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REGISTERED NUMBER: 12754674 (England and Wales)
















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR


C W RUSSELL (HOLDINGS) LTD



C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023











Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

4




Report of the Independent Auditors  

6




Consolidated Income Statement  

10




Consolidated Other Comprehensive Income  

11




Consolidated Balance Sheet  

12




Company Balance Sheet  

14




Consolidated Statement of Changes in Equity  

15




Company Statement of Changes in Equity  

16




Consolidated Cash Flow Statement  

17




Notes to the Consolidated Cash Flow Statement

18




Notes to the Consolidated Financial Statements

20





C W RUSSELL (HOLDINGS) LTD



COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2023









DIRECTORS:

CW Russell


T J Russell







SECRETARY:

Mrs EA Russell







REGISTERED OFFICE:

14-15 Harelands Courtyard Offices


Moor Road


Melsonby


Richmond


North Yorkshire


DL10 5NY







REGISTERED NUMBER:

12754674 (England and Wales)







AUDITORS:

Momentum Taxation and Accountancy Ltd


-Statutory Auditor


Harelands Courtyard Offices


Moor Road


Melsonby


Richmond


North Yorkshire


DL10 5NY



C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2023



The directors present their strategic report of the company and the group for the year ended 30 April 2023.


REVIEW OF BUSINESS

The group specialises in haulage and plant operations.


The turnover for the period fell slightly to £13.8m from £15.0 in the previous year. This was in line with the directors' expectations.

Gross profit similarly decreased from £5.9m to £4.0m.

The Retained Profit after tax and dividends for the year was £0.9m (2022 £2.3m).

During the period the business has continued to build its asset base with fixed assets increasing to £8.7m from £5.8m in the previous year.

Net assets have also increased in the period to £5.6m (2022 £4.8m).


PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties for the group centre around the factors facing the haulage industry and the economy as a whole. The directors and senior team undertake regular reviews to ensure that appropriate policies and procedures are in place with adequate controls to mitigate against such risks.

The group is exposed to commodity price risk, in particular to movements in fuel prices. The group seeks to manage its exposure by continuously reviewing costs and identifying cost effective suppliers to meet the business' needs. As a result of this, exposure to price increases is being managed.

Interest rate increases could potentially have an influence on the business though this is mitigated through the use of fixed rate agreements where appropriate.

The group's key focus is to provide fairly priced services using a skilled and reliable workforce.


KEY PERFORMANCE INDICATORS

The summary below shows the key performance indicators that the directors use to review the financial performance of the business:


      

2023


2022


Turnover      


£13.87m


£15.02m


Gross margin as a % of sales


28.5%


39.1%


Operating profit as a % of sales


9.4%


18.9%


Net assets


£5.57m


£4.75m



The directors undertake regular reviews of the performance of the group including weekly productivity reviews, weekly management meetings at which existing and future workloads are considered as well as cost analysis and asset reviews.




C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2023


FUTURE PLANS

The directors are always looking at opportunities to expand the business and open further income streams. They aim to maintain long term relationships with their customers and create opportunities for their employees to develop and achieve their potential.


ON BEHALF OF THE BOARD:






CW Russell - Director



26 January 2024



C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2023



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


PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of haulage and plant operations.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2023 will be £ 123,000 .


DIRECTORS

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


CW Russell

T J Russell


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.



C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2023



AUDITORS

The auditors,  Momentum Taxation and Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






CW Russell - Director



26 January 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

C W RUSSELL (HOLDINGS) LTD



Qualified Opinion

We have audited the financial statements of C W Russell (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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, except for the possible effects of the matters described in the basis for 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 30 April 2023 and of the
company’s 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

The company took advantage of the audit exemption available to them for the year ended 30 April 2022 therefore the comparative figures included in these financial statements have not been audited.  As part of our normal audit process we reviewed the opening balances and identified a number of errors which has resulted in a prior year adjustment of over £1.2m. We were unable to apply sufficient audit procedures to all opening balances and we are therefore unable to verify that the opening balances are free from material misstatement.


