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COMPANY REGISTRATION NUMBER: 01849492
Blount Shutters Limited
Financial Statements
31 March 2024
Blount Shutters Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Statement of income and retained earnings
7
Statement of financial position
8
Statement of cash flows
9
Notes to the financial statements
10
Blount Shutters Limited
Strategic Report
Year ended 31 March 2024
The principal activity of the company during the year was that of the sale and maintenance of industrial roller shutters. The directors are pleased with the continued success of the business and the trading results achieved in the year and are satisfied with the overall position of the company at the year end. Turnover has increased by £1,256,842 on the prior year. The company has continued to trade with existing customers during the year. The directors measure the business's financial performance against certain key performance indicators (KPIs). These KPIs include sales levels and gross margins, which are measured against break even levels, are deemed to be acceptable. Gross profit margin for 2024 was 49.47% (2023: 45.02%). The directors are satisfied with the results achieved in the year in comparison to prior periods. There are currently no risks or uncertainties facing the company. Going forward the directors are confident that the company will be able to trade at increased capacity and will continue to be profitable. The company will strive towards maintaining productivity levels and efficiency of its operations to produce orders to the highest quality.
This report was approved by the board of directors on 5 August 2024 and signed on behalf of the board by:
Kenneth Blount
Director
Registered office:
Unit B
734 London Road
West Thurrock
Essex
RM20 3NL
Blount Shutters Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Christopher Blount
Kenneth Blount
Patricia Blount
Mark McAspurn
(Appointed 1 September 2023)
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 August 2024 and signed on behalf of the board by:
Kenneth Blount
Director
Registered office:
Unit B
734 London Road
West Thurrock
Essex
RM20 3NL
Blount Shutters Limited
Independent Auditor's Report to the Members of Blount Shutters Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Blount Shutters Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The prior year accounts were unaudited.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philippa Miller-Hawkes BA ACA
(Senior Statutory Auditor)
For and on behalf of
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
5 August 2024
Blount Shutters Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
6,456,085
5,199,243
Cost of sales
3,262,103
2,858,451
------------
------------
Gross profit
3,193,982
2,340,792
Administrative expenses
2,510,383
1,990,215
------------
------------
Operating profit
5
683,599
350,577
Other interest receivable and similar income
8
29,922
13,305
Interest payable and similar expenses
9
62,051
17,799
------------
------------
Profit before taxation
651,470
346,083
Tax on profit
10
326,757
( 43,874)
---------
---------
Profit for the financial year and total comprehensive income
324,713
389,957
---------
---------
Dividends paid and payable
11
( 2,500)
( 5,000)
Retained earnings at the start of the year
2,063,388
1,678,431
------------
------------
Retained earnings at the end of the year
2,385,601
2,063,388
------------
------------
All the activities of the company are from continuing operations.
Blount Shutters Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
12
2,477,945
2,611,963
Investments
13
678,000
------------
------------
3,155,945
2,611,963
Current assets
Stocks
14
25,000
25,270
Debtors
15
1,539,488
1,269,362
Cash at bank and in hand
1,174,851
1,292,192
------------
------------
2,739,339
2,586,824
Creditors: amounts falling due within one year
16
2,070,371
1,387,553
------------
------------
Net current assets
668,968
1,199,271
------------
------------
Total assets less current liabilities
3,824,913
3,811,234
Creditors: amounts falling due after more than one year
17
1,231,284
1,688,471
Provisions
19
148,653
------------
------------
Net assets
2,444,976
2,122,763
------------
------------
Capital and reserves
Called up share capital
22
59,375
59,375
Profit and loss account
23
2,385,601
2,063,388
------------
------------
Shareholders funds
2,444,976
2,122,763
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 5 August 2024 , and are signed on behalf of the board by:
Kenneth Blount
Director
Company registration number: 01849492
Blount Shutters Limited
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
324,713
389,957
Adjustments for:
Depreciation of tangible assets
214,872
167,278
Other interest receivable and similar income
( 29,922)
( 13,305)
Interest payable and similar expenses
62,051
17,799
Tax on profit
326,757
( 43,874)
Changes in:
Stocks
270
Trade and other debtors
( 314,000)
( 125,728)
Trade and other creditors
56,090
( 206,157)
---------
---------
Cash generated from operations
640,831
185,970
Interest paid
( 62,051)
( 17,799)
Interest received
29,922
13,305
Tax received/(paid)
43,874
( 76,222)
---------
---------
Net cash from operating activities
652,576
105,254
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 75,439)
( 60,796)
Proceeds from sale of tangible assets
59,175
Acquisition of subsidiaries
( 678,000)
---------
---------
Net cash used in investing activities
( 694,264)
( 60,796)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
500,000
Repayments of borrowings
( 64,308)
( 5,631)
Proceeds from loans from group undertakings
210,573
Payments of finance lease liabilities
( 219,418)
( 117,553)
Dividends paid
( 2,500)
( 5,000)
---------
---------
Net cash (used in)/from financing activities
( 75,653)
371,816
---------
---------
Net (decrease)/increase in cash and cash equivalents
( 117,341)
416,274
Cash and cash equivalents at beginning of year
1,292,192
875,918
------------
------------
Cash and cash equivalents at end of year
1,174,851
1,292,192
