Company registration number 02306840 (England and Wales)
LAMINATING TECHNOLOGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
LAMINATING TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
Mr N Teal
Mrs M Gamble
Mr S M Brett
Mr R Teal
Ms E Teal
Secretary
Mrs M Gamble
Company number
02306840
Registered office
Unit 5
Advance Factory
Wolsey Drive
Portland Ind Est
Nottinghamshire
NG17 7JR
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
LAMINATING TECHNOLOGY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
LAMINATING TECHNOLOGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Review of the business

Year ending March 2023 has continued to be a challenging year mainly due to the slow recovery of the UK housing market along with the increase in overheads. Despite these factors, the group has maintained turnover levels and achieved modest gross profitability. A strong balance sheet position is still in place.

 

The group continues to maintain its relationships with both customers and suppliers during the year, ensuring that in an unstable economic climate a level of consistency is maintained within the group's business transactions.

 

The directors continue to develop repeat business, whilst at the same time, striving to achieve new business in both the kitchen industry, which forms the majority of the group's existing sales, and to develop its trade within the bedroom industry. By expanding sales into other sectors, the directors believe the group is not exposed to the risks of any one industry.

 

The group have again ensured investment in technology and infrastructure to ensure the company is able to diversify and offer new products to customers.

 

Principal risks and uncertainties

Housing market conditions

 

As the group manufactures and distributes both kitchen and bedroom furniture, it is reliant upon the demand in the housing market, whether this be for new housing or home improvements.

 

The group is aware of the slow recovery of the housing market and the impacts that this is having on the industry, especially with bank interest rates impacting mortgage costs and causing a slowing down on house sales.

 

The directors have also worked to maintain existing relations to ensure security of both supply of goods and repeat business, a significant advantage in the current economic climate.

 

The directors believe that the difficult economic market, and its impact on the housing industry, offers both risks and opportunities for the group, and they continue to closely monitor movements in the market to ensure that they can react quickly with any changes that may be required.

 

Further, the directors have ensured that close control is maintained over the groups cost and continue to invest in technical and quality improvements.

 

 

Exchange rates

 

The directors are aware that the exchange rate can impact on the group and its buying power, particularly in the current economic climate, with the pound struggling to maintain its strength against the euro.

 

The directors monitor exchange rate movements, and the potential impact on the group on a regular basis. They have the ability to utilise existing facilities to mitigate against any adverse movement in the exchange rate, using bank products such as forward contracts, rather than simply using spot rate exchange for all purchases. This ensures that the impact of a changing exchange rate can be reduced to minimum impact on the group.

LAMINATING TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Principal risks and uncertainties (continued)

Competition

 

As with all companies, the group must be aware of competition in the market place and its impact on trading.

 

The directors are aware of the group's position within the market place, and take all steps they can to ensure that they remain a strong competitor therein.

 

This may include close relations with both key suppliers and customers, a keen awareness of market prices and inherent trends, and constant product development.

Key performance indicators

Turnover for the year under review was £8,051,454 (2022: £9,169,651). Loss after tax for the year under review was £210,361 (2022: £682,312 profit).

 

The gross profit percentage this year was 32.2% (2022: 38.3%).

 

The group continues to invest in fixed assets with a further £806,065 invested in the current year (2022: £890,474).

 

Net assets have decreased during the reporting period, from £10,715,190 in 2022 to £9,304,829 in 2023.

 

The group has considerable financial resources, the customer base is widely spread and the supply chain is resilient; as a consequence the directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic climate.

 

The group has adequate resources to continue in operational existence for the foreseeable future.

Going concern

In assessing the appropriateness of the going concern assumption, the Directors have reviewed detailed cash flow forecasts, considering all reasonably foreseeable potential scenarios and material uncertainties in relation to income and costs. Based on these cash flow forecasts the company can meet its liabilities as they fall due and the Directors have therefore concluded that the impact of the coronavirus does not create a material uncertainty, and it is appropriate for the financial statements to be prepared on the going concern basis.

 

Overall, the group's product range is more exciting and diverse than it has ever been and the expectation is to return to profitability in the near future.

On behalf of the board

Mr N Teal
Managing Director
7 November 2023
LAMINATING TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of kitchen and bedroom manufacture and distribution. The group principally supplies to trade customers in the retail, distribution and construction sectors.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N Teal
Mrs M Gamble
Mr S M Brett
Mr R Teal
Ms E Teal
Mr R Teal
(Resigned 15 November 2022)
Financial instruments
Liquidty risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Foreign currency risk

The group's principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary

LAMINATING TECHNOLOGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Future developments

The directors see the future of the group continuing as previously, ensuring efforts are made to maintain existing relations with both customers and suppliers, and to develop new trading relationships for the future benefit of the group.