With respect to stock having a carrying amount of £210,000, the audit evidence was limited because we did not observe the counting of the physical stock at 30th April 2023, since that date was prior to our appointment as auditor of the company.  Owing to the nature of the company's records, we were unable to obtain sufficient appropriate audit evidence regarding the stock quantities by using other audit procedures.


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 the 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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

C W RUSSELL (HOLDINGS) LTD



Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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.


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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.


Except for the matters 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 or the directors’ report.


Arising solely from the limitation on the scope of our work relating to opening balances and stock, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

-  we were unable to determine whether adequate accounting records have been kept.


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:


-

returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

C W RUSSELL (HOLDINGS) LTD



Responsibilities of directors

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


In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


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:


As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.  We also considered potential financial or other pressures, opportunity and motivations for fraud.  As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our audit procedures were designed to respond to risks of material misstatement in the financial statements,recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the more remote that the non-compliances (eg with laws and regulations) are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.


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

C W RUSSELL (HOLDINGS) LTD



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.





Peter Cartwright FCCA (Senior Statutory Auditor)

for and on behalf of Momentum Taxation and Accountancy Ltd

-Statutory Auditor

Harelands Courtyard Offices

Moor Road

Melsonby

Richmond

North Yorkshire

DL10 5NY


31 January 2024



C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2023



2023

2022



(Unaudited)



Notes

£   

£   

£   

£   



TURNOVER

13,873,454


15,019,811




Cost of sales

9,921,470


9,154,136



GROSS PROFIT

3,951,984


5,865,675




Distribution costs

4,079


-



Administrative expenses

2,642,232


3,046,619



2,646,311

3,046,619

1,305,673


2,819,056




Other operating income

-


26,467



OPERATING PROFIT

4

1,305,673


2,845,523




Interest receivable and similar income

2,272


103



1,307,945


2,845,626




Interest payable and similar expenses

5

265,991


129,608



PROFIT BEFORE TAXATION

1,041,954


2,716,018




Tax on profit

6

100,038


400,135



PROFIT FOR THE FINANCIAL YEAR

941,916


2,315,883



Profit attributable to:

Owners of the parent

941,916


2,315,883





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



CONSOLIDATED

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2023



2023


2022


(Unaudited)


Notes

£   

£   



PROFIT FOR THE YEAR

941,916


2,315,883





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

2,315,883




Note

Prior year adjustment

9

(1,249,834

)


TOTAL COMPREHENSIVE INCOME SINCE

LAST ANNUAL REPORT

(307,918

)



Total comprehensive income attributable to:

Owners of the parent

(307,918

)

2,315,883





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



CONSOLIDATED BALANCE SHEET

30 APRIL 2023



2023

2022



(Unaudited)



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

8,663,753


5,831,991



Investments

12

-


-



8,663,753


5,831,991




CURRENT ASSETS

Stocks

13

210,000


54,500



Debtors

14

3,836,579


4,310,880



Cash at bank

336,309


638,318



4,382,888


5,003,698



CREDITORS

Amounts falling due within one year

15

3,404,234


3,118,729



NET CURRENT ASSETS

978,654


1,884,969



TOTAL ASSETS LESS CURRENT

LIABILITIES

9,642,407


7,716,960




CREDITORS

Amounts falling due after more than

one year

16

(3,096,552

)

(2,194,636

)



PROVISIONS FOR LIABILITIES

20

(974,679

)

(770,064

)


NET ASSETS

5,571,176


4,752,260





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



CONSOLIDATED BALANCE SHEET - continued

30 APRIL 2023



2023

2022



(Unaudited)



Notes

£   

£   

£   

£   


CAPITAL AND RESERVES

Called up share capital

21

100


100



Retained earnings

22

5,571,076


4,752,160



SHAREHOLDERS' FUNDS

5,571,176


4,752,260





The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2024 and were signed on its behalf by:






CW Russell - Director




C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



COMPANY BALANCE SHEET

30 APRIL 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

-


-



Investments

12

100


100



100


100




CURRENT ASSETS

Debtors

14

(12,000

)

-



Cash at bank

10,752


10,696



(1,248

)

10,696



CREDITORS

Amounts falling due within one year

15

10,697


10,696



NET CURRENT LIABILITIES

(11,945

)

-



TOTAL ASSETS LESS CURRENT

LIABILITIES

(11,845

)

100




CAPITAL AND RESERVES

Called up share capital

21

100


100



Retained earnings

(11,945

)

-



SHAREHOLDERS' FUNDS

(11,845

)

100




Company's loss for the financial year

(11,945

)

-




The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.  


