PTP Accounts Production v23.3.1.45 03305650 Board of Directors 30.6.23 1.7.22 30.6.23 30.6.23 true true true false true true false false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033056502022-06-30033056502023-06-30033056502022-07-012023-06-30033056502021-06-30033056502021-07-012022-06-30033056502022-06-3003305650ns10:Originalns15:EnglandWales2022-07-012023-06-3003305650ns14:PoundSterlingns10:Original2022-07-012023-06-3003305650ns10:Originalns10:Director12022-07-012023-06-3003305650ns10:Original2022-07-012023-06-3003305650ns10:CompanySecretary1ns10:Original2022-07-012023-06-3003305650ns10:Originalns10:Consolidated2023-06-3003305650ns10:Original2023-06-3003305650ns10:Originalns10:ConsolidatedGroupCompanyAccounts2022-07-012023-06-3003305650ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3003305650ns10:Originalns10:Consolidatedns10:FRS1022022-07-012023-06-3003305650ns10:Originalns10:Consolidatedns10:Audited2022-07-012023-06-3003305650ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3003305650ns10:Originalns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-07-012023-06-3003305650ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Originalns10:Consolidated2022-07-012023-06-3003305650ns10:Originalns10:FullAccounts2022-07-012023-06-3003305650ns10:Originalns5:Subsidiary12022-07-012023-06-3003305650ns10:Original12022-07-012023-06-3003305650ns10:Originalns10:Consolidated2022-07-012023-06-3003305650ns10:Originalns10:Director22022-07-012023-06-3003305650ns10:Originalns10:Director32022-07-012023-06-3003305650ns10:Originalns10:RegisteredOffice2022-07-012023-06-3003305650ns10:Originalns10:Consolidated2021-07-012022-06-3003305650ns10:Original2022-06-3003305650ns10:Originalns5:CurrentFinancialInstruments2023-06-3003305650ns10:Originalns5:CurrentFinancialInstruments2022-06-3003305650ns10:Originalns5:Non-currentFinancialInstruments2023-06-3003305650ns10:Originalns5:Non-currentFinancialInstruments2022-06-3003305650ns5:ShareCapitalns10:Original2023-06-3003305650ns5:ShareCapitalns10:Original2022-06-3003305650ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3003305650ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3003305650ns5:ShareCapitalns10:Original2021-06-3003305650ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-06-3003305650ns10:Original2021-06-3003305650ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-07-012022-06-3003305650ns10:Original2021-07-012022-06-3003305650ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3003305650ns10:Originalns5:NetGoodwill2022-07-012023-06-3003305650ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-07-012023-06-3003305650ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2022-07-012023-06-3003305650ns10:Originalns5:UnlistedNon-exchangeTradedns5:CostValuation2022-06-3003305650ns10:Originalns5:UnlistedNon-exchangeTraded2023-06-3003305650ns10:Originalns5:UnlistedNon-exchangeTraded2022-06-3003305650ns10:Originalns5:Subsidiary112022-07-012023-06-3003305650ns10:Originalns5:Subsidiary12023-06-3003305650ns10:Originalns5:Subsidiary12022-06-3003305650ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3003305650ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3003305650ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-30
REGISTERED NUMBER: 03305650 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

FOR

COLSUR MATERIALS LIMITED

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


COLSUR MATERIALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: C L Woolger
M P Eastland
D P Woolger





SECRETARY: D P Woolger





REGISTERED OFFICE: Headcorn Road
Staplehurst
Tonbridge
Kent
TN12 0DS





REGISTERED NUMBER: 03305650 (England and Wales)





AUDITORS: Gowers Limited, Statutory Auditor
The Old School House
Bridge Road
Hunton Bridge
Kings Langley
Hertfordshire
WD4 8SZ

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2023


The directors present their strategic report of the group for the year ended 30th June 2023.

REVIEW OF BUSINESS
The directors present a review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business.

A summary of the results for the year is shown in the group income statement.

Group turnover has increased during the year to £11,239,745 (2022: £11,226,424). The directors consider the profit achieved on ordinary activities before taxation to be satisfactory.

The financial position of the group at the year end is shown in the group balance sheet and the directors consider that this, together with the cash flow statement and the notes to the financial statements, provide a sufficient detail for an understanding of the position and performance of the company.

