Company registration number 01315638 (England and Wales)
GEORGE DUTTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GEORGE DUTTON LIMITED
COMPANY INFORMATION
Directors
G S Dutton
F M Dutton
J E Dutton
Secretary
F M Dutton
Company number
01315638
Registered office
Moor Farm Road
Airfield Industrial Estate
Ashbourne
Derbyshire
DE6 1HD
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
GEORGE DUTTON LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
GEORGE DUTTON LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GEORGE DUTTON LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Dutton Limited for the year ended 30 November 2022 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of George Dutton Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of George Dutton Limited and state those matters that we have agreed to state to the Board of Directors of George Dutton Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Dutton Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that George Dutton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of George Dutton Limited. You consider that George Dutton Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of George Dutton Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
3 July 2023
GEORGE DUTTON LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2022
30 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
50,049
50,904
Investment properties
4
7,475,100
7,475,100
7,525,149
7,526,004
Current assets
Debtors
5
728,326
439,514
Cash at bank and in hand
756,541
995,948
1,484,867
1,435,462
Creditors: amounts falling due within one year
6
(547,779)
(623,539)
Net current assets
937,088
811,923
Total assets less current liabilities
8,462,237
8,337,927
Provisions for liabilities
(630,794)
(629,957)
Net assets
7,831,443
7,707,970
Capital and reserves
Called up share capital
7
33,000
33,000
Revaluation reserve
20,987
20,987
Fair value reserve
3,804,895
3,804,895
Profit and loss reserves
3,972,561
3,849,088
Total equity
7,831,443
7,707,970
GEORGE DUTTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2022
30 November 2022
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 3 July 2023 and are signed on its behalf by:
Director
Company Registration No. 01315638
GEORGE DUTTON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 4 -
Share capital
Revaluation reserve
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2020
33,000
8,140
2,610,066
3,827,572
6,478,778
Year ended 30 November 2021:
Profit and total comprehensive income for the year
-
-
-
1,417,192
1,417,192
Dividends
-
-
-
(188,000)
(188,000)
Other movements
-
12,847
1,194,829
(1,207,676)
-
Balance at 30 November 2021
33,000
20,987
3,804,895
3,849,088
7,707,970
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
-
248,473
248,473
Dividends
-
-
-
(125,000)
(125,000)
Balance at 30 November 2022
33,000
20,987
3,804,895
3,972,561
7,831,443
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 5 -
1
Accounting policies
Company information
George Dutton Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moor Farm Road, Airfield Industrial Estate, Ashbourne, Derbyshire, DE6 1HD.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line basis on buildings. Freehold land is not depreciated
Plant and machinery
15% reducing balance basis and 20% straight line basis
Fixtures, fittings and equipment
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or valuation
At 1 December 2021 and 30 November 2022
50,000
345,143
354
395,497
Depreciation and impairment
At 1 December 2021
344,311
282
344,593
Depreciation charged in the year
712
125
18
855
At 30 November 2022
712
344,436
300
345,448
Carrying amount
At 30 November 2022
49,288
707
54
50,049
At 30 November 2021
50,000
832
72
50,904
Land and buildings with a carrying amount of £ £49,288 (2021 - £50,000) were revalued at 13 April 2022 by Gadsby Nichols, independent valuers not connected with the company on the basis of market value.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
3
Tangible fixed assets
(Continued)
- 7 -
Freehold land and buildings
2022
2021
£
£
Cost
31,368
31,368
Accumulated depreciation
(3,185)
(2,738)
Carrying value
28,183
28,630
4
Investment property
2022
£
Fair value
At 1 December 2021 and 30 November 2022
7,475,100
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 13 April 2022 by Gadsby Nichols, who are not connected with the company. The basis of this valuation was at market value.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
315,743
46,079
Other debtors
412,583
393,435
728,326
439,514
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
399
Trade creditors
22,228
16,134
Taxation and social security
58,329
43,008
Other creditors
467,222
563,998
547,779
623,539
GEORGE DUTTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 8 -
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,000
30,000
30,000
30,000
Ordinary A shares of £1 each
1,500
1,500
1,500
1,500
Ordinary B shares of £1 each
750
750
750
750
Ordinary C shares of £1 each
250
250
250
250
Ordinary D shares of £1 each
250
250
250
250
Ordinary E shares of £1 each
250
250
250
250
33,000
33,000
33,000
33,000
8
Financial commitments, guarantees and contingent liabilities
At the balance sheet date, the total amount of future rental income expected to be received on investment properties based on signed leases with tenants, but not included in the balance sheet is £1,508,686 (2021 - £2,018,524).
9
Events after the reporting date
Since the balance sheet date, dividends totaling £61,000 have been voted.