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Registered number: 04315838









STANDEN ENGINEERING LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023






































Whitings LLP
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

 
STANDEN ENGINEERING LIMITED
 
 
COMPANY INFORMATION


Directors
D A Rickwood 
P N Germeney 
E Gilbert 




Company secretary
D A Rickwood



Registered number
04315838



Registered office
Hereward Works
Station Road

Ely

Cambridgeshire

CB7 4BP




Independent auditors
Whitings LLP

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY




Bankers
Clydesdale Bank PLC
30 St Vincent Place

Glasgow

G1 2HL




Solicitors
Taylor Vinters
Merlin Place

Milton Road

Cambridge

CB4 0DP





 
STANDEN ENGINEERING LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9 - 10
Statement of Changes in Equity
11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 37


 
STANDEN ENGINEERING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Introduction
 
Standen Engineering Ltd is a manufacturer, importer and worldwide exporter of agricultural machinery, based in the rural South East of England. As an original equipment manufacturer (OEM) we have our own in-house team of designers and developers. Our OEM equipment concentrates on soil preparation and root crop harvesting.

Business review
 
The year covered by these accounts was another good year in terms of both sales and profitability and ended the year slightly higher than forecast. Part sales were particularly strong and made a healthy contribution to turnover.
Production of a new 4 row planter concluded at the end of 2022 and field testing and trials took place throughout the Spring of 2023. A demonstration programme is scheduled for 2024.
The company made shipments of harvesters and vine snappers for sweet potatoes into Sudan for the first time during the year. The civil war in Sudan began in April and hindered shipping but all goods have since successfully reached the customer. 
Rapidly rising inflation throughout the period meant that margins needed to be checked on a regular basis. This was successfully managed and our selling prices were monitored and adjusted accordingly. 

Principal risks and uncertainties
 
Business risk:
As with any agricultural manufacturer its customers income can vary significantly with the price of its produce which amongst other things is affected by the worlds weather, this is something in the agricultural industry that we have learned to work with. 

Financial risk:
The financial risk management objectives and policies of the company include buying forward currency, to hedge against foreign exchange rate risk.

Financial key performance indicators
 
The company’s financial key performance indicators include gross profit and operating profit which can be found later in these financial statements.


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




D A Rickwood
Director

Date: 6 August 2024

Page 1

 
STANDEN ENGINEERING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors' responsibilities statement

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

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £390,953 (2022 - £609,911).

The directors have not recommended payment of a dividend.

Directors

The directors who served during the year were:

D A Rickwood 
P N Germeney 
M Gardner (resigned 3 November 2023)
E Gilbert 

Future developments

Future developments are detailed within the Strategic Report.

Page 2

 
STANDEN ENGINEERING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Disclosure of information to auditors

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

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

Post balance sheet events

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

Auditors

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

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




D A Rickwood
Director

Date: 6 August 2024

Page 3

 
STANDEN ENGINEERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANDEN ENGINEERING LIMITED
 

Opinion


We have audited the financial statements of Standen Engineering Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
STANDEN ENGINEERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANDEN ENGINEERING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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.


Page 5

 
STANDEN ENGINEERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANDEN ENGINEERING LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, and fraud;
Enquiry of management around actual and potential litigation and claims;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 
Challenging assumptions and judgements made by management in their significant accounting estimates; and
Performing audit work over the risk of management override of controls, including review of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the course of normal business. 


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


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


Page 6

 
STANDEN ENGINEERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANDEN ENGINEERING LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jaimie King (Senior Statutory Auditor)
  
for and on behalf of
Whitings LLP
 
Statutory Auditor
  
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

6 August 2024
Page 7

 
STANDEN ENGINEERING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,036,175
13,026,359

Cost of sales
  
(9,229,599)
(10,168,830)

Gross profit
  
2,806,576
2,857,529

Distribution costs
  
(157,172)
(161,451)

Administrative expenses
  
(2,135,846)
(2,068,069)

Other operating income
 6 
1,103
44,764

Operating profit
 7 
514,661
672,773

Interest receivable and similar income
 9 
75
24

Interest payable and similar expenses
 10 
(28,000)
(17,263)

Other finance income
 11 
(39,400)
(3,900)

Profit before tax
  
447,336
651,634

Tax on profit
 13 
(56,383)
(41,723)

Profit for the year
  
390,953
609,911

Other comprehensive income for the year
  

Actuarial gains/(losses) on defined benefit pension scheme
 27 
111,800
(875,700)

Movement of deferred tax relating to pension surplus
 23 
(58,250)
172,975

Other comprehensive income/(loss) for the year
  
53,550
(702,725)

Total comprehensive income/(loss) for the year
  
444,503
(92,814)

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

The notes on pages 15 to 37 form part of these financial statements.

