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COMPANY REGISTRATION NUMBER: 01923947
Simmonsigns Limited
Financial Statements
30 June 2023
Simmonsigns Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11
Simmonsigns Limited
Officers and Professional Advisers
The board of directors
P Simmons
M Simmons
W Simmons
C Turton
S Keary
Registered office
Stafford Park 5
Telford
Shropshire
TF3 3AS
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
BSN Associates Limited
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Simmonsigns Limited
Strategic Report
Year ended 30 June 2023
The directors measure the business's financial performance against certain key performance indicators (KPIs). These include growth in turnover, gross profit margin, operating profit and statistical analysis, which are measured against break even levels. The directors are satisfied with the results achieved in the year in comparison to prior periods given the current trading conditions in the industry. Turnover has increased 3.8% compared to the prior year, which is due to a combination of price increases and volume increases. Operating profit is down on the prior year due to increasing costs. The company recognises areas of risk to the success of the business. It therefore continues to invest in research and development with the aim of increasing its product range and to look to exploit its expertise in operating and managing manufacturing processes.
This report was approved by the board of directors on 8 February 2024 and signed on behalf of the board by:
M Simmons
Director
Registered office:
Stafford Park 5
Telford
Shropshire
TF3 3AS
Simmonsigns Limited
Directors' Report
Year ended 30 June 2023
The directors present their report and the financial statements of the company for the year ended 30 June 2023 .
Directors
The directors who served the company during the year were as follows:
P Simmons
M Simmons
W Simmons
M Booth
(Appointed 31 October 2022)
S Keary
(Appointed 6 July 2022)
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
No major changes to the company's current position are foreseen.
Events after the end of the reporting period
No major events have taken place since the balance sheet date.
Research and development
The group undertakes research and development and the costs are charged to the profit and loss account.
Disclosure of information in the strategic report
The strategic report is presented on page 2.
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 8 February 2024 and signed on behalf of the board by:
M Simmons
Director
Registered office:
Stafford Park 5
Telford
Shropshire
TF3 3AS
Simmonsigns Limited
Independent Auditor's Report to the Members of Simmonsigns Limited
Year ended 30 June 2023
Opinion
We have audited the financial statements of Simmonsigns Limited (the 'company') for the year ended 30 June 2023 which comprise the statement of income and retained earnings, statement of financial position 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 June 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 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: We have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. 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 members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Philippa Miller-Hawkes BA CA
(Senior Statutory Auditor)
For and on behalf of
BSN Associates Limited
Chartered accountants & statutory auditor
BSN Associates Limited
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
8 February 2024
Simmonsigns Limited
Statement of Income and Retained Earnings
Year ended 30 June 2023
2023
2022
Note
£
£
Turnover
4
8,468,074
8,163,237
Cost of sales
4,528,539
4,152,351
------------
------------
Gross profit
3,939,535
4,010,886
Administrative expenses
3,157,294
2,817,481
------------
------------
Operating profit
5
782,241
1,193,405
Other interest receivable and similar income
9
309
Amounts written off investments
10
517,100
108,123
Interest payable and similar expenses
11
7,333
6,252
------------
------------
Profit before taxation
258,117
1,079,030
Tax on profit
12
( 69,863)
196,719
---------
------------
Profit for the financial year and total comprehensive income
327,980
882,311
---------
------------
Dividends paid and payable
13
( 300,000)
Retained earnings at the start of the year
3,173,937
2,591,626
------------
------------
Retained earnings at the end of the year
3,501,917
3,173,937
------------
------------
All the activities of the company are from continuing operations.
Simmonsigns Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
14
202,458
163,125
Investments
15
991,398
1,508,498
------------
------------
1,193,856
1,671,623
Current assets
Stocks
16
1,408,719
1,407,413
Debtors
17
2,729,236
2,683,872
Cash at bank and in hand
30,217
233,651
------------
------------
4,168,172
4,324,936
Creditors: amounts falling due within one year
18
1,820,442
2,732,043
------------
------------
Net current assets
2,347,730
1,592,893
------------
------------
Total assets less current liabilities
3,541,586
3,264,516
Creditors: amounts falling due after more than one year
19
15,756
66,666
Provisions
Other provisions
21
22,913
22,913
------------
------------
Net assets
3,502,917
3,174,937
------------
------------
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss account
25
3,501,917
3,173,937
------------
------------
Shareholders funds
3,502,917
3,174,937
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
M Simmons
Director
Company registration number: 01923947
Simmonsigns Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stafford Park 5, Telford, Shropshire, TF3 3AS. The principal activity of the company continued to be that of the manufacture of roadsigns and other traffic products.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Rectification provision
A rectification provision is included in the accounts to cover the potential risk of faults in the company's existing product range. The provision included in the accounts is estimated by the directors based on current product mix and knowledge of the latest technology available.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.A7 of FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.
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. 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. No significant judgements or estimates have been made.
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.
