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Registered number: 04619331
Hispec Electrical Products Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2023
Financial Statements
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—7
Income Statement 8
Statement of Financial Position 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—21
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2023 .
Principal Activity
The company's principal activity continues to be that of distribution of fire alarm and lighting products.
Review of the Business
In recent years the company has invested heavily in the design and development of its products and have grown significantly during this time, increasing turnover in the last financial year by 61% to £19.622m (2022:£12.199m) and pre tax profit increased by 77% to £6.146m (2022: £3.470m). Balance sheet net assets also increased to £10.001m from £5.999m (67%). 
The directors are proud to report that the company was recently named by The Sunday Times as the 56th fastest growing private company in the UK, achieving a CAGR of 73.6% over the past 3 years. 
Principal Risks and Uncertainties
The directors consider the main risk, in addition to the financial instruments risks, are the general economic conditions.
Future Developments
The company has enjoyed another strong start to the current financial year ending 31 March 2024 and anticipate another good year’s trading results.
Hispec will be launching a range of new products in the life critical safety market throughout the next financial year that should grow revenue through their current customer base. 
In addition to expanding the product portfolio, Hispec are expected to penetrate several international markets over the next 12 months. 
Dividends
The value of dividends paid amounted to £952,549 .
Key performance indicators
Key performance indicators (KPI’s) that the management team at Hispec focus on are as follows: 
KPI
2023
2022
£
£
Sales performance
£19.622m
£12.199m
Gross profit percentage
39.9%
38.3%
Net profit percentage before tax
31.3%
28.4%
In addition to the KPIs above management monitor the levels of overheads incurred.
On behalf of the board
C R Loughlin
Director
20th November 2023
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2023 .
Directors
The directors who held office during the year were as follows:
W L Loughlin
C R Loughlin
Financial instruments
The company uses various financial instruments which include cash and various items such as trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the company’s operations. Their existence exposes the company to a number of financial risks. The significant risks arising from the company’s financial instruments are credit risk and foreign exchange risk.
Credit risk
The company’s principal financial assets are cash at bank and trade debtors. The credit risk associated with cash at bank is limited as the bank has a high credit rating assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.
In order to manage credit risk strict controls regarding credit limits and payment terms are set and also by a thorough onboarding process for customers wishing to obtain credit terms.
Foreign exchange risk
The company purchases goods from abroad and this could lead to foreign exchange risk exposure. Hedging arrangements are used to manage the company’s foreign exchange risk exposure as far as possible. Further foreign exchange strategies are to be implemented following the appointment of a finance director.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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 may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 2
Page 3
Independent Auditors
The auditors, Ascendis Audit Limited, who were appointed during the year, are recommended for reappointment under S485 of Companies Act 2006.
On behalf of the board
C R Loughlin
Director
20th November 2023
Page 3
Page 4
Independent Auditor's Report
Qualified opinion
We have audited the financial statements of Hispec Electrical Products Ltd for the year ended 31 March 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 
In our opinion, except for the possible effects on the corresponding figures of the matter described in the basis of qualified opinion section of our report, the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 March 2023 and of it's profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have bee prepared in accordance with the requirements of the Companies Act 2006.
Basis for Qualified Opinion
We were not appointed as auditor of the company until after 31 March 2022 and thus did not observe the counting of physical inventories at the end of that year. We were able to satisfy ourselves by alternative means concerning the inventory quantities of £2,572,148 held at 31 March 2022 by using other audit procedures. However, we were unable to determine whether any adjustment to the stock valuation of £1,791,166 at 31 March 2021 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 March 2022. Our audit opinion on the current period’s financial statements is therefore modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK 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 entity's ability to continue as a going concern for a period of at least 12 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.
Page 4
Page 5
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. 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,791,166 held at 31 March 2021. We have concluded that where the other information refers to that inventory balance or related balances, such as cost of sales for the previous year, it may be materially misstated for the same reason.
The comparatives were not audited.
Qualified opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our 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.
Matters on Which We Are Required to Report by Exception
Except for the matter described in the basis for qualified opinion section of our report, 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 and the directors’ report.
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:
  • 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.
Arising solely from the limitation on the scope of our work relating to inventory referred to above:
  • we have not obtained all the information and explanations that we considered necessary for the purposes of our audit; and
  • we were unable to determine whether adequate accounting records have been kept.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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 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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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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
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.