Page 8

 
STANDEN ENGINEERING LIMITED
REGISTERED NUMBER: 04315838

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 14 
115,727
165,731

Tangible assets
 15 
543,726
583,704

  
659,453
749,435

Current assets
  

Stocks
 16 
4,698,433
5,578,065

Debtors: amounts falling due after more than one year
 17 
199,475
257,727

Debtors: amounts falling due within one year
 17 
1,372,214
555,619

Cash at bank and in hand
 18 
63,861
389,589

  
6,333,983
6,781,000

Creditors: amounts falling due within one year
 19 
(1,650,011)
(2,248,684)

Net current assets
  
 
 
4,683,972
 
 
4,532,316

Total assets less current liabilities
  
5,343,425
5,281,751

Creditors: amounts falling due after more than one year
 20 
(160,181)
(220,125)

Provisions for liabilities
  

Deferred tax
 23 
(66,122)
(92,236)

Other provisions
 24 
(55,598)
(119,369)

  
 
 
(121,720)
 
 
(211,605)

Pension liability
 27 
(797,900)
(1,030,900)

Net assets
  
4,263,624
3,819,121

Page 9

 
STANDEN ENGINEERING LIMITED
REGISTERED NUMBER: 04315838
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Capital and reserves
  

Called up share capital 
 25 
8,155
8,155

Profit and loss account
 26 
4,255,469
3,810,966

  
4,263,624
3,819,121


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




D A Rickwood
P N Germeney
Director
Director


Date: 6 August 2024
Date:6 August 2024

The notes on pages 15 to 37 form part of these financial statements.

Page 10

 
STANDEN ENGINEERING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2021
8,155
3,903,780
3,911,935



Profit for the year
-
609,911
609,911

Actuarial losses on pension scheme
-
(875,700)
(875,700)

Deferred tax movement on pension scheme
-
172,975
172,975



At 1 December 2022
8,155
3,810,966
3,819,121



Profit for the year
-
390,953
390,953

Actuarial gains on pension scheme
-
111,800
111,800

Deferred tax movement on pension scheme
-
(58,250)
(58,250)


At 30 November 2023
8,155
4,255,469
4,263,624


The notes on pages 15 to 37 form part of these financial statements.

Page 11

 
STANDEN ENGINEERING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
390,953
609,911

Adjustments for:

Amortisation of intangible assets
50,004
29,169

Depreciation of tangible assets
116,577
102,655

Loss on disposal of tangible assets
(19,746)
(176,380)

Research and development tax credit
17,550
28,078

Interest paid
28,000
17,263

Interest received
(75)
(24)

Taxation charge
56,383
41,723

Decrease/(increase) in stocks
879,633
(894,380)

(Increase) in debtors
(816,571)
(36,338)

(Decrease)/increase in creditors
(596,143)
541,514

(Decrease)/increase in provisions
(63,771)
45,522

(Decrease) in net pension liabilities
(121,200)
(183,800)

Corporation tax paid
(36,802)
(32,089)

Net cash generated from operating activities

(115,208)
92,824


Cash flows from investing activities

Purchase of intangible fixed assets
-
(194,900)

Purchase of tangible fixed assets
(26,838)
(215,330)

Sale of tangible fixed assets
19,750
176,385

Hire purchase interest paid
(14,024)
(11,715)

Net cash from investing activities

(21,112)
(245,560)

Cash flows from financing activities

New secured loans
-
191,153

Repayment of secured loans
(48,992)
-

Other new loans
-
62,928

Repayment of other loans
(62,928)
-

Repayment of finance leases
(63,512)
(60,176)

Interest paid
(13,976)
(5,548)

Net cash used in financing activities
(189,408)
188,357
Page 12

 
STANDEN ENGINEERING LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022

£
£



Net (decrease)/increase in cash and cash equivalents
(325,728)
35,621

Cash and cash equivalents at beginning of year
389,589
353,968

Cash and cash equivalents at the end of year
63,861
389,589


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
63,861
389,589

63,861
389,589


The notes on pages 15 to 37 form part of these financial statements.

