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REGISTERED NUMBER: 00973101 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 July 2023

for

Fowle & Co Limited

Fowle & Co Limited (Registered number: 00973101)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Financial Statements 13


Fowle & Co Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: A Fowle
N Fowle
Mrs E M Fowle
Mrs B J Fowle
M E Fowle
E N Fowle
S E I Fowle





SECRETARY: A Fowle





REGISTERED OFFICE: Tremlon House
Menzies Road
Hastings
East Sussex
TN38 9BQ





REGISTERED NUMBER: 00973101 (England and Wales)





AUDITORS: Deeks Evans Audit Services Limited
Statutory Auditor
First Floor, West Barn
North Frith Farm, Ashes Lane, Hadlow
Tonbridge
Kent
TN11 9QU

Fowle & Co Limited (Registered number: 00973101)

Strategic Report
for the Year Ended 31 July 2023

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

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and it's position at the year end. Our review is consistent with the size and non-complex nature of our business and is in the context of the risks and uncertainties we face.

After the extraordinary trading of the preceding 2 years we have made more modest profits in the last year
but this was a year in which the outsale price of steel fell by over £400 per tonne - so to make a profit at all in such circumstances is commendable.

In December 2022 steel prices reached their nadir but increased in the first quarter of 2023 by around £200 per tonne however this rise did not last and the forward buying prices of steel went into reverse falling by the same amount just as we had bought several thousand tonnes for period 2 at the higher price , so once again in the april -July period we had some higher priced stock in a falling market which dented our margins .On the positive side demand in the first 6 months of 2023 was about 15% higher than the demand for the last 6 months of 2022, so a roller coaster ride but never the less we made just short of a million net profit and in addition one of our factories on professional valuation increased by £310,000 during this period .

Our associate company , Steelco also had a profitable year generating around £1.5 million net profit which again is very creditable given the overall decline in steel prices .
At the end of july 2023 we had £12.7 million in our bank account of which £10 million was on the money market with HSBC this generates a substantial extra income
Our 2 companies are in a strong position now with no borrowing , substantial sums on deposit,with an experienced and successful team in place in both we look forward to growing our companies further.

Key performance indicators
2023 2022
£ £
Turnover (including sales to Steelco (UK) Limited of £23,630,976
(2022:£26,067,400))

56,035,486


68,948,990
Net profit before interest and taxation 991,511 7,519,600

PRINCIPAL RISKS AND UNCERTAINTIES
As before the risks and uncertainties relate primarily to the volatility of steel prices, we are constantly monitoring the market subscribing to a number of market guides , talking to our suppliers and closely following economic trends to gauge which way future demand is heading.
The market , of course , is so large at approaching 2 billion tonnes , it is beyond the control of any entity and therefore difficult to forecast accurately and for a few years now is also subject to the effects of global conflicts.

SECTION 172(1) STATEMENT
The director's duty primarily is to promote the success of the company for the benefit of its shareholders and its staff.

The directors are aware of their duty under section 172 and take into consideration the following key areas: -

a) the likely consequences of any decision in the long term .
b) the interests of the company employees.
c)the need to foster the company's relationships with suppliers, customers and others .
d)the impact of the company's operations on the community and environment.
e) the desirability of the company maintaining a reputation for high standards of business conduct.
f) the need to act fairly as between members of the company.

ON BEHALF OF THE BOARD:





A Fowle - Director


24 January 2024

Fowle & Co Limited (Registered number: 00973101)

Report of the Directors
for the Year Ended 31 July 2023

The directors present their report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of steel stockholders and processors and traders in steel.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2023 was £172,000 (2022 - £472,000) in respect of A ordinary shares.

