REGISTERED NUMBER: 10326837 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
G W ATKINS AND SONS HOLDINGS LIMITED |
REGISTERED NUMBER: 10326837 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
G W ATKINS AND SONS HOLDINGS LIMITED |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
G W ATKINS AND SONS HOLDINGS LIMITED |
COMPANY INFORMATION |
for the year ended 31 October 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Unit 2, Charnwood Edge Business Park |
Syston Road |
Leicestershire |
LE7 4UZ |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
GROUP STRATEGIC REPORT |
for the year ended 31 October 2023 |
The director presents his strategic report of the company and the group for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
The business has performed well this year and the Directors have been pleased to see the profitable progression of the business to now cover high pressure, low pressure, gravity, sand and low pressure sand casting capabilities. Bridge now offers an unrivalled scope of products in the industry which should generate additional sales in the future. |
These changes have resulted from the reverse acquisition of the trade, assets and liabilities of GW Atkins & Sons in the previous year and during the year the purchase from administration of the assets of G&W Engineering in Worcester. These investments have come at a significant short term cost, as have the necessary restructuring associated with these changes, however the Board expect these one of costs to be completed prior to the coming financial year. |
Customer volumes have remained at a reasonably healthy level, although the picture has been mixed. Operationally the performance of the business has continued to improve and further significant investments have been made to support margins and efficiency. In particular the business has achieved market leading reductions in energy usage both improving costs as well as its carbon footprint. |
The direct Pandemic issues have abated, to be replaced by the knock on impacts of large inflationary costs, and the Russian/ Ukraine war. The management has reacted to its customers for pricing adjustments which have been agreed, although there has been a significant lag. The business has won additional business during this year which should commence in 2023/4 and as a result of this and the strong controls in place the company looks to the future with some confidence. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key risks and uncertainties affecting the company are considered to relate to competition from overseas suppliers, global demand for our customer products and energy/ raw material costs. The company is well positioned with a number of key supplier partners, strong workforce and management team and healthy reserves to meet these challenges allowing continuing investment into the future. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The Company's key performance indicators are as follows: |
Sales |
The accounts report a 68% increase (2022 - 57%) in the level of sales over the previous financial year. |
Gross Margin |
Gross margin for the year has increased from 11.9% to 15.1%. |
OTHER KEY PERFORMANCE INDICATORS |
There are no significant non-financial key performance indicators which are relevant to understanding the position of the business. |
ON BEHALF OF THE BOARD: |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
REPORT OF THE DIRECTOR |
for the year ended 31 October 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the production and sale of precision aluminium components. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2023 (2022 - £nil). |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
FUTURE DEVELOPMENTS |
Future developments have been detailed in the strategic report. |
FINANCIAL INSTRUMENTS |
The group uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors, hire purchase, trade creditors and inter-company loans that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The main risks arising from the group's financial instruments are credit risk, liquidity risk and interest rate risk. The directors review and agree the policies for managing each of these risks and they are summarized below. The policies have remained unchanged from previous periods. |
CREDIT RISK |
In order to limit credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Debtor balances are reviewed on a regular basis in conjunction with debt ageing and collection history. |
LIQUIDITY RISK |
The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and by investing cash assets safely and profitably. |
INTEREST RATE RISK |
The group finances its operations through a mixture of retained profits, hire purchase and related company loans. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
REPORT OF THE DIRECTOR |
for the year ended 31 October 2023 |
AUDITORS |
The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
G W ATKINS AND SONS HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of G W Atkins And Sons Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
G W ATKINS AND SONS HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included: |
- | discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- | challenging assumptions made by management in their significant accounting estimates, in particular in relation to the stock valuation and judgements formed; |
- | identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
G W ATKINS AND SONS HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Unit 2, Charnwood Edge Business Park |
Syston Road |
Leicestershire |
LE7 4UZ |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
CONSOLIDATED |
INCOME STATEMENT |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 | 25,564,108 | 22,593,259 |
Cost of sales | (21,699,582 | ) | (19,254,318 | ) |
GROSS PROFIT | 3,864,526 | 3,338,941 |
Distribution costs | (326,758 | ) | (75,853 | ) |
Administrative expenses | (2,797,617 | ) | (2,579,232 | ) |
740,151 | 683,856 |
Other operating income | 5 | 431,774 | 417,458 |
OPERATING PROFIT | 7 | 1,171,925 | 1,101,314 |
Interest payable and similar expenses | 8 | (97,280 | ) | (71,957 | ) |
PROFIT BEFORE TAXATION | 1,074,645 | 1,029,357 |
Tax on profit | 9 | (68,077 | ) | (182,541 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,006,568 | 846,816 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,006,568 | 846,816 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,006,568 |
846,816 |
Total comprehensive income attributable to: |
Owners of the parent | 1,006,568 | 846,816 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
CONSOLIDATED BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | (172,171 | ) | 218,853 |
Tangible assets | 12 | 4,532,555 | 4,631,360 |
Investments | 13 | - | - |
4,360,384 | 4,850,213 |
CURRENT ASSETS |
Stocks | 14 | 2,879,110 | 2,244,450 |
Debtors | 15 | 3,919,377 | 3,959,484 |
Cash at bank | 1,180,379 | 418,990 |
7,978,866 | 6,622,924 |
CREDITORS |
Amounts falling due within one year | 16 | (9,377,703 | ) | (9,383,585 | ) |
NET CURRENT LIABILITIES | (1,398,837 | ) | (2,760,661 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,961,547 |
2,089,552 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(437,660 |
) |
(572,233 |
) |
PROVISIONS FOR LIABILITIES | 20 | (304,230 | ) | (304,230 | ) |
NET ASSETS | 2,219,657 | 1,213,089 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 1,000 | 1,000 |
Merger reserve | 22 | 59,999 | 59,999 |
Retained earnings | 22 | 2,158,658 | 1,152,090 |
SHAREHOLDERS' FUNDS | 2,219,657 | 1,213,089 |
The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by: |
C R F Shield - Director |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
COMPANY BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the director and authorised for issue on |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 October 2023 |
Called up |
share | Retained | Merger | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 | 1,000 | 305,274 | 59,999 | 366,273 |
Changes in equity |
Total comprehensive income | - | 846,816 | - | 846,816 |
Balance at 31 October 2022 | 1,000 | 1,152,090 | 59,999 | 1,213,089 |
Changes in equity |
Total comprehensive income | - | 1,006,568 | - | 1,006,568 |
Balance at 31 October 2023 | 1,000 | 2,158,658 | 59,999 | 2,219,657 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Balance at 31 October 2022 |
Changes in equity |
Balance at 31 October 2023 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,877,399 | 1,914,016 |
Interest paid | (97,280 | ) | (23,043 | ) |
Interest element of hire purchase payments paid |
- |
(48,914 |
) |
Bank charges | (44,941 | ) | (95,525 | ) |
Net cash from operating activities | 1,735,178 | 1,746,534 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,237,774 | ) | (438,131 | ) |
Sale of tangible fixed assets | 12,217 | 150,829 |
Purchase of trade and assets | 900,000 | - |
Net cash from investing activities | (325,557 | ) | (287,302 | ) |
Cash flows from financing activities |
Capital repayments in year | (183,169 | ) | (969,622 | ) |
Movement on invoice discount facility | (465,063 | ) | (130,679 | ) |
Net cash from financing activities | (648,232 | ) | (1,100,301 | ) |
Increase in cash and cash equivalents | 761,389 | 358,931 |
Cash and cash equivalents at beginning of year |
2 |
418,990 |
60,059 |
Cash and cash equivalents at end of year | 2 | 1,180,379 | 418,990 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 October 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,074,645 | 1,029,357 |
Depreciation charges | 1,329,053 | 1,344,992 |
Profit on disposal of fixed assets | (4,691 | ) | (33,197 | ) |
Amortisation charges | (419,684 | ) | (34,229 | ) |
Bank charges | 44,941 | 95,525 |
Connected party loan write off | - | 500,000 |
Finance costs | 97,280 | 71,957 |
2,121,544 | 2,974,405 |
(Increase)/decrease in stocks | (634,660 | ) | 73,873 |
(Increase)/decrease in trade and other debtors | (344,939 | ) | 1,306,774 |
Increase/(decrease) in trade and other creditors | 735,454 | (2,441,036 | ) |
Cash generated from operations | 1,877,399 | 1,914,016 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31/10/23 | 1/11/22 |
£ | £ |
Cash and cash equivalents | 1,180,379 | 418,990 |
Year ended 31 October 2022 |
31/10/22 | 1/11/21 |
£ | £ |
Cash and cash equivalents | 418,990 | 60,059 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/11/22 | Cash flow | At 31/10/23 |
£ | £ | £ |
Net cash |
Cash at bank | 418,990 | 761,389 | 1,180,379 |
418,990 | 761,389 | 1,180,379 |
Debt |
