Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31false212022-11-01Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials20falsefalse 01734220 2022-11-01 2023-10-31 01734220 2021-11-01 2022-10-31 01734220 2023-10-31 01734220 2022-10-31 01734220 2021-11-01 01734220 4 2022-11-01 2023-10-31 01734220 4 2021-11-01 2022-10-31 01734220 5 2022-11-01 2023-10-31 01734220 5 2021-11-01 2022-10-31 01734220 d:CompanySecretary1 2022-11-01 2023-10-31 01734220 d:Director1 2022-11-01 2023-10-31 01734220 d:Director2 2022-11-01 2023-10-31 01734220 d:Director2 2023-10-31 01734220 d:Director3 2022-11-01 2023-10-31 01734220 d:Director4 2022-11-01 2023-10-31 01734220 d:Director5 2022-11-01 2023-10-31 01734220 d:Director6 2022-11-01 2023-10-31 01734220 d:Director6 2023-10-31 01734220 d:RegisteredOffice 2022-11-01 2023-10-31 01734220 e:Buildings 2022-11-01 2023-10-31 01734220 e:Buildings 2023-10-31 01734220 e:Buildings 2022-10-31 01734220 e:Buildings e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01734220 e:Buildings e:LongLeaseholdAssets 2022-11-01 2023-10-31 01734220 e:Buildings e:LongLeaseholdAssets 2023-10-31 01734220 e:Buildings e:LongLeaseholdAssets 2022-10-31 01734220 e:PlantMachinery 2022-11-01 2023-10-31 01734220 e:PlantMachinery 2023-10-31 01734220 e:PlantMachinery 2022-10-31 01734220 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01734220 e:MotorVehicles 2022-11-01 2023-10-31 01734220 e:MotorVehicles 2023-10-31 01734220 e:MotorVehicles 2022-10-31 01734220 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01734220 e:OfficeEquipment 2022-11-01 2023-10-31 01734220 e:OfficeEquipment 2023-10-31 01734220 e:OfficeEquipment 2022-10-31 01734220 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01734220 e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01734220 e:CurrentFinancialInstruments 2023-10-31 01734220 e:CurrentFinancialInstruments 2022-10-31 01734220 e:Non-currentFinancialInstruments 2023-10-31 01734220 e:Non-currentFinancialInstruments 2022-10-31 01734220 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 01734220 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-31 01734220 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 01734220 e:Non-currentFinancialInstruments e:AfterOneYear 2022-10-31 01734220 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-10-31 01734220 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-10-31 01734220 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-10-31 01734220 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-10-31 01734220 e:ReportableOperatingSegment1 2022-11-01 2023-10-31 01734220 e:ReportableOperatingSegment1 2021-11-01 2022-10-31 01734220 e:UKTax 2022-11-01 2023-10-31 01734220 e:UKTax 2021-11-01 2022-10-31 01734220 e:ShareCapital 2022-11-01 2023-10-31 01734220 e:ShareCapital 2023-10-31 01734220 e:ShareCapital 2021-11-01 2022-10-31 01734220 e:ShareCapital 2022-10-31 01734220 e:ShareCapital 2021-11-01 01734220 e:CapitalRedemptionReserve 2022-11-01 2023-10-31 01734220 e:CapitalRedemptionReserve 2023-10-31 01734220 e:CapitalRedemptionReserve 2021-11-01 2022-10-31 01734220 e:CapitalRedemptionReserve 2022-10-31 01734220 e:CapitalRedemptionReserve 2021-11-01 01734220 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 01734220 e:RetainedEarningsAccumulatedLosses 2023-10-31 01734220 e:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 01734220 e:RetainedEarningsAccumulatedLosses 2022-10-31 01734220 e:RetainedEarningsAccumulatedLosses 2021-11-01 01734220 d:OrdinaryShareClass1 2022-11-01 2023-10-31 01734220 d:OrdinaryShareClass1 2023-10-31 01734220 d:OrdinaryShareClass1 2022-10-31 01734220 d:FRS102 2022-11-01 2023-10-31 01734220 d:Audited 2022-11-01 2023-10-31 01734220 d:FullAccounts 2022-11-01 2023-10-31 01734220 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 01734220 e:WithinOneYear 2023-10-31 01734220 e:WithinOneYear 2022-10-31 01734220 e:BetweenOneFiveYears 2023-10-31 01734220 e:BetweenOneFiveYears 2022-10-31 01734220 e:HirePurchaseContracts e:WithinOneYear 2023-10-31 01734220 e:HirePurchaseContracts e:WithinOneYear 2022-10-31 01734220 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-10-31 01734220 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-10-31 01734220 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 01734220 e:AcceleratedTaxDepreciationDeferredTax 2022-10-31 01734220 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-10-31 01734220 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-10-31 01734220 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-10-31 01734220 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-10-31 01734220 e:LeasedAssetsHeldAsLessee 2023-10-31 01734220 e:LeasedAssetsHeldAsLessee 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01734220










