IRIS Accounts Production v23.3.0.418 01028890 Board of Directors 1.5.22 30.4.23 30.4.23 metal processors and recyclers, waste management, plastic granulation, CRT glass processing and transport. true true false true true false false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure010288902022-04-30010288902023-04-30010288902022-05-012023-04-30010288902021-04-30010288902021-05-012022-04-30010288902022-04-3001028890ns16:EnglandWales2022-05-012023-04-3001028890ns15:PoundSterling2022-05-012023-04-3001028890ns11:Director12022-05-012023-04-3001028890ns11:PrivateLimitedCompanyLtd2022-05-012023-04-3001028890ns11:FRS1022022-05-012023-04-3001028890ns11:Audited2022-05-012023-04-3001028890ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-05-012023-04-3001028890ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-05-012023-04-3001028890ns11:FullAccounts2022-05-012023-04-300102889012022-05-012023-04-3001028890ns11:OrdinaryShareClass12022-05-012023-04-3001028890ns11:Director22022-05-012023-04-3001028890ns11:RegisteredOffice2022-05-012023-04-3001028890ns11:Director32022-05-012023-04-3001028890ns6:CurrentFinancialInstruments2023-04-3001028890ns6:CurrentFinancialInstruments2022-04-3001028890ns6:Non-currentFinancialInstruments2023-04-3001028890ns6:Non-currentFinancialInstruments2022-04-3001028890ns6:ShareCapital2023-04-3001028890ns6:ShareCapital2022-04-3001028890ns6:RevaluationReserve2023-04-3001028890ns6:RevaluationReserve2022-04-3001028890ns6:CapitalRedemptionReserve2023-04-3001028890ns6:CapitalRedemptionReserve2022-04-3001028890ns6:FurtherSpecificReserve1ComponentTotalEquity2023-04-3001028890ns6:FurtherSpecificReserve1ComponentTotalEquity2022-04-3001028890ns6:RetainedEarningsAccumulatedLosses2023-04-3001028890ns6:RetainedEarningsAccumulatedLosses2022-04-3001028890ns6:ShareCapital2021-04-3001028890ns6:RetainedEarningsAccumulatedLosses2021-04-3001028890ns6:RevaluationReserve2021-04-3001028890ns6:RetainedEarningsAccumulatedLosses2021-05-012022-04-3001028890ns6:RevaluationReserve2021-05-012022-04-3001028890ns6:RetainedEarningsAccumulatedLosses2022-05-012023-04-3001028890ns6:RevaluationReserve2022-05-012023-04-3001028890ns6:CapitalRedemptionReserve2021-04-3001028890ns6:FurtherSpecificReserve1ComponentTotalEquity2021-04-3001028890ns6:CapitalRedemptionReserve2021-05-012022-04-3001028890ns6:FurtherSpecificReserve1ComponentTotalEquity2021-05-012022-04-3001028890ns6:CapitalRedemptionReserve2022-05-012023-04-3001028890ns6:FurtherSpecificReserve1ComponentTotalEquity2022-05-012023-04-300102889012022-05-012023-04-300102889012021-05-012022-04-300102889042022-05-012023-04-300102889042021-05-012022-04-300102889022022-05-012023-04-300102889022021-05-012022-04-3001028890ns6:NetGoodwill2022-05-012023-04-3001028890ns6:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3001028890ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-05-012023-04-3001028890ns6:ShortLeaseholdAssetsns6:LandBuildings2022-05-012023-04-3001028890ns6:PlantMachinery2022-05-012023-04-3001028890ns6:FurnitureFittings2022-05-012023-04-3001028890ns6:MotorVehicles2022-05-012023-04-3001028890ns6:ComputerEquipment2022-05-012023-04-300102889012022-05-012023-04-3001028890ns11:HighestPaidDirector2022-05-012023-04-3001028890ns11:HighestPaidDirector2021-05-012022-04-3001028890ns6:OwnedAssets2022-05-012023-04-3001028890ns6:OwnedAssets2021-05-012022-04-3001028890ns6:LeasedAssets2022-05-012023-04-3001028890ns6:LeasedAssets2021-05-012022-04-3001028890ns11:OrdinaryShareClass12021-05-012022-04-3001028890ns6:NetGoodwill2022