MANX WELSHPOOL HOLDINGS LIMITED
Company registration number 11172990 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MANX WELSHPOOL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S Westhorpe
Mr P Ligertwood
Company number
11172990
Registered office
Unit 2
Kenyon Forge
Kenyon Street
Birmingham
B18 6DH
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
MANX WELSHPOOL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
MANX WELSHPOOL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The results for the year convey a positive outlook for the groups production capabilities and operational effectiveness in the near future, having successfully navigated the ramp up phase for significant new programs. These have been added to the production requirements of other established core programs and all managed within existing machine capacity.
The group continued effectively scaling up its operations, both in terms of utilised production capacity and employee levels. In addition to internal promotions a full time training manager has been employed to ensure integration of new employees and growth of the workforce.
There remains a lack of certainty within the automotive industry with reference to propulsion choice. The group continues to supply a range of components that can serve all forms of power sources.
ISO14000 & IATF16949 quality accreditation remains in place and once again all customer audits were favourable. In addition the group have been requested by Ford to apply for their own Q1 certification.
Working with both the Cast Metals federation and Warwick University the group continues to make great strides on its journey to Carbon Net Zero.
Principal risks and uncertainties
Price risk
Unlike the sharp rise in commodity prices, the return to somewhat more normal levels has been significantly slower and we have had to continuously monitor this in judging the viability of new and existing work.
Customers
Our customer base has continued to expand within the year, with the spread of business changing significantly to be shared around a wider range of businesses which helps to reduce risk to the group.
Key performance indicators
The following key performance indicators are used by the directors in measuring the performance of the business:
KPIs 2023 2022 Definition, Method of Calculation and Analysis
Sales - Volumes ('000s) 1,802 1,474 Total number of parts sold
Sales (£'000s) 34,936 29,763 Sales value in GBP (all markets)
Gross margin (%) 14 12 Ratio of gross profit to sales expressed as a %
Operating (loss)/profit (£'000s) 2,018 992 Profit before interest and tax
Future prospects
The group continues to be recognised within the industry as a very capable and reliable supplier, which is leading to many enquiries regarding future business.
Mr S Westhorpe
Director
23 April 2024
MANX WELSHPOOL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the group is that of aluminium diecasting and machining.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors recommend payment of a final dividend amounting to £100,000.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S Westhorpe
Mr P Ligertwood
Auditor
The auditor, Dyke Yaxley Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Disclosure in the strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of business, principal risks and uncertainties and future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr S Westhorpe
Director
23 April 2024
MANX WELSHPOOL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MANX WELSHPOOL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MANX WELSHPOOL HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Manx Welshpool Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
MANX WELSHPOOL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MANX WELSHPOOL HOLDINGS LIMITED
- 5 -
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 their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
MANX WELSHPOOL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MANX WELSHPOOL HOLDINGS LIMITED
- 6 -
Irregularities, including fraud, and instances of non-compliance with laws and regulations
We design procedures in line with our responsibilities, outlined above, to detect material misstatement misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We designed audit procedures to respond to the risk, recognising that 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.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, Health & Safety, ISO 14001:2015 - Environmental Management Systems and IATF 16949:2016 - Automotive Quality Management Systems. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, reviewing the outcomes of BSI audits and confirming that certifications have been awarded.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We did not identify any key audit matters relating to irregularities, including fraud.
