REGISTERED NUMBER:
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Dunton Environmental Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2021 |
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REGISTERED NUMBER:
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Dunton Environmental Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2021 |
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Dunton Environmental Limited (Registered number: 05839536) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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Dunton Environmental Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
71/73 Hoghton Street |
Southport |
Merseyside |
PR9 0PR |
Dunton Environmental Limited (Registered number: 05839536) |
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Strategic Report |
for the Year Ended 31 December 2021 |
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The directors present their strategic report for the year ended 31 December 2021. |
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The Company's principal activity is remediation activities and other waste management services. |
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BUSINESS MODEL |
Dunton Environmental Ltd is a leading ground remediation and waste management contractor. The Company is part of the worldwide foundation group, Soletanche Freyssinet, itself one of the largest and most diverse soil improvement and remediation specialists for the construction industry. |
The Company carries out projects nationally for a wide range of major clients. |
The Company views health, safety and training as priority areas to ensure that its human resources are well equipped to deal with the challenges that the Company's business sector presents. Increasing control and regulation related to plant, site operations and the environment are regarded as positive factors throughout all levels of the Company's personnel. |
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REVIEW OF BUSINESS |
The profit for the year amounted to £704k (2020: Loss £313k). The activity of the Company was affected due to the COVID-19 pandemic during the initial lockdown period when restrictions on construction activity were in place. The business has adjusted very well from the impact of Covid having put in measures and protocols to ensure continuity of business throughout the pandemic and ensuring the safety and good health of all our staff and customers. |
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In May of 2021, Soletanche Freyssinet acquired an 80% equity stake in the businesses. Soletanche Freyssinet, is a French company and in turn part of VINCI Construction Group. Within the Group, Dunton will be joining Menard who are a world leader in soil improvement, investigation, and remediation. The collaboration between Menard and Dunton will accelerate business aspirations by creating scope for even faster growth and expansion. This new partnership will provide significant benefits to all our clients because it will enable Dunton to support them with an even wider geographic reach. The combination of the two companies will bring a depth of experience to enable Dunton to engage in larger and even more technically challenging projects and continue to help solve complex land remediation and waste management issues. |
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KEY PERFORMANCE INDICATORS |
The Company views turnover and profitability as the main indicators in the business. Turnover, including management fees, in 2021 was £14m, up £5m for the same period in 2020. The 2021 EBITDA was £1.4m compared to the loss of £379k achieved in 2020. |
The business has continued to invest inwardly in the following areas: staff growth and training, marketing and sales, new permits for waste treatment centres, new building/office premise improvements and new technology. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The business team has identified the following risks which are currently being monitored and managed. These items are raised at regular board meetings for review. |
Materials and wages inflation in the industry is having an impact on fixing long term tendering opportunities. As such the business is monitoring the input costs of materials and labour and ensuring this is regularly addressed and updated when tendering. |
There is an inherent risk of competition in the market but the Company is always looking to provide the best technological solution at the best value for the clients. |
The other main risk is the non-payment of clients debts but the Company regularly monitors the financial health of its Clients to ensure bad debts are not a significant issue in the Company strategic report. |
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SECTION 172(1) STATEMENT |
The Board confirm they have carried out their s.172 duties under the Companies Act 2006. The Board developed a detailed strategic action plan which focuses on 5 key areas: Health & Safety, Turnover growth, increased profitability, People and Innovation. |
These areas, whilst having independent actions, are also interdependent and the success of the action plan will provide benefits to multiple stakeholders ensuring our staff are valued, rewarded and motivated to provide innovative and quality solutions to our Clients. |
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Dunton Environmental Limited (Registered number: 05839536) |
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Strategic Report |
for the Year Ended 31 December 2021 |
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EMPLOYEE ENGAGEMENT STATEMENT |
The Company makes full use of its internet, regular news flashes, Whatsapp groups and in-house newsletters, with contributions from employees, to communicate matters of interest of interest to as wide an audience as possible. The Company has an employee forum where employee's representatives meet and ask questions to the Company's management about a wide range of issues which may affect them. |
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EMPLOYEE WITH OTHER STAKEHOLDERS |
Customers |
The Company works closely and collaboratively with our customers to ensure effective and efficient delivery of our services that meet their specific needs. We believe open communication at all stages of the works is vital to ensure our customers receive the outcome they are happy with. |
Suppliers |
The Company has a number of national framework agreements with key suppliers which provides visibility and consistency for those suppliers as well as ensuring we have access to the key products and services we require. The Company operates out of national Client sites and recognises the importance of working with local smaller suppliers ensuring the local regions will benefit economically from our presence there. |
Community |
The Company has a well-established apprenticeship programme providing an excellent training programme. Both the Company and its employees provide support and donations to local charities including the Group charity, Vinci Foundation |
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FUTURE DEVELOPMENTS |
The Dunton Environmental Ltd order book for 2022 is extremely healthy and a turnover level similar to 2021 is expected. In the context of the above, the strategic priorities of the business are to build robust control systems and deliver projects that really focus on our unique selling points. The goal is to improve EBITDA. The business will also focus on innovation at every operational level and particularly drive new technology development in soil and waste remediation. |