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.
Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Electrical Equipment (Safety) Regulations 2016, the Health & Safety Act 1974, and the Employment Act 2022, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also 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's incentives and opportunities for fraudulent manipulation of the financial statements
(including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and in fraudulent revenue recognition.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management about actual and potential litigation and claims;
• performing sample testing of all sales categories, stock costing and cut off testing;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
• addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that 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.
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Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)
for and on behalf of Ascendis Audit Limited , Statutory Auditor
20th November 2023
Ascendis Audit Limited
Unit 3, Building 2, The Colony
Wilmslow
Cheshire
SK9 4LY
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Income Statement
2023 2022
Notes £ £
TURNOVER 19,621,774 12,199,081
Cost of sales (11,786,090 ) (7,522,045 )
GROSS PROFIT 7,835,684 4,677,036
Administrative expenses (1,705,529 ) (1,220,325 )
OPERATING PROFIT 3 6,130,155 3,456,711
Profit on disposal of fixed assets 6,007 5,983
Other interest receivable and similar income 8 10,256 5,948
Interest payable and similar charges 9 (885 ) 1,073
PROFIT BEFORE TAXATION 6,145,533 3,469,715
Tax on Profit 10 (1,190,725 ) (660,202 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 4,954,808 2,809,513
The notes on pages 12 to 21 form part of these financial statements.
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Statement of Financial Position
Registered number: 04619331
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 11 154 176
Tangible Assets 12 300,535 172,145
300,689 172,321
CURRENT ASSETS
Stocks 13 4,265,521 2,572,148
Debtors 14 4,860,768 5,526,299
Cash at bank and in hand 2,836,764 726,431
11,963,053 8,824,878
Creditors: Amounts Falling Due Within One Year 15 (2,226,529 ) (2,989,442 )
NET CURRENT ASSETS (LIABILITIES) 9,736,524 5,835,436
TOTAL ASSETS LESS CURRENT LIABILITIES 10,037,213 6,007,757
Creditors: Amounts Falling Due After More Than One Year 16 - (8,929 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (36,125 ) -
NET ASSETS 10,001,088 5,998,828
CAPITAL AND RESERVES
Called up share capital 19 106 105
Income Statement 10,000,982 5,998,723
SHAREHOLDERS' FUNDS 10,001,088 5,998,828
On behalf of the board
C R Loughlin
Director
20th November 2023
The notes on pages 12 to 21 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 April 2021 103 3,678,136 3,678,239
Profit for the year and total comprehensive income - 2,809,513 2,809,513
Dividends paid - (488,926) (488,926)
Arising on shares issued during the period 2 - 2
As at 31 March 2022 and 1 April 2022 105 5,998,723 5,998,828
Profit for the year and total comprehensive income - 4,954,808 4,954,808
Dividends paid - (952,549) (952,549)
Arising on shares issued during the period 1 - 1
As at 31 March 2023 106 10,000,982 10,001,088
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Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 4,908,658 1,247,915
Interest (paid)/refunded (885 ) 1,074
Tax paid (1,199,396 ) (193,514 )
Net cash generated from operating activities 3,708,377 1,055,475
Cash flows from investing activities
Purchase of tangible assets (272,251 ) (111,593 )
Proceeds from disposal of tangible assets 125,250 25,200
Interest received 10,256 5,948
Net cash used in investing activities (136,745 ) (80,445 )
Cash flows from financing activities
Proceeds from issue of share capital 1 2
Equity dividends paid (952,549 ) (488,926 )
Repayment of finance leases (16,092 ) (5,802 )
Advance of new loans to directors (492,659 ) (10,092 )
Net cash used in financing activities (1,461,299 ) (504,818 )
Increase in cash and cash equivalents 2,110,333 470,212
Cash and cash equivalents at beginning of year 2 726,431 256,219
Cash and cash equivalents at end of year 2 2,836,764 726,431
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 4,954,808 2,809,513
Adjustments for:
Tax on profit 1,190,725 660,202
Interest expense 885 (1,073 )
Interest income (10,256 ) (5,948 )
Amortisation of intangible assets 22 22
Depreciation of tangible assets 24,618 48,785
Loss on disposal of tangible assets (6,007) (5,983)
Movements in working capital:
Increase in stocks (1,693,373 ) (780,982 )
Decrease/(increase) in trade and other debtors 1,158,190 (3,575,559 )
(Decrease)/increase in trade and other creditors (710,954 ) 2,098,938
Net cash generated from operations 4,908,658 1,247,915
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 2,836,764 726,431
3. Analysis of changes in net funds
As at 1 April 2022 Cash flows As at 31 March 2023
£ £ £
Cash at bank and in hand 726,431 2,110,333 2,836,764
Finance leases (16,092) 16,092 -
710,339 2,126,425 2,836,764
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Notes to the Financial Statements
1. General Information
Hispec Electrical Products Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04619331 . The registered office, and principal place of business, is 21 Drumhead Road, Chorley North Business Park, Chorley, Lancashire, PR6 7BX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The company's functional and presentational currency is GBP and the monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes might differ from those estimates.
