IRIS Accounts Production v23.3.0.418 04505714 Board of Directors 31.5.23 1.6.22 31.5.23 31.5.23 The principal activity of the group is that of injection moulding, blow moulding and plastic design, plastic development and prototyping. true true true false true true false false false true false Ordinary "A" 1.00000 Ordinary "B" 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045057142022-05-31045057142023-05-31045057142022-06-012023-05-31045057142021-05-31045057142021-06-012022-05-31045057142022-05-3104505714ns10:Originalns15:EnglandWales2022-06-012023-05-3104505714ns14:PoundSterlingns10:Original2022-06-012023-05-3104505714ns10:Originalns10:Director12022-06-012023-05-3104505714ns10:Original2022-06-012023-05-3104505714ns10:Originalns10:Director22022-06-012023-05-3104505714ns10:Originalns10:Consolidated2023-05-3104505714ns10:Original2023-05-3104505714ns10:Originalns10:ConsolidatedGroupCompanyAccounts2022-06-012023-05-3104505714ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3104505714ns10:Originalns10:Consolidatedns10:FRS1022022-06-012023-05-3104505714ns10:Originalns10:Consolidatedns10:Audited2022-06-012023-05-3104505714ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3104505714ns10:Originalns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-06-012023-05-3104505714ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Originalns10:Consolidated2022-06-012023-05-3104505714ns10:Originalns10:FullAccounts2022-06-012023-05-3104505714ns10:Originalns5:Subsidiary12022-06-012023-05-3104505714ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-3104505714ns10:Originalns10:OrdinaryShareClass22022-06-012023-05-3104505714ns10:Originalns10:Consolidated2022-06-012023-05-3104505714ns10:CompanySecretary1ns10:Original2022-06-012023-05-3104505714ns10:Originalns10:RegisteredOffice2022-06-012023-05-3104505714ns10:Originalns10:Consolidated2021-06-012022-05-3104505714ns10:Original2022-05-3104505714ns10:Originalns5:CurrentFinancialInstruments2023-05-3104505714ns10:Originalns5:CurrentFinancialInstruments2022-05-3104505714ns10:Originalns5:Non-currentFinancialInstruments2023-05-3104505714ns10:Originalns5:Non-currentFinancialInstruments2022-05-3104505714ns5:ShareCapitalns10:Original2023-05-3104505714ns5:ShareCapitalns10:Original2022-05-3104505714ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3104505714ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3104505714ns10:Original2021-06-012022-05-3104505714ns10:Originalns5:LandBuildings2022-05-3104505714ns10:Originalns5:LandBuildings2022-06-012023-05-3104505714ns10:Originalns5:LandBuildings2023-05-3104505714ns10:Originalns5:LandBuildings2022-05-3104505714ns10:Originalns5:CostValuation2022-05-3104505714ns10:Originalns5:Subsidiary112022-06-012023-05-3104505714ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3104505714ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3104505714ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-05-3104505714ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-05-3104505714ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-05-3104505714ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-05-3104505714ns5:Securedns10:Original2023-05-3104505714ns5:Securedns10:Original2022-05-3104505714ns10:Originalns10:OrdinaryShareClass12023-05-3104505714ns10:Originalns10:OrdinaryShareClass22023-05-31
REGISTERED NUMBER: 04505714 (England and Wales)











GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

CAMPBELL & TATE LTD

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company Information 1

Group Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Consolidated Statement of Income and Retained Earnings 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 15


CAMPBELL & TATE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: Mr J Campbell
Mr N Tate





SECRETARY: Mr J Campbell





REGISTERED OFFICE: 54 Thorpe Road
Norwich
Norfolk
NR1 1RY





REGISTERED NUMBER: 04505714 (England and Wales)





AUDITORS: BW Audit Ltd
54 Thorpe Road
Norwich
Norfolk
NR1 1RY

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MAY 2023

The directors present their strategic report of the company and the group for the year ended 31st May 2023.