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

A Fowle
N Fowle
Mrs E M Fowle
Mrs B J Fowle

Other changes in directors holding office are as follows:

M E Fowle - appointed 27 February 2023
E N Fowle - appointed 27 February 2023
S E I Fowle - appointed 27 February 2023

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Fowle & Co Limited (Registered number: 00973101)

Report of the Directors
for the Year Ended 31 July 2023


AUDITORS
The auditors, Deeks Evans Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Fowle - Director


24 January 2024

Report of the Independent Auditors to the Members of
Fowle & Co Limited

Opinion
We have audited the financial statements of Fowle & Co Limited (the 'company') for the year ended 31 July 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

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

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

Report of the Independent Auditors to the Members of
Fowle & Co Limited


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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

We identified areas of laws and regulations that could reasonably be expected to have a material affect on the financial statements from our understanding of the company and its industry, through verbal and written communications with the directors and other management and through inspection of the company's regulatory and legal correspondence.

We discussed with directors and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to the audit team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential affect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including the company's constitution, relevant reporting standards, company law, tax legislation and distributable profits legislation. We have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material affect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arsing from litigations. We have identified the following areas as those most likely to have such an affect: employment legislation, health and safety legislation, trade legislation, data protection legislation and anti-bribery and corruption legislation.

International Standards on UK Auditing UK limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

Report of the Independent Auditors to the Members of
Fowle & Co Limited


In relation to fraud we have performed the following specific procedures in addition to those already noted:
- Discussions with management including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud;
- identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account
combinations, journal entries crediting cash or any revenue account and journal entries posted by senior
management;
- performing analytical procedures to identify unexpected movements in account balances which may be
indicative of fraud; and
- ensuring testing undertaken on transactions and the balance sheet includes a number of items selected on a
random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation or the override of controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

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.




Richard Young (Senior Statutory Auditor)
for and on behalf of Deeks Evans Audit Services Limited
Statutory Auditor
First Floor, West Barn
North Frith Farm, Ashes Lane, Hadlow
Tonbridge
Kent
TN11 9QU

24 January 2024

Fowle & Co Limited (Registered number: 00973101)

Income Statement
for the Year Ended 31 July 2023

2023 2022
Notes £    £    £    £   

TURNOVER 56,035,486 68,948,990

Cost of sales 51,712,543 57,132,722
GROSS PROFIT 4,322,943 11,816,268

Distribution costs 1,207,048 1,197,495
Administrative expenses 2,155,066 3,106,458
3,362,114 4,303,953
960,829 7,512,315

Other operating income 48,126 48,000
OPERATING PROFIT 4 1,008,955 7,560,315

Interest receivable & similar income 216,340 7,285
1,225,295 7,567,600

Interest payable and similar expenses 5 233,785 114,840
PROFIT BEFORE TAXATION 991,510 7,452,760

Tax on profit 6 370,016 1,411,358
PROFIT FOR THE FINANCIAL YEAR 621,494 6,041,402

Fowle & Co Limited (Registered number: 00973101)

Other Comprehensive Income
for the Year Ended 31 July 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 621,494 6,041,402


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 310,733 -
Income tax relating to other comprehensive
income

-

-

OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

310,733

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

932,227

6,041,402

Fowle & Co Limited (Registered number: 00973101)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,918,401 3,139,554
Investments 9 602,000 602,000
4,520,401 3,741,554

CURRENT ASSETS
Stocks 10 4,749,094 9,977,208
Debtors 11 9,467,229 13,949,953
Cash at bank and in hand 12,744,777 8,403,923
26,961,100 32,331,084
CREDITORS
Amounts falling due within one year 12 14,035,446 19,662,777
NET CURRENT ASSETS 12,925,654 12,668,307
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,446,055

16,409,861

CREDITORS
Amounts falling due after more than one
year

13

(86,667

)

(180,000

)

PROVISIONS FOR LIABILITIES 17 (707,200 ) (337,900 )
NET ASSETS 16,652,188 15,891,961

CAPITAL & RESERVES
Called up share capital 18 500,000 500,000
Revaluation reserve 795,238 495,124
Retained earnings 15,356,950 14,896,837
SHAREHOLDERS' FUNDS 16,652,188 15,891,961

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2024 and were signed on its behalf by:





N Fowle - Director


Fowle & Co Limited (Registered number: 00973101)

Statement of Changes in Equity
for the Year Ended 31 July 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2021 500,000 9,318,084 504,475 10,322,559

Changes in equity
Total comprehensive income - 6,041,402 - 6,041,402
Dividends - (472,000 ) - (472,000 )
Transfer between reserves - 9,351 (9,351 ) -
Balance at 31 July 2022 500,000 14,896,837 495,124 15,891,961

Changes in equity
Total comprehensive income - 625,693 306,534 932,227
Dividends - (172,000 ) - (172,000 )
Transfer between reserves - 6,420 (6,420 ) -
Balance at 31 July 2023 500,000 15,356,950 795,238 16,652,188

Fowle & Co Limited (Registered number: 00973101)

Cash Flow Statement
for the Year Ended 31 July 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 21 7,838,605 7,367,707
Interest paid (233,785 ) (110,863 )
Interest element of hire purchase or finance
lease rental payments paid

-

(3,864

)
Finance costs paid - (113 )
Tax paid (938,749 ) (1,969,847 )
Taxation refund 45,259 -
Net cash from operating activities 6,711,330 5,283,020

Cash flows from investing activities
Purchase of tangible fixed assets (1,183,852 ) (273,611 )
Sale of tangible fixed assets 237,000 36,750
Interest received 216,340 7,285
Net cash from investing activities (730,512 ) (229,576 )

Cash flows from financing activities
Loan repayments in year (145,000 ) (203,333 )
Net movement in HP contracts - (506,564 )
Amount introduced by directors - 1,695,997
Amount withdrawn by directors (1,322,964 ) -
Equity dividends paid (172,000 ) (472,000 )
Net cash from financing activities (1,639,964 ) 514,100

Increase in cash and cash equivalents 4,340,854 5,567,544
Cash and cash equivalents at beginning
of year

22

8,403,923

2,836,379

Cash and cash equivalents at end of
year

22

12,744,777

8,403,923

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Fowle & Co Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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 as modified by the revaluation of certain assets.

The financial statements have been prepared in accordance with applicable accounting standards.

Significant judgements and estimates
Estimates and assumptions concerning the future and judgements are made by the management in the preparation of the financial statements. They affect the application of the Company's accounting policies, reported amounts of assets, liabilities, income and expenses and disclosures made. They are assessed on an going concern basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable in the period of revision and future periods, in case the revision also effects future periods.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Turnover is recognised when the significant risks and rewards are transferred to the buyer, which is when they have accepted physical delivery and control of the goods. No revenue is recognised if there are significant uncertainties regarding the recovery of the amount due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on valuation
Short leasehold - over the period of the lease
Plant & machinery - 5% and 20% reducing balance
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance, 12.5% on cost and Straight line over 6 years
Computer equipment - 25% on cost

Freehold land and buildings were revalued in 2023 and the associated deferred tax has been recognised in the financial statements.

Freehold land is not depreciated.

Stocks
Raw materials and consumables are valued at the lower of cost and estimated selling price less costs to complete and sell. Finished goods which have been delivered to customers but not invoiced, are valued at the lower of cost, processing and delivery, and estimated selling price.

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


Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 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.

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.

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

Investments in associated entities
Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,992,654 2,625,609
Social security costs 240,951 329,747
Other pension costs 37,100 163,550
2,270,705 3,118,906

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

Office and management 13 13
Production 17 14
Sales and distribution 13 16
43 43

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 390,269 138,364
Directors' pension contributions to money purchase schemes 3,234 69,253

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

Money purchase schemes 7 4

Information regarding the highest paid director for the year ended 31 July 2023 is as follows:
2023
£   
Emoluments etc 84,317
Pension contributions to money purchase schemes 660

4. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 118,115 112,391
Depreciation - owned assets 381,699 338,126
Loss/(profit) on disposal of fixed assets 103,923 (12,867 )
Auditors' remuneration 19,925 9,000
Foreign exchange differences (18 ) 66