The following judgements have been made by the directors in applying the company's accounting policies:
Customer rebates
In order to provide for rebates due to customers at the reporting date, management are required to estimate the customers total sales for periods that extend beyond the reporting date to enable rebate banding levels.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates, value added tax and other sales tax when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs on dispatch of the goods.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of the business and the fair value of the separable net assets. Goodwill is fully amortised.
2.6. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Patents and licences are being amortised evenly over their estimated useful life of ten years.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% on straight line
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on straight line
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.
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2.8. Leases
Assets acquired under hire purchase contracts were depreciated over their useful lives. Obligations under such agreements were included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment was charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.9. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
At the year end stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11. Financial Instruments
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
All financial instruments are are basic except for forward exchange contracts, which are recognised on the date the transaction takes place. See note 25.
Basic financial assets which include trade debtors and cash and bank balances, and basic financial liabilities which include trade creditors, are measured at transaction price.
2.12. Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.13. Pensions
The company operates a defined contribution pension scheme. Contributions to the scheme are charged to the Income Statement in the period to which they relate.
2.14. Dividends
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
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3. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Operating lease rentals 118,404 124,058
Depreciation of tangible fixed assets 24,618 48,785
Amortisation of intangible fixed assets 22 22
4. Auditor's Remuneration
Remuneration received by the company's auditors in respect of the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 9,500 -
5. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 892,046 633,628
Other pension costs 13,185 10,315
905,231 643,943
6. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2022: 17)
21 17
7. Directors' remuneration
2023 2022
£ £
Emoluments 150,711 145,873
150,711 145,873
The number of directors to whom retirement benefits were accruing was as follows:
2023 2022
Money purchase pension schemes 1 1
8. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable - 18
Other interest receivable 10,256 5,930
10,256 5,948
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9. Interest Payable and Similar Charges
2023 2022
£ £
Finance charges payable under finance leases 885 (1,073)
885 (1,073)
10. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 19.0% 19.0% 1,154,600 659,660
Prior period adjustment - 542
1,154,600 660,202
Deferred Tax
Deferred taxation 36,125 -
Total tax charge for the period 1,190,725 660,202
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 6,145,533 3,469,715
Tax on profit at 19% (UK standard rate) 1,167,651 659,245
Goodwill/depreciation not allowed for tax 4,682 9,269
Expenses not deductible for tax purposes 14,636 1,883
Capital allowances (32,369 ) (10,737 )
Short term timing differences 36,125 -
Prior period adjustment - 542
Total tax charge for the period 1,190,725 660,202
A rise in the UK corporation tax rate from 19% to 25% was announced in the Chancellor's Budget on 3 March 2021 and this tax rate will apply from 1 April 2023. Deferred tax has therefore been calculated using a rate of 25%.