 

The directors have a risk management framework in place that is designed to identify, monitor, manage and mitigate risks that may impact on the group and its success going forward, they believe that this, together with a strong financial position will ensure that the group continues forward on strong grounding.

 

Where the directors see an opportunity to diversify and grow the group, which they consider will result in a positive outcome, these areas will be investigated further,

Auditor

Edwards were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr N Teal
Managing Director
7 November 2023
LAMINATING TECHNOLOGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LAMINATING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAMINATING TECHNOLOGY LIMITED
- 6 -
Opinion

We have audited the financial statements of Laminating Technology Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

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.

 

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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LAMINATING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAMINATING TECHNOLOGY LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's 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.

 

We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Taxation legislation and Health & Safety compliance.

 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty, specifically surrounding investment valuation. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and income transactions and review of accounting estimates for biases.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LAMINATING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAMINATING TECHNOLOGY LIMITED
- 8 -

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 an auditor's 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.

Robert Kempson ACA (Senior Statutory Auditor)
For and on behalf of Edwards
9 November 2023
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
LAMINATING TECHNOLOGY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
8,051,454
9,169,651
Cost of sales
(5,456,861)
(5,653,653)
Gross profit
2,594,593
3,515,998
Distribution costs
(353,970)
(351,047)
Administrative expenses
(2,426,382)
(2,373,079)
Other operating income
84,387
56,874
Operating (loss)/profit
4
(101,372)
848,746
Interest receivable and similar income
8
14,246
841
Movement in market value of investments
50,109
14,378
(Loss)/profit before taxation
(37,017)
863,965
Tax on (loss)/profit
9
(173,344)
(181,653)
(Loss)/profit for the financial year
(210,361)
682,312
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15 to 30 form part of these financial statements.

LAMINATING TECHNOLOGY LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,625,550
5,214,089
Current assets
Stocks
13
606,181
643,988
Debtors
14
1,224,331
1,330,844
Investments
15
-
0
1,761,239
Cash at bank and in hand
3,081,011
3,015,105
4,911,523
6,751,176
Creditors: amounts falling due within one year
16
(698,244)
(919,190)
Net current assets
4,213,279
5,831,986
Total assets less current liabilities
9,838,829
11,046,075
Provisions for liabilities
Deferred tax liability
17
534,000
330,885
(534,000)
(330,885)
Net assets
9,304,829
10,715,190
Capital and reserves
Called up share capital
19
22,500
30,000
Capital redemption reserve
7,500
-
0
Profit and loss reserves
9,274,829
10,685,190
Total equity
9,304,829
10,715,190

The notes on pages 15 to 30 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
07 November 2023
Mr N Teal
Managing Director
Company registration number 02306840 (England and Wales)
LAMINATING TECHNOLOGY LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,576,695
5,150,934
Investments
11
382,345
382,345
5,959,040
5,533,279
Current assets
Stocks
13
515,594
536,207
Debtors
14
1,162,228
1,225,468
Investments
15
-
0
1,174,724
Cash at bank and in hand
2,288,455
2,690,298
3,966,277
5,626,697
Creditors: amounts falling due within one year
16
(513,420)
(707,043)
Net current assets
3,452,857
4,919,654
Total assets less current liabilities
9,411,897
10,452,933
Provisions for liabilities
Deferred tax liability
17
532,000
310,685
(532,000)
(310,685)
Net assets
8,879,897
10,142,248
Capital and reserves
Called up share capital
19
22,500
30,000
Capital redemption reserve
7,500
-
0
Profit and loss reserves
8,849,897
10,112,248
Total equity
8,879,897
10,142,248

The notes on pages 15 to 30 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £62,351 (2022 - £712,443 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
07 November 2023
Mr N Teal
Managing Director
Company registration number 02306840 (England and Wales)
LAMINATING TECHNOLOGY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
30,000
-
0
10,002,878
10,032,878
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
682,312
682,312
Balance at 31 March 2022
30,000
-
0
10,685,190
10,715,190
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(210,361)
(210,361)
Purchase of own shares
19
(7,500)
7,500
(1,200,000)
(1,200,000)
Balance at 31 March 2023
22,500
7,500
9,274,829
9,304,829

The notes on pages 15 to 30 form part of these financial statements.

LAMINATING TECHNOLOGY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
30,000
-
0
9,399,805
9,429,805
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
712,443
712,443
Balance at 31 March 2022
30,000
-
0
10,112,248
10,142,248
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
(62,351)
(62,351)
Own shares acquired
19
(7,500)
7,500
(1,200,000)
(1,200,000)
Balance at 31 March 2023
22,500
7,500
8,849,897
8,879,897

The notes on pages 15 to 30 form part of these financial statements.

