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COMPANY REGISTRATION NUMBER: 00942199
SALAMANDER FABRICATIONS LIMITED
FINANCIAL STATEMENTS
30 September 2023
SALAMANDER FABRICATIONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
Contents
Pages
Officers and professional advisers 1
Strategic report 2
Directors' report 3 to 4
Independent auditor's report to the member 5 to 8
Profit and loss account 9
Balance sheet 10
Statement of change in shareholders funds 11
Statement of cash flows 12
Notes to the financial statements 13 to 17
SALAMANDER FABRICATIONS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr M Haskell
Mr D McStrafick
Registered office
Salamander Works
Old Bank
Slaithwaite
Huddersfield
HD7 5HB
Auditor
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
Bankers
National Westminster Bank plc
55 High Street
Uppermill
Oldham
OL3 6AP
SALAMANDER FABRICATIONS LIMITED
STRATEGIC REPORT
YEAR ENDED 30 SEPTEMBER 2023
The directors present their strategic report for the year ended 30 September 2023. Business review The business achieved another satisfactory trading result despite challenging inflationary conditions. Performance and developments during the year The directors are continuing to pursue initiatives to protect turnover and improve the gross margin. Capital expenditure in the group is enhancing production efficiencies. Principal risks and uncertainties The business remains exposed to a range of risk factors including the sourcing and pricing of materials, adequate supply of skilled labour and general economic and political uncertainties. These are managed through careful market and data analysis, sensible planning, maintaining close dialogue with customers and suppliers and early reaction to changes affecting the business. Financial instruments The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds to finance the company's operations. Due to the nature of the financial instruments used by the company there is no material exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between the effective use of cash reserves and maintenance of a working capital buffer. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both length of time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Financial key performance indicators A range of KPIs, including order intake, margin achievement, overhead control and collection of trade receivables will continue to be monitored as part of the ongoing management of the company's operations. More efficient materials sourcing is being achieved following the recruitment of a purchasing manager. Outlook Based on current data, the directors anticipate another profitable year during 2023/24.
This report was approved by the board of directors on 20 March 2024 and signed on behalf of the board by:
Mr M Haskell
Director
SALAMANDER FABRICATIONS LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 SEPTEMBER 2023
The directors present their report and the financial statements of the company for the year ended 30 September 2023 .
Principal activities
The principal activities of the company during the year were those of catering and laboratory equipment manufacturers and sheet metal workers.
Directors
The directors who served the company during the year were as follows:
Mr M Haskell
Mr D McStrafick
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Qualifying indemnity provision
A qualifying indemnity provision (as defined in section 236 of the Companies Act 2006) has been provided to the director.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 20 March 2024 and signed on behalf of the board by:
Mr M Haskell
Director
SALAMANDER FABRICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF SALAMANDER FABRICATIONS LIMITED
YEAR ENDED 30 SEPTEMBER 2023
Opinion
We have audited the financial statements of Salamander Fabrications Limited (the 'company') for the year ended 30 September 2023 which comprise the profit and loss account, balance sheet, statement of change in shareholders funds, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 comparative figures for the year ended 30 September 2021 are unaudited. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 auditor’s 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations; Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity; As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
David Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
20 March 2024
SALAMANDER FABRICATIONS LIMITED
PROFIT AND LOSS ACCOUNT
YEAR ENDED 30 SEPTEMBER 2023
2023
2022
Note
£
£
Turnover
4
6,235,945
6,594,014
Cost of sales
( 4,135,909)
( 4,333,033)
------------
------------
Gross profit
2,100,036
2,260,981
Administrative expenses
( 1,356,256)
( 1,259,901)
------------
------------
Operating profit
5
743,780
1,001,080
Other interest receivable and similar income
9
52,579
1,654
Interest payable and similar expenses
10
( 58,876)
( 35,326)
------------
------------
Profit before taxation
737,483
967,408
Tax on profit
11
( 165,226)
( 107,450)
------------
------------
Profit for the financial year and total comprehensive income
572,257
859,958
------------
------------
All the activities of the company are from continuing operations.