MELCOURT INDUSTRIES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
MELCOURT INDUSTRIES LIMITED
 
 
COMPANY INFORMATION


Directors
Mr A R Chalmers 
Mrs C S Dawson (resigned 31 December 2022)
Mr S T Green 
Mr A W Jenkinson 
Mrs P E Watson 
Mrs N Burton (appointed 1 February 2024)




Company secretary
Mrs P E Watson



Registered number
01734220



Registered office
Boldridge Brake
Long Newnton

Tetbury

Gloucestershire

GL8 8RT




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
MELCOURT INDUSTRIES LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10 - 11
Statement of changes in equity
 
12
Statement of cash flows
 
13 - 14
Notes to the financial statements
 
15 - 32


 
MELCOURT INDUSTRIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Introduction
 
The Directors present their report for the financial statements for the year ended 31 October 2023.
The company specialises in the supply of mulches, growing media, play surfaces, soil improvers, equestrian surfaces, biofiltration media and more, based on bark, wood and other natural materials.

Business review
 
Overall, it has been another successful year for the company, following the ‘Covid 19 bounce’ and the uncertain general UK economic climate.
The profit before taxation for the year was £1,084,670 (2022: £982,452)
We continue to make steady growth in our main sectors of the business supplying retail outlets, builders’ merchants and professional growers.
Competition continues to grow within retail as we see more ‘peat-free’ suppliers coming into the market, however with our unique USP, Royal warrant and RHS status, this enables us to sustain our premium brand and pricing. 
Our research and development activities continue to be a pivotal part of our innovation and quality control functions operating over three test sites. 
We appointed an ‘Operations Director’, Nikki Burton, who started with us during October 2023. It is envisaged that Nikki will take over as Managing Director from December 2024.
In 2023 we marked the Company’s 40th anniversary, there have been many changes since the company was established in 1983, however, we continue to grow and invest in the business and foresee a long-term profitable outlook.

Principal risks and uncertainties
 
The directors consider the key risks and uncertainties to the Company achieving its growth targets as follows:
- Availability of quality raw material to make peat-free products.
- An extension of lead times from our suppliers impacting on supply and demand timeframes.
- We continue to monitor our financial risks and review our customers and suppliers to minimise any impact or implication to our business.

Financial key performance indicators
 
Financial key performance indicators used by the directors in assessing the performance of the business are gross margin and growth in turnover.

Page 1

 
MELCOURT INDUSTRIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

Other key performance indicators
 
Other key performance indicators used by the directors in assessing the performance of the business are volume of product supplied to customers per week, stock turnover days and productivity of employees, measured through output per employee.


This report was approved by the board on 22 July 2024 and signed on its behalf.



................................................
Mrs N Burton
Director

Page 2

 
MELCOURT INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors' responsibilities statement

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

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £847,048 (2022 - £850,096).

During the year the Company paid dividends of £400,000 (2022: £400,000).

Directors

The directors who served during the year were:

Mr A R Chalmers 
Mrs C S Dawson (resigned 31 December 2022)
Mr S T Green 
Mr A W Jenkinson 
Mrs P E Watson 

Future developments

There are no specific future developments planned for the Company, other than the continuation of its current activities.

Page 3

 
MELCOURT INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mrs N Burton
Director

Date: 22 July 2024

Page 4

 
MELCOURT INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCOURT INDUSTRIES LIMITED
 

Opinion


We have audited the financial statements of Melcourt Industries Limited (the 'Company') for the year ended 31 October 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 October 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 5

 
MELCOURT INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCOURT INDUSTRIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  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. 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 course of 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.


Opinion 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.


Page 6

 
MELCOURT INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCOURT INDUSTRIES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


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


Page 7

 
MELCOURT INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCOURT INDUSTRIES LIMITED (CONTINUED)


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


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Malpass BA FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
25 July 2024
Page 8

 
MELCOURT INDUSTRIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,326,282
12,985,410

Cost of sales
  
(10,002,123)
(10,125,648)

Gross profit
  
3,324,159
2,859,762

Distribution costs
  
(89,642)
(83,295)

Administrative expenses
  
(2,026,466)
(1,698,117)

Operating profit
 5 
1,208,051
1,078,350

Interest payable and similar expenses
 8 
(123,381)
(95,898)

Profit before tax
  
1,084,670
982,452

Tax on profit
 9 
(237,622)
(132,356)

Profit for the year
  
847,048
850,096

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 32 form part of these financial statements.