LAMINATING TECHNOLOGY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
251,873
1,241,415
Income taxes (paid)/refunded
(5,496)
24,739
Net cash inflow from operating activities
246,377
1,266,154
Investing activities
Purchase of tangible fixed assets
(806,065)
(890,474)
Proceeds from disposal of tangible fixed assets
-
25,000
Proceeds from disposal of investments
1,811,348
-
Interest received
14,246
841
Net cash generated from/(used in) investing activities
1,019,529
(864,633)
Financing activities
Purchase of own shares
(1,200,000)
-
0
Net cash used in financing activities
(1,200,000)
-
Net increase in cash and cash equivalents
65,906
401,521
Cash and cash equivalents at beginning of year
3,015,105
2,613,584
Cash and cash equivalents at end of year
3,081,011
3,015,105

The notes on pages 15 to 30 form part of these financial statements.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
1
Accounting policies
Company information

Laminating Technology Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 5, Advance Factory, Wolsey Drive, Portland Ind Est, Nottinghamshire, NG17 7JR.

 

The group consists of Laminating Technology Limited and all of its subsidiaries.

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.

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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Laminating Technology Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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
Leasehold land and buildings
10% straight line
Plant and machinery
15% - 20% reducing balance
Fixtures, fittings & equipment
15% - 25% reducing balance
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

 

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

The only government grants received in the year were in respect of renewable energy grants and the only government grants received in the previous year were in respect of furlough monies received under the Corornavirus Job Retention Scheme.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment valuation

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

The group does not have any key judgements or estimations.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
8,051,454
9,169,651
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
5,619,082
6,473,599
Other EEC countries
2,432,372
2,696,052
8,051,454
9,169,651
2023
2022
£
£
Other revenue
Interest income
14,246
841
Grants received
84,387
56,874
LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses
3,667
1,949
Government grants
(84,387)
(56,874)
Depreciation of owned tangible fixed assets
394,604
313,379
Profit on disposal of tangible fixed assets
-
(11,475)
Operating lease charges
66,041
62,500
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,750
11,000
Audit of the financial statements of the company's subsidiaries
2,350
4,036
10,100
15,036
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
6
6
5
5
Management and administrative
15
15
9
10
Production
64
71
59
66
Total
85
92
73
81

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,344,898
2,588,370
1,997,038
2,243,135
Social security costs
238,486
248,586
196,968
215,786
Pension costs
81,488
136,076
72,632
127,954
2,664,872
2,973,032
2,266,638
2,586,875
LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
437,856
634,693
Company pension contributions to defined contribution schemes
28,874
84,824
466,730
719,517

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
83,789
143,916
Company pension contributions to defined contribution schemes
3,344
3,044
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
14,246
259
Other interest income
-
582
Total income
14,246
841
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(23,698)
80,744
Adjustments in respect of prior periods
(6,073)
51,147
Total current tax
(29,771)
131,891
Deferred tax
Origination and reversal of timing differences
203,115
49,762
Total tax charge
173,344
181,653
LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(37,017)
863,965
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(7,033)
164,153
Tax effect of expenses that are not deductible in determining taxable profit
24,470
6,734
Tax effect of income not taxable in determining taxable profit
(24,795)
-
0
Tax effect of utilisation of tax losses not previously recognised
(23,698)
(27,786)
Unutilised tax losses carried forward
37,574
-
0
Under/(over) provided in prior years
(6,073)
51,147
Tax effect of enhanced capital allowances
(32,115)
(12,595)
Effect of change in tax rates
205,014
-
0
Taxation charge
173,344
181,653

Factors that may affect future tax charges

In October 2022, the UK Government announced that the proposed increase in the UK Corporation Tax rate to 25% will go ahead as planned starting 1 April 2023. As such, the deferred tax has been recognised at future tax rates based on the estimated timing of reversal.