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 1 5
Loan interest 233,784 110,858
Hire purchase - 3,864
Factoring interest - 113
233,785 114,840

6. 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 716 1,417,458

Deferred tax 369,300 (6,100 )
Tax on profit 370,016 1,411,358

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

6. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 991,510 7,452,760
Profit multiplied by the standard rate of corporation tax in the UK of
19.180% (2022 - 19%)

190,172

1,416,024

Effects of:
Expenses not deductible for tax purposes 1,002 2,011
Adjustments to tax charge in respect of previous periods (2,717 ) -
Super deduction capital allowance (42,079 ) (6,733 )
Deferred tax origination of timing difference 59,039 -
Deferred tax overprovision in previous year (3,400 ) -
Deferred tax changes in tax rate 167,972 -
Rounding 27 56
Total tax charge 370,016 1,411,358

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property 310,733 - 310,733

2022
Gross Tax Net
£    £    £   
Revaluation of freehold property

7. DIVIDENDS
2023 2022
£    £   
A ordinary shares shares of 25p each
Interim 172,000 472,000

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. TANGIBLE FIXED ASSETS
Freehold Short Plant &
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 August 2022 675,000 47,111 2,783,331
Additions - - 9,597
Disposals - - -
Revaluations 295,000 - -
At 31 July 2023 970,000 47,111 2,792,928
DEPRECIATION
At 1 August 2022 15,734 8,484 1,279,605
Charge for year 13,950 2,007 97,934
Eliminated on disposal - - -
Revaluation adjustments (22,617 ) - -
At 31 July 2023 7,067 10,491 1,377,539
NET BOOK VALUE
At 31 July 2023 962,933 36,620 1,415,389
At 31 July 2022 659,266 38,627 1,503,726

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2022 558,460 1,574,252 57,968 5,696,122
Additions 5,199 1,156,822 12,234 1,183,852
Disposals - (860,340 ) - (860,340 )
Revaluations - - - 295,000
At 31 July 2023 563,659 1,870,734 70,202 6,314,634
DEPRECIATION
At 1 August 2022 412,755 791,979 48,011 2,556,568
Charge for year 22,258 237,762 7,788 381,699
Eliminated on disposal - (519,417 ) - (519,417 )
Revaluation adjustments - - - (22,617 )
At 31 July 2023 435,013 510,324 55,799 2,396,233
NET BOOK VALUE
At 31 July 2023 128,646 1,360,410 14,403 3,918,401
At 31 July 2022 145,705 782,273 9,957 3,139,554

Included in cost or valuation of land and buildings is freehold land of £ 50,000 (2022 - £ 50,000 ) which is not depreciated.

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2023 is represented by:

Freehold Short Plant &
property leasehold machinery
£    £    £   
Valuation in 1999 - - 43,985
Valuation in 2011 218,928 - -
Valuation in 2021 279,717 - -
Valuation in 2023 295,000 - -
Cost 176,355 47,111 2,748,943
970,000 47,111 2,792,928

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
Valuation in 1999 - - - 43,985
Valuation in 2011 - - - 218,928
Valuation in 2021 - - - 279,717
Valuation in 2023 - - - 295,000
Cost 563,659 1,870,734 70,202 5,477,004
563,659 1,870,734 70,202 6,314,634

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 176,355 176,355
Aggregate depreciation 54,920 51,771

Value of land in freehold land and buildings 50,000 50,000

Freehold land and buildings were valued on an open market basis on 3 April 2023 by qualified independent chartered surveyors .