REVIEW OF BUSINESS
The principal activity of the group is that of injection moulding, blow moulding and product design, development and prototyping.

Turnover for the year increased by £1,357,739 to £10,639,346. Gross profit also increased by £1,294,975 to £3,835,613 with an overall margin of 36.05% (back up to 2021 levels of 35.95% having dropped to 27.37% in the prior year). The net profit before tax increased to £1,583,247 with average employee numbers being 59 (65 in the prior year).

The Board acknowledge that it has continued to be a challenging trading period with huge pressures on costs including secondary packaging costs (cardboard), energy and transportation costs and pressures in the labour market. In addition towards the end of the prior year there was the introduction of the Plastics Tax. Following the margin erosion in the previous year, there was a review of the costing system and selling prices. This has almost restored the margin to prior levels and resulted in an increase in turnover.

The Board are very pleased with the progress that has been made particularly with the development of the management structure and the staff which sets the group up for its future growth plans. The subsidiary company has recently been awarded an "A+" rating for BRC which enables a focus on the food market.

PRINCIPAL RISKS AND UNCERTAINTIES
There continues to be a negative sentiment towards plastic packaging but alternative formats remain elusive and those that have come to market have a cost base which is not suited to the current economic climate. On this basis we do not see any noticeable downward trend in overall plastic usage.

The main risks are around macro economic and political factors which have led to continued volatility in markets directly and indirectly affecting our sector. These include currency fluctuation, interest rate hikes leading to subdued consumer demand and erratic pricing for energy, transport, secondary packaging (cardboard, pallets shrink-wrap etc) and labour.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider the key performance indicators, which they use to monitor and manage the business effectively, are those that communicate the financial performance and strength of the group as a whole. These include turnover, gross profit and average employee numbers and are discussed in detail within the business review above.

ON BEHALF OF THE BOARD:





Mr J Campbell - Director


10th November 2023

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST MAY 2023

The directors present their report with the financial statements of the company and the group for the year ended 31st May 2023.

DIVIDENDS
Dividends of £344,000 (2022 - £344,000) were declared and paid in the year.

RESULTS
The profit for the year, after taxation, amounted to £1,124,204 (2022 - £429,787).

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

Mr J Campbell
Mr N Tate

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company has entered into qualifying third party indemnity arrangements for the benefit of all its directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

MATTERS COVERED IN THE STRATEGIC REPORT
In accordance with section 414C (11) of the Companies Act 2006, information on exposure to risks and future developments is covered in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 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
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor are unaware: and

- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor are aware of that information.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST MAY 2023


AUDITORS
The auditors, BW Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Campbell - Director


10th November 2023

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CAMPBELL & TATE LTD

Opinion
We have audited the financial statements of Campbell & Tate Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st May 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st May 2023 and of the group'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
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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CAMPBELL & TATE LTD


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 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:
- adequate accounting records have not been kept by the parent company, or 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; 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 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CAMPBELL & TATE LTD


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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the management and those charged with governance of the group.

Due to the field in which the group operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the group's ability to operate including health and safety; employment law, and compliance with various other regulations relevant to the operation of the group.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation or claims and fraud;

- Reviewing legal and professional fees for indicators of litigation;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Reviewing board minutes and any relevant correspondence with external authorities;

- Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;

- Challenging assumptions and judgments made by management in their significant accounting estimates;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions outside the normal course of business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CAMPBELL & TATE 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Joanne Fox BA FCA (Senior Statutory Auditor)
for and on behalf of BW Audit Ltd
54 Thorpe Road
Norwich
Norfolk
NR1 1RY

10th November 2023

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST MAY 2023

2023 2022
Notes £    £    £    £   

TURNOVER 4 10,639,346 9,281,607

Cost of sales 6,803,733 6,740,969
GROSS PROFIT 3,835,613 2,540,638

Distribution costs 646,302 739,274
Administrative expenses 1,550,305 1,294,599
2,196,607 2,033,873
1,639,006 506,765