Audit procedures performed by the engagement team included:
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, particularly around journals processing;
Journal entry testing, with a focus on journals meeting our defined risk criteria based on our understanding of the business;
Completion of audit procedures to conclude on the compliance of disclosures in the annual report and accounts with applicable financial reporting requirements.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Young FCA (Senior Statutory Auditor)
For and on behalf of Dyke Yaxley Limited
24 April 2024
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
MANX WELSHPOOL HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
34,936,222
29,762,846
Cost of sales
(30,109,281)
(26,199,834)
Gross profit
4,826,941
3,563,012
Distribution costs
(970,366)
(1,164,874)
Administrative expenses
(1,866,306)
(1,433,288)
Other operating income
27,332
27,332
Operating profit
4
2,017,601
992,182
Interest receivable and similar income
8
1,722
Interest payable and similar expenses
9
(374,772)
(390,056)
Fair value gains and losses on foreign exchange contracts
39,770
Profit before taxation
1,684,321
602,126
Tax on profit
10
(498,409)
(240,061)
Profit for the financial year
26
1,185,912
362,065
Profit for the financial year is all attributable to the owner of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MANX WELSHPOOL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
1,185,912
362,065
Other comprehensive income
Cash flow hedges gain/(loss) arising in the year
741,135
(862,932)
Cash flow hedges loss reclassified to profit or loss
(146,487)
(33,504)
Tax relating to other comprehensive income
(148,662)
203,905
Other comprehensive income for the year
445,986
(692,531)
Total comprehensive income for the year
1,631,898
(330,466)
Total comprehensive income for the year is all attributable to the owners of the parent company.
MANX WELSHPOOL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
10,321,099
11,428,091
Current assets
Stocks
16
2,538,266
2,352,897
Debtors
17
6,361,186
7,897,317
Cash at bank and in hand
2,378,021
1,004,074
11,277,473
11,254,288
Creditors: amounts falling due within one year
18
(8,393,253)
(9,710,717)
Net current assets
2,884,220
1,543,571
Total assets less current liabilities
13,205,319
12,971,662
Creditors: amounts falling due after more than one year
19
(4,015,104)
(6,060,416)
Provisions for liabilities
Deferred tax liability
21
1,201,185
554,114
(1,201,185)
(554,114)
Net assets
7,989,030
6,357,132
Capital and reserves
Called up share capital
24
3,001,101
3,001,101
Hedging reserve
26
753,526
307,540
Profit and loss reserves
26
4,234,403
3,048,491
Total equity
7,989,030
6,357,132
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
23 April 2024
Mr S Westhorpe
Director
Company registration number 11172990 (England and Wales)
MANX WELSHPOOL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
2,983,856
2,983,856
Current assets
Debtors
17
2,763,286
2,855,750
Cash at bank and in hand
1
1
2,763,287
2,855,751
Creditors: amounts falling due within one year
18
(2,129)
(2,129)
Net current assets
2,761,158
2,853,622
Total assets less current liabilities
5,745,014
5,837,478
Creditors: amounts falling due after more than one year
19
(2,845,593)
(2,845,593)
Net assets
2,899,421
2,991,885
Capital and reserves
Called up share capital
24
3,001,101
3,001,101
Profit and loss reserves
26
(101,680)
(9,216)
Total equity
2,899,421
2,991,885
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £92,464 (2022 - £193,213).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
23 April 2024
Mr S Westhorpe
Director
Company registration number 11172990 (England and Wales)
MANX WELSHPOOL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
3,001,101
1,000,071
2,686,426
6,687,598
Year ended 31 December 2022:
Profit for the year
-
-
362,065
362,065
Other comprehensive income:
Cash flow hedges gains
-
(862,932)
-
(862,932)
Gains reclassified to profit or loss
-
(33,504)
-
(33,504)
Tax relating to other comprehensive income
-
203,905
203,905
Total comprehensive income
-
(692,531)
362,065
(330,466)
Balance at 31 December 2022
3,001,101
307,540
3,048,491
6,357,132
Year ended 31 December 2023:
Profit for the year
-
-
1,185,912
1,185,912
Other comprehensive income:
Cash flow hedges gains
-
741,135
-
741,135
Gains reclassified to profit or loss
-
(146,487)
-
(146,487)
Tax relating to other comprehensive income
-
(148,662)
(148,662)
Total comprehensive income
-
445,986
1,185,912
1,631,898
Balance at 31 December 2023
3,001,101
753,526
4,234,403
7,989,030
MANX WELSHPOOL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
3,001,101
183,997
3,185,098
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(193,213)
(193,213)
Balance at 31 December 2022
3,001,101
(9,216)
2,991,885
Year ended 31 December 2023:
Profit and total comprehensive income
-
(92,464)
(92,464)