Page 13

 
STANDEN ENGINEERING LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023





At 1 December 2022
Cash flows
New finance leases
At 30 November 2023
£

£

£

£

Cash at bank and in hand

389,589

(325,728)

-

63,861

Debt due after 1 year

(144,207)

52,077

-

(92,130)

Debt due within 1 year

(109,873)

59,842

-

(50,031)

Finance leases

(139,040)

63,512

(49,765)

(125,293)


(3,531)
(150,297)
(49,765)
(203,593)

The notes on pages 15 to 37 form part of these financial statements.

Page 14

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The company's principal activity is manufacturer, importer and worldwide exporter of agricultural machinery.
The company is a private company limited by shares and is incorporated in England. The address of its registered office is Hereward Works, Station Road, Ely, Cambridgeshire, CB7 4BP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 15

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

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

Sale of goods

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Government grants

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

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 16

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

  
2.8

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Defined benefit pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. 

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled. 

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate'). 

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques. 

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'. 

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: 
a) the increase in net pension benefit liability arising from employee service during the period; and 
b) the cost of plan introductions, benefit changes, curtailments and settlements. 
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'
.
Page 17

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the 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.

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

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 18

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
3 to 10 years
Motor vehicles
-
2 to 5 years
Fixtures and fittings
-
3 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

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

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

Page 19

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.16

Creditors

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

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.18

Research and development

Expenditure on research and development is written off against profit in the year in which it is incurred.

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 20

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 21

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Useful economic lives of tangible assets:-
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed 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.
Impairment of stocks:-
The Company makes an estimate for the impairment of stocks based on the ageing of the stock and historical experience.
Provisions:-
Provision is made for warranties. These provisions require the best estimate of the costs that will be incurred based on contractual requirements and historical experience.
Defined benefit pension scheme:-
The Company has obligations to pay pension benefits to past and present employees. The cost of these benefits and the present value of the obligations depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on scheme liabilities. These factors are estimated in determining the net pension obligation on the balance sheet based on actuarial advice received. The assumptions reflect historical experience and current trends.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
9,420,673
11,086,464

Rest of the world
2,615,501
1,939,895

12,036,174
13,026,359


All turnover arises from the principal activity of the company.

Page 22

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,150,410
2,323,641

Social security costs
239,035
254,217

Cost of defined contribution scheme
136,605
175,343

2,526,050
2,753,201


The average monthly number of employees, including directors, during the year was 58 (2022 - 62).


6.


Other operating income

2023
2022
£
£

Net rents receivable
1,103
1,034

Grants receivable
-
43,730

1,103
44,764


Grants receivable consist of covid relief support payments.


7.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
38,311
100,842

Exchange differences
(14,772)
(1,089)

Other operating lease rentals
199,305
242,250

Fees payable to the Company's auditor for the audit of the Company's annual accounts
15,733
15,308

Depreciation charges
116,577
103,775

Page 23

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
317,382
344,370

Company contributions to defined contribution pension schemes
13,486
13,719

330,868
358,089


During the year retirement benefits were accruing to 4 directors (2022 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £89,038 (2022 - £82,520).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,381 (2022 - £3,161).

Key management comprise the directors of the company.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
75
24


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
13,976
5,548

Finance leases and hire purchase contracts
14,024
11,715

28,000
17,263

Page 24

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Other finance expenses

2023
As restated 2022
£
£

Interest income on pension scheme assets
(272,100)
(164,900)

Net interest on net defined benefit liability
311,500
168,800

39,400
3,900


Details of the restatement in 2022 can be found in note 27.


12.


Exceptional item

2023
2022
£
£


Profit on disposal of tangible asset
-
173,435


During the prior year, insurance proceeds were received for the previous spray booth which was damaged in a fire. The above exceptional item is the profit on disposal of this tangible asset, and is included within administrative expenses.