In 2021 Dunton Environmental Ltd was awarded the Midlands Enterprise, Best Environmental Stewardship Award. Dunton will continue to drive technology developments and industry recognition to raise our brand awareness and position the business as the top land remediation and waste management specialist in the United Kingdom. |
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ON BEHALF OF THE BOARD: |
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4 May 2022 |
Dunton Environmental Limited (Registered number: 05839536) |
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Report of the Directors |
for the Year Ended 31 December 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of remediation activities and other waste management services. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2021. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | 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. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Dunton Environmental Limited (Registered number: 05839536) |
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Report of the Directors |
for the Year Ended 31 December 2021 |
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AUDITORS |
The auditors, Advance Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Dunton Environmental Limited |
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Opinion |
We have audited the financial statements of Dunton Environmental Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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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. |
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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. |
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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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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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. |
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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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Dunton Environmental Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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- Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
- Reviewing minutes of meetings of those charged with governance; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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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. |
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Other matter |
The corresponding figures are unaudited. |
Report of the Independent Auditors to the Members of |
Dunton Environmental Limited |
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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. |
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for and on behalf of
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Statutory Auditor |
71/73 Hoghton Street |
Southport |
Merseyside |
PR9 0PR |
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Dunton Environmental Limited (Registered number: 05839536) |
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Income Statement |
for the Year Ended 31 December 2021 |
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Period |
1.12.19 |
Year Ended | to |
31.12.21 | 31.12.20 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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624,767 | (657,710 | ) |
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Other operating income |
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OPERATING PROFIT/(LOSS) | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) | 7 |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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Dunton Environmental Limited (Registered number: 05839536) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Investments | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
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CREDITORS |
Amounts falling due after more than one
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PROVISIONS FOR LIABILITIES | 16 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Dunton Environmental Limited (Registered number: 05839536) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 December 2019 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2021 |
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Dunton Environmental Limited (Registered number: 05839536) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Dunton Environmental Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The Company's business model results in a positive working capital cycle which generates sufficient cash flows to fund the business. The Company also shows a net asset position at 31 December 2021. The directors have reviewed the current performance and prepared cash flow forecasts for the next 12 months. The realisation of these forecasts may be affected by a number of factors, including changes in customer behaviour, however, the directors are confident that the Company has adequate resources to continue its operations for the foreseeable future. |
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For these reasons, they continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The Company's ultimate parent undertaking, Vinci S.A. includes the Company in its consolidated financial statements. The consolidated financial statements of Vinci S.A. are prepared in accordance with International Financial Reporting Standards as adopted by the EU and are available to the public and may be obtained from the address given in note 16. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures: |
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- Reconciliation of the number of shares outstanding from the beginning to end of the period; |
- Cash Flow Statement and related notes; and |
- Key Management Personnel compensation. |
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As the consolidated financial statements of Vinci S.A. include the equivalent disclosures, the Company has also taken the exemptions under FRS 102 available in respect of the following disclosures: |
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- Certain disclosures required by FRS 102.26 Share Based Payments; and, |
- The disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1. |
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The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. |
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The Company proposes to continue to adopt the reduced disclosure framework of FRS 102 in its next financial statements. |
Dunton Environmental Limited (Registered number: 05839536) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to labour and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
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Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: |
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Leasehold improvements - 8.34% on cost |
Plant and machinery - 20% reducing balance |
Fixtures and fittings - 20% reducing balance |
Computer equipment - 33% reducing balance |
Motor vehicles - 25% reducing balance |
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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. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
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Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. |