Balance at 31 December 2023
3,001,101
(101,680)
2,899,421
MANX WELSHPOOL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
4,268,989
3,043,163
Interest paid
(374,772)
(390,056)
Income taxes refunded
132,856
Net cash inflow from operating activities
4,027,073
2,653,107
Investing activities
Purchase of tangible fixed assets
(486,054)
(918,551)
Interest received
1,722
Net cash used in investing activities
(484,332)
(918,551)
Financing activities
Repayment of borrowings
(2,168,794)
(958,871)
Purchase of derivatives
-
(2,301)
Payment of finance leases obligations
-
(22,033)
Net cash used in financing activities
(2,168,794)
(983,205)
Net increase in cash and cash equivalents
1,373,947
751,351
Cash and cash equivalents at beginning of year
1,004,074
252,723
Cash and cash equivalents at end of year
2,378,021
1,004,074
MANX WELSHPOOL HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
184,964
184,964
Interest paid
(184,964)
(184,964)
Net cash outflow from operating activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
1
1
Cash and cash equivalents at end of year
1
1
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information
Manx Welshpool Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2, Kenyon Forge, Kenyon Street, Birmingham, B18 6DH.
The group consists of Manx Welshpool Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Manx Welshpool Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2023. 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.
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.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.7
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:
Freehold buildings
50 years straight-line
Short-term Leasehold property
5-20 years straight-line
Plant and machinery
3 to 12 years straight-line
Office equipment
3 to 10 years straight-line
Freehold land is not depreciated.
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 recognised in the profit and loss account.
1.8
Fixed asset investments
In the parent company financial statements, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 and 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Hedge accounting
The Company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges.
At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income.
The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, and is included in the 'other gains and losses' line in this item.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognised in the profit or loss in the same line as of the income statement as the recognised hedged item. However when the forecast transaction that is hedged results in the recognition of a non-financial asset or liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability concerned.
For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.
Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.15
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
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.
Overheads have been absorbed into stock using a standard hourly rate which is calculated based on the factory's production hours for the year and the cost of casting production overheads. The standard hourly rate is then applied to the number of parts in stock at the year-end, taking account for the number of parts which be cast in an hour.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
All turnover is derived from the principle activity of Castalum Limited
34,936,222
29,762,846
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 20 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,582,416
5,485,989
Rest of Europe
21,417,198
23,237,886
Rest of world
936,608
1,038,971
34,936,222
29,762,846
2023
2022
£
£
Other revenue
Interest income
1,722
-
Grants received
27,332
27,332
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(177,441)
(468,317)
Hedging item gains
-
(31,202)
Government grants
(27,332)
(27,332)
Depreciation of owned tangible fixed assets
1,593,046
1,536,373
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
4,500
Audit of the financial statements of the company's subsidiaries
15,865
15,865
20,865
20,365
For other services
Other taxation services
2,000
2,000
All other non-audit services
3,000
3,000
5,000
5,000
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
6
7
2
2
Employees
138
126
-
-
Total
144
133
2
2
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,451,975
4,680,719
Social security costs
553,366
493,324
-
-
Pension costs
201,716
179,586
6,207,057
5,353,629
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
610,739
569,000
Company pension contributions to defined contribution schemes
45,513
41,298
656,252
610,298
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
149,511
134,192
Company pension contributions to defined contribution schemes
14,626
13,419
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
1,722
-
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