-04-3001028890ns6:NetGoodwill2023-04-3001028890ns6:NetGoodwill2022-04-3001028890ns6:LandBuildings2022-04-3001028890ns6:ShortLeaseholdAssetsns6:LandBuildings2022-04-3001028890ns6:PlantMachinery2022-04-3001028890ns6:LandBuildings2022-05-012023-04-3001028890ns6:LandBuildings2023-04-3001028890ns6:ShortLeaseholdAssetsns6:LandBuildings2023-04-3001028890ns6:PlantMachinery2023-04-3001028890ns6:LandBuildings2022-04-3001028890ns6:ShortLeaseholdAssetsns6:LandBuildings2022-04-3001028890ns6:PlantMachinery2022-04-3001028890ns6:FurnitureFittings2022-04-3001028890ns6:MotorVehicles2022-04-3001028890ns6:ComputerEquipment2022-04-3001028890ns6:FurnitureFittings2023-04-3001028890ns6:MotorVehicles2023-04-3001028890ns6:ComputerEquipment2023-04-3001028890ns6:FurnitureFittings2022-04-3001028890ns6:MotorVehicles2022-04-3001028890ns6:ComputerEquipment2022-04-3001028890ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-3001028890ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-04-3001028890ns6:LeasedAssetsHeldAsLessee2022-04-3001028890ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-05-012023-04-3001028890ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-05-012023-04-3001028890ns6:LeasedAssetsHeldAsLessee2022-05-012023-04-3001028890ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-04-3001028890ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2023-04-3001028890ns6:LeasedAssetsHeldAsLessee2023-04-3001028890ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-3001028890ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-04-3001028890ns6:LeasedAssetsHeldAsLessee2022-04-3001028890ns6:CostValuation2022-04-3001028890ns6:DisposalsRepaymentsInvestments2023-04-3001028890ns6:CostValuation2023-04-3001028890ns6:Subsidiary12022-05-012023-04-30010288901ns6:Subsidiary12022-05-012023-04-3001028890ns6:WithinOneYearns6:CurrentFinancialInstruments2023-04-3001028890ns6:WithinOneYearns6:CurrentFinancialInstruments2022-04-3001028890ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2023-04-3001028890ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2022-04-3001028890ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-04-3001028890ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-04-3001028890ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-04-3001028890ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-04-3001028890ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-04-3001028890ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-04-3001028890ns6:HirePurchaseContracts2023-04-3001028890ns6:HirePurchaseContracts2022-04-3001028890ns6:WithinOneYear2023-04-3001028890ns6:WithinOneYear2022-04-3001028890ns6:BetweenOneFiveYears2023-04-3001028890ns6:BetweenOneFiveYears2022-04-3001028890ns6:MoreThanFiveYears2023-04-3001028890ns6:MoreThanFiveYears2022-04-3001028890ns6:AllPeriods2023-04-3001028890ns6:AllPeriods2022-04-3001028890ns6:Secured2023-04-3001028890ns6:Secured2022-04-3001028890ns6:AcceleratedTaxDepreciationDeferredTax2023-04-3001028890ns6:AcceleratedTaxDepreciationDeferredTax2022-04-3001028890ns6:DeferredTaxation2022-04-3001028890ns6:DeferredTaxation2022-05-012023-04-3001028890ns6:DeferredTaxation2023-04-3001028890ns11:OrdinaryShareClass12023-04-3001028890ns6:RetainedEarningsAccumulatedLosses2022-04-3001028890ns6:RevaluationReserve2022-04-3001028890ns6:CapitalRedemptionReserve2022-04-3001028890ns6:FurtherSpecificReserve1ComponentTotalEquity2022-04-30
REGISTERED NUMBER: 01028890 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: M D Light
J M Light