Dunton Environmental Limited (Registered number: 05839536) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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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. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans 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. 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. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Dunton Environmental Limited (Registered number: 05839536) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
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. |
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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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
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Rentals payable under operating leases, including any lease incentives received, are charged to income 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 asset are consumed. |
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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. |
|
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
|
3. | TURNOVER |
|
The turnover and profit (2020 - loss) before taxation are attributable to the one principal activity of the company. |
|
4. | EMPLOYEES AND DIRECTORS |
Period |
1.12.19 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
|
|
Dunton Environmental Limited (Registered number: 05839536) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
4. | EMPLOYEES AND DIRECTORS - continued |
|
The average number of employees during the year was as follows: |
Period |
1.12.19 |
Year Ended | to |
31.12.21 | 31.12.20 |
|
Average number of employees |
|
|
|
Period |
1.12.19 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Directors' remuneration |
|
|
|
5. | OPERATING PROFIT/(LOSS) |
|
The operating profit (2020 - operating loss) is stated after charging/(crediting): |
|
Period |
1.12.19 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Hire of plant and machinery |
|
|
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts |
|
|
(Profit)/loss on disposal of fixed assets | ( |
) |
|
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.12.19 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Bank interest |
|
|
Loan interest |
|
|
Hire purchase |
|
|
|
|
Dunton Environmental Limited (Registered number: 05839536) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
7. | TAXATION |
|
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
Period |
1.12.19 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Current tax: |
UK corporation tax |
|
( |
) |
|
Deferred tax | ( |
) | ( |
) |
Tax on profit/(loss) |
|
( |
) |
|
Reconciliation of total tax charge/(credit) 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: |
|
Period |
1.12.19 |
Year Ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Profit/(loss) before tax |
|
( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of |
|
( |
) |
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
|
Utilisation of tax losses | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
|
|
Research and development | - | (22,000 | ) |
Total tax charge/(credit) | 186,260 | (70,144 | ) |
Dunton Environmental Limited (Registered number: 05839536) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and |
improvements | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
|
At 31 December 2021 |
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 31 December 2021 |
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
At 31 December 2020 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 31 December 2021 |
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 31 December 2021 |
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
At 31 December 2020 |
|
|
|
Dunton Environmental Limited (Registered number: 05839536) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
8. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
|
DEPRECIATION |
At 1 January 2021 |
|
Charge for year |
|
At 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
At 31 December 2020 |
|
|
9. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
|
|
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Amounts owed by associates |
|
|
Work in progress |
|
|
Other debtors |
|
|
Amount recoverable on contract | 531,195 | 131,438 |
Directors' current accounts | - | 308,234 |
Tax |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
11. | CURRENT ASSET INVESTMENTS |
2021 | 2020 |
£ | £ |
Other |
|
|
Dunton Environmental Limited (Registered number: 05839536) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other loans (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Amounts owed to associates | 243,782 | 25,276 |
Tax |
|
|
Social security and other taxes |
|
|
Pension | 21,043 | 15,802 |
Other creditors |
|
|
Credit card | - | 14,815 |
Accruals and deferred income |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 14) |
|
|
Other loans (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
Other loans - 1-2 years | 991,021 |
|
|
|
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
Dunton Environmental Limited (Registered number: 05839536) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
15. | LEASING AGREEMENTS - continued |
|
Non-cancellable | operating leases |
2021 | 2020 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
16. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 229,726 | 248,216 |
|
Deferred |
tax |
£ |
Balance at 1 January 2021 |
|
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2021 |
|
|
It is not possible to determine how much of the deferred tax liability will reverse within 12 months as the company's capital expenditure programme is not yet finalised. |
|
17. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | 1 | 100 | 100 |
|
18. | RELATED PARTY DISCLOSURES |
|
During the year the company made sales of £3,123,877 and purchases of £410,826 with Dunton Technologies Limited, a company under common control. A balance of £191,333 was due to this company at the year end. |
|
During the year the company was charged management fees of £209,795 by the parent company, Soletanche Freyssinet. At the year end the balance owing to Soletanche Freyssinet was £209,795 which is included within amounts owing to group entities. |
|
The company rents premises and was charged management fees from Soterion Limited, a company in which director Mr N Roe is a shareholder. Rent totalling £78,000 was paid in the year. Management fees totalling £52,449 were unpaid and outstanding at year end and are included within amounts owing to associates. |
|
In the prior period ended 31 December 2020, there was an outstanding loan to Mr N Roe, a director of the company. The balance outstanding at the start of the year was £308,234 and this was fully repaid during the year ended 31 December 2021. |
Dunton Environmental Limited (Registered number: 05839536) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
19. | ULTIMATE CONTROLLING PARTY |
|
The Company is a subsidiary undertaking of Soletanche Freyssinet S.A. The ultimate parent company at the balance sheet date is Vinci S.A, incorporated in France. |
|
The largest group in which the results of the Company are consolidated is that headed by Vinci S.A., incorporated in France. The smallest group in which they are consolidated is that headed by Soletanche Freyssinet S.A, incorporated in France. The consolidated financial statements, of these groups are available to the public and may be obtained from Soletanche Freyssinet S.A., Rueil Malmaison Cedex, France. |