Company Registration No. 00316694 (England and Wales)
DICKINSON BROTHERS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
DICKINSON BROTHERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
DICKINSON BROTHERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
834,222
909,551
Investment properties
5
2,618,000
2,618,000
Investments
6
2,244,852
2,186,636
5,697,074
5,714,187
Current assets
Stocks
751,927
578,519
Debtors
7
349,881
208,079
Cash at bank and in hand
766,371
1,018,104
1,868,179
1,804,702
Creditors: amounts falling due within one year
8
(1,672,422)
(884,151)
Net current assets
195,757
920,551
Total assets less current liabilities
5,892,831
6,634,738
Creditors: amounts falling due after more than one year
9
(506,854)
(265,039)
Provisions for liabilities
(216,000)
(228,000)
Net assets
5,169,977
6,141,699
Capital and reserves
Called up share capital
1,319
3,600
Revaluation reserve
168,573
172,160
Capital redemption reserve
4,681
2,400
Other reserves
1,411,519
1,461,513
Profit and loss reserves
3,583,885
4,502,026
Total equity
5,169,977
6,141,699
DICKINSON BROTHERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 September 2021 and are signed on its behalf by:
JRJ Dickinson
Director
Company Registration No. 00316694
DICKINSON BROTHERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2019
3,600
179,333
2,400
1,472,888
4,279,491
5,937,712
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
-
-
1,069,609
1,069,609
Dividends
-
-
-
-
(865,622)
(865,622)
Transfers
-
-
-
18,548
18,548
Tranfer to/(from) Fair Value Reserve
-
(7,173)
-
(11,375)
-
(18,548)
Balance at 31 December 2019
3,600
172,160
2,400
1,461,513
4,502,026
6,141,699
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
-
934,524
934,524
Dividends
-
-
-
-
(380,000)
(380,000)
Own shares acquired
-
-
-
(1,526,246)
(1,526,246)
Redemption of shares
(2,281)
-
2,281
-
Transfers
-
-
-
53,581
53,581
Tranfer to/(from) Fair Value Reserve
-
(3,587)
-
(49,994)
-
(53,581)
Balance at 31 December 2020
1,319
168,573
4,681
1,411,519
3,583,885
5,169,977
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
1
Accounting policies
Company information
Dickinson Brothers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Lambton Road, Jesmond, Newcastle upon Tyne, NE2 4RX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.
true
1.3
Turnover
Turnover represents amounts receivable for goods provided net of VAT and trade discounts.
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
Intangible fixed assets - goodwill
Goodwill is written off in equal annual instalments over its estimated useful economic life, which has been calculated at 5 years.
1.5
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.
Tangible fixed assets include investment properties valued by the directors on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Over 20 and 50 years (land not depreciated)
Leasehold improvements
Over the lease period
Plant and machinery
25% net book value
Fixtures, fittings & equipment
25% net book value (computer 25% on cost)
Motor vehicles
25% net book value
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
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
.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
An amount equivalent to the revaluation surplus, less any associated deferred tax is held in a separate non-distributable reserve, with the movement in the year being treated as a transfer from / to profit and loss reserves..
1.7
Fixed asset investments
Interests in subsidiaries
and associates
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.
Listed i
n
vestments
are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
An amount equivalent to the revaluation surplus, less any associated deferred tax is held in a separate non-distributable reserve, with the movement in the year being treated as a transfer from / to profit and loss reserves.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its 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 the asset belongs.
1.9
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.
1.10
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.
1.11
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.
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.12
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.
1.13
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.
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 7 -
1.14
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.
1.15
Retirement benefits
The company operates two defined contribution schemes for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
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.
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
38
36
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2020 and 31 December 2020
16,000
Amortisation and impairment
At 1 January 2020 and 31 December 2020
16,000
Carrying amount
At 31 December 2020
At 31 December 2019
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
4
Tangible fixed assets
Land and buildings Freehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2020
839,535
74,785
37,175
212,110
128,826
1,292,431
Additions
9,444
6,268
15,712
Disposals
(17,767)
(17,767)
At 31 December 2020
839,535
74,785
37,175
221,554
117,327
1,290,376
Depreciation and impairment
At 1 January 2020
177,716
5,983
12,400
117,725
69,056
382,880
Depreciation charged in the year
24,463
7,479
6,195
26,942
13,491
78,570
Eliminated in respect of disposals
(5,296)
(5,296)
At 31 December 2020
202,179
13,462
18,595
144,667
77,251
456,154
Carrying amount
At 31 December 2020
637,356
61,323
18,580
76,887
40,076
834,222
At 31 December 2019
661,819
68,802
24,775
94,385
59,770
909,551
A commercial property, previously held in investment properties, is now being used by the business and was transferred at valuation in 2018 from Investment properties to Freehold land & buildings.
5
Investment property
2020
£
Fair value
At 1 January 2020 and 31 December 2020
2,618,000
Investment property comprises a mixture of commercial, retail and residential properties. The fair value of the investment property has been identified at the balance sheet date by the directors of the company, on an open market basis, by reference to market evidence of transaction prices for similar properties, taking into consideration the current state of the property.
6
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
5,050
5,050
Other investments other than loans
2,239,802
2,181,586
2,244,852
2,186,636
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
6
Fixed asset investments
(Continued)
- 10 -
Fixed asset investments revalued
Listed investments are included at market value.
Fixed asset investments not carried at market value
Investments in subsidiaries are included at their cost of £5,050 (2019 - £5,050).
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2020
5,050
2,181,586
2,186,636
Additions
-
120,211
120,211
Valuation changes
-
(61,995)
(61,995)
At 31 December 2020
5,050
2,239,802
2,244,852
Carrying amount
At 31 December 2020
5,050
2,239,802
2,244,852
At 31 December 2019
5,050
2,181,586
2,186,636
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
204,610
153,881
Other debtors
8,218
4,107
Prepayments and accrued income
137,053
50,091
349,881
208,079
8
Creditors: amounts falling due within one year
2020
2019
£
£
Obligations under finance leases
8,185
8,186
Trade creditors
697,054
483,319
Amounts owed to group undertakings
5,000
5,000
Corporation tax
235,381
176,758
Other taxation and social security
256,199
143,935
Other creditors
332,170
36
Accruals and deferred income
138,433
66,917
1,672,422
884,151
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 11 -
9
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
500,000
250,000
Obligations under finance leases
6,854
15,039
506,854
265,039
The bank loan is secured on company investment property and obligations under finance leases are secured on the assets to which they relate.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
296,072
392,612
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2020
2019
2020
2019
£
£
£
£
Subsidiary
27,383
28,412
52,766
82,711
Management fee cost
2020
2019
£
£
Subsidiary
240,000
190,000
DICKINSON BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11
Related party transactions
(Continued)
- 12 -
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Subsidiary
5,630
-
Other information
The company has provided guarantees on behalf of a subsidiary company to the amount of £90,570 (2019: £124,250).
2020-12-31
2020-01-01
false
14 September 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
D J Dickinson
J C Dickinson
H A Dickinson
JRJ Dickinson
J C Dickinson
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