REGISTERED OFFICE: 30 - 34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: 01028890 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
The company has made a trading profit for the year although the turnover is down 4% from the previous period. The decrease in turnover has primarily resulted from the fall in value of scrap metals.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have identified the key risks to be global commodity prices and also the strength of Sterling and related exchange rate fluctuations. The impact of these factors on the price the Company receives for the sales of processed materials from national and international customers can be significant. These risks are mitigated by the ability to react quickly to volatile trading conditions and the identification and new markets and opportunities.

A further risk is the change in waste recycling technology in respect of new processes and legislation. To address this concern the Company operates a rolling replacement programme for the existing vehicle and mobile plant fleets and continues to explore and invest in new and advanced waste recycling technology. This is a strategy that will ensure the Company remains competitive, adaptable and will contribute to ensuring ongoing profitability.

Risks may also arise from the Russian invasion of Ukraine. This has had a bearing on energy costs and could continue to impact on shipping availability on overseas markets. Alternative markets are explored and evaluated on a regular basis.

FURTHER BUSINESS REVIEW AND RISKS
Alternative outlets for materials are regularly explored. There has been a lot of uncertainty with commodity prices during the year and ongoing at the date of these accounts with the conflict in Ukraine. Management are continuing to monitor the impact this conflict is having on commodity prices. Another consequence of the conflict is increased fuel and energy costs which have increased operational costs significantly, resulting in a fall in the profitability margins.

Measures to improve energy efficiency are being reviewed on an ongoing basis. Renewable energy installations and the electrification of the plant and vehicle fleets has continued. The liquidity of the company remains stable and additional financing measures are not considered necessary at this time. The balance sheet remains positive, increasing on the previous year.

The company has a good order pipeline and will be in a strong position to maintain market share and contracts with key customers.

ON BEHALF OF THE BOARD:





J M Light - Director


22 November 2023

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report with the financial statements of the company for the year ended 30 April 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2023 will be £20,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

M D Light
J M Light

Other changes in directors holding office are as follows:

J M Light - resigned 23 June 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J M Light - Director


22 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED

Opinion
We have audited the financial statements of M.D.J. Light Brothers (Scrap Processers) Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws 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 determine that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws;
- understanding and evaluating the design and implementation of management’s controls designed to prevent and detect irregularities;
- challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to valuation of investment property, impairment of investments in subsidiaries and the measurement and classification of exceptional items;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

22 November 2023

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   

TURNOVER 29,673,380 30,985,811

Cost of sales (25,104,420 ) (25,361,971 )
GROSS PROFIT 4,568,960 5,623,840

Administrative expenses (3,999,391 ) (4,198,432 )
569,569 1,425,408

Other operating income 20,000 35,631
OPERATING PROFIT 7 589,569 1,461,039

Interest receivable and similar income 45,234 2,698
634,803 1,463,737

Interest payable and similar expenses 8 (29,970 ) (40,393 )
PROFIT BEFORE TAXATION 604,833 1,423,344

Tax on profit 9 (124,039 ) (405,434 )
PROFIT FOR THE FINANCIAL YEAR 480,794 1,017,910

OTHER COMPREHENSIVE
Revaluation of freehold
Income tax relating to other
comprehensive

-

-
OTHER COMPREHENSIVE FOR THE
YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

480,794

1,017,910

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 5,992,611 5,916,297
Investments 13 - 18,202
Investment property 14 375,000 375,000
6,367,611 6,309,499

CURRENT ASSETS
Stocks 15 1,809,175 1,327,629
Debtors 16 2,770,792 2,078,631
Cash at bank and in hand 2,199,106 2,922,181
6,779,073 6,328,441
CREDITORS
Amounts falling due within one year 17 (4,610,574 ) (4,371,613 )
NET CURRENT ASSETS 2,168,499 1,956,828
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,536,110