Finance leases | (1,332,870 | ) | 183,169 | (1,149,701 | ) |
(1,332,870 | ) | 183,169 | (1,149,701 | ) |
Total | (913,880 | ) | 944,558 | 30,678 |
4. | ACQUISITION OF BUSINESS |
ACQUISITION OF TRADE AND ASSETS |
During the year Bridge Aluminium Limited acquired the trade and assets of Grainger and Worrall Engineering Limited for £900,000. The net assets of the Company at the transfer date were £1,710,708. This was a part--cash transaction. |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
1. | STATUTORY INFORMATION |
G W Atkins And Sons Holdings Limited is a private limited company and group, registered in England and Wales. Its registered office address is Third Floor, Two Colton Square, Leicester, Leicestershire, England, LE1 1QH and the registered number is 10326837. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the group, and rounded to the nearest £. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared financial forecasts which, including cashflow forecasts. These demonstrate that the company has sufficient resources to meet its liabilities for at least twelve months from signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Basis of consolidation |
The consolidated financial statements incorporate those of G W Atkins And Sons Holdings Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the acquisition method of accounting. The results are incorporated from the date control passes. All financial statements are made up to 31 October. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. |
Turnover |
Turnover 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: |
Revenue is recognised on the date that the goods are despatched. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Goodwill represents the excess of the cost of initial acquisition over the net fair value of assets. This is largely attributable to the plant and equipment and after initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
The estimated useful life of goodwill is deemed to be 10 years. |
Goodwill also represents the shortfall of the cost of the business acquisition, compared to the fair value of the net assets acquired. It is initially recognised at cost and subsequently measured at cost less any accumulated amortisation and impairment. |
Negative goodwill is credited to Statement of Comprehensive Income as the underlying assets are realised (stock and tangible fixed assets). |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Short-term leasehold land & buildings | Over the term of the lease |
Plant & machinery | 4 - 10 years on a straight line basis |
Motor vehicles | 3 - 4 years on a straight line basis |
Fixtures & fittings | 3 years on a straight line basis |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Financial instruments |
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Equity instruments |
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a change 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. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Finance costs |
Finance costs are charged to the statement of comprehensive income 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. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the statement of comprehensive income in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the balance sheet. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows; |
Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual lives of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the assets and Tangible fixed assets note above for the useful economic lives for each class of asset. |
Useful economic life of goodwill |
Management reviews the useful life of goodwill on a regular basis. Any changes in estimates may affect the carrying amounts of the respective goodwill with a corresponding effect on the related amortisation charge. |
Stock impairments and provisions |
Stock is valued at lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these estimates require judgements to be made, which include forecasting consumer demand, competitive and economic environment and stock loss trends. |
The management reviews this on a regular basis. The provision for stock loss is made to ensure the accounts reflect the lower of net realisable value and cost. The provision comprises of the loss due to ageing of stock. Historic costs are used to calculate the provision. |
Bad Debt Provisioning |
An allowance for the bad debts is made when collection of the full amount is no longer probable. The trade receivables balance is assesses at the end of each reporting period whether there is no objective evidence of impairment and recognises a bad debt allowance if such evidence arises. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Precision aluminium components | 25,564,108 | 22,593,259 |
25,564,108 | 22,593,259 |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 22,858,557 | 20,556,607 |
Europe | 2,639,124 | 1,837,531 |
Rest of world | 66,427 | 199,121 |
25,564,108 | 22,593,259 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
5. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Rents received | 431,774 | 417,458 |
6. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 6,068,033 | 5,518,398 |
Social security costs | 614,040 | 529,825 |