Other operating income - 2,481
OPERATING PROFIT 6 1,639,006 509,246

Interest receivable and similar income 6,693 5,428
Amounts written off investments 8 (30,000 ) -
Interest payable and similar expenses 9 (32,452 ) (31,811 )
PROFIT BEFORE TAXATION 1,583,247 482,863

Tax on profit 10 459,043 53,076
PROFIT FOR THE FINANCIAL YEAR 1,124,204 429,787

Retained earnings at beginning of year 4,582,614 4,496,827

Dividends 12 (344,000 ) (344,000 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

5,362,818

4,582,614

Profit attributable to:
Owners of the parent 1,124,204 429,787

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

CONSOLIDATED BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 3,337,095 3,556,322
Investments 14 1 30,001
3,337,096 3,586,323

CURRENT ASSETS
Stocks 15 1,087,930 1,099,662
Debtors 16 2,456,150 2,374,656
Cash at bank and in hand 1,646,534 1,201,238
5,190,614 4,675,556
CREDITORS
Amounts falling due within one year 17 2,199,632 2,362,413
NET CURRENT ASSETS 2,990,982 2,313,143
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,328,078

5,899,466

CREDITORS
Amounts falling due after more than one
year

18

(430,095

)

(900,032

)

PROVISIONS FOR LIABILITIES 22 (535,065 ) (416,720 )
NET ASSETS 5,362,918 4,582,714

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 24 5,362,818 4,582,614
SHAREHOLDERS' FUNDS 5,362,918 4,582,714

The financial statements were approved by the Board of Directors and authorised for issue on 10th November 2023 and were signed on its behalf by:





Mr N Tate - Director


CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

COMPANY BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 260,846 266,643
Investments 14 2,290,374 2,290,374
2,551,220 2,557,017

CURRENT ASSETS
Debtors 16 296,612 360,934
Cash at bank 836,556 479,432
1,133,168 840,366
CREDITORS
Amounts falling due within one year 17 84,528 131,283
NET CURRENT ASSETS 1,048,640 709,083
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,599,860

3,266,100

CREDITORS
Amounts falling due after more than one
year

18

-

32,370
NET ASSETS 3,599,860 3,233,730

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 24 3,599,760 3,233,630
SHAREHOLDERS' FUNDS 3,599,860 3,233,730

Company's profit for the financial year 710,130 415,218

The financial statements were approved by the Board of Directors and authorised for issue on 10th November 2023 and were signed on its behalf by:





Mr N Tate - Director


CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MAY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,765,403 367,410
Tax paid (128,541 ) (48,198 )
Net cash from operating activities 1,636,862 319,212

Cash flows from investing activities
Purchase of tangible fixed assets (310,179 ) (441,971 )
Sale of tangible fixed assets 41,250 117,317
Interest received 6,693 5,428
Net cash from investing activities (262,236 ) (319,226 )

Cash flows from financing activities
New loans in year - 742,414
Loan repayments in year (303,328 ) (65,586 )
Repayments of HP and finance leases (244,324 ) (242,524 )
Amount introduced by directors - 193,121
Amount withdrawn by directors (5,226 ) -
Interest paid (13,555 ) (12,677 )
Interest paid on hire purchase (18,897 ) (19,134 )
Equity dividends paid (344,000 ) (344,000 )
Net cash from financing activities (929,330 ) 251,614

Increase in cash and cash equivalents 445,296 251,600
Cash and cash equivalents at beginning of
year