Page 9

 
MELCOURT INDUSTRIES LIMITED
REGISTERED NUMBER: 01734220

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
3,883,208
4,134,037

  
3,883,208
4,134,037

Current assets
  

Stocks
 12 
1,587,312
1,605,501

Debtors: amounts falling due within one year
 13 
1,778,704
1,806,178

Cash at bank and in hand
 14 
1,067,211
311,349

  
4,433,227
3,723,028

Creditors: amounts falling due within one year
 15 
(2,076,966)
(1,690,444)

Net current assets
  
 
 
2,356,261
 
 
2,032,584

Total assets less current liabilities
  
6,239,469
6,166,621

Creditors: amounts falling due after more than one year
 16 
(1,519,540)
(1,902,607)

Provisions for liabilities
  

Deferred tax
 19 
(518,874)
(510,007)

  
 
 
(518,874)
 
 
(510,007)

Net assets
  
4,201,055
3,754,007

Page 10

 
MELCOURT INDUSTRIES LIMITED
REGISTERED NUMBER: 01734220
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 20 
292,500
292,500

Capital redemption reserve
 21 
97,500
97,500

Profit and loss account
 21 
3,811,055
3,364,007

  
4,201,055
3,754,007


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mrs N Burton
Director

Date: 22 July 2024

The notes on pages 15 to 32 form part of these financial statements.

Page 11

 
MELCOURT INDUSTRIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 November 2021
292,500
97,500
2,913,911
3,303,911


Comprehensive income for the year

Profit for the year
-
-
850,096
850,096
Total comprehensive income for the year
-
-
850,096
850,096


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(400,000)
(400,000)


Total transactions with owners
-
-
(400,000)
(400,000)



At 1 November 2022
292,500
97,500
3,364,007
3,754,007


Comprehensive income for the year

Profit for the year
-
-
847,048
847,048
Total comprehensive income for the year
-
-
847,048
847,048


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(400,000)
(400,000)


Total transactions with owners
-
-
(400,000)
(400,000)


At 31 October 2023
292,500
97,500
3,811,055
4,201,055


The notes on pages 15 to 32 form part of these financial statements.

Page 12

 
MELCOURT INDUSTRIES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
847,048
850,096

Adjustments for:

Depreciation of tangible assets
484,232
403,121

Loss on disposal of tangible assets
(2,000)
(24,767)

Interest paid
123,381
95,898

Taxation charge
237,622
132,356

Decrease in stocks
18,189
381,496

Decrease in debtors
27,473
312,796

Increase/(decrease) in creditors
211,629
(569,863)

Corporation tax received/(paid)
-
(181,992)

Net cash generated from operating activities

1,947,574
1,399,141


Cash flows from investing activities

Purchase of tangible fixed assets
(233,401)
(1,035,130)

Sale of tangible fixed assets
2,000
52,704

HP interest paid
(65,422)
(63,149)

Net cash from investing activities

(296,823)
(1,045,575)
Page 13

 
MELCOURT INDUSTRIES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(93,840)
(102,394)

Repayment of/new finance leases
(386,423)
241,968

Dividends paid
(356,667)
(400,000)

Interest paid
(57,959)
(32,749)

Net cash used in financing activities
(894,889)
(293,175)

Net increase in cash and cash equivalents
755,862
60,391

Cash and cash equivalents at beginning of year
311,349
250,958

Cash and cash equivalents at the end of year
1,067,211
311,349


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,067,211
311,349

1,067,211
311,349


Page 14

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Melcourt Industries Limited is a Company incorporated and domiciled in England and has its registered office and principal place of business at Boldridge Brake, Long Newnton, Tetbury, Gloucestershire, GL8 8RT.
The principal activity of the Company is the supply of mulches, growing media, play surfaces, soil improvers, equestrian surfaces, biofiltration media and more, based on bark, wood and other natural materials.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 15

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

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

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

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

Page 17

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Property improvements
-
10%
Straight line basis
Plant and machinery
-
10%
-  20% Straight Line/Reducing balance basis
Motor vehicles
-
33%
Reducing balance basis
Office equipment
-
20%
Reducing balance basis

Freehold property is not depreciated on the grounds that its residual value will at least be equal to the carrying value in the financial statements.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

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

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

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

Page 18

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

 
2.16

Dividends

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

Page 19

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Key Sources of estimation uncertainty 
The key assumptons concerning the future, and ther key sources of estimation uncertainty at the balance sheet date, that have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below.
Stock Valuation
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Raw materials cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads including processing costs. Management use compaction factors specific to stock items held, which include some element of estimation, as part of the stock valuation method. The carrying value of stock is £1,587,312 (2022: £1,605,501).