9. FIXED ASSET INVESTMENTS
Interest
in other
participating
interests
£   
COST
At 1 August 2022
and 31 July 2023 602,000
NET BOOK VALUE
At 31 July 2023 602,000
At 31 July 2022 602,000

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

9. FIXED ASSET INVESTMENTS - continued

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

Associated company

Steelco (UK) Limited
Registered office: Tremlon House, Menzies Road, Hastings, East Sussex, England, TN38 9BQ
Nature of business: Steel stock holding and shearing
%
Class of shares: holding
'B' Ordinary shares 100.00
8.75% preference shares 100.00
2023 2022
£    £   
Aggregate capital and reserves 12,362,842 11,784,183
Profit for the year 1,108,659 6,600,914

10. STOCKS
2023 2022
£    £   
Raw materials 4,203,552 9,380,626
Finished goods 545,542 596,582
4,749,094 9,977,208

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,172,852 13,762,911
Other debtors 77,676 7,015
Prepayments & accrued income 216,701 180,027
9,467,229 13,949,953

Included in trade debtors are factored debts amounting to £8,629,007 (2022 - £11,283,709) made up as below. These debts are factored without recourse to the company for losses.

20232022
£   £   
Debtors factored without recourse
Gross debt8,632,50011,170,835
Non returnable proceeds(3,493)112,874
8,629,00711,283,709


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 14) 93,334 145,001
Trade creditors 10,593,513 13,664,386
Corporation tax - 817,458
Social security & other taxes 395,546 775,983
Other creditors 34,386 13,329
Directors' current accounts 2,847,968 4,170,931
Accruals & deferred income 70,699 75,689
14,035,446 19,662,777

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans (see note 14) 86,667 180,000

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans 93,334 145,001

Amounts falling due between one and two years:
Other loans - 1-2 years 60,000 93,333

Amounts falling due between two and five years:
Other loans - 2-5 years 26,667 86,667

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 100,433 113,151
Between one and five years 169,580 198,038
In more than five years 607,661 536,666
877,674 847,855

16. SECURED DEBTS

Loans were made in prior years by the Fowle Executive Pension Fund amounted to £180,000 (2022 - £325,000) at the year end. The loans are secured on freehold property owned by Fowle & Co Limited and freehold property owned by related company, Steelco (UK) Limited. Interest is charged at 3% above the base rate.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 707,200 337,900

Deferred
tax
£   
Balance at 1 August 2022 337,900
Accelerated capital allowances 129,200
Property revaluation 73,800
Overprovision previous years (3,400 )
Movement re tax rate change 169,700
Balance at 31 July 2023 707,200

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,200,000 A ordinary shares 25p 300,000 300,000
800,000 ordinary shares 25p 200,000 200,000
500,000 500,000

Voting rights and rights on winding up are the same for the A ordinary shares and the ordinary shares.

19. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Sales 23,630,979 26,067,400
Purchases 204,211 257,496
Management charge income 48,000 48,000
Diesel and lorry rental income 194,232 197,823
Rent payable 77,000 77,000
Transport payable - 2,954
Interest payable 15,780 14,615
Lorries bought from Steelco 31,000 -
Amount due from related parties - Steelco (UK) Limited trade debtors 477,142 2,552,058
Amount due to related party - loans from Fowle Executive Pension Fund 180,000 325,000

Both Fowle & Co Limited and Steelco Limited are controlled by the directors A Fowle and N Fowle.

20. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors A Fowle and N Fowle.

21. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 991,510 7,452,760
Depreciation charges 374,816 338,125
Loss/(profit) on disposal of fixed assets 103,923 (12,867 )
Finance costs 233,785 114,840
Finance income (216,340 ) (7,285 )
1,487,694 7,885,573
Decrease/(increase) in stocks 5,228,114 (1,835,696 )
Decrease in trade and other debtors 4,558,040 5,185,107
Decrease in trade and other creditors (3,435,243 ) (3,867,277 )
Cash generated from operations 7,838,605 7,367,707

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

22. 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 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 12,744,777 8,403,923
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 8,403,923 2,836,379


23. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 8,403,923 4,340,854 12,744,777
8,403,923 4,340,854 12,744,777
Debt
Debts falling due within 1 year (145,001 ) 51,667 (93,334 )
Debts falling due after 1 year (180,000 ) 93,333 (86,667 )
(325,001 ) 145,000 (180,001 )
Total 8,078,922 4,485,854 12,564,776