2

1,201,238

949,638

Cash and cash equivalents at end of year 2 1,646,534 1,201,238

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MAY 2023

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit for the financial year 1,124,204 429,787
Depreciation charges 485,172 459,114
Loss/(profit) on disposal of fixed assets 2,984 (7,855 )
Amounts written off investments 30,000 -
Finance costs 32,452 31,811
Finance income (6,693 ) (5,428 )
Taxation 459,043 53,076
2,127,162 960,505
Decrease/(increase) in stocks 11,732 (96,217 )
Increase in trade and other debtors (72,864 ) (298,193 )
Decrease in trade and other creditors (300,627 ) (198,685 )
Cash generated from operations 1,765,403 367,410

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 31st May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 1,646,534 1,201,238
Year ended 31st May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 1,201,238 949,638


CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MAY 2023

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

Other
non-cash
At 1.6.22 Cash flow changes At 31.5.23
£    £    £    £   
Net cash
Cash at bank
and in hand 1,201,238 445,296 1,646,534
1,201,238 445,296 1,646,534
Debt
Finance leases (869,455 ) 244,324 - (625,131 )
Debts falling due
within 1 year (66,914 ) 66,914 (18,218 ) (18,218 )
Debts falling due
after 1 year (274,901 ) 236,414 18,218 (20,269 )
(1,211,270 ) 547,652 - (663,618 )
Total (10,032 ) 992,948 - 982,916

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023

1. STATUTORY INFORMATION

Campbell & Tate 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the group's accounting policies (see note 3).

The financial statements are presented in Sterling (£) and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

Basis of consolidation
The consolidated financial statements present the results of the company and its subsidiary ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

Going concern
The directors have considered the group’s position at the time of signing the financial statements, and in particular the continued economic uncertainty and cost inflation. As part of their assessment, they have prepared forecasts which take a prudent account of expectations around trading performance and profitability in light of the above.

Based on this, the directors have concluded that they have a reasonable expectation that the group and company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

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

Turnover is recognised when products and services are supplied to customers in line with contractual arrangements. At this point, control has passed to third parties, the transaction price can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the group.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:
Freehold property- 2% on cost
Plant and machinery- 33% on reducing balance and 10% on cost
Fixtures and fittings- 25% on reducing balance
Motor vehicles- 25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Valuation of investments
Investments in unlisted companies including subsidiaries are measured at cost less accumulated impairment.

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

In determining the cost of stock, latest invoice price is used for raw materials and standard cost used for finished goods and work in progress. Standard cost is regularly reviewed and updated. Given the fast moving nature of most stock lines these methods are considered close to actual cost.

Debtors
Short-term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The group only enter into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, bank loans and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 the Statement of income and retained earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the reporting date.

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

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability. The assets of the plan are held separately from the group in independently administered funds.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. All borrowing costs are charged to profit or loss in the year in which they are incurred.

Dividends
Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

Invoice factoring
The group has entered into an invoice factoring agreement. Due to the nature of the agreement, the amounts owed by customers are included within trade debtors and the amounts owed from/to the invoice factoring company are included within bank/creditors.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The judgements, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below:

Depreciation of tangible fixed assets
Included within plant and machinery are moulds and tooling work used for production. Due to their custom manufacture, often for a specific project, the directors have adopted a policy of 33% depreciation on a reducing balance basis based on historical information. The carrying value is reviewed annually for those no longer in use and for which no alternative use is seen to exist at the time without significant modification.

Stock valuation
Stock is valued using the latest invoice price for raw materials and standard cost for finished goods and work in progress, which the directors consider appropriate given the fast moving nature of the stock lines. The carrying value of stock is reviewed regularly for any slow moving stock lines and potential impairment.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,948,946 1,924,625
Social security costs 158,959 152,161
Other pension costs 262,417 153,030
2,370,322 2,229,816

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

5. EMPLOYEES AND DIRECTORS - continued

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

Management and administration 13 12
Production 45 51
Sales 1 2
59 65

Agency staff were used at various times to meet demand which are not included in the above staff numbers but are included in wages and salaries costs. This amounted to £270,318 (2022 - £319,122).