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sustainable products for the Garden Centre, Builders' Merchants, Professional Growers, Landscape, Play and other special industries
13,326,282
12,985,410

13,326,282
12,985,410


Turnover which arose within the United Kingdom totals £13,362,282 (2022 : £12,957,320). 
Turnover arose within other geographical locations as follows:
Europe £NIL (2022: £6,368). Rest of the World £NIL (2022 : £21,722).

Page 20

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

(Profit)/loss on sale of tangible fixed assets
(2,000)
(24,767)

Depreciation of tangible fixed assets
484,232
403,121

Auditor's remuneration
10,000
8,700

Defined contribution pension costs
118,872
151,038


6.


Employees

2023
2022
£
£

Wages and salaries
937,215
873,966

Social security costs
90,108
105,506

Cost of defined contribution scheme
118,872
151,038

1,146,195
1,130,510


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







20
21

Page 21

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
154,994
152,182

Company contributions to defined contribution pension schemes
15,499
69,507

170,493
221,689


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £99,533 (2022: £141,541).  
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,499 (2022: £39,494). 
 


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
57,959
32,749

Finance leases and hire purchase contracts
65,422
63,149

123,381
95,898

Page 22

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
228,755
(1,002)


228,755
(1,002)


Total current tax
228,755
(1,002)

Deferred tax


Origination and reversal of timing differences
8,867
133,358

Total deferred tax
8,867
133,358


Taxation on profit on ordinary activities
237,622
132,356
Page 23

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,084,670
982,452


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.5% (2022 - 19%)
244,051
186,666

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
158
-

Capital allowances for year in excess of depreciation
52,971
(57,470)

Timing difference leading to an increase (decrease) in deferred taxation
(27,326)
41,368

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(29,897)
(43,149)

Book profit on chargeable assets
(450)
4,706

Changes in provisions leading to an increase (decrease) in the tax charge
(1,885)
235

Total tax charge for the year
237,622
132,356


Factors that may affect future tax charges

From 1 April 2023, the main rate of Corporation Tax is due to increase from 19% to 25% for companies with profits exceeding £250,000. 


10.


Dividends

2023
2022
£
£


Paid on ordinary share capital
400,000
400,000

400,000
400,000

Page 24

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Tangible fixed assets





Freehold property
Property improvements
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2022
1,492,195
955,852
4,162,430
215,868
257,746
7,084,091


Additions
13,500
7,939
149,209
36,902
25,851
233,401



At 31 October 2023

1,505,695
963,791
4,311,639
252,770
283,597
7,317,492



Depreciation


At 1 November 2022
-
769,270
1,919,491
70,645
190,648
2,950,054


Charge for the year on owned assets
-
61,126
351,162
51,444
20,498
484,230



At 31 October 2023

-
830,396
2,270,653
122,089
211,146
3,434,284



Net book value



At 31 October 2023
1,505,695
133,395
2,040,986
130,681
72,451
3,883,208



At 31 October 2022
1,492,195
186,582
2,242,939
145,223
67,098
4,134,037

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,538,723
1,941,151

Motor vehicles
113,937
138,418

1,652,660
2,079,569

Page 25

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Stocks

2023
2022
£
£

Raw materials and consumables
1,157,844
1,198,866

Finished goods and goods for resale
429,468
406,635

1,587,312
1,605,501



13.


Debtors

2023
2022
£
£


Trade debtors
1,575,739
1,627,317

Other debtors
5
1,002

Prepayments and accrued income
202,960
177,859

1,778,704
1,806,178



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,067,211
311,349

1,067,211
311,349


Page 26

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
101,594
98,036

Trade creditors
1,028,658
653,473

Corporation tax
228,756
-

Other taxation and social security
93,722
115,531

Obligations under finance lease and hire purchase contracts
404,516
505,270

Dividends payable
43,333
150,000

Accruals and deferred income
176,387
168,134

2,076,966
1,690,444


The bank have secured fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
The bank loan is secured against the acquired freehold title at Boldridge Brake, Long Newnton including the land. 
Hire purchase liabilities are secured against the assets to which they relate.


16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
678,958
776,356

Net obligations under finance leases and hire purchase contracts
840,582
1,126,251

1,519,540
1,902,607


The bank loan is secured against the acquired freehold title at Boldridge Brake, Long Newnton including the land. 
Hire purchase liabilities are secured against the assets to which they relate.