The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2024 and were signed on its behalf by:






CW Russell - Director




C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2023



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   



Balance at 1 May 2021

200


2,486,277


2,486,477




Changes in equity

Issue of share capital

(100

)

-


(100

)


Dividends

-


(50,000

)

(50,000

)


Total comprehensive income

-


3,565,717


3,565,717



Balance at 30 April 2022

100


6,001,994


6,002,094



Prior year adjustment

-


(1,249,834

)

(1,249,834

)


As restated

100


4,752,160


4,752,260




Changes in equity

Dividends

-


(123,000

)

(123,000

)


Total comprehensive income

-


941,916


941,916



Balance at 30 April 2023

100


5,571,076


5,571,176





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2023



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   



Balance at 1 May 2021

100


-


100




Changes in equity

Balance at 30 April 2022

100


-


100




Changes in equity

Total comprehensive income

-


(11,945

)

(11,945

)


Balance at 30 April 2023

100


(11,945

)

(11,845

)




C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2023



2023


2022


(Unaudited)


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

2,846,874


4,006,190



Interest paid

(615

)

-



Interest element of hire purchase

payments paid

(265,376

)

(129,608

)


Tax paid

66,085


(72,835

)


Net cash from operating activities

2,646,968


3,803,747




Cash flows from investing activities

Purchase of tangible fixed assets

(3,154,738

)

(1,789,815

)


Sale of tangible fixed assets

761,348


-



Interest received

2,272


103



Net cash from investing activities

(2,391,118

)

(1,789,712

)



Cash flows from financing activities

Loan repayments in year

(100,000

)

-



Capital repayments in year

(276,294

)

(1,638,908

)


Amount introduced by directors

219,590


145,448



Amount withdrawn by directors

(278,155

)

(118,782

)


Equity dividends paid

(123,000

)

(50,000

)


Net cash from financing activities

(557,859

)

(1,662,242

)



(Decrease)/increase in cash and cash equivalents

(302,009

)

351,793



Cash and cash equivalents at beginning

of year

2

638,318


286,525




Cash and cash equivalents at end of

year

2

336,309


638,318





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2023



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2023


2022


(Unaudited)

£   

£   



Profit before taxation

1,041,954


2,716,018




Depreciation charges

1,737,912


1,399,465




(Profit)/loss on disposal of fixed assets

(93,152

)

818,533




Amounts recoverable on contracts

41,900


-




Finance costs

265,991


129,608




Finance income

(2,272

)

(103

)


2,992,333


5,063,521




(Increase)/decrease in stocks

(155,500

)

73,300




Decrease/(increase) in trade and other debtors

490,964


(1,787,760

)



(Decrease)/increase in trade and other creditors

(480,923

)

657,129




Cash generated from operations

2,846,874


4,006,190




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

336,309


638,318




Year ended 30 April 2022


30/4/22


1/5/21


(Unaudited)


£   

£   



Cash and cash equivalents

638,318


286,525






C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2023



3.

ANALYSIS OF CHANGES IN NET DEBT



Other



non-cash



At 1/5/22

Cash flow

changes

At 30/4/23

£   

£   

£   

£   



Net cash



Cash at bank

638,318


(302,009

)

336,309



638,318


(302,009

)

336,309




Debt


Finance leases

(3,183,472

)

276,294


-


(4,990,308

)



Debts falling due


within 1 year

(18,333

)

18,333


-


-




Debts falling due


after 1 year

(81,667

)

81,667


-


-



(3,283,472

)

376,294


-


(4,990,308

)



Total

(2,645,154

)

74,285


-


(4,653,999

)




C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023



1.

STATUTORY INFORMATION



C W Russell (Holdings) Ltd 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 General Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


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. The financial statements have been prepared under the historical cost convention.  



