Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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DARKE & TAYLOR LIMITED
COMPANY INFORMATION
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DARKE & TAYLOR LIMITED
CONTENTS
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DARKE & TAYLOR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The results for the year and financial position of the company are shown in the attached financial statements. The directors are satisfied with the results for the year in which turnover was similar and gross profit and operating profits increased in comparison to the previous year. As a result the company has made a significant contribution to the group.
Darke & Taylor is a specialist company that provides a multi-disciplinary and integrated approach to building services including electrical, network, mechanical, public health, fire, security and energy efficiency systems. The company provides high quality, compliant solutions for the design and installation of these systems both as a specialist subcontractor to main contractors and project managers constructing and refurbishing buildings, and also to the landlords, owners and occupants of buildings who require maintenance, testing, remedial repairs and minor works.
The directors and senior management play an important part in day to day operations, and bring their extensive experience to each project. Furthermore, in an industry where the extensive use of sub-contract and agency labour is common, the company has a proud tradition of committing to the direct employment of site and office staff. Recent significant investments in staff training, staff benefits, and an award-winning apprenticeship scheme are important aspects of the company’s long-term, sustainable plan to continually develop its workforce and provide the skills, experience and technical knowledge to deliver services that meet client requirements and keep up to date with advancing technology in its sector. The company benefits from high levels of repeat business and puts emphasis on developing relationships with its valued client base. As the company progresses and evolves it continues to acquire new clients that it looks to develop long term relationships with. In particular the company is experiencing growth in its integrated approach to building services and has seen it transition from a traditional electrical contracting business to one that provides a full MEP Services design, installation and maintenance solution that can address future requirements for the drive towards zero carbon and digital transformation in the sectors it operates in. Despite the disruption caused to the UK economy by the coronavirus pandemic and Brexit, the company has managed to deliver sound financial performance by continued commitment to its ongoing strategy of delivering high quality and effective solutions, continued investment in staff and delivering high service levels. The directors are optimistic for the company’s future prospects and its ability to generate excellent levels of repeat and referral business.
The business faces no specific risks over the coming year, but its marketplace is competitive and the company is exposed to general risks associated with operating in the building sector and to broader economic trends. Cash flow has been identified as a general risk that might affect the business, however there are sufficient cash reserves and credit facilities available. Where risks can be identified they have been addressed and actions taken, where possible, to control them.
The key performance indicators defined by the company are turnover, trading profit and cash.
The company has no other defined key performance indicators.
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DARKE & TAYLOR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This report was approved by the board on 28 September 2022
and signed on its behalf.
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DARKE & TAYLOR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙
make judgments 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 to 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.
The profit for the year, after taxation, amounted to £
1,645,430
(2020 -
£
1,210,772
)
.
During the year equity dividends of £1,193,522 were paid (2020 - £1,135,285). No final dividend is recommended by the directors in respect of the year’s result.
The directors who served during the year were:
There are no material future developments to disclose in these financial statements.
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DARKE & TAYLOR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
There have been no significant events affecting the Company since the year end.
The auditors, KBDR Ltd, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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DARKE & TAYLOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARKE & TAYLOR LIMITED
We have audited the financial statements of Darke & Taylor Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of income and retained earnings, the Balance sheet
and the related notes, 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).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
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DARKE & TAYLOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARKE & TAYLOR LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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DARKE & TAYLOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARKE & TAYLOR LIMITED (CONTINUED)
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 Auditors' 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:
Discussions with and enquires of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: - Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. - Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with law regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquires with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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 Auditors' report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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DARKE & TAYLOR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARKE & TAYLOR LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants & Registered Auditors
The Old Tannery
Hensington Road
Oxon
OX20 1JL
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DARKE & TAYLOR LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DARKE & TAYLOR LIMITED
REGISTERED NUMBER:
999233
BALANCE SHEET
AS AT
31 DECEMBER 2021
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DARKE & TAYLOR LIMITED
REGISTERED NUMBER:
999233
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 26 form part of these financial statements.
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Darke & Taylor Limited, Company Registration Number 999233
A company limited by shares and incorporated in England and Wales Registered office address Radiant House Blenheim Office Park Long Hanborough Witney Oxfordshire OX29 8LN The principal activity of the group is that of the provision of electro-technical services.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The whole of the turnover is attributable to the provision of electro-technical services.
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
12.
Taxation (continued)
There were no factors that may affect future tax charges.
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
14.
Tangible fixed assets (continued)
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 22
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 23
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 24
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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DARKE & TAYLOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Profit and loss account
The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds.
At the balance sheet date the company was a 100% subsidiary of Darke & Taylor (Holdings) Limited, a
company incorporated in England and Wales. Darke & Taylor (Holdings) Limited is controlled by the directors S D Newton and G Winstone.
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