189,808
205,092
Other interest on financial liabilities
184,964
184,964
374,772
390,056
10
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
498,409
240,061
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,684,321
602,126
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
396,152
114,404
Tax effect of expenses that are not deductible in determining taxable profit
1,671
3,511
Tax effect of utilisation of tax losses not previously recognised
(566,514)
(65,835)
Unutilised tax losses carried forward
21,748
47,609
Permanent capital allowances in excess of depreciation
146,943
(36,627)
Deferred taxation
498,409
240,061
R&D additional deduction
-
(63,062)
Taxation charge
498,409
240,061
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 23 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Reclassifications from equity to profit or loss:
Relating to cash flow hedges
148,662
(203,905)
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
6,233,805
(3,744,022)
2,489,783
Amortisation and impairment
At 1 January 2023 and 31 December 2023
6,233,805
(3,744,022)
2,489,783
Carrying amount
At 31 December 2023
At 31 December 2022
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Freehold buildings
Short-term Leasehold property
Plant and machinery
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
3,556,000
1,097,427
26,036,581
237,190
30,927,198
Additions
468,255
17,799
486,054
At 31 December 2023
3,556,000
1,097,427
26,504,836
254,989
31,413,252
Depreciation and impairment
At 1 January 2023
116,640
520,000
18,652,610
209,857
19,499,107
Depreciation charged in the year
58,320
57,920
1,458,458
18,348
1,593,046
At 31 December 2023
174,960
577,920
20,111,068
228,205
21,092,153
Carrying amount
At 31 December 2023
3,381,040
519,507
6,393,768
26,784
10,321,099
At 31 December 2022
3,439,360
577,427
7,383,971
27,333
11,428,091
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 24 -
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
Freehold land is not depreciated and is held at a cost of £640,000 (2022: £640,000).
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
2,983,856
2,983,856
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,983,856
Carrying amount
At 31 December 2023
2,983,856
At 31 December 2022
2,983,856
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Manx Welshpool Limited
Unicol House Green Road, Headington, Oxford, OX3 8EU
Ordinary
100.00
AHW Industries Limited
Unit 2 Kenyon Forge, Kenyon Street, Birmingham, B18 6DH
Ordinary
100.00
Castalum Limited
5 Buttington Cross Enterprise Park, Buttington, Welshpool, Powys, SY21 8SL
Ordinary
100.00
15
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
72,991
-
-
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
561,427
-
-
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Financial instruments
(Continued)
- 25 -
Financial instruments measured at fair value through other comprehensive income comprise forward foreign currency contracts which are derivative financial instruments designed as hedges of variable exchange rate risk.
At the year end, the company had entered into agreements for the forward selling of Euros with a maximum contracted value of €24.6m (2022: €28.8m)
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
499,995
670,497
-
-
Finished goods and goods for resale
2,038,271
1,682,400
2,538,266
2,352,897
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,945,103
7,396,322
Corporation tax recoverable
816
133,672
Amounts owed by group undertakings
-
-
2,763,286
2,855,750
Derivative financial instruments
72,991
-
-
-
Other debtors
140,675
194,869
Prepayments and accrued income
201,601
172,454
6,361,186
7,897,317
2,763,286
2,855,750
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
20
1,017,980
1,168,794
Trade creditors
3,682,158
4,366,735
Other taxation and social security
154,088
151,861
-
-
Derivative financial instruments
561,427
Government grants
22
27,332
27,332
Other creditors
2,685,892
2,790,835
2,129
2,129
Accruals and deferred income
825,803
643,733
8,393,253
9,710,717
2,129
2,129
HSBC Bank holds a group set-off between Castalum Limited, Manx Welshpool Limited, Manx Welshpool Holdings Limited and AHW Industries Limited.
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
20
3,935,904
5,953,884
2,845,593
2,845,593
Government grants
22
79,200
106,532
4,015,104
6,060,416
2,845,593
2,845,593
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Loans from related parties
2,108,291
4,277,085
Other loans
2,845,593
2,845,593
2,845,593
2,845,593
4,953,884
7,122,678
2,845,593
2,845,593
Payable within one year
1,017,980
1,168,794
Payable after one year
3,935,904
5,953,884
2,845,593
2,845,593
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,192,879
1,336,041
Tax losses
-
(641,571)
Deferred tax on forward contracts
8,306
(140,356)
1,201,185
554,114
The company has no deferred tax assets or liabilities.