13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
100,046
55,252

Adjustments in respect of previous periods
(17,550)
(43,344)

Total current tax
82,496
11,908

Deferred tax


Origination and reversal of timing differences
(26,113)
29,815

Total deferred tax
(26,113)
29,815


Taxation on profit on ordinary activities
56,383
41,723
Page 25

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the average rate of corporation tax 23.01% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
447,336
651,634


Profit on ordinary activities multiplied by average rate of corporation tax of 23.01% (2022 - 19%)
102,936
123,810

102,936
123,810

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,076
3,849

Fixed asset differences
-
(13,306)

Non-taxable income
(37,002)
(36,442)

Adjustment in research and development tax credit in respect of previous periods
(17,550)
(43,344)

Changes in provisions leading to an increase (decrease) in the tax charge
(2,077)
7,156

Total tax charge for the year
56,383
41,723


Factors that may affect future tax charges

The main rate of UK corporation tax increased from 19% to a rate between 19% and 25% with effect from 1 April 2023. The corporation tax charge for the year has been calculated at these rates. The deferred tax  has been provided at 25%.

Page 26

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
194,900



At 30 November 2023

194,900



Amortisation


At 1 December 2022
29,169


Charge for the year on owned assets
50,004



At 30 November 2023

79,173



Net book value



At 30 November 2023
115,727



At 30 November 2022
165,731



Page 27

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

15.


Tangible fixed assets





Freehold land
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
150,000
1,161,192
138,908
63,962
1,514,062


Additions
-
4,796
71,807
-
76,603


Disposals
-
(2)
(55,728)
-
(55,730)



At 30 November 2023

150,000
1,165,986
154,987
63,962
1,534,935



Depreciation


At 1 December 2022
-
777,366
98,626
54,366
930,358


Charge for the year on owned assets
-
76,497
33,684
6,396
116,577


Disposals
-
-
(55,726)
-
(55,726)



At 30 November 2023

-
853,863
76,584
60,762
991,209



Net book value



At 30 November 2023
150,000
312,123
78,403
3,200
543,726



At 30 November 2022
150,000
383,826
40,282
9,596
583,704

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


2023
2022
£
£



Plant and machinery
118,193
147,710

Motor vehicles
78,403
38,324

196,596
186,034

Page 28

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

16.


Stocks

2023
2022
£
£

Raw materials and consumables
1,786,564
1,987,628

Work in progress
1,135,125
1,043,472

Finished goods and goods for resale
1,776,744
2,546,965

4,698,433
5,578,065


An impairment reversal of £45,695 (2022 - impairment charge of £3,712) has been recognised in respect of slow-moving and obsolete stock.


17.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
199,475
257,727


2023
2022
£
£

Due within one year

Trade debtors
1,310,578
484,716

Other debtors
61,636
70,903

1,372,214
555,619



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
63,861
389,589


Page 29

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,031
46,946

Other loans
-
62,928

Trade creditors
920,263
1,118,651

Corporation tax
99,972
55,228

Other taxation and social security
226,033
271,681

Obligations under finance lease and hire purchase contracts
57,242
63,122

Other creditors
17,834
35,296

Accruals and deferred income
278,636
594,832

1,650,011
2,248,684



20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
92,130
144,207

Net obligations under finance leases and hire purchase contracts
68,051
75,918

160,181
220,125


The bank loans are secured on the assets of the company by a fixed and floating charge. The loans are repayable by monthly instalments. Interest is charged at a fixed rate of 3.25% above base rate.
Other loans are unsecured, interest free and are repayable by monthly instalments.
Obligations under hire purchase and finance lease are secured on the assets concerned.

Page 30

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Bank loans due within one year
50,031
46,946

Other loans due within one year
-
62,928

50,031
109,874

Bank loans due 1-2 years
49,148
50,030

Bank loans due 2-5 years
42,982
94,177


142,161
254,081



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
66,724
72,454

Between 1-5 years
76,199
85,549

142,923
158,003

Page 31

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

23.


Deferred taxation




2023
2022


£

£






At beginning of year
165,489
22,329


Charged to profit or loss
26,114
(29,815)


Charged to other comprehensive income
(58,250)
172,975



At end of year
133,353
165,489

The deferred tax balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(70,028)
(97,084)

Pension deficit
199,475
257,725

Other short term timing differences
3,906
4,848

133,353
165,489

Comprising:

Asset - due after one year
199,475
257,725

Liability
(66,122)
(92,236)

133,353
165,489



24.


Provisions




Warranty

£





At 1 December 2022
119,369


Charged to profit or loss
55,598


Utilised in year
(119,369)



At 30 November 2023
55,598

Page 32

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,155 (2022 - 8,155) Ordinary shares of £1.00 each
8,155
8,155



26.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 33

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

27.


