Company registration number 03792415 (England and Wales)
AVOCA SERVICES LIMITED.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AVOCA SERVICES LIMITED.
COMPANY INFORMATION
Director
A Cartwright
Secretary
J Simpson
Company number
03792415
Registered office
Parkway 4
Longbridge Road
Trafford Park
Manchester
M17 1SN
Auditor
Chadwick & Company (Manchester) Limited
Chartered Accountants
Statutory Auditors
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
Bankers
Barclays Bank Plc
63 Stamford New Road
Altrincham
Cheshire
WA14 1DR
Solicitors
Aughton Ainsworth Solicitors
2 Merchants Quay
Salford Quays
Manchester
M50 3XR
AVOCA SERVICES LIMITED.
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
10
Notes to the financial statements
11 - 27
AVOCA SERVICES LIMITED.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Review of the business

The results for the year and the financial position at the end of the year were considered satisfactory by the director.

 

Sales in the distribution and wholesale of automotive products have increased in the year by 25% to £14.66 million. This is due to the continuing reduction in shipping and freight costs that are incurred by the company which have made the automotive products that the group distributes and wholesales, more competitive in the market. Gross profit margin has increased slightly as costs have been closely monitored and controlled.

 

Sales in the manufacture of sewn gauntlet products have increased by 0.93% in the year to £8.46 million as the business sector continues to recover from the impact of the Covid-19 pandemic and the subsequent worldwide impact of increasing inflationary pressures. The gross profit margin has increased slightly and is consistent with the previous year.

 

The director believes that the group and company are well placed in the market and expects to see continued growth in the 2024/2025 financial period.

Principal risks and uncertainties

The director has identified the key risks faced by the group and company and has put systems in place to mitigate these risks.

 

The group is engaged in the manufacture of sewn gantlet products to the European and World markets and is a distributor and wholesaler of automotive products. The group is therefore exposed to the risk of reduction in economic growth in these markets.

 

The group and company are subject to a number of laws and regulations including environmental and health and safety, which could result in additional costs related to compliance.

 

The director considers that the group and company's exposure to credit, cash flow and liquidity is minimal given the nature of the business and balance sheet position.

Key performance indicators

The markets in which the company operates remains competitive with the increased energy costs leading to higher costs and sale prices. The company has seen a small decrease in turnover and profit margin reflecting reduced market requirements.

Other performance indicators

2024     2023

£'000's     £'000's

 

Sales                     23,122     20,107

Gross Profit             2,708     2,530

Stock                      840     1,182

On behalf of the board

A Cartwright
Director
13 August 2024
AVOCA SERVICES LIMITED.
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of the manufacture of sewn gauntlet products. The principal activity of the company's subsidiary undertaking continued to be that of a distributor and wholesaler of automotive products.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £615,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

A Cartwright
Auditor

The auditor, Chadwick & Company (Manchester) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is 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. He is 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.

Stategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Medium-sized Companies (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of truethe fair review of the business, principal risks and uncertainties, development and performance and key performance indicators.

AVOCA SERVICES LIMITED.
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
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
A Cartwright
Director
13 August 2024
AVOCA SERVICES LIMITED.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AVOCA SERVICES LIMITED.
- 4 -
Opinion

We have audited the financial statements of Avoca Services Limited. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of income and retained earnings, 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 and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

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 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

AVOCA SERVICES LIMITED.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AVOCA SERVICES LIMITED.
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

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 director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

 

Our objectives are also are to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the group financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 considered and updated our knowledge of the group's and company's specific industry and its regulatory environment, and reviewed the company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks.

AVOCA SERVICES LIMITED.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AVOCA SERVICES LIMITED.
- 6 -

We identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, the most significant of these are the Control of Substances Hazardous to Health Regulations, The Health and Safety at Work etc Act 1974 and the UK Companies Act 2006. We also gained knowledge of the legal and regulatory frameworks which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

The audit engagement team were made aware of the potential opportunities and incentives that may exist within the company for fraudulent activity and how and where fraud might occur or be concealed within the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other manual adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, we designed procedures which included:

 

 

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 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.

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.