Page 27

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
101,594
98,036


101,594
98,036

Amounts falling due 1-2 years

Bank loans
678,958
103,394


678,958
103,394

Amounts falling due 2-5 years

Bank loans
-
672,962


-
672,962


780,552
874,392


Included within bank loans is a balance repayable in monthly installments of £7,126, with a lump sum payment due on maturity. Interest is charged on the loan on a floating rate basis that shall never fall below the margin of 2.45%. The balance is expected to be repaid in full in November 2024.
Also included within bank loans is a balance repayable in monthly installments of £3,258, with a lump sum payment due on maturity. Interest is charged on the loan on a floating rate basis that shall never fall below the margin of 3.3%. The balance is expected to be repaid in full in December 2025.
The loans are secured by legal charges over freehold property, a debenture granted by the Company in favour of Barclays Bank PLC and the guarantees disclosed in note 24.

Page 28

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
404,516
505,270

Between 1-5 years
840,582
1,126,251

1,245,098
1,631,521


19.


Deferred taxation




2023
2022


£

£






At beginning of year
(510,007)
(376,649)


Charged to profit or loss
(8,867)
(133,358)



At end of year
(518,874)
(510,007)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(518,874)
(510,007)

(518,874)
(510,007)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



292,500 (2022 - 292,500) Ordinary shares of £1.00 each
292,500
292,500


Page 29

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

21.


Reserves

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares redeemed by the Company.

Profit and loss account

The profit and loss account represents accumulated undistributed profits/losses since incorporation.

22.


Analysis of net debt




At 1 November 2022
Cash flows
At 31 October 2023
£

£

£

Cash at bank and in hand

311,349

755,862

1,067,211

Debt due after 1 year

(776,356)

776,356

-

Debt due within 1 year

(98,036)

(682,516)

(780,552)

Finance leases

(1,631,521)

386,423

(1,245,098)


(2,194,564)
1,236,125
(958,439)


23.


Contingent liabilities

A W Jenkinson has provided a guarantee to the Company's bankers limited to £75,000.
Charles Ransford and Son Limited have provided a guarantee to the Company's bankers limited to £75,000.

Page 30

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

24.


Capital commitments


At 31 October 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
71,675
111,509

71,675
111,509


25.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £118,872 (2022: £151,038) Included within Creditors is a balance for defined contribution pension scheme contributions payable of £10,413 (2022: £18,792).


26.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
12,143
15,387

Later than 1 year and not later than 5 years
4,375
16,518

16,518
31,905

Page 31

 
MELCOURT INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

27.


Related party transactions

The Company entered into transactions with Charles Ransford & Son Ltd, a company with common shareholders. Purchases made during the year from Charles Ransford & Son Ltd totalled £403,220 (2022: £462,574). There was a creditor due at the year-end for the balance of £66,553 (2022: £42,030) which is included within trade creditors. 
The Company entered into transactions with A W Jenkinson Forest Products, a business with a common owner/shareholder. Purchases made during the year from A W Jenkinson Forest Products totalled £1,947,303 (2022: £1,776,283). There was a creditor due at the year-end for the balance of £193,130 (2022: £141,884) which is included within trade creditors.
Sales made to A W Jenkinson Forest Products during the year totalled £NIL (2022: £Nil). There was a debtor at the year end for the balance of £NIL (2022: £Nil) which was included in trade debtors.
The Company entered into transactions with Amenity Horticultural Services Ltd, a company with a common shareholder. Sales made during the year to Amenity Horticultural Services Ltd totalled £37,088 (2022: £69,915). There was an outstanding debtor due from Amenity Horticultural Services Ltd at the end of the year of £4,731 (2022: £3,573) which is included within trade debtors.
The Company entered into transactions with Berite Sawmills Ltd, a company with a common shareholder. Purchases made during the year from Berite Sawmills Ltd totalled £78,555 (2022: £89,307). There was a creditor due at the year-end for the balance of £2,790 (2022: £6,692) which is included within trade creditors. Sales made during the year to Berite Sawmills Ltd totalled £NIL. There were no outstanding debtor due from Berite Sawmills Ltd at the end of the year (2022: £18,000) .
The Company entered into transactions with Wood Waste Recycling Ltd, a company with a common shareholder. Purchases made during the year from Wood Waste Recycling Ltd totalled £5,125 (2022: £89,550). There were no outstanding amounts due from Wood Waste Recycling Ltd at the end of the year (2022: £NIL).


28.


Controlling party

There is no one individual controlling party of the Company.

 
Page 32