Other pension costs | 252,305 | 195,785 |
6,934,378 | 6,244,008 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 1 | 1 |
Production and administration | 220 | 216 |
The average number of employees by undertakings that were proportionately consolidated during the year was 221 (2022 - 288 ) . |
2023 | 2022 |
£ | £ |
Director's remuneration | 195,799 | 166,423 |
Director's pension contributions to money purchase schemes | 3,522 | 6,438 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 693,460 | 650,260 |
Depreciation - owned assets | 1,329,053 | 1,344,992 |
Profit on disposal of fixed assets | (4,691 | ) | (33,197 | ) |
Goodwill amortisation | (419,684 | ) | (34,229 | ) |
Auditors' remuneration | 20,900 | 19,280 |
Foreign exchange differences | 71,783 | (6,513 | ) |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Invoice discounting facility | 18,954 | 23,043 |
Finance lease | 78,326 | 15,747 |
Hire purchase interest | - | 33,167 |
97,280 | 71,957 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 68,077 | 75,908 |
Adjustment to prior years | - | (6,831 | ) |
Total current tax | 68,077 | 69,077 |
Deferred tax | - | 113,464 |
Tax on profit | 68,077 | 182,541 |
UK corporation tax was charged at 19 %) in 2022. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,074,645 | 1,029,357 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
204,183 |
195,578 |
Effects of: |
Expenses not deductible for tax purposes | (2,154 | ) | 23,609 |
Capital allowances in excess of depreciation | (296,057 | ) | - |
Depreciation in excess of capital allowances | - | 22,905 |
Utilisation of tax losses | - | (56,884 | ) |
Adjustments to tax charge in respect of previous periods | - | (6,831 | ) |
Loss on disposal of fixed assets | (1,055 | ) | 7,655 |
Provisions adjustment | - | 547 |
Non-trade financial losses | 36,558 | (22,502 | ) |
Connected company loan write off | - | (95,000 | ) |
Deferred tax movement in the period | - | 113,464 |
Rental income | (97,149 | ) | - |
Trade losses in relation to Kettering site | 184,805 | - |
Uplift in corporation tax rate | 33,481 | - |
Adjustment to taxable profits on consolidation | 5,465 | - |
Total tax charge | 68,077 | 182,541 |
Tax losses of £1,680,750 are carried forward as at 31 October 2022. |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 November 2022 | (342,289 | ) |
Additions | (810,708 | ) |
At 31 October 2023 | (1,152,997 | ) |
AMORTISATION |
At 1 November 2022 | (561,142 | ) |
Amortisation for year | (419,684 | ) |
At 31 October 2023 | (980,826 | ) |
NET BOOK VALUE |
At 31 October 2023 | (172,171 | ) |
At 31 October 2022 | 218,853 |
Included within goodwill at cost is goodwill arising on business combinations of £794,431 and negative goodwill relating to stock and plant and machinery of £1,947,428. |
12. | TANGIBLE FIXED ASSETS |
Group |
Short |
leasehold | Fixtures |
land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 | 111,684 | 10,181,219 | 190,210 | 43,925 | 10,527,038 |
Additions | - | 1,207,159 | - | 30,615 | 1,237,774 |
Disposals | - | - | - | (19,331 | ) | (19,331 | ) |
At 31 October 2023 | 111,684 | 11,388,378 | 190,210 | 55,209 | 11,745,481 |
DEPRECIATION |
At 1 November 2022 | 13,312 | 5,739,289 | 119,007 | 24,070 | 5,895,678 |
Charge for year | 6,301 | 1,255,509 | 51,704 | 15,539 | 1,329,053 |
Eliminated on disposal | - | - | - | (11,805 | ) | (11,805 | ) |
At 31 October 2023 | 19,613 | 6,994,798 | 170,711 | 27,804 | 7,212,926 |
NET BOOK VALUE |
At 31 October 2023 | 92,071 | 4,393,580 | 19,499 | 27,405 | 4,532,555 |
At 31 October 2022 | 98,372 | 4,441,930 | 71,203 | 19,855 | 4,631,360 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: |
2022 | 2021 |
£ | £ |
Plant and machinery | 2,520,074 | 3,115,660 |
The depreciation charge for the year on assets held under finance leases or hire purchase contracts, included above, are as follows: |
2022 | 2021 |
£ | £ |
Plant and machinery | 721,424 | 643,109 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 365 Fosse Way, Syston, Leicestershire, LE7 1NL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 365 Fosse Way, Syston, Leicester, England, LE7 1NL |
Nature of business: |
% |
Class of shares: | holding |
During the year, the company purchased all of the trade and assets from Grainger and Worrall Engineering Limited. The company was in administration at the date that the trade and assets were acquired and no shares were purchased. The transfer of trade and assets was done under standard acquisition accounting rules. |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 466,886 | 486,569 |
Work-in-progress | 1,067,237 | 1,077,280 |
Finished goods | 1,344,987 | 680,601 |
2,879,110 | 2,244,450 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 2,996,328 | 2,941,202 |
Amounts owed by related party | 161,586 | - |
Amounts owed by related party | 999 | 615,776 |
Other debtors | 253,422 | 13,145 | - | - |
Prepayments and accrued income | 507,042 | 389,361 |
3,919,377 | 3,959,484 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 18) | 712,041 | 760,637 |
Trade creditors | 2,117,074 | 2,865,452 |
Amounts owed to related party | 3,313,887 | 2,746,502 |
Tax | 143,985 | 75,908 |
Social security and other taxes | 153,907 | 215,124 |
VAT | 701,068 | 399,232 | - | - |
Invoice discount facility | 459,381 | 924,444 |