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11. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2022 30,000 220 30,220
As at 31 March 2023 30,000 220 30,220
Amortisation
As at 1 April 2022 30,000 44 30,044
Provided during the period - 22 22
As at 31 March 2023 30,000 66 30,066
Net Book Value
As at 31 March 2023 - 154 154
As at 1 April 2022 - 176 176
12. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2022 13,549 8,634 185,503 84,723
Additions 32,692 12,235 188,721 31,318
Disposals - - (185,253 ) -
As at 31 March 2023 46,241 20,869 188,971 116,041
Depreciation
As at 1 April 2022 2,710 6,759 66,244 62,211
Provided during the period 2,838 2,984 2,435 9,367
Disposals - - (66,010 ) -
As at 31 March 2023 5,548 9,743 2,669 71,578
Net Book Value
As at 31 March 2023 40,693 11,126 186,302 44,463
As at 1 April 2022 10,839 1,875 119,259 22,512
Computer Equipment Total
£ £
Cost
As at 1 April 2022 39,071 331,480
Additions 7,285 272,251
Disposals - (185,253 )
As at 31 March 2023 46,356 418,478
...CONTINUED
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Depreciation
As at 1 April 2022 21,411 159,335
Provided during the period 6,994 24,618
Disposals - (66,010 )
As at 31 March 2023 28,405 117,943
Net Book Value
As at 31 March 2023 17,951 300,535
As at 1 April 2022 17,660 172,145
Depreciation charged on assets held under hire purchase contracts was nil (2022: £20,605).
Assets held under hire purchase contracts have a net book value as follows:
2023 2022
£ £
Motor Vehicles - 37,985
- 37,985
13. Stocks
2023 2022
£ £
Goods for resale 4,265,521 2,572,148
4,265,521 2,572,148
 Movements in stock provisions are shown below:-
2023
2022
£
£
Provisions as at 1 April
57,253
37,536
Increase in provisions
223,258
19,717
Reversal of provisions
-
-
Provisions as at 31 March
280,511
57,253
14. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,948,727 5,134,439
Other debtors 912,041 391,860
4,860,768 5,526,299
There are no bad debt provisions at either 31 March 2023 nor at 31 March 2022.
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15. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance leases - 7,163
Trade creditors 656,639 131,482
Other creditors 141,571 381,275
Corporation tax 614,864 659,660
Taxation and social security 376,752 1,144,031
Accruals and deferred income 436,703 665,831
2,226,529 2,989,442
16. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance leases - 8,929
- 8,929
17. Obligations Under Finance Leases
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 7,163
Later than one year and not later than five years - 8,929
- 16,092
- 16,092
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Accelerated capital allowances 36,125 -
19. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
3 Ordinary A shares of £ 1.00 each 3 3
2 Ordinary B shares of £ 1.00 each 2 2
1 Ordinary C share of £ 1.00 each 1 -
106 105
Shares issued during the period: £
1 Ordinary C share of £ 1.00 each 1
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The Ordinary C share was issued at par.
Rights
Ordinary shares  – full rights to receive dividends, rights to vote and participate in a return of capital on winding up.
A Ordinary, B Ordinary and C Ordinary shares – each share carries the right to participate in the payment of differential dividends. No rights to vote or participate in a return of capital including on winding up.
20. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 99,229 97,584
Later than one year and not later than five years 85,882 163,317
185,111 260,901
21. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £13,185 (2022: £10,315).
At the statement of financial position date contributions of £1,032 (2022: £1,166) were due to the fund and are included in creditors.
22. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2022 Amounts advanced Amounts repaid Amounts written off As at 31 March 2023
£ £ £ £ £
Mr Wayne Loughlin 269,961 449,861 - - 719,822
Mr Christopher Loughlin 1,622 42,797 - - 44,419
The above loans are unsecured, interest is charged at 2% and repayable on demand.
23. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 952,549 488,926
952,549 488,926
24. Reserves
Retained earnings - this reserve includes all current and prior year retained profits and losses net of distributions to shareholders.
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25. Related Party Disclosures
Alpha Associates Recruitment Ltd
Company under common control
An amount of £185 (2022: £18,405) is included in other debtors in respect of the balance due from the company.
WLA (UK) Ltd
Company under common control
An amount of £98,506 (£2022: £96,106) is included in other creditors in respect of the balance due to the company.
26. Controlling Parties
The company's ultimate controlling party is Mr W L Loughlin by virtue of his interest in the share capital of the company.
27. Derivative financial instruments - Forward contracts
The company enters into forward foreign currency contracts to mitigate the exchange rate risks for certain foreign currency payables. At the year end the company is committed to buy US$2,250,000 at a fixed sterling price of £1,848,701 (2022: US$1,000,000 at a fixed sterling price of £756,633).
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