Income tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
2% p.a. straight line basis
Plant & machinery
-
15% to 33.3% p.a. straight line basis
Fixtures, fittings & equipment
-
15% to 33.3% p.a. straight line basis
Motor Verhicles
-
20% p.a. straight line basis
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Research and development
Research and development expenditure is written off to the profit and loss account in the year in the year in which it is incurred.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
8,468,074
8,163,237
------------
------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2023
2022
£
£
United Kingdom
7,994,060
7,390,270
Overseas
474,014
772,967
------------
------------
8,468,074
8,163,237
------------
------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
62,815
63,293
Foreign exchange differences
6,196
( 2,715)
Operating lease costs
56,605
65,286
--------
--------
6. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
18,963
16,872
--------
--------
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
17
25
Distribution staff
25
20
----
----
42
45
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,354,931
1,471,213
Social security costs
143,264
156,541
Other pension costs
49,527
70,263
------------
------------
1,547,722
1,698,017
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
179,511
194,713
Company contributions to defined contribution pension plans
2,201
21,742
---------
---------
181,712
216,455
---------
---------
9. Other interest receivable and similar income
2023
2022
£
£
Interest on bank deposits
309
----
----
10. Amounts written off investments
2023
2022
£
£
Impairment of investments in subsidiary
517,100
108,123
---------
---------
11. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
6
Interest on obligations under finance leases and hire purchase contracts
7,327
6,252
-------
-------
7,333
6,252
-------
-------
12. Tax on profit
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax (income)/expense
( 12,739)
202,901
Adjustments in respect of prior periods
( 53,360)
--------
---------
Total current tax
( 66,099)
202,901
--------
---------
Deferred tax:
Origination and reversal of timing differences
( 3,764)
( 6,182)
--------
---------
Tax on profit
( 69,863)
196,719
--------
---------
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 20.49 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
258,117
1,079,030
---------
------------
Profit on ordinary activities by rate of tax
52,877
205,016
Effect of expenses not deductible for tax purposes
107,716
22,099
Effect of capital allowances and depreciation
( 1,034)
Utilisation of tax losses
( 106,162)
( 30,396)
Effect of Change in Tax Rate
(7,430)
Tax refunded
(115,830)
---------
------------
Tax on profit
( 69,863)
196,719
---------
------------
13. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
300,000
----
---------
14. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
4,279
1,148,203
716,474
1,868,956
Additions
35,888
40,732
25,528
102,148
-------
------------
---------
--------
------------
At 30 June 2023
4,279
1,184,091
757,206
25,528
1,971,104
-------
------------
---------
--------
------------
Depreciation
At 1 July 2022
1,408
1,009,450
694,973
1,705,831
Charge for the year
86
45,863
13,164
3,702
62,815
-------
------------
---------
--------
------------
At 30 June 2023
1,494
1,055,313
708,137
3,702
1,768,646
-------
------------
---------
--------
------------
Carrying amount
At 30 June 2023
2,785
128,778
49,069
21,826
202,458
-------
------------
---------
--------
------------
At 30 June 2022
2,871
138,753
21,501
163,125
-------
------------
---------
--------
------------
Included within motor vehicles, are assets held under hire purchase agreements with a net book value of £20,399. Depreciation charged amounted to £3,600. Hire purchase liabilities are secured against the assets to which they relate.
15. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
1,616,621
------------
Impairment
At 1 July 2022
108,123
Impairment losses
517,100
------------
At 30 June 2023
625,223
------------
Carrying amount
At 30 June 2023
991,398
------------
At 30 June 2022
1,508,498
------------
The company has investments in Solar Technology International Limited, a retailer of solar technology products.
The company's registered office address is Unit 6 Station Drive, Bredon, Gloucestershire, GL20 7HH and it is 100% owned with ordinary shares.
The aggregate of the company's capital and reserves at the year end were £991,398 (2022: £1,508,498) and it made a loss of £517,100 in the year (2022: Profit of £2,898).
16. Stocks
2023
2022
£
£
Raw materials and consumables
1,246,978
1,223,564
Work in progress
128,252
172,926
Finished goods and goods for resale
33,489
10,923
------------
------------
1,408,719
1,407,413
------------
------------
17. Debtors
2023
2022
£
£
Trade debtors
750,097
1,134,534
Amounts owed by group undertakings
1,837,963
1,450,255
Deferred tax asset
29,843
26,079
Prepayments and accrued income
48,860
73,004
Other debtors
62,473
------------
------------
2,729,236
2,683,872
------------
------------
18. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
598,387
66,676
Trade creditors
778,202
1,506,094
Accruals and deferred income
222,359
203,207
Corporation tax
49,734
202,901
Social security and other taxes
91,448
120,662
Obligations under finance leases and hire purchase contracts
3,674
Other creditors
76,638
632,503
------------
------------
1,820,442
2,732,043
------------
------------
Included in bank loans and overdrafts is a government backed loan and a loan secured against specific assets of the company, and other group companies.
19. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
66,666
Obligations under finance leases and hire purchase contracts
15,756
--------
--------
15,756
66,666
--------
--------
Included in bank loans and overdrafts is a government backed loan and a loan secured against specific assets of the company, and other group companies.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
3,674
Later than 1 year and not later than 5 years
15,756
--------
----
19,430
--------
----
21. Provisions
Warranties
£
At 1 July 2022 and 30 June 2023
22,913
--------
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in debtors (note 17)
29,843
26,079
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Unused tax losses
( 29,843)
( 26,079)
--------
--------
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 47,326 (2022: £ 48,521 ).
24. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
25. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
216,444
206,575
Later than 1 year and not later than 5 years
226,816
346,921
---------
---------
443,260
553,496
---------
---------
27. Contingencies
The company is party to an unlimited multilateral guarantee to its bankers in respect of this company and Salop Holdings Limited. At the balance sheet date £Nil was outstanding under this guarantee (2022 - £Nil).
28. Related party transactions
Under FRS 102 the company is exempt from disclosing transactions with fellow group companies on the basis that consolidated accounts are prepared which are publicly available
29. Controlling party
The ultimate parent undertaking and largest group to consolidate these financial statements is Salop Holdings Limited. The registered office is the same as what is given on the company information page of these financial statements. This company is not under the control of any one person. The group financial statements can be obtained from Companies House.