Other creditors | 386,954 | 380,000 | - | - |
Accruals and deferred income | 1,389,406 | 1,016,286 |
9,377,703 | 9,383,585 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 18) | 437,660 | 572,233 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 712,041 | 760,637 |
Between one and five years | 437,660 | 572,233 |
1,149,701 | 1,332,870 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 695,000 | 695,000 |
Between one and five years | 2,552,500 | 2,622,500 |
In more than five years | 6,041,667 | 6,666,667 |
9,289,167 | 9,984,167 |
Obligations under finance leases and hire purchase contracts are secured upon the asset concerned. Finance lease payments represent rentals payable by the company for plant and machinery. |
Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is more then 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payment. |
Operating lease payments represent rentals payable by the group for property. The lease payments recognised as an expense in the year in relation to the property were £693,460. |
Lessor |
The group sub-leases property. Rental income earned on the specific property under non-cancellable agreements during the year was £431,774. The total period of the lease is 5 years. |
At the reporting end date the company had contracted with customers for the following minimum lease payments: |
Non-cancellable operating leases |
2023 | 2022 |
£ | £ |
Within one year | 390,058 | 390,058 |
Between one and five years | 258,833 | 647,083 |
648,891 | 1,037,141 |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 1,149,701 | 1,332,870 |
Invoice discounting facility | - | 924,444 |
1,149,701 | 2,257,314 |
The hire purchase creditors are secured against the assets financed. |
The invoice discount facility is guaranteed by a fixed and floating charge over the assets of the group. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 304,230 | 304,230 |
Group |
Deferred |
tax |
£ |
Balance at 1 November 2022 | 304,230 |
Balance at 31 October 2023 | 304,230 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
22. | RESERVES |
Merger reserve |
The merger reserve represents the difference between the parent company's cost of investment and the subsidiary's share capital and share premium. |
Profit & loss account |
The profit and loss account includes all current and prior period retained profits and losses. |
23. | PENSION COMMITMENTS |
The company operates a defined contributions 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 £252,305 (2022 - £195,785). |
G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
24. | CONTINGENT LIABILITIES |
On 19 August 2020, G W Atkins & Sons Limited, a subsidiary of G W Atkins and Sons Holdings Limited entered in to an agreement to purchase the assets of a competitor. Included in these assets were £1,480,000 of Plant and Machinery and the competitor's order book at £795,500. As part of the agreement, there is £1,175,500 of deferred consideration payable within 24 months of the completion date. |
At the point of approving these financial statements, the agreement is in legal dispute and the Group has not made any payments towards the deferred consideration. The directors of G W Atkins & Sons Limited are doubtful that the deferred consideration attributable to the order book of £795,500 will be payable once the case is settled. The exact amount is currently being negotiated. |
Due to the trade and assets of G W Atkins & Sons Limited being transferred to Bridge Aluminium Limited in the year the contingent liabilities have also transferred. |
25. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 682,192 |
26. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year the company had transactions with the following related companies, all ultimately |
controlled by C R F Shield. |
2023 | 2022 |
£ | £ |
Purchases from Burrows & Smith Limited | (1,710 | ) | (6,780 | ) |
Sales to Burrows & Smith Limited | 319,853 | 169,587 |
Amounts due to Burrows & Smith Limited | (392,783 | ) | (295,755 | ) |
Purchases from Spaw Engineering Limited | (23,479 | ) | (25,992 | ) |
Sales to Spaw Engineering Limited | 3,528,983 | 3,777,181 |
Amounts due from/(to) Spaw Engineering Limited | 280,650 | 336,527 |
Purchases from Woolley GMC Engineering Company Limited | (191,853 | ) | (10,800 | ) |
Sales to Woolley GMC Engineering Company Limited | 7,283 | 100,366 |
Amounts due to Woolley GMC Engineering Company Limited | 161,586 | 324,765 |
Purchases from Shield Engineering (Syston) Limited | (402,494 | ) | (370,931 | ) |
Sales to Shield Engineering (Syston) Limited | 3,472,340 | 2,051,966 |
Amounts due from/(to) Shield Engineering (Syston) Limited | (2,037,194 | ) | (2,347,752 | ) |
Sales to PFS Manufacturing Limited | - | 2,937 |
Purchases from Shield Properties Limited | (78,000 | ) | (71,100 | ) |
Amounts due from/(to) Shield Properties Limited | - | (19,500 | ) |
Sales to Shield Manufacturing Technologies Limited | 10,579 | - |
Sales to O.L.D. Engineering Company Limited | 7,270 | - |
Amounts due to O.L.D. Engineering Company Limited | (500,000 | ) | - |
27. | ULTIMATE CONTROLLING PARTY |
The directors consider that the ultimate controlling party is C R F Shield by virtue of his 100% shareholding in G W Atkins and Sons Holdings Limited. |