Michael Chadwick FCA, FCCA (Senior Statutory Auditor)
For and on behalf of Chadwick & Company (Manchester) Limited
Chartered Accountants
Statutory Auditors
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
14 August 2024
AVOCA SERVICES LIMITED.
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
23,121,998
20,106,770
Cost of sales
(20,413,876)
(17,576,704)
Gross profit
2,708,122
2,530,066
Administrative expenses
(1,207,414)
(1,191,965)
Operating profit
4
1,500,708
1,338,101
Interest receivable and similar income
8
353
235
Interest payable and similar expenses
9
(353,432)
(232,806)
Profit before taxation
1,147,629
1,105,530
Tax on profit
10
(286,907)
(241,362)
Profit for the financial year
24
860,722
864,168
Retained earnings brought forward
3,279,386
2,870,218
Dividends
(615,000)
(455,000)
Retained earnings carried forward
3,525,108
3,279,386
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
AVOCA SERVICES LIMITED.
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,291,076
2,298,790
Current assets
Stocks
15
840,493
1,182,241
Debtors
16
4,788,591
4,050,665
Cash at bank and in hand
23,338
97,364
5,652,422
5,330,270
Creditors: amounts falling due within one year
17
(3,316,277)
(3,057,175)
Net current assets
2,336,145
2,273,095
Total assets less current liabilities
4,627,221
4,571,885
Creditors: amounts falling due after more than one year
18
(983,751)
(1,146,698)
Provisions for liabilities
Deferred tax liability
21
118,262
145,701
(118,262)
(145,701)
Net assets
3,525,208
3,279,486
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
3,525,108
3,279,386
Total equity
3,525,208
3,279,486

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 13 August 2024
13 August 2024
A Cartwright
Director
Company registration number 03792415 (England and Wales)
AVOCA SERVICES LIMITED.
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,291,076
2,298,790
Investments
13
100
100
2,291,176
2,298,890
Current assets
Stocks
15
840,493
1,182,241
Debtors
16
6,482,317
6,123,639
Cash at bank and in hand
22,855
94,618
7,345,665
7,400,498
Creditors: amounts falling due within one year
17
(970,089)
(1,286,025)
Net current assets
6,375,576
6,114,473
Total assets less current liabilities
8,666,752
8,413,363
Creditors: amounts falling due after more than one year
18
(983,751)
(1,146,698)
Provisions for liabilities
Deferred tax liability
21
118,262
145,701
(118,262)
(145,701)
Net assets
7,564,739
7,120,964
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
7,564,639
7,120,864
Total equity
7,564,739
7,120,964

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,058,775 (2023 - £1,011,201 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 13 August 2024
13 August 2024
A Cartwright
Director
Company registration number 03792415 (England and Wales)
AVOCA SERVICES LIMITED.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,390,870
1,283,679
Interest paid
(353,432)
(232,806)
Income taxes paid
(214,748)
(213,171)
Net cash inflow from operating activities
822,690
837,702
Investing activities
Purchase of tangible fixed assets
(106,349)
(28,354)
Proceeds from disposal of tangible fixed assets
-
6,500
Interest received
353
235
Net cash used in investing activities
(105,996)
(21,619)
Financing activities
Repayment of bank loans
(48,845)
(77,000)
Payment of finance leases obligations
(126,875)
(187,142)
Dividends paid to equity shareholders
(615,000)
(455,000)
Net cash used in financing activities
(790,720)
(719,142)
Net (decrease)/increase in cash and cash equivalents
(74,026)
96,941
Cash and cash equivalents at beginning of year
97,364
423
Cash and cash equivalents at end of year
23,338
97,364
AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Avoca Services Limited. (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Parkway 4, Longbridge Road, Trafford Park, Manchester, M17 1SN.

 

The group consists of Avoca Services 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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

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.

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Avoca Services 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 March 2024. 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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
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:

Long leasehold buildings
2% on cost
Plant and machinery
10% on cost and 33% on cost
Fixtures and fittings
33% on cost
Computer equipment
33% on cost
AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -

Long leasehold land is not depreciated.

 

The group and company's policy is not to charge depreciation when the residual value of an asset is assessed as being at least equal to its carrying amount. On 23 February 2021, the group and company's long leasehold land and buildings were valued at £1.65 million on a market value basis, by Walker Singleton, Chartered Surveyors, independent valuers not connected with the company. The director is of the opinion that as there has been no significant change in value of the long leasehold land and buildings since that date and that as the residual value of the building is in excess of its cost, no depreciation be charged for the year.

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.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.9
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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group'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
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
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 director is 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.

 

There have been no material judgements, estimates or assumptions concerning the carrying amount of assets and liabilities in the period.

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Manufacture of sewn gauntlet products
8,462,490
8,384,782
Distributor and wholesaler of automotive products
14,659,508
11,721,988
23,121,998
20,106,770
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,507,966
5,750,342
Europe
8,919,573
9,474,844
Rest of World
6,694,459
4,881,584
23,121,998
20,106,770
2024
2023
£
£
Other revenue
Interest income
353
235
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
15,894
26,817
Depreciation of owned tangible fixed assets
60,928
67,645
Depreciation of tangible fixed assets held under finance leases
53,135
46,169
Profit on disposal of tangible fixed assets
-
(500)
Operating lease charges
41,144
60,314
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,000
9,000
Audit of the financial statements of the company's subsidiaries
7,000
7,000
16,000
16,000
For other services
Taxation compliance services
2,000
2,000
AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
9
10
8
9
Production
12
13
12
13
Total
21
23
20
22

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
819,959
766,255
777,959
724,255
Social security costs
90,548
80,020
90,548
80,020
Pension costs
17,944
18,371
17,944
18,371
928,451
864,646
886,451
822,646
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
198,493
169,792

As total directors' remuneration was less than £200,000 in the current year and the previous year, no disclosure of the highest paid director is provided for either period.