8,266,327

CREDITORS
Amounts falling due after more than one
year

18

(962,294

)

(1,267,385

)

PROVISIONS FOR LIABILITIES 22 (770,191 ) (656,111 )
NET ASSETS 6,803,625 6,342,831

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

BALANCE SHEET - continued
30 APRIL 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 23 90 90
Revaluation reserve 24 616,892 616,892
Capital redemption reserve 24 10 10
Other reserves 24 168,665 168,665
Retained earnings 24 6,017,968 5,557,174
SHAREHOLDERS' FUNDS 6,803,625 6,342,831


The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





J M Light - Director


M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1 May 2021 90 4,539,264 616,892

Changes in equity
Total comprehensive income - 1,017,910 -
Balance at 30 April 2022 90 5,557,174 616,892

Changes in equity
Dividends - (20,000 ) -
Total comprehensive income - 480,794 -
Balance at 30 April 2023 90 6,017,968 616,892
Capital
redemption Other Total
reserve reserves equity
£    £    £   

Balance at 1 May 2021 10 168,665 5,324,921

Changes in equity
Total comprehensive income - - 1,017,910
Balance at 30 April 2022 10 168,665 6,342,831

Changes in equity
Dividends - - (20,000 )
Total comprehensive income - - 480,794
Balance at 30 April 2023 10 168,665 6,803,625

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 507,333 2,900,068
Interest paid (29,970 ) (40,393 )
Movement on interco with Light & SEG (18,188 ) -
Tax paid 73,283 -
Taxation refund - 66,635
Net cash from operating activities 532,458 2,926,310

Cash flows from investing activities
Purchase of tangible fixed assets (1,138,441 ) (527,463 )
Sale of tangible fixed assets 63,500 54,442
Sale of fixed asset investments 18,202 -
Interest received 45,234 2,698
Net cash from investing activities (1,011,505 ) (470,323 )

Cash flows from financing activities
New loans in year 521,404 -
Loan repayments in year (611,913 ) (195,490 )
New HP contracts in year 447,626 215,714
Capital repayments in year (584,457 ) (680,346 )
Amount introduced by directors 3,842 1,000
Amount withdrawn by directors (20,530 ) (2,695 )
Government grants received 20,000 35,631
Equity dividends paid (20,000 ) -
Net cash from financing activities (244,028 ) (626,186 )

(Decrease)/increase in cash and cash equivalents (723,075 ) 1,829,801
Cash and cash equivalents at
beginning of year

2

2,922,181

1,092,380

Cash and cash equivalents at end of
year

2

2,199,106

2,922,181

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 604,833 1,423,344
Depreciation charges 1,030,824 1,111,348
Profit on disposal of fixed assets (32,198 ) (12,918 )
Government grants (20,000 ) (35,631 )
Finance costs 29,970 40,393
Finance income (45,234 ) (2,698 )
1,568,195 2,523,838
Increase in stocks (481,546 ) (346,905 )
(Increase)/decrease in trade and other debtors (685,364 ) 96,265
Increase in trade and other creditors 106,048 626,870
Cash generated from operations 507,333 2,900,068

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,199,106 2,922,181
Year ended 30 April 2022
30.4.22 1.5.21
£    £   
Cash and cash equivalents 2,922,181 1,722,114
Bank overdrafts - (629,734 )
2,922,181 1,092,380


M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.5.22 Cash flow At 30.4.23
£    £    £   
Net cash
Cash at bank and in hand 2,922,181 (723,075 ) 2,199,106
2,922,181 (723,075 ) 2,199,106
Debt
Finance leases (1,364,837 ) 149,811 (1,215,026 )
Debts falling due within 1 year (234,588 ) (78,235 ) (312,823 )
Debts falling due after 1 year (459,098 ) 155,765 (303,333 )
(2,058,523 ) 227,341 (1,831,182 )
Total 863,658 (495,734 ) 367,924