Pension commitments

Defined Contribution Pension Scheme
For certain employees the company operates a defined contribution pension scheme. The assets of the scheme are held seperately 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 £136,605 (2022 - £164,151). Contributions totalling £15,626 (2022 - £15,702) were payable to the fund at the reporting date and are included in creditors.

The Company also operates a Defined Benefit Pension Scheme.

For certain employees the company operates a defined benefit pension scheme with assets held seperately in a fund administered by the scheme trustees.
As of July 2003 the scheme closed to new members and for the future accrual of benefits. There are currently 37 members drawing from the scheme and 27 deferred members.
Assets and liabilities of the scheme are based on actuarial valuations. The latest full valuation was carried out at 31 March 2021 and updated to 30 November 2023 by a qualified independent actuary. The results of the next full valuation at 31 March 2024 are not yet available. The major assumptions used by the actuary are shown below.



Reconciliation of present value of plan liabilities:


2023
As restated
2022
£
£



At the beginning of the year (as restated)
7,760,100
10,869,100

Interest cost
311,500
168,800

Benefits paid and expenses
(473,000)
(634,300)

Actuarial gains
(945,600)
(2,643,500)

At the end of the year
6,653,000
7,760,100


Page 34

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
27.Pension commitments (continued)


Reconciliation of present value of plan assets:


2023
As restated
2022
£
£


At the beginning of the year (as restated)
6,729,200
10,530,100

Interest income
272,100
164,900

Contributions
160,800
191,800

Benefits paid and expenses
(473,200)
(638,400)

Actuarial losses
(833,800)
(3,519,200)

At the end of the year
5,855,100
6,729,200


Composition of plan assets:


2023
As restated
2022
£
£


Equities
2,166,387
2,086,052

Property
58,551
134,584

Bonds
585,510
605,628

Cash
234,204
134,584

Infrastructure & Renewables
292,755
-

DGF/Other
1,463,775
2,557,096

Annuities
1,053,918
1,211,256

Total plan assets
5,855,100
6,729,200

2023
As restated
2022
£
£


Fair value of plan assets
5,855,100
6,729,200

Present value of plan liabilities
(6,653,000)
(7,760,100)

Net pension scheme liability
(797,900)
(1,030,900)

Page 35

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
27.Pension commitments (continued)


The amounts recognised in profit or loss are as follows:

2023
As restated
2022
£
£


Interest on obligation
(311,500)
(168,800)

Interest income on plan assets
272,100
164,900

Expenses
(200)
(4,100)

Total
(39,600)
(8,000)


Actual return on scheme assets
(561,700)
(3,354,300)


The Company expects to contribute £151,410 to its Defined Benefit Pension Scheme in 2024.

2023
As restated
2022
£
£

Analysis of actuarial loss recognised in Other Comprehensive Income


Actual return less interest income included in net interest income
(833,800)
(3,519,200)

Experience gains and losses arising on the scheme liabilities
945,600
2,643,500

111,800
(875,700)


Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023
2022
%
%
Discount rate


5.1

4.1
 
Future pension increases


3.6

3.7
 
Inflation (RPI)


3.1

3.3
 
Inflation (CPI)


2.3

2.5
 
Mortality rates



 
- for a male aged 65 now


20.7

21.2
 
- at 65 for a male aged 45 now


21.6

22.2
 
- for a female aged 65 now


23.5

24
 
- at 65 for a female member aged 45 now


24.7

25.1
 


Page 36

 
STANDEN ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
27.Pension commitments (continued)


Amounts for the current and previous period are as follows:

2023
As restated
2022
£
£
Defined benefit obligation

(5,587,800)

(6,572,900)

Scheme assets

4,789,900

5,542,000

Deficit
(797,900)

(1,030,900)




The gross value of plan assets and plan liabilities above include the value of insured annuities. At the prior year balance sheet date the directors and independent actuaries had concluded that it would not be practicable to recalculate the pension scheme disclosures including these annuities for both 2022 and 2021. The data is now available for both 2023 and 2022 and as such the 2022 figures above have been restated. The adjustment for 2022 of £1,187,200 affected both pension scheme assets and liabilities by equal amounts and therefore does not have an impact on the overall deficit of the scheme.


28.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
124,000
238,956

Later than 1 year and not later than 5 years
499,200
955,824

Later than 5 years
250,400
716,868

873,600
1,911,648


29.


Controlling party

There is no ultimate controlling party.

 
Page 37