 

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
353
235
AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
66,608
64,772
Interest on invoice finance arrangements
271,100
155,847
Interest on finance leases and hire purchase contracts
15,724
12,187
Total finance costs
353,432
232,806
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
314,346
214,748
Deferred tax
Origination and reversal of timing differences
(27,439)
26,614
Total tax charge
286,907
241,362

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:

2024
2023
£
£
Profit before taxation
1,147,629
1,105,530
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
286,907
210,051
Permanent capital allowances in excess of depreciation
-
0
31,311
Taxation charge
286,907
241,362

Factors that may affect future tax charges

In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate for larger businesses would increase to 25% (rather than remaining at 19%, as previously enacted). As a result, the relevant deferred tax balances have been calculated at 25% as the applicable rate.

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
615,000
455,000
AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
12
Tangible fixed assets
Group
Long leasehold buildings
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
1,687,358
2,002,631
27,618
17,088
3,734,695
Additions
-
0
106,349
-
0
-
0
106,349
At 31 March 2024
1,687,358
2,108,980
27,618
17,088
3,841,044
Depreciation and impairment
At 1 April 2023
-
0
1,397,582
27,618
10,705
1,435,905
Depreciation charged in the year
-
0
111,102
-
0
2,961
114,063
At 31 March 2024
-
0
1,508,684
27,618
13,666
1,549,968
Carrying amount
At 31 March 2024
1,687,358
600,296
-
0
3,422
2,291,076
At 31 March 2023
1,687,358
605,049
-
0
6,383
2,298,790
Company
Long leasehold buildings
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
1,687,358
2,002,631
27,618
17,088
3,734,695
Additions
-
0
106,349
-
0
-
0
106,349
At 31 March 2024
1,687,358
2,108,980
27,618
17,088
3,841,044
Depreciation and impairment
At 1 April 2023
-
0
1,397,582
27,618
10,705
1,435,905
Depreciation charged in the year
-
0
111,102
-
0
2,961
114,063
At 31 March 2024
-
0
1,508,684
27,618
13,666
1,549,968
Carrying amount
At 31 March 2024
1,687,358
600,296
-
0
3,422
2,291,076
At 31 March 2023
1,687,358
605,049
-
0
6,383
2,298,790
AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 21 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
337,366
390,501
337,366
390,501
Long leasehold land and buildings
236,322
236,322
236,322
236,322
573,688
626,823
573,688
626,823
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
100
Carrying amount
At 31 March 2024
100
At 31 March 2023
100
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Avoca Motor Products Limited
England and Wales
Distributor and wholesaler of automotive products
Ordinary
100.00

The registered office address of Avoca Motor Products Limited is Unit 1, Parkway 4, Longbridge Road, Trafford Park, Manchester, M17 1SN.

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
840,493
1,182,241
840,493
1,182,241
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,625,987
3,784,904
1,992,655
1,813,690
Amounts owed by group undertakings
63,840
166,601
4,394,851
4,215,470
Other debtors
58,948
35,677
54,995
30,996
Prepayments and accrued income
39,816
63,483
39,816
63,483
4,788,591
4,050,665
6,482,317
6,123,639
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
77,000
77,000
77,000
77,000
Obligations under finance leases
20
114,103
126,876
114,103
126,876
Trade creditors
378,954
289,142
85,983
36,901
Corporation tax payable
314,346
214,748
314,346
214,748
Other creditors
2,408,184
2,319,034
362,967
808,810
Accruals and deferred income
23,690
30,375
15,690
21,690
3,316,277
3,057,175
970,089
1,286,025

Group and company

 

Included in bank loans and overdrafts is a mortgage balance of £77,000 (2023 - £77,000) that is secured against the land and buildings that it relates to.

 

Obligations under finance leases are hire purchase contracts amounting to £114,103 (2023 - £126,876) that are secured on the assets that they relate to.

 

Group

 

Included in other creditors are invoice discounting facilities that are secured on the trade debtors of the group amounting to £2,408,184 (2023 - £2,319,034).

 

Company

 

Included in other creditors are invoice discounting facilities that are secured on the trade debtors of the company amounting to £362,967 (2023 - £808,810).