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation
(Continued)
- 27 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
554,114
-
Charge to profit or loss
498,408
-
Charge to other comprehensive income
148,663
-
Liability at 31 December 2023
1,201,185
-
22
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
106,532
133,864
-
-
Deferred income is included in the financial statements as follows:
Current liabilities
27,332
27,332
Non-current liabilities
79,200
106,532
106,532
133,864
-
-
Government grants received relate to plant & machinery purchased by the company. This is being amortised in accordance with the depreciation policy for plant & machinery.
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
201,716
179,586
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Contributions totalling £42,242 (2022: £40,000) were payable to the scheme at the year end and are included in creditors.
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,001,101
3,001,101
3,001,101
3,001,101
The ordinary shares have full voting rights, dividend and capital distribution (including on wind up) rights. they do not confer any rights of redemption.
25
Non-Distributable Profits
Included in profit and loss reserves is a balance of £1,918,966 (2022: £1,952,066) which is not distributable. It relates to the revaluation of a building which was deemed cost on transition to FRS 102.
26
Reserves
Hedging reserve
Includes movements in fair value on derivative instruments identified as designated and effective hedges. This is a non-distributive reserve impacting other comprehensive income.
Profit and loss reserve
Includes all current and prior period retained profits and losses.
27
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
348,517
6,689
-
-
Between two and five years
1,386,000
2,281
-
-
In over five years
173,250
-
-
-
1,907,767
8,970
-
-
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
28
Related party transactions
The company has taken advantage of the exemption in section 33.1A of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned members of the group.
The company has taken advantage of the exemption under Financial Reporting Standard 102 section 1.12 Reduced Disclosure For Subsidiaries from disclosing key management compensation in total.
At the year end the following amounts were outstanding to a director of the company:
Mr P Ligertwood £2,331,888 (2022: £2,375,963). There are no fixed repayment terms for this loan.
Loan agreements continued with Manxfina, a company which the directors P Ligertwood and S Westhorpe are trustees of the controlling Trust. The loans are repayable over 5 years and interest is charged at 2.25% above base rate. The balance outstanding at the year end was £2,108,291 (2022: £4,277,085).
At the year end loan notes to the value of £2,845,593 (2022 £2,845,593) were due to Zyox Limited, a company in which P Ligertwood is the ultimate controlling party. Interest of £184,964 (2022 £184,964) was paid on these loan notes during the year.
29
Controlling party
The ultimate controlling party is P Ligertwood by virtue of his 100% holding of the issued share capital of the company.
30
Guarantees
The company has issued a guarantee on behalf of its subsidiary Castalum Limited to the value of £450,000. The guarantee has been given to support Castalum Limited in its trading activities.
31
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,185,912
362,065
Adjustments for:
Taxation charged
498,409
240,061
Finance costs
374,772
390,056
Investment income
(1,722)
Fair value gain on foreign exchange contracts
(39,770)
Depreciation and impairment of tangible fixed assets
1,593,046
1,536,373
Movements in working capital:
(Increase)/decrease in stocks
(185,369)
819,235
Decrease/(increase) in debtors
1,476,266
(2,828,679)
(Decrease)/increase in creditors
(605,223)
2,551,384
Decrease in deferred income
(27,332)
(27,332)
Cash generated from operations
4,268,989
3,043,163
MANX WELSHPOOL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
32
Cash generated from operations - company
2023
2022
£
£
Loss for the year after tax
(92,464)
(193,213)
Adjustments for:
Finance costs
184,964
184,964
Movements in working capital:
Decrease in debtors
92,464
193,213
Cash generated from operations
184,964
184,964
33
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,004,074
1,373,947
2,378,021
Borrowings excluding overdrafts
(7,122,678)
2,168,794
(4,953,884)
(6,118,604)
3,542,741
(2,575,863)
34
Analysis of changes in net debt - company
1 January 2023
31 December 2023
£
£
Cash at bank and in hand
1
1
Borrowings excluding overdrafts
(2,845,593)
(2,845,593)
(2,845,592)
(2,845,592)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr S WesthorpeMr P 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