Turnover

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


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.  


Plant and machinery

-

15% on reducing balance


Motor vehicles

-

20% on reducing balance


Computer equipment

-

33% on cost



Stocks

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


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.



C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



2.

ACCOUNTING POLICIES - continued


Deferred tax

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

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 group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


3.

EMPLOYEES AND DIRECTORS


2023


2022


(Unaudited)

£   

£   



Wages and salaries

2,622,746


2,029,619




Social security costs

271,965


199,956




Other pension costs

46,343


31,494



2,941,054


2,261,069





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



3.

EMPLOYEES AND DIRECTORS - continued



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


2023


2022


(Unaudited)



Directors

2


2




Administration

4


3




Production

55


54



61


59





The average number of employees by undertakings that were proportionately consolidated during the year was 61 (2022 - 59 ) .



2023


2022


(Unaudited)

£   

£   



Directors' remuneration

108,680


108,780




4.

OPERATING PROFIT



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



2023


2022


(Unaudited)

£   

£   



Depreciation - owned assets

430,301


276,515




Depreciation - assets on hire purchase contracts

1,307,609


1,120,073




(Profit)/loss on disposal of fixed assets

(93,152

)

818,533




Goodwill amortisation

-


2,880




Auditors' remuneration

12,500


-




5.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022


(Unaudited)

£   

£   



Bank loan interest

615


-




Hire purchase

265,376


129,608



265,991


129,608





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022


(Unaudited)

£   

£   



Current tax:


UK corporation tax

-


38,492




Adjustment to prior years tax

(104,577

)

-




Total current tax

(104,577

)

38,492





Deferred tax

204,615


361,643




Tax on profit

100,038


400,135




7.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



8.

DIVIDENDS


2023


2022

£   

£   



Final

123,000


-




Interim

-


50,000



123,000


50,000




9.

PRIOR YEAR ADJUSTMENT



On review of the subsidiary's fixed asset register it became apparent that there had been a number of disposals and an addition in the previous years which had not been reflected in the subsidiary's financial statements.  This change has resulted in profits available for distribution at 30 April 2022 decreasing by £888,192.



Additionally, the deferred tax provision had  been understated in the subsidiary resulting in a further reduction in distributable profits of £361,642.



C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



10.

INTANGIBLE FIXED ASSETS



Group


Goodwill

£   



COST


At 1 May 2022


and 30 April 2023

32,000




AMORTISATION


At 1 May 2022


and 30 April 2023

32,000




NET BOOK VALUE


At 30 April 2023

-




At 30 April 2022

-




11.

TANGIBLE FIXED ASSETS



Group


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



COST


At 1 May 2022

-


44,785


4,358,461




Additions

400,000


-


2,071,701




Disposals

-


-


(262,000

)



At 30 April 2023

400,000


44,785


6,168,162




DEPRECIATION


At 1 May 2022

-


2,687


1,111,164




Charge for year

-


896


769,455




Eliminated on disposal

-


-


(72,705

)



At 30 April 2023

-


3,583


1,807,914




NET BOOK VALUE


At 30 April 2023

400,000


41,202


4,360,248




At 30 April 2022

-


42,098


3,247,297





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



11.

TANGIBLE FIXED ASSETS - continued



Group



Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



COST


At 1 May 2022

3,876,920


9,046


8,289,212




Additions

2,765,702


465


5,237,868




Disposals

(905,103

)

-


(1,167,103

)



At 30 April 2023

5,737,519


9,511


12,359,977




DEPRECIATION


At 1 May 2022

1,336,599


6,771


2,457,221




Charge for year

965,424


2,135


1,737,910




Eliminated on disposal

(426,202

)

-


(498,907

)



At 30 April 2023

1,875,821


8,906


3,696,224




NET BOOK VALUE


At 30 April 2023

3,861,698


605


8,663,753




At 30 April 2022

2,540,321


2,275


5,831,991





Included in cost of land and buildings is freehold land of £400,000 (2022 - £0) which is not depreciated.



C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



11.