SALAMANDER FABRICATIONS LIMITED
BALANCE SHEET
30 September 2023
2023
2022
Note
£
£
Current assets
Stocks
13
412,105
533,276
Debtors
14
3,550,706
3,905,284
Cash at bank and in hand
617,860
2,479,623
------------
------------
4,580,671
6,918,183
Creditors: amounts falling due within one year
15
( 1,648,428)
( 1,958,197)
------------
------------
Net current assets
2,932,243
4,959,986
------------
------------
Total assets less current liabilities
2,932,243
4,959,986
------------
------------
Net assets
2,932,243
4,959,986
------------
------------
Capital and reserves
Called up share capital
17
3,000
3,000
Profit and loss account
2,929,243
4,956,986
------------
------------
Shareholder funds
2,932,243
4,959,986
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mr M Haskell
Director
Company registration number: 00942199
SALAMANDER FABRICATIONS LIMITED
STATEMENT OF CHANGE IN SHAREHOLDERS FUNDS
YEAR ENDED 30 SEPTEMBER 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 October 2021
3,000
4,097,028
4,100,028
Profit for the year
859,958
859,958
------------
------------
------------
Total comprehensive income for the year
859,958
859,958
At 30 September 2022
3,000
4,956,986
4,959,986
Profit for the year
572,257
572,257
------------
------------
------------
Total comprehensive income for the year
572,257
572,257
Dividends paid and payable
12
( 2,600,000)
( 2,600,000)
------------
------------
------------
Total investments by and distributions to owners
( 2,600,000)
( 2,600,000)
------------
------------
------------
At 30 September 2023
3,000
2,929,243
2,932,243
------------
------------
------------
SALAMANDER FABRICATIONS LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 30 SEPTEMBER 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
572,257
859,958
Adjustments for:
Other interest receivable and similar income
( 52,579)
( 1,654)
Interest payable and similar expenses
58,876
35,326
Tax on profit
165,226
107,450
Changes in:
Stocks
121,171
21,383
Trade and other debtors
354,578
( 149,028)
Trade and other creditors
46,055
( 215,231)
------------
------------
Cash generated from operations
1,265,584
658,204
Interest paid
( 58,876)
( 35,326)
Interest received
52,579
1,654
Tax paid
( 107,450)
( 110,558)
------------
------------
Net cash from operating activities
1,151,837
513,974
------------
------------
Cash flows from financing activities
Proceeds from loans from group undertakings
( 413,600)
( 50,000)
Dividends paid
( 2,600,000)
------------
------------
Net cash used in financing activities
( 3,013,600)
( 50,000)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,861,763)
463,974
Cash and cash equivalents at beginning of year
2,479,623
2,015,649
------------
------------
Cash and cash equivalents at end of year
617,860
2,479,623
------------
------------
SALAMANDER FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales company number 00942199 . The address of the registered office is Salamander Works, Old Bank, Slaithwaite, Huddersfield, HD7 5HB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are presented in sterling, their functional currency, and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Research and development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
- There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- The use or sale of the intangible asset will generate probable future economic benefits;
- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
- The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
6,235,945
6,594,014
------------
------------
The turnover was derived from the company's principal activity which was carried out wholly in the UK.
5. Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Impairment of trade debtors
14,337
------------
------------
6. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
8,000
5,000
------------
------------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
45
49
Administrative staff
9
9
Management staff
2
2
Sales staff
2
2
------------
------------
58
62
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,190,854
1,959,776
Social security costs
186,773
192,809
Other pension costs
71,860
64,441
------------
------------
2,449,487
2,217,026
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
101,380
156,220
Company contributions to defined contribution pension plans
23,160
17,990
------------
------------
124,540
174,210
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
2
2
------------
------------
9. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
52,454
1,654
Interest on bank deposits
125
------------
------------
52,579
1,654
------------
------------
10. Interest payable and similar expenses
2023
2022
£
£
Other interest payable and similar charges
58,876
35,326
------------
------------
11. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
165,226
107,450
------------
------------
Tax on profit
165,226
107,450
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 22.01 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
737,483
967,408
------------
------------
Profit on ordinary activities by rate of tax
162,323
183,807
Effect of expenses not deductible for tax purposes
2,903
418
Effect of R&D expenditure
( 76,775)
------------
------------
Tax on profit
165,226
107,450
------------
------------
12. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,600,000
------------
------------
13. Stocks
2023
2022
£
£
Raw materials and consumables
238,954
316,415
Work in progress
133,603
148,174
Finished goods and goods for resale
39,548
68,687
------------
------------
412,105
533,276
------------
------------
14. Debtors
2023
2022
£
£
Trade debtors
1,345,571
1,723,377
Amounts owed by group undertakings
2,123,727
2,138,197
Prepayments and accrued income
74,054
43,710
Other debtors
7,354
------------
------------
3,550,706
3,905,284
------------
------------
15. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
404,605
470,191
Amounts owed to group undertakings
413,600
Accruals and deferred income
247,939
265,808
Corporation tax
165,226
107,450
Social security and other taxes
239,868
102,660
Director's loan account
588,763
588,763
Other creditors
2,027
9,725
------------
------------
1,648,428
1,958,197
------------
------------
16. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 48,700 (2022: £ 46,451 ).
17. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
3,000
3,000
3,000
3,000
------------
------------
------------
------------
18. Related parties
Included in debtors is a loan of £2,123,727 (2022: £2,138,197) owed by Salamander Haskell Limited, a fellow subsidiary of Salamander Haskell Holdings Limited. This loan is unsecured, repayable on demand, and currently interest free.
Included in creditors is a loan of £nil (2022: £413,600) owing to the parent company, Salamander Haskell Holdings Limited. This loan was unsecured, interest free, and was repaid during the year.
Also included in creditors is a loan of £588,763 (2022: £588,763) owing to a director. This loan is unsecured, repayable on demand, and bears interest at 10% per annum.
The company is a wholly owed subsidiary of Salamander Haskell Holdings Limited, a company incorporated in England and Wales. The ultimate controlling party of the company is M Haskell.
19. Analysis of changes in net debt
At 1 Oct 2022
Cash flows
At 30 Sep 2023
£
£
£
Cash at bank and in hand
2,479,623
(1,861,763)
617,860
Debt due within one year
(413,600)
413,600
------------
------------
------------
2,066,023
( 1,448,163)
617,860
------------
------------
------------