2023 2022
£    £   
Directors' remuneration 30,070 23,274
Directors' pension contributions to money purchase schemes 193,338 80,503

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 15,379 13,874
Other operating leases 12,578 20,069
Depreciation - owned assets 371,377 313,077
Depreciation - assets on hire purchase contracts 113,795 146,037
Loss/(profit) on disposal of fixed assets 2,984 (7,855 )
Foreign exchange differences 27,225 8,592

7. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

3,685

4,100

8. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Amounts written off
investments 30,000 -

The investment has been written down to a nominal sum due to losses and a dilution in the shareholding.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 324
Bank loan interest 13,555 12,353
Hire purchase interest 18,897 19,134
32,452 31,811

10. 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 340,698 125,137
Prior year corporation taxation over provided - (46,736 )
Total current tax 340,698 78,401

Deferred tax:
Origination and reversal of timing differences 118,345 (25,325 )
Tax on profit 459,043 53,076

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 1,583,247 482,863
Profit multiplied by the standard rate of corporation tax in the UK of 20 %
(2022 - 19 %)

316,649

91,744

Effects of:
Expenses not deductible for tax purposes 7,318 1,295
Depreciation in excess of capital allowances - 6,773
Utilisation of tax losses - (24,862 )
Research and development claim - (21,874 )
Remeasurement of deferred tax for changes in tax rates 121,481 -
Fixed asset differences 13,595 -
Total tax charge 459,043 53,076

Factors that may affect future tax charges
Future tax charges may be affected by the increase in the corporation tax rate from 19% to 25% which came into effect on 1 April 2023. This has already been reflected in the deferred tax liability.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

11. PARENT COMPANY PROFIT FOR THE YEAR

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.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements. The profit after tax of the parent Company for the period was £710,130 (2022 - £415,218).

12. DIVIDENDS
2023 2022
£    £   
Ordinary "A" shares of £1 each
Interim 172,000 172,000
Ordinary "B" shares of £1 each
Interim 172,000 172,000
344,000 344,000

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st June 2022 1,536,178 8,887,044 267,083 79,912 10,770,217
Additions - 190,527 6,978 112,674 310,179
Disposals - (305,531 ) - (45,690 ) (351,221 )
At 31st May 2023 1,536,178 8,772,040 274,061 146,896 10,729,175
DEPRECIATION
At 1st June 2022 412,305 6,568,367 204,579 28,644 7,213,895
Charge for year 28,724 432,899 15,626 7,923 485,172
Eliminated on disposal - (304,132 ) - (2,855 ) (306,987 )
At 31st May 2023 441,029 6,697,134 220,205 33,712 7,392,080
NET BOOK VALUE
At 31st May 2023 1,095,149 2,074,906 53,856 113,184 3,337,095
At 31st May 2022 1,123,873 2,318,677 62,504 51,268 3,556,322

Included in cost of land and buildings is freehold land of £100,000 (2022 - £100,000) which is not depreciated.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

13. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1st June 2022 1,460,395
Transfer to ownership (322,427 )
At 31st May 2023 1,137,968
DEPRECIATION
At 1st June 2022 309,431
Charge for year 113,795
Transfer to ownership (161,210 )
At 31st May 2023 262,016
NET BOOK VALUE
At 31st May 2023 875,952
At 31st May 2022 1,150,964

Company
Freehold
property
£   
COST
At 1st June 2022
and 31st May 2023 289,831
DEPRECIATION
At 1st June 2022 23,188
Charge for year 5,797
At 31st May 2023 28,985
NET BOOK VALUE
At 31st May 2023 260,846
At 31st May 2022 266,643

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

14. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1st June 2022
and 31st May 2023 55,110
PROVISIONS
At 1st June 2022 25,109

Impairments 30,000
At 31st May 2023 55,109
NET BOOK VALUE
At 31st May 2023 1
At 31st May 2022 30,001
Company
Shares in
group
undertakings
£   
COST
At 1st June 2022
and 31st May 2023 2,290,374
NET BOOK VALUE
At 31st May 2023 2,290,374
At 31st May 2022 2,290,374