TANGIBLE FIXED ASSETS - continued



Group



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Plant and


Motor



machinery


vehicles


Totals

£   

£   

£   



COST


At 1 May 2022

3,521,880


2,499,417


6,021,297




Additions

1,792,030


2,039,320


3,831,350




Disposals

(250,000

)

(521,304

)

(771,304

)



At 30 April 2023

5,063,910


4,017,433


9,081,343




DEPRECIATION


At 1 May 2022

896,198


932,145


1,828,343




Charge for year

635,563


672,046


1,307,609




Eliminated on disposal

(69,375

)

(274,942

)

(344,317

)



At 30 April 2023

1,462,386


1,329,249


2,791,635




NET BOOK VALUE


At 30 April 2023

3,601,524


2,688,184


6,289,708




At 30 April 2022

2,625,682


1,567,272


4,192,954




12.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 May 2022


and 30 April 2023

100




NET BOOK VALUE


At 30 April 2023

100




At 30 April 2022

100






C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



13.

STOCKS



Group


2023

2022



(Unaudited


£   

£   



Stocks

210,000


54,500




14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022



(Unaudited)


£   

£   

£   

£   



Trade debtors

3,231,030


3,995,037


-


-




Amounts recoverable on contract

75,900


117,800


-


-




Other debtors

115,297


300


-


-




Intercompany account

-


-


(12,000

)

-




Directors' loan accounts

140,788


82,223


-


-




VAT

177,048


115,520


-


-




Prepayments

96,516


-


-


-



3,836,579


4,310,880


(12,000

)

-




15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022



(Unaudited)


£   

£   

£   

£   



Bank loans and overdrafts (see note 17)

-


18,333


-


-




Hire purchase contracts  (see note 18)

1,893,756


1,070,503


-


-




Trade creditors

1,359,034


1,929,299


1


-




Tax

-


38,492


-


-




Social security and other taxes

64,808


36,779


-


-




Pension creditor

5,943


6,251


-


-




Other creditors

10,696


10,696


10,696


10,696




Accrued expenses

69,997


8,376


-


-



3,404,234


3,118,729


10,697


10,696





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group


2023

2022



(Unaudited


£   

£   



Bank loans (see note 17)

-


81,667




Hire purchase contracts  (see note 18)

3,096,552


2,112,969



3,096,552


2,194,636




17.

LOANS



An analysis of the maturity of loans is given below:



Group


2023

2022



(Unaudited


£   

£   



Amounts falling due within one year or

on demand:



Bank loans

-


18,333




Amounts falling due between one and

two years:



Bank loans - 1-2 years

-


81,667




18.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase contracts


2023

2022



(Unaudited


£   

£   



Net obligations repayable:


Within one year

1,893,756


1,070,503




Between one and five years

3,096,552


2,112,969



4,990,308


3,183,472





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



19.

SECURED DEBTS



The following secured debts are included within creditors:



Group


2023

2022



(Unaudited


£   

£   



Hire purchase contracts

4,990,308


3,183,472





Hire purchase contracts are secured on the assets to which they relate.



Barclays Bank Uk Plc hold the following security:-



A debenture on the banks standard form dated 07/04/2014.



A limited guarantee given by the director Mr CW Russell for £25,000 dated 23/08/2018.


20.

PROVISIONS FOR LIABILITIES



Group


2023

2022



(Unaudited


£   

£   



Deferred tax

974,679


770,064





Group


Deferred



tax


£   



Balance at 1 May 2022

770,064




Charge to Income Statement during year

204,615




Balance at 30 April 2023

974,679




21.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



100

Ordinary

£1.00

100


100





C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2023



22.

RESERVES



Group


Retained


earnings

£   




At 1 May 2022

6,001,994




Prior year adjustment

(1,249,834

)


4,752,160




Profit for the year

941,916




Dividends

(123,000

)



At 30 April 2023

5,571,076





23.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:


2023

2022



(Unaudited)

£   

£   



CW Russell


Balance outstanding at start of year

82,223


108,889




Amounts advanced

278,155


269,668




Amounts repaid

(219,590

)

(296,334

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

140,788


82,223




24.

ULTIMATE CONTROLLING PARTY



The controlling party is CW Russell.



The ultimate controlling party is CW Russell.