------------
------------
Blount Shutters Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B, 734 London Road, West Thurrock, Essex, RM20 3NL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Investments in subsidiary undertakings are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
6,456,085
5,199,243
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
214,872
167,278
---------
---------
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
42
42
Administrative staff
22
20
----
----
64
62
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,951,170
2,392,457
Social security costs
317,400
268,667
Other pension costs
58,810
54,824
------------
------------
3,327,380
2,715,948
------------
------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
304,611
142,594
---------
---------
8. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
29,922
13,305
--------
--------
9. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
62,051
17,799
--------
--------
10. Tax on profit
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax expense/(income)
178,104
( 43,874)
Deferred tax:
Origination and reversal of timing differences
148,653
---------
--------
Tax on profit
326,757
( 43,874)
---------
--------
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
651,470
346,083
---------
---------
Profit on ordinary activities by rate of tax
162,868
65,756
Effect of expenses not deductible for tax purposes
7,373
5,560
Effect of capital allowances and depreciation
( 20,926)
Deferred Tax
156,516
(94,264)
---------
---------
Tax on profit
326,757
( 43,874)
---------
---------
11. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,500
5,000
-------
-------
12. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,897,500
14,379
101,040
865,195
2,878,114
Additions
4,725
2,535
132,769
140,029
Disposals
( 73,188)
( 73,188)
------------
--------
---------
---------
------------
At 31 March 2024
1,897,500
19,104
103,575
924,776
2,944,955
------------
--------
---------
---------
------------
Depreciation
At 1 April 2023
50,649
7,119
69,860
138,523
266,151
Charge for the year
29,010
1,557
7,657
176,648
214,872
Disposals
( 14,013)
( 14,013)
------------
--------
---------
---------
------------
At 31 March 2024
79,659
8,676
77,517
301,158
467,010
------------
--------
---------
---------
------------
Carrying amount
At 31 March 2024
1,817,841
10,428
26,058
623,618
2,477,945
------------
--------
---------
---------
------------
At 31 March 2023
1,846,851
7,260
31,180
726,672
2,611,963
------------
--------
---------
---------
------------
13. Investments
Shares in group undertakings
£
Cost
At 1 April 2023
Additions
678,000
---------
At 31 March 2024
678,000
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
678,000
---------
At 31 March 2023
---------
The company acquired 100% of the £1 ordinary share capital in issue of Zenith Doors Industrial Limited on the 31st May 2023.
Zenith Doors Industrial Limited's company registration number is 03091551 and registered office is Unit 1 Western Units Pottery Road, Bovey Tracey, Newton Abbot, Devon, TQ13 9JJ.
Zenith Doors Industrial Limited's accounting period is the year ended 30 September. The Company's latest set of accounts were for the year ended 30 September 2023 and showed net assets of £261,149 and a profit for the financial year and total comprehensive income of £57,589.
14. Stocks
2024
2023
£
£
Raw materials and consumables
25,000
25,270
--------
--------
15. Debtors
2024
2023
£
£
Trade debtors
1,363,554
1,021,838
Prepayments and accrued income
163,235
187,043
Corporation tax repayable
43,874
Other debtors
12,699
16,607
------------
------------
1,539,488
1,269,362
------------
------------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
83,333
83,333
Trade creditors
624,527
498,162
Amounts owed to group undertakings
210,573
Accruals and deferred income
187,992
120,712
Corporation tax
178,104
Social security and other taxes
299,333
229,589
Obligations under finance leases and hire purchase contracts
228,252
209,535
Director loan accounts
222,950
222,950
Other creditors
35,307
23,272
------------
------------
2,070,371
1,387,553
------------
------------
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
346,729
411,036
Obligations under finance leases and hire purchase contracts
212,091
385,637
Director loan accounts
672,464
891,798
------------
------------
1,231,284
1,688,471
------------
------------
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
228,252
209,535
Later than 1 year and not later than 5 years
212,091
385,637
---------
---------
440,343
595,172
---------
---------
19. Provisions
Deferred tax (note 20)
£
At 1 April 2023
Additions
148,653
---------
At 31 March 2024
148,653
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
148,653
---------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
148,653
---------
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 58,810 (2023: £ 54,824 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
59,375
59,375
59,375
59,375
--------
--------
--------
--------
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
1,292,192
(117,341)
1,174,851
Debt due within one year
(515,818)
(229,290)
(745,108)
Debt due after one year
(1,688,471)
457,187
(1,231,284)
------------
---------
------------
( 912,097)
110,556
( 801,541)
------------
---------
------------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
6,652
6,652
Later than 1 year and not later than 5 years
6,652
13,304
--------
--------
13,304
19,956
--------
--------
26. Related party transactions
During the year Blount Shutters Limited made sales of £114,516 to and purchases of £141,981 from Zenith Doors Industrial Limited. The net balance owed to Zenith Doors Industrial Limited at year end was a £210,573. Zenith Doors Industrial Limited is a wholly owned subsidiary of Blount Shutters Limited .
27. Controlling party
The company was under the control of Kenneth Blount , Patricia Blount , Christopher Blount and Emma Blackwell in the year. No one individual has overall control.