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

Subsidiary

Coda Plastics Ltd
Registered office: Folgate Road, North Walsham, Norfolk, NR28 OAJ
Nature of business: Plastic moulding etc.
%
Class of shares: holding
Ordinary 100.00


CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

15. STOCKS

Group
2023 2022
£    £   
Raw materials and work in progress 652,521 669,805
Finished goods 435,409 429,857
1,087,930 1,099,662

There is no significant difference between the replacement cost of stock and its carrying amount.

Stocks are stated after a provision of £9,242 (2022 - £1,465) against slow moving and obsolete stock.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,157,381 2,001,313 - -
Amounts owed by group undertakings - - 41,482 -
Other debtors 83,358 109,160 75,858 96,660
Directors' current accounts 181,067 175,841 179,272 174,274
Prepayments and accrued income 34,344 88,342 - 90,000
2,456,150 2,374,656 296,612 360,934

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 19) 18,218 66,914 - 31,272
Hire purchase contracts (see note 20) 215,305 244,324 - -
Trade creditors 1,101,631 1,364,752 - -
Amounts owed to group undertakings - - - 37,203
Taxation 340,698 125,137 80,496 59,147
Social security and other taxes 293,132 307,193 - -
Other creditors - 41,167 - -
Accruals 230,648 212,926 4,032 3,661
2,199,632 2,362,413 84,528 131,283

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 19) 20,269 274,901 - 32,370
Hire purchase contracts (see note 20) 409,826 625,131 - -
430,095 900,032 - 32,370

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans less than 1 year 18,218 66,914 - 31,272
Amounts falling due between one and two years:
Bank loans - 1-2 years 20,269 69,489 - 32,370
Amounts falling due between two and five years:
Bank loans - 2-5 years - 78,167 - -
Amounts falling due in more than five years:
Repayable by instalments
Bank loan more than 5 years - 127,245 - -

Bank loans are repayable by instalments. Interest is chargeable at Base Rate plus 2.85% per annum, the loan is due for repayment in year ended 31 May 2025.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 215,305 244,324
Between one and five years 409,826 625,131
625,131 869,455

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 21,029 19,774
Between one and five years 29,414 31,200
50,443 50,974

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 38,487 341,815 - 63,642
Hire purchase contracts 625,131 869,455 - -
663,618 1,211,270 - 63,642

The bank loans are secured against freehold premises alongside a floating charge. Hire purchase liabilities are secured against the assets financed.

22. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 535,065 416,720

Group
Deferred
tax
£   
Balance at 1st June 2022 416,720
Charge to Statement of Comprehensive Income during year 118,345
Balance at 31st May 2023 535,065

The amount of the net decrease of deferred tax expected to occur next year is £49,967 (2022 - £33,927 excluding tax rate increase) relating to timing differences on tangible fixed assets.

23. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary "A" £1 50 50
50 Ordinary "B" £1 50 50
100 100

All ordinary shares have the same rights attached.

24. RESERVES

Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st May 2023 and 31st May 2022:

2023 2022
£    £   
J Campbell
Balance outstanding at start of year 88,745 184,635
Amounts advanced 4,215 4,110
Amounts repaid (2,824 ) (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 90,136 88,745

N Tate
Balance outstanding at start of year 87,096 184,328
Amounts advanced 4,200 2,768
Amounts repaid (365 ) (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 90,931 87,096

26. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

C Gray and S Girdlestone, director and former director of the subsidiary company, each owed the subsidiary company £5,000 at 31st May 2022. C Gray owes £5,000 at 31st May 2023 and the balance relating to S Girdlestone has been written off in the year to 31 May 2023.

Remuneration paid to key management personnel for the group totalled £363,900 (2022 - £279,641).

27. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr J Campbell and Mr N Tate.