BY ORDER OF THE BOARD:





D P Woolger - Secretary


21st December 2023

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2023


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the supply of metals for use in the electronics and petrochemicals industries, precision sheet metal working and the manufacture of magnetic shields and associated acrylic products.

DIVIDENDS
The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 30th June 2023 will be £410,000.

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

C L Woolger
M P Eastland
D P Woolger

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

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

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

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

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

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2023


AUDITORS
The auditors, Gowers Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:



D P Woolger - Secretary


21st December 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COLSUR MATERIALS LIMITED


Opinion
We have audited the financial statements of Colsur Materials Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th June 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COLSUR MATERIALS LIMITED


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

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

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COLSUR MATERIALS LIMITED


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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- the nature of the industry and sector, control environment and business performance, any key drivers for directors'
remuneration, and performance targets;
- results of our enquiries of management and directors about their own identification and assessment of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal systems established to mitigate risks related to fraud or non-compliance with laws and regulations.
- the matters discussed among the engagement team including tax personnel, regarding where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in management override of controls. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework in which the company operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements in this case, specifically in this context, Companies Act 2006 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Having performed the above, we did not identify any key audit matters related to the potential risk of fraud or
non-compliance with laws and regulations. In addition to the above, our procedures to respond to risks identified
included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
relevant laws and regulations discussed above;
- enquiring of management, the directors and in-house management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COLSUR MATERIALS LIMITED


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




David Green FCA (Senior Statutory Auditor)
for and on behalf of Gowers Limited, Statutory Auditor
The Old School House
Bridge Road
Hunton Bridge
Kings Langley
Hertfordshire
WD4 8SZ

12th February 2024

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2023

2023 2022
Notes £    £   

TURNOVER 11,239,745 11,226,424

Cost of sales (6,572,972 ) (7,108,728 )
GROSS PROFIT 4,666,773 4,117,696

Administrative expenses (4,015,280 ) (3,435,369 )
651,493 682,327

Other operating income 296,668 253,003
OPERATING PROFIT 4 948,161 935,330

Profit/loss on sale of invest 5 70,000 -
1,018,161 935,330

Interest receivable and similar income 1,116 -
1,019,277 935,330

Interest payable and similar expenses 6 (160,798 ) (58,862 )
PROFIT BEFORE TAXATION 858,479 876,468

Tax on profit 7 (16,436 ) (18,080 )
PROFIT FOR THE FINANCIAL YEAR 842,043 858,388
Profit attributable to:
Owners of the parent 837,442 849,740
Non-controlling interests 4,601 8,648
842,043 858,388

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH JUNE 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 842,043 858,388


OTHER COMPREHENSIVE INCOME
Actuarial gain - 54,700
Gain on disposal of subsidiary
Income tax relating to other comprehensive
income

-

(10,393

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

44,307
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

842,043

902,695

Total comprehensive income attributable to:
Owners of the parent 837,442 894,049
Non-controlling interests 4,601 8,646
842,043 902,695

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

CONSOLIDATED BALANCE SHEET
30TH JUNE 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 288,279 282,246
Tangible assets 11 4,855,199 4,620,153
Investments 12 - -
5,143,478 4,902,399

CURRENT ASSETS
Stocks 13 3,494,747 1,835,486
Debtors 14 2,561,017 2,489,604
Cash at bank and in hand 1,155,283 1,284,107
7,211,047 5,609,197
CREDITORS
Amounts falling due within one year 15 (4,806,651 ) (4,630,176 )
NET CURRENT ASSETS 2,404,396 979,021
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,547,874

5,881,420

CREDITORS
Amounts falling due after more than one year 16 (2,813,562 ) (1,663,503 )

PROVISIONS FOR LIABILITIES 19 (332,889 ) (248,537 )
NET ASSETS 4,401,423 3,969,380

CAPITAL AND RESERVES
Called up share capital 20 1,401 1,401
Retained earnings 21 4,375,598 3,948,156
SHAREHOLDERS' FUNDS 4,376,999 3,949,557

NON-CONTROLLING INTERESTS 24,424 19,823
TOTAL EQUITY 4,401,423 3,969,380

The financial statements were approved by the Board of Directors and authorised for issue on 21st December 2023 and were signed on its behalf by:



D P Woolger - Director


COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

COMPANY BALANCE SHEET
30TH JUNE 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 896,685 896,685
896,685 896,685

