ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) LIMITED
COMPANY INFORMATION
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D.D.S (DEMOLITION) LIMITED
CONTENTS
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D.D.S (DEMOLITION) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their strategic report for the company for the year ended 31 December 2021.
The results for the company show a pre-tax loss of £988,304 (2020: loss £330,336) for the year and sales of £10,685,764 (2020: £11,835,061).
The level of turnover achieved during the year ended 31 December 2021 is lower than that achieved in the previous financial year and the overall result reflects a loss for the year. The trading subsidiary company, DDS Environmental Limited, now established in the marketplace and has had a challenging year, sustaining a loss for the financial year. During the year DDS Contracting Services Limited, a subsidiary company, commenced trading and achieved a profit for the year. The results of the trading subsidiary companies and dormant subsidiary companies are not included in the results of these financial statements. Separate financial statements have been prepared for the subsidiary companies, as well as all group company results being reflected in the consolidated financial statements of the ultimate parent undertaking 1948 Group Limited. It is considered that the activities of the trading subsidiaries being asbestos removal and disposal in relation to DDS Environmental Limited and contract management and groundworks in relation to DDS Contracting Services Limited complement the demolition services provided by the company, and will hopefully result in further work being generated by being able to work on projects, which previously were not possible or involved significant costs. The directors therefore consider that the company is well placed for the forthcoming year and going forward.
The management of the business and the execution of the company's strategy are subject to a number of risks.
Risks are formally reviewed by the Board and appropriate processes put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the company. The key business risks affecting the company are set out below. Competition The company operates in a competitive market particularly with regard to pricing and service. This results not only in downward pressure on margins but also the risk of not attracting new contracts. In order to mitigate this risk the company's management regularly review results of the company throughout the year and try to address any factors identified that have arisen which are considered inefficient or could impact upon results further if changes are not made. Employee Skills and Retention The company's performance depends largely on its general manager, operations staff and other key employees. The resignation of these individuals and the inability to recruit people with the right experience and skills from the local community could adversely impact the company's results. The board continues to monitor salaries of key personnel to ensure salaries paid remain current and at expected market levels and staff are appropriately rewarded, thus helping to motivate and retain key individuals.
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D.D.S (DEMOLITION) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The company has made significant progress in relation to the company's overriding objective. The company monitors the overall progress and the individual strategic elements by reference to the following KPIs.
Performance together with historical data is set out below: Growth in sales Year on year sales growth expressed as a percentage. Sales have increased significantly during the year. Ongoing contracts should enable further growth as well as increase in customer base and customer loyalty. Reduction in sales for 2021 is 9.7% compared with 37.3% in 2020. Gross profit Gross profit is the ratio of profit on sale of products and services, expressed as a percentage. The gross margin has remained constant with last year and percentages are in line with expectations. Gross profit percentage for 2021 is 0.5% compared with 6.4% in 2020. Return on invested capital Operating profit expressed as a percentage of net assets. Return on invested capital is in line with our expectations although the return achieved was lower than in the comparative year. Return on invested capital for 2021 is (77.2%) compared with (13.1%) in 2020.
Given the straight forward nature of the business activities, the directors are of the opinion that disclosure of any other KPI's is not necessary for an understanding of the results of the company.
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D.D.S (DEMOLITION) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The company's funding, liquidity and exposure to interest rate risks are managed by the directors of the company. The management of this is conducted within a framework of policies and guidelines authorised by the board of the company.
The company's financial instruments comprise borrowings, cash and liquid resources, and various items such as trade debtors and trade creditors that arise directly from its operating activities. The main purpose of the financial instruments is to raise finance for the company's operations. This is particularly relevant with regard to the parent undertaking 1948 Group Limited, since the company relocated in recent years. Although some capital expenditure has been incurred by the company, most of the funding in relation to construction of the new premises is reflected in the financial statements of 1948 Group Limited.
The company publishes its financial statements in pounds sterling and there are no foreign currency transactions. Foreign currency risk is therefore considered minimal.
It is, and has been throughout the year under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are interest rate and liquidity risk. The board of directors reviews and agrees policies for managing each of these risks and they are summarised as follows: Credit risk The main exposure the company has to credit risk is that arising from credit sales. The credit risk of new customers is assessed routinely and appropriate levels of trading permitted based on the results of credit rating reviews. At the year end date, the maximum exposure to credit risk is represented by the carrying amount of each financial asset in the Balance Sheet. Liquidity and cashflow risk As regards liquidity, the company's policy throughout the year has been to ensure continuity of funding. Interest rate risk The company finances its operations primarily through bank borrowings and hire purchase and finance lease agreements. The bank borrowings are at floating rates based principally on Bank of England base rates, and finance agreements at fixed rates. The board will consider the appropriateness of financing should the operations change significantly in size or nature.