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

M.D.J. Light Brothers (Scrap Processers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Intangible assets
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Short leasehold - over term of lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance and not provided
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

No provision for depreciation is made in respect of the freehold properties as the directors consider such a charge to be immaterial.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from bank and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at the amortised cost using the effective interest method

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is no intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,801,708 3,946,745
Social security costs 432,253 463,140
Other pension costs 98,589 110,611
4,332,550 4,520,496

The average number of employees during the year was as follows:
2023 2022

Administrative 16 18
Direct 93 94
109 112

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 220,489 457,410

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 148,268 249,268

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 594,706 594,670
Depreciation - assets on hire purchase contracts 436,119 516,677
Profit on disposal of fixed assets (32,198 ) (12,918 )
Auditors' remuneration 52,159 41,813

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 29,970 40,393

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 7,696 210,671
Tax prior year adjustment 2,263 -
Total current tax 9,959 210,671

Deferred tax 114,080 194,763
Tax on profit 124,039 405,434

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 604,833 1,423,344
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

114,918

270,435

Effects of:
Expenses not deductible for tax purposes 5,170 12,134
Income not taxable for tax purposes - (323 )
Capital allowances in excess of depreciation (106,274 ) -
Depreciation in excess of capital allowances - 28,531
Utilisation of tax losses - (97,654 )
Profit/Loss on disposal of assets (6,118 ) (2,454 )
Deferred tax movement 114,080 194,765
deduction

losses carried back

Previous year tax adjustment 2,263 -
Total tax charge 124,039 405,434

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 April 2023.

2022
Gross Tax Net
£    £    £   
Revaluation of freehold

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 20,000 -

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 15,000
AMORTISATION
At 1 May 2022
and 30 April 2023 15,000
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

12. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 May 2022 1,364,482 1,754,352 14,155,001
Additions - 88,301 718,882
Disposals - - (165,000 )
At 30 April 2023 1,364,482 1,842,653 14,708,883
DEPRECIATION
At 1 May 2022 364,482 984,968 10,316,851
Charge for year - 109,073 855,654
Eliminated on disposal - - (140,558 )
At 30 April 2023 364,482 1,094,041 11,031,947
NET BOOK VALUE
At 30 April 2023 1,000,000 748,612 3,676,936
At 30 April 2022 1,000,000 769,384 3,838,150

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

12. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2022 108,750 1,052,706 52,526 18,487,817
Additions 37,652 291,764 1,842 1,138,441
Disposals - (256,100 ) - (421,100 )
At 30 April 2023 146,402 1,088,370 54,368 19,205,158
DEPRECIATION
At 1 May 2022 35,502 840,255 29,462 12,571,520
Charge for year 11,484 49,847 4,767 1,030,825
Eliminated on disposal - (249,240 ) - (389,798 )
At 30 April 2023 46,986 640,862 34,229 13,212,547
NET BOOK VALUE
At 30 April 2023 99,416 447,508 20,139 5,992,611
At 30 April 2022 73,248 212,451 23,064 5,916,297

Cost or valuation at 30 April 2023 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2000 125,755 - -
Valuation in 2013 500,000 - -
Valuation in 2017 73,275 - -
Cost 665,452 1,842,653 14,708,883
1,364,482 1,842,653 14,708,883

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2000 - - - 125,755
Valuation in 2013 - - - 500,000
Valuation in 2017 - - - 73,275
Cost 146,402 1,088,370 54,368 18,506,128
146,402 1,088,370 54,368 19,205,158

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

12. TANGIBLE FIXED ASSETS - continued

If the freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 842,402 842,402
Aggregate depreciation 250,330 250,330