CURRENT ASSETS
Debtors 14 - 30,000
Cash at bank 997 -
997 30,000
CREDITORS
Amounts falling due within one year 15 (69,619 ) (54,000 )
NET CURRENT LIABILITIES (68,622 ) (24,000 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

828,063

872,685

CREDITORS
Amounts falling due after more than one year 16 (116,357 ) (363,392 )
NET ASSETS 711,706 509,293

CAPITAL AND RESERVES
Called up share capital 20 1,401 1,401
Retained earnings 21 710,305 507,892
SHAREHOLDERS' FUNDS 711,706 509,293

Company's profit for the financial year 612,413 598,446

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

The financial statements were approved by the Board of Directors and authorised for issue on 21st December 2023 and were signed on its behalf by:




D P Woolger - Director


COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH JUNE 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1st July 2021 1,401 3,384,109 3,385,510 11,177 3,396,687

Changes in equity
Dividends - (330,000 ) (330,000 ) - (330,000 )
Total comprehensive income - 894,047 894,047 8,646 902,693
Balance at 30th June 2022 1,401 3,948,156 3,949,557 19,823 3,969,380

Changes in equity
Dividends - (410,000 ) (410,000 ) - (410,000 )
Total comprehensive income - 837,442 837,442 4,601 842,043
Balance at 30th June 2023 1,401 4,375,598 4,376,999 24,424 4,401,423

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH JUNE 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st July 2021 1,401 239,446 240,847

Changes in equity
Dividends - (330,000 ) (330,000 )
Total comprehensive income - 598,446 598,446
Balance at 30th June 2022 1,401 507,892 509,293

Changes in equity
Dividends - (410,000 ) (410,000 )
Total comprehensive income - 612,413 612,413
Balance at 30th June 2023 1,401 710,305 711,706

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 315,943 1,496,305
Interest paid (119,636 ) (25,780 )
Interest element of hire purchase payments
paid

(41,162

)

(33,082

)
Government grants 289,993 245,737
Tax paid 353,690 2,611
Net cash from operating activities 798,828 1,685,791

Cash flows from investing activities
Purchase of intangible fixed assets (16,570 ) (7,437 )
Purchase of tangible fixed assets (1,321,263 ) (2,505,915 )
Sale of tangible fixed assets 21,325 3,000
Interest received 1,116 -
Net cash from investing activities (1,315,392 ) (2,510,352 )

Cash flows from financing activities
Net movement in borrowings (377,921 ) 616,410
Net movement in directors loans 8,679 -
Increase in loans and overdrafts 1,166,982 255,244
Equity dividends paid (410,000 ) (330,000 )
Net cash from financing activities 387,740 541,654

Decrease in cash and cash equivalents (128,824 ) (282,907 )
Cash and cash equivalents at beginning of
year

2

1,284,107

1,567,014

Cash and cash equivalents at end of year 2 1,155,283 1,284,107

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 858,479 876,468
Depreciation charges 1,071,754 1,010,806
Loss/(profit) on disposal of fixed assets 3,675 (3,000 )
Government grants (289,993 ) (245,737 )
Finance costs 160,798 58,862
Finance income (1,116 ) -
1,803,597 1,697,399
(Increase)/decrease in stocks (1,659,261 ) 389,931
Increase in trade and other debtors (356,313 ) (988,896 )
Increase in trade and other creditors 527,920 397,871
Cash generated from operations 315,943 1,496,305

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 30th June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,155,283 1,284,107
Year ended 30th June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 1,284,107 1,567,014


COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 1,284,107 (128,824 ) 1,155,283
1,284,107 (128,824 ) 1,155,283
Debt
Finance leases (1,645,215 ) 377,921 (1,267,294 )
Debts falling due within 1 year (676,579 ) 353,912 (322,667 )
Debts falling due after 1 year (480,754 ) (1,520,894 ) (2,001,648 )
(2,802,548 ) (789,061 ) (3,591,609 )
Total (1,518,441 ) (917,885 ) (2,436,326 )

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. STATUTORY INFORMATION

Colsur Materials 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 General Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the amounts derived from the provision of goods which fall within the company’s ordinary activities, excluding Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Goodwill
Goodwill, being the excess between the amount paid in connection with the acquisition of a business and the net assets of that business at acquisition, is being written off over 10 years this being, in the opinion of the directors, its economic useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided to write off the cost of assets over their estimated useful lives or, if held under a finance lease, over the lease term, whichever is the shorter. Depreciation is charged in the accounts at the following rates:

Freehold property2% on cost
Computer equipment25% on cost
Plant and machinery25% on cost
Fixtures and fittings20% on cost
Motor vehicles20% on cost

Some items have been fully depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete slow moving items. Bought in components are valued at latest invoice cost, which approximates to the first in first out basis of valuation. Work in progress is valued at actual cost of material allocated and actual labour at standard rates. Finished goods are valued at the latest invoice cost of materials on the standard cost card and the standard cost of labour on the standard cost card.


COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred taxation
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 the profit and loss account on a straight line basis over the period of the lease term.

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

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued

Pensions
Magnetic Shields Limited, subsidiary of BKT Group Holdings Limited, itself a subsidiary of Colsur Materials Limited, operates a defined contribution money purchase pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The scheme also has defined benefit characteristics.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of scheme assets, together with adjustments for unrecognised actuarial gains or losses and past service costs. The defined benefit obligation is calculated annually by independent actuaries using the attained age method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows. Unrealised gains and losses are recognised in the Statement of Recognised Gains and Losses.

Amounts paid to defined contribution schemes are recognised in the profit and loss account when the payments fall due.

Magnetic Shields Limited also makes contributions to a director's personal pension scheme.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,176,814 2,913,215
Social security costs 313,335 277,589
Other pension costs 129,301 130,399
3,619,450 3,321,203

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

Magnetic Shields Limited employees 91 82
MSL Heat Treatment Limited employees 7 5
Colsur Group Services Limited employees 1 -
99 87

Highest paid directors' remuneration £119,422

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 492,982 468,596
Depreciation - assets on hire purchase contracts 568,235 533,330
Loss/(profit) on disposal of fixed assets 3,675 (3,000 )
Goodwill amortisation 4,301 4,301
Patents and licences amortisation 6,236 4,579

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit/loss on sale of invest 70,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest and charges 119,636 25,780
Hire purchase interest and charges 41,162 33,082
160,798 58,862

7. 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 875 -
Overprovision prior years 209 (9 )
Corporation Tax repayments (69,000 ) (186,800 )
Total current tax (67,916 ) (186,809 )

Deferred tax 84,352 204,889
Tax on profit 16,436 18,080

Tax effects relating to effects of other comprehensive income

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


COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


7. TAXATION - continued
2022
Gross Tax Net
£    £    £   
Actuarial gain 54,700 (10,393 ) 44,307
Gain on disposal of subsidiary
54,700 (10,393 ) 44,307

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS

2023 2022
£ £
Ordinary shares of £1 each
Interim 410,000 330,000
410,000 330,000

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st July 2022 292,880 45,791 338,671
Additions - 16,570 16,570
At 30th June 2023 292,880 62,361 355,241
AMORTISATION
At 1st July 2022 43,632 12,793 56,425
Amortisation for year 4,301 6,236 10,537
At 30th June 2023 47,933 19,029 66,962
NET BOOK VALUE
At 30th June 2023 244,947 43,332 288,279
At 30th June 2022 249,248 32,998 282,246

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st July 2022 2,575,924 6,689,500 58,446
Additions 217,548 857,034 205,952
Disposals - (5,820 ) -
At 30th June 2023 2,793,472 7,540,714 264,398
DEPRECIATION
At 1st July 2022 195,145 4,670,323 46,285
Charge for year 53,470 868,100 54,529
Eliminated on disposal - (5,820 ) -
At 30th June 2023 248,615 5,532,603 100,814
NET BOOK VALUE
At 30th June 2023 2,544,857 2,008,111 163,584
At 30th June 2022 2,380,779 2,019,177 12,161

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st July 2022 332,828 324,648 9,981,346
Additions - 40,729 1,321,263
Disposals (40,000 ) - (45,820 )
At 30th June 2023 292,828 365,377 11,256,789
DEPRECIATION
At 1st July 2022 175,358 274,082 5,361,193
Charge for year 52,649 32,469 1,061,217
Eliminated on disposal (15,000 ) - (20,820 )
At 30th June 2023 213,007 306,551 6,401,590
NET BOOK VALUE
At 30th June 2023 79,821 58,826 4,855,199
At 30th June 2022 157,470 50,566 4,620,153

Included in cost of land and buildings is freehold land of £120,000 (2022 - £120,000) which is not depreciated.