This report was approved by the board on 29 September 2022 and signed on its behalf.
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D.D.S (DEMOLITION) 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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The loss for the year, after taxation, amounted to £862,614 (2020 - loss £237,103).
Details of dividends paid are shown in the notes to the financial statements. The directors do not recommend the payment of any further dividends for the year.
The directors who served during the year were:
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D.D.S (DEMOLITION) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The Company has had a challenging year but the directors believe that the business is well placed in the forthcoming year to achieve a good level of performance and return to profit.
Despite the uncertain global economic outlook, going forward, the company predicts modest growth in turnover, but also expects continued pressure on margins. The directors are satisfied with the financial position of the company and continue to look to the future with optimism.
Financial risk management objectives and policies of the Company are detailed in the Strategic Report.
The auditors, Magee Gammon Corporate Limited, 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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D.D.S (DEMOLITION) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.D.S (DEMOLITION) LIMITED
We have audited the financial statements of D.D.S (Demolition) Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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.
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.
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D.D.S (DEMOLITION) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.D.S (DEMOLITION) LIMITED (CONTINUED)
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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D.D.S (DEMOLITION) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.D.S (DEMOLITION) 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:
Capability of the audit in detecting irregularities including fraud Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Procedures performed by the audit team included: • Discussions with management regarding known or suspected instances of non-compliance with laws and regulations; • Evaluation of controls designed to prevent and detect irregularities; and • Assessing journal entries as part of our planned audit approach. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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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D.D.S (DEMOLITION) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.D.S (DEMOLITION) LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Kent
TN24 8DH
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D.D.S (DEMOLITION) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) LIMITED
REGISTERED NUMBER: 02771568
BALANCE SHEET
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 13 to 28 form part of these financial statements.
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D.D.S (DEMOLITION) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
D.D.S (Demolition) Limited is a private limited company incorporated in England and Wales. The Company is limited by shares and the address of its registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The address of the principal place of business is Charles Anthony House, Manston Road, Margate, Kent, CT9 4JW.
The registered number of the Company is 02771568. The principal activity of the Company is that of demolition contractors and salvage yard operators.
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:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of 1948 Group Limited as at 31 December 2021 and these financial statements may be obtained from Charles Anthony House, Manston Road, Margate, Kent CT9 4JW.
The company is a wholly owned subsidiary of 1948 Group Limited. During the year, there were intra-group transactions with the parent undertaking 1948 Group Limited. There were also intra-group transactions with Thanet Waste Services Limited, DDS Environmental Limited, Secure Storage Solutions (Kent) Limited and Reco Ready Mix Limited, being other wholly subsidiaries within the group. The company has taken advantage of the available exemptions not to disclose related party transactions between group companies. Transactions during the year with all other related parties are disclosed in the notes to these financial statements.
D.D.S (Demolition) Limited is a parent company. The company has taken advantage of the available exemption from it's obligation to prepare and deliver group accounts, since the results of the company and all other subsidiary undertakings are included in accounts of the ultimate parent undertaking 1948 Group Limited.
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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D.D.S (DEMOLITION) 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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D.D.S (DEMOLITION) 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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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Depreciation and residual values The directors have reviewed the useful economic life and associated residual values for all classes of fixed assets and have concluded that asset lives and residual values are appropriately reflected.
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) 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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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £48,602 (2020: £50,397). Pension contributions totalling £7,140 (2020: £3,966) were payable to the fund at the balance sheet date.
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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D.D.S (DEMOLITION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
At the balance sheet date, the immediate parent undertaking is 1948 Group Limited, a company incorporated in England and Wales.
1948 Group Limited is the controlling party of the company. The parent undertaking of the smallest group to consolidate their financial statements is 1948 Group Limited, a company incorporated in England and Wales. The registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The parent undertaking of the largest group to consolidate these financial statements is 1948 Group Limited, a company incorporated in England and Wales. The registered address of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The ultimate parent undertaking is 1948 Group Limited, a company incorporated in England and Wales. 1948 Group Limited is also the most senior parent entity producing publicly available financial statements. 1948 Group Limited is the ultimate controlling party of the company. The controlling party of the parent undertaking is Mr and Mrs L Ray by by virtue of a combined interest of 60% of the issued share capital of the company. The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking included in consolidated financial statements for a larger group, by a parent undertaking established under the law of any part of the United Kingdom. 1948 Group Limited has prepared consolidated financial statements which include this company and are publicly available.
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