April 2022 | 309,694 | 16,156 | 478,973 |
Charge for year | 44,727 | 1,200 | 85,262 |
At 31 March 2023 | 354,421 | 17,356 | 564,235 |
NET BOOK VALUE |
At 31 March 2023 | 180,570 | 6,638 | 1,871,179 |
At 31 March 2022 | 123,242 | 7,838 | 1,831,947 |
Cost or valuation at 31 March 2023 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2020 | 550,000 | - | - |
Cost | 978,691 | 199,098 | 148,640 |
1,528,691 | 199,098 | 148,640 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2020 | - | - | 550,000 |
Cost | 534,991 | 23,994 | 1,885,414 |
534,991 | 23,994 | 2,435,414 |
If freehold property had not been revalued it would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 1,767,955 | 1,767,955 |
Aggregate depreciation | 93,368 | 69,446 |
Value of land in freehold land and buildings | 571,842 | 571,842 |
Freehold property was valued on an open market basis on 28 October 2020 by Pollock Commercial LLP . |
Company |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | FIXED ASSET INVESTMENTS |
Group |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 49,387 | 341,946 | 391,333 |
Share of profit/(loss) | 12,948 | 67,958 | 80,906 |
At 31 March 2023 | 62,335 | 409,904 | 472,239 |
NET BOOK VALUE |
At 31 March 2023 | 62,335 | 409,904 | 472,239 |
At 31 March 2022 | 49,387 | 341,946 | 391,333 |
Company |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 1,132,966 |
Additions | 94,260 |
Share of profit/(loss) | 12,948 | 67,958 | 80,906 |
At 31 March 2023 | 1,308,132 |
NET BOOK VALUE |
At 31 March 2023 | 1,308,132 |
At 31 March 2022 | 1,132,966 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 54 Dromore Road, Omagh, Co. Tyrone, BT78, 1RB, Northern Ireland |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: 54 Dromore Road, Omagh, Co. Tyrone, BT78 1RB, Northern Ireland |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: Millennium House, 36 Newtowne Square, Limavady, Co. Londonderry, BT49 0FL, Northern Ireland |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year/period | ( |
) |
Dickson & Co (NI) Limited purchased 100% of the share capital of Morrison Associates (NI) Limited in December 2021. |
Joint venture |
Registered office: 1A The Yeates Centre, Dunboyne, Co. Meath, A86 YY77, Republic of Ireland |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Associated company |
Registered office: Unit 11, Lisnaskea Business Complex, Drumbrughas North, Lisnakea, Co. Fermanagh, BT92 0JE, Northern Ireland |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
15. | STOCKS |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Stocks | 6,601 | 6,601 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Trade debtors | 2,270,858 | 2,043,264 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,007,697 | 643,874 |
Directors' current accounts | - | 16,026 | - | - |
Prepayments and accrued income | 27,487 | 43,908 |
3,306,042 | 2,747,072 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 197,788 | 135,357 |
Trade creditors | 2,982,142 | 2,681,443 |
Amounts owed to group undertakings | - | - |
Tax | 195,904 | 215,798 |
Social security and other taxes | 52,063 | 43,045 |
Other creditors | 513,354 | 523,623 |
Directors' current accounts | 592 | - | 592 | - |
Accruals and deferred income | 72,991 | 21,300 |
4,014,834 | 3,620,566 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans (see note 19) | 1,124,477 | 615,537 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 4,749 | 31,120 |
Bank loans | 193,039 | 104,237 |
197,788 | 135,357 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 1,124,477 | 615,537 |
The long-term loans are secured by a floating charge with Danske Bank Limited over the group assets. There is a separate fixed charge over the freehold property held by Danske Bank Limited. |
The balance due is repayable by quarterly instalments. Interest is charged at a fixed rate above LIBOR. |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Deferred tax | 42,784 | 33,157 | 50,884 | 40,285 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 33,157 |
Provided during year | 9,627 |
Balance at 31 March 2023 | 42,784 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 36,002 | 36,002 |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2022 | 4,093,263 |
Profit for the year | 932,298 |
Dividends | (372,000 | ) |
At 31 March 2023 | 4,653,561 |
Company |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
Dickson & Co (NI) Limited (Registered number: NI072179) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
23. | ULTIMATE PARENT COMPANY |
Dickson & Co (NI) Limited is regarded by the directors as being the company's ultimate parent company. |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
31.3.23 | 31.3.22 |
£ | £ |
W A A Dickson |
Balance outstanding at start of year | - | 450 |
Amounts advanced | 185,704 | 154,965 |
Amounts repaid | (186,000 | ) | (155,415 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (296 | ) | - |
Ms M R Dickson |
Balance outstanding at start of year | - | 450 |
Amounts advanced | 185,704 | 154,965 |
Amounts repaid | (186,000 | ) | (155,415 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (296 | ) | - |
25. | RELATED PARTY DISCLOSURES |
During the year, management fees of £171,821 were charged by Dickson & Co (NI) Limited to a company under joint ownership (2022: £101,700). |
During the year, commission of £91,557 was charged by Dickson & Co (NI) Limited to a subsidiary company (2022: NIL). |
During the year, commission of £199,292 was charged to Dickson & Co (NI) Limited by an associated company (2022: £174,924). |
At the year end there is a balance owed to Dickson & Co (NI) Limited from related parties due to common ownership of £628,677 (2022: £373,341). |
At the year end there is no balance owed by Dickson & Co (NI) Limited to related parties due to common ownership (2022: £28,325). |
26. | POST BALANCE SHEET EVENTS |
In November 2023, Dickson & Co (NI) Limited acquired 100% of the share capital of an incorporated insurance broker. |
Other than the above, the directors are not aware of any post balance sheet events that need to be disclosed. |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are Mr W A A Dickson and Ms M R Dickson. |