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st July 2022 2,426,897 215,145 2,642,042
Additions 159,622 - 159,622
Disposals - (40,000 ) (40,000 )
At 30th June 2023 2,586,519 175,145 2,761,664
DEPRECIATION
At 1st July 2022 1,098,948 71,220 1,170,168
Charge for year 531,458 36,777 568,235
Eliminated on disposal - (15,000 ) (15,000 )
At 30th June 2023 1,630,406 92,997 1,723,403
NET BOOK VALUE
At 30th June 2023 956,113 82,148 1,038,261
At 30th June 2022 1,327,949 143,925 1,471,874

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1st July 2022
and 30th June 2023 896,685
NET BOOK VALUE
At 30th June 2023 896,685
At 30th June 2022 896,685

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


12. FIXED ASSET INVESTMENTS - continued

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

Subsidiary

BKT Group Holdings Limited
Registered office:
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 79.38
2023 2022
£    £   
Aggregate capital and reserves 142,395 142,395

On 3rd September 2002, the company acquired 79.38% (a controlling shareholding) in BKT Group Holdings Limited, incorporated in England and Wales. BKT Group Holdings is a holding company for Magnetic Shields Limited, a trading company incorporated in England and Wales, whose principal activities are that of precision sheet metal working and the manufacture of magnetic shields and associated acrylic products.


13. STOCKS

Group
2023 2022
£    £   
Stocks 1,713,396 1,083,666
Work-in-progress 1,781,351 751,820
3,494,747 1,835,486

14. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,655,506 1,384,777 - -
Payments in advance 171,333 250,561 - -
Other debtors 252,401 152,642 - -
VAT 124,641 90,169 - -
Tax 76,776 361,676 - -
Accrued income 122,818 92,237 - 30,000
2,403,475 2,332,062 - 30,000

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


14. DEBTORS - continued

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by associates 150,005 150,005 - -
ACT recoverable 7,537 7,537 - -
157,542 157,542 - -

Aggregate amounts 2,561,017 2,489,604 - 30,000

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 322,667 676,579 - -
Hire purchase contracts (see note 18) 455,380 462,466 - -
Trade creditors 1,079,120 827,258 - -
Tax 874 - - -
Social security and other taxes 78,703 76,548 - -
VAT 85,703 72,967 69,619 54,000
Other creditors 9,109 9,029 - -
Payments received on account 2,377,405 2,187,260 - -
Directors' current accounts 8,679 - - -
Accruals and deferred income 389,011 318,069 - -
4,806,651 4,630,176 69,619 54,000

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

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 17) 2,001,648 480,754 - -
Hire purchase contracts (see note 18) 811,914 1,182,749 - -
Amounts owed to subsidiary undertaking - - 116,357 363,392
2,813,562 1,663,503 116,357 363,392

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans and overdrafts 322,667 676,579
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,001,648 480,754

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 455,380 462,466
Between one and five years 811,914 1,182,749
1,267,294 1,645,215

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 332,889 248,537

Group
Deferred
tax
£   
Balance at 1st July 2022 248,537
Provided during year 84,352
Balance at 30th June 2023 332,889

COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


20. CALLED UP SHARE CAPITAL

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

1,000 Ordinary shares 1 1,000 1,000
200 Non-voting 'A' shares 1 200 200
200 Non-voting 'B' shares 1 200 200
1 Special founder shares 1 1 1
1,401 1,401

21. RESERVES

Group
Retained
earnings
£   

At 1st July 2022 3,948,156
Profit for the year 837,442
Dividends (410,000 )
At 30th June 2023 4,375,598

Company
Retained
earnings
£   

At 1st July 2022 507,892
Profit for the year 612,413
Dividends (410,000 )
At 30th June 2023 710,305


COLSUR MATERIALS LIMITED (REGISTERED NUMBER: 03305650)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


22. EMPLOYEE BENEFIT OBLIGATIONS

In the most recent actuarial valuation of 5th April 2021 the fair value of the scheme's assets and the present value of the scheme liabilities were as follows:
2023 2022
£ £

Deferred defined benefits - deferred pensions 557,800 557,800
Value of scheme's assets (excluding money purchase accounts) (589,700 ) (589,700 )
(Surplus)/Deficit (31,900 ) (31,900 )

Since the most recent Actuarial Valuation shows a surplus, no provision is required in the accounts for the year.