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
855,905
904,750
855,905
904,750
Obligations under finance leases
20
127,846
241,948
127,846
241,948
983,751
1,146,698
983,751
1,146,698

Group and company

 

Bank loans are a mortgage totalling £855,905 (2023 - £904,750) which is secured on the land and buildings they relate to.

 

Obligations under finance leases are hire purchase contracts amounting to £127,846 (2023 - £241,948) that are secured on the assets that they relate to.

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
932,905
981,750
932,905
981,750
Payable within one year
77,000
77,000
77,000
77,000
Payable after one year
855,905
904,750
855,905
904,750

Group and company

 

The bank loan is secured by fixed charges over the long leasehold and and buildings owned by the company.

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
114,103
126,876
114,103
126,876
In two to five years
127,846
241,948
127,846
241,948
241,949
368,824
241,949
368,824

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
118,262
145,701
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
118,262
145,701
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
145,701
145,701
Credit to profit or loss
(27,439)
(27,439)
Liability at 31 March 2024
118,262
118,262
AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,944
18,371

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.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
24
Reserves
Own shares

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss reserves

Profit and loss reserves includes all current period retained profit and losses.

25
Financial commitments, guarantees and contingent liabilities

There is an unlimited guarantee dated 30 August 2021 with fellow group companies, Avoca Technical Limited and Avoca Motor Products Limited. As at 31 March 2024, the amount guaranteed was £nil (2023 - £nil).

26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
100,500
-
100,500
AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
27
Related party transactions
Transactions with related parties
Other information

Group

 

The group has taken advantage of the exemption under Financial Reporting Standard 102 33.1A from disclosing any transactions and balances with group entities of which the group owns 100% of the share capital.

 

Group

 

During the year, the group made sales to fellow group companies amounting to £2,195,329 (2023 - £2,248,529). The balance outstanding at the balance sheet date was £694,954 (2023 - £292,912).

 

During the year, the group made purchases from fellow group companies amounting to £11,462,613 (2023 - £8,734,673). The balance due to fellow group companies at the balance sheet date was £293,232 (2023 - £252,212).

 

During the year, the group made recharges to fellow group companies amounting to £293,844 (2023 - £245,609) of which £nil (2023 - £22,566) was outstanding at the year end and was included in trade debtors. The company was recharged £185,085 (2023 - £289,321) by fellow group companies of which £nil (2023 - £nil) was outstanding at the year end and included in trade creditors. The group also incurred management charges amounting to £198,869 (2023 - £197,042).

 

As at 31 March 2024, the amount owed by group undertakings was £63,840 (2023 - £166,601) and the amount owed to group undertakings was £nil (2023 - £nil).

 

Company

 

During the year, the company made sales to fellow group companies amounting to £2,195,329 (2023 - £2,248,529). The balance outstanding at the balance sheet date was £694,954 (2023 - £292,912).

 

During the year, the company made recharges to fellow group companies amounting to £293,844 (2023 - £245,609) of which £nil (2023 - £22,566) was outstanding at the year end and was included in trade debtors. The company was recharged £185,085 (2023 - £289,321) by fellow group companies of which £nil (2023 - £nil) was outstanding at the year end and included in trade creditors. The company also incurred management charges amounting to £198,869 (2023 - £197,042).

 

As at 31 March 2024, the amount owed by group undertakings was £4,394,851 (2023 - £4,215,470) and the amount owed to group undertakings was £nil (2023 - £nil).

 

The company has taken advantage of the exemption under the Financial Reporting Standard 102 Section 33.1A from disclosing any transactions with group entities which are consolidated in the group financial statements of Avoca Services Limited.

28
Controlling party

The company is a wholly owned subsidiary undertaking of Manc Capital Limited, a company registered in the British Virgin Islands. Manc Capital Limited is controlled by Emerald Head Investments Limited, a company registered in the British Virgin Islands.

 

The smallest and largest group in which the results are consolidated is that headed by Avoca Services Limited.

 

Copies of the group consolidated accounts for Avoca Services Limited. can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 

AVOCA SERVICES LIMITED.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
860,722
864,168
Adjustments for:
Taxation charged
286,907
241,362
Finance costs
353,432
232,806
Investment income
(353)
(235)
Gain on disposal of tangible fixed assets
-
(500)
Depreciation and impairment of tangible fixed assets
114,063
113,814
Movements in working capital:
Decrease in stocks
341,748
147,298
Increase in debtors
(737,926)
(364,663)
Increase in creditors
172,277
49,629
Cash generated from operations
1,390,870
1,283,679
30
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
97,364
(74,026)
23,338
Borrowings excluding overdrafts
(981,750)
48,845
(932,905)
Obligations under finance leases
(368,824)
126,875
(241,949)
(1,253,210)
101,694
(1,151,516)
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