There were no other factors that may affect future tax charges.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
4,928,085
20,290
2,880,758
77,301
435,267
8,341,701
Additions
199,773
-
0
531,217
32,214
42,861
806,065
At 31 March 2023
5,127,858
20,290
3,411,975
109,515
478,128
9,147,766
Depreciation and impairment
At 1 April 2022
508,913
20,290
2,300,994
57,853
239,562
3,127,612
Depreciation charged in the year
102,523
-
0
221,901
10,540
59,640
394,604
At 31 March 2023
611,436
20,290
2,522,895
68,393
299,202
3,522,216
Carrying amount
At 31 March 2023
4,516,422
-
0
889,080
41,122
178,926
5,625,550
At 31 March 2022
4,419,172
-
0
579,764
19,448
195,705
5,214,089
Company
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
4,928,085
2,834,770
49,090
285,665
8,097,610
Additions
199,773
531,217
31,014
42,861
804,865
At 31 March 2023
5,127,858
3,365,987
80,104
328,526
8,902,475
Depreciation and impairment
At 1 April 2022
508,913
2,260,899
32,603
144,261
2,946,676
Depreciation charged in the year
102,523
221,017
9,500
46,064
379,104
At 31 March 2023
611,436
2,481,916
42,103
190,325
3,325,780
Carrying amount
At 31 March 2023
4,516,422
884,071
38,001
138,201
5,576,695
At 31 March 2022
4,419,172
573,871
16,487
141,404
5,150,934
LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
382,345
382,345
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
382,345
Carrying amount
At 31 March 2023
382,345
At 31 March 2022
382,345
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ideal Distribution Limited
Lamtek Ltd, Lowmoor Road, Kirkby In Ashfield, Nottinghamshire, England, NG17 7DE
Ordinary shares
100.00
Ideal Supplies Limited
Lamtek Ltd, Lowmoor Road, Kirkby In Ashfield, Nottinghamshire, England, NG17 7DE
Ordinary shares
100.00
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
606,181
643,988
515,594
536,207
LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,010,958
1,162,438
933,517
1,067,793
Corporation tax recoverable
23,698
63,102
23,698
63,102
Amounts owed by group undertakings
-
-
26,694
-
Other debtors
9,200
33,696
9,200
33,696
Prepayments and accrued income
180,475
71,608
169,119
60,877
1,224,331
1,330,844
1,162,228
1,225,468
15
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
-
1,761,239
-
1,174,724
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
497,475
408,062
367,780
283,586
Corporation tax payable
-
0
74,671
-
0
74,671
Other taxation and social security
64,523
114,388
52,067
89,689
Accruals and deferred income
136,246
322,069
93,573
259,097
698,244
919,190
513,420
707,043

Included within accruals and deferred income is deferred income of £22,677 (2022: £40,954) relating to deposits made on future sales.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
534,000
281,187
Investments
-
49,698
534,000
330,885
LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
17
Deferred taxation
(Continued)
- 28 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
532,000
277,487
Investments
-
33,198
532,000
310,685
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
330,885
310,685
Charge to profit or loss
203,115
221,315
Liability at 31 March 2023
534,000
532,000
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,488
136,076

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
22,500
30,000
22,500
30,000

On 21 September 2022, the company repurchased 7,500 ordinary £1 shares for £1,200,000 and subsequently cancelled the shares on the same date.

 

On 11 August 2023, the 22,500 ordinary shares were redesignated as 4,500 ordinary A shares, 6,750 ordinary B shares, 6,750 ordinary C shares. 2,250 ordinary D shares and 2,250 ordinary E shares. Subsequently, the shareholders entered into a share for share exchange with Teal Family Holdings Limited, which became the ultimate parent company.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
20
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
75,921
65,915
8,271
5,915
Between two and five years
72,549
146,303
33,086
33,086
In over five years
10,339
18,900
10,339
18,900
158,809
231,118
51,696
57,901
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
727,399
-
727,399
-
22
Related party transactions

During the year sales of £9,200 (2022: £Nil) were made to a director of the company. As at 31 March 2023, included within other debtors is a balance of £9,200 (2022: £Nil) due from a director.

 

Key management personnel are considered to be the directors of the business. As such their remuneration is disclosed within note 7.

 

23
Controlling party

Subsequent to the year end, Teal Family Holdings Limited acquired 100% of the share capital of the company via a share for share exchange.

 

From this point, the ultimate parent company is Teal Family Holdings Limited, a company registered in England and Wales, registered at: Unit 5 Advance Factory, Wolsey Drive, Portland Industrial Estate, Kirkby In Ashfield, Nottinghamshire, NG17 7JR.

LAMINATING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
24
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(210,361)
682,312
Adjustments for:
Taxation charged
173,344
181,653
Investment income
(14,246)
(841)
Gain on disposal of tangible fixed assets
-
(11,475)
Fair value gain on investment properties
(50,109)
(14,378)
Depreciation and impairment of tangible fixed assets
394,604
313,379
Movements in working capital:
Decrease/(increase) in stocks
37,807
(186,662)
Decrease/(increase) in debtors
67,109
(54,142)
(Decrease)/increase in creditors
(146,275)
331,569
Cash generated from operations
251,873
1,241,415
25
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
3,015,105
65,906
3,081,011
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300Mr S M BrettMr R TealMs E TealMr R TealMs E TealMr R TealMrs M 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