Freehold land and buildings were valued on a vacant possession basis on 22 November 2016 by Mr R Bliss of Vail Williams LLP .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 May 2022 2,886,631 79,450 2,966,081
Additions 250,776 268,389 519,165
Transfer to ownership (697,608 ) - (697,608 )
At 30 April 2023 2,439,799 347,839 2,787,638
DEPRECIATION
At 1 May 2022 959,084 29,794 988,878
Charge for year 414,223 21,896 436,119
Transfer to ownership (377,893 ) - (377,893 )
At 30 April 2023 995,414 51,690 1,047,104
NET BOOK VALUE
At 30 April 2023 1,444,385 296,149 1,740,534
At 30 April 2022 1,927,547 49,656 1,977,203

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

13. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 May 2022 18,202
Disposals (18,202 )
At 30 April 2023 -
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 18,202

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Light & SEG Limited
Registered office:
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 'A' £1 shares 100.00

14. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 375,000
NET BOOK VALUE
At 30 April 2023 375,000
At 30 April 2022 375,000

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2017 156,295
Valuation in 2020 50,000
Cost 168,705
375,000

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

14. INVESTMENT PROPERTY - continued

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 176,950 176,950
Aggregate depreciation (8,245 ) (8,245 )

Investment property were valued on a vacant possession basis on 25 January 2021 by the directors. .

15. STOCKS
2023 2022
£    £   
Stocks 1,809,175 1,327,629

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,890,002 1,707,473
Other debtors 1,498 450
Directors' current accounts 7,245 448
VAT 105,967 118,848
Prepayments and accrued income 766,080 251,412
2,770,792 2,078,631

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 19) 312,823 234,588
Hire purchase contracts (see note 20) 556,065 556,550
Trade creditors 2,455,415 2,303,648
Amounts owed to group undertakings - 18,188
Corporation tax 7,696 (75,546 )
Social security and other
taxes 170,036 114,720
Other creditors 8,290 8,000
Directors' current accounts 1 9,892
Accruals and deferred income 1,100,248 1,201,573
4,610,574 4,371,613

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 19) 303,333 459,098
Hire purchase contracts (see note 20) 658,961 808,287
962,294 1,267,385

19. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 312,823 234,588

Amounts falling due between one and two years:
Bank loans - 1-2 years 140,000 155,765

Amounts falling due between two and five years:
Bank loans - 2-5 years 163,333 303,333

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 556,065 556,550
Between one and five years 658,961 808,287
1,215,026 1,364,837

Non-cancellable operating leases
2023 2022
£    £   
Within one year 457,782 416,657
Between one and five years 900,000 816,550
In more than five years 300,000 385,000
1,657,782 1,618,207

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

21. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 616,156 693,686

The following security is held by the company's bank;
First legal charge dated 12 November 1990 over the title deeds relating to the freehold property known as Three Cups, Heathfield.
Debenture including a fixed charge over all present freehold and leasehold property dated 7 February 2011.
First legal charge dated 24 August 2010 over freehold property known as 9 Heighton Crescent, Newhaven.
First legal charge dated 26 April 2006 over freehold property known as Hazelmere, Three Cups, Heathfield.

22. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 637,042 522,962
Other timing differences 133,149 133,149
770,191 656,111

Deferred
tax
£   
Balance at 1 May 2022 656,111
Provided during year 114,080
Accelerated capital allowances
Investment property revalue
Freehold revaluation
Balance at 30 April 2023 770,191

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
90 Ordinary £1 90 90

M.D.J. LIGHT BROTHERS (SCRAP PROCESSERS)
LIMITED (REGISTERED NUMBER: 01028890)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

24. RESERVES
Capital
Retained Revaluation redemption Other
earnings reserve reserve reserves Totals
£    £    £    £    £   

At 1 May 2022 5,557,174 616,892 10 168,665 6,342,741
Profit for the year 480,794 480,794
Dividends (20,000 ) (20,000 )
At 30 April 2023 6,017,968 616,892 10 168,665 6,803,535

25. RELATED PARTY DISCLOSURES

The investment in Light and SEG has been disposed of at the year end and the intercompany balance fully cleared (2022: £18,188).