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REGISTERED NUMBER: 13739161 (England and Wales)












BLUE LABRADOR LIMITED

GROUP STRATEGIC REPORT, DIRECTOR'S REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Director's Report 4

Independent Auditors' Report 6

Consolidated Statement of Income and Retained
Earnings

9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


BLUE LABRADOR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







Director: Mr A J Dobson



Secretary: Mr A J Dobson



Registered office: Ivy House Works
Levens
KENDAL
LA8 8PG



Registered number: 13739161 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Accountants: Scott & Wilkinson
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The director presents his strategic report of the company and the group for the year ended 30 April 2024.

Review of business
The financial statements show that the group's turnover is £53,695,080 for the period and gross profit is £3,201,970. The gross profit margin for the period is 5.96% compared to 9.96%.

Turnover for the full year is better than the expected figure of £50,000,000. Demand across both the plant and agricultural machinery markets has been significantly reduced compared to the two previous years.

Pricing from manufacturers has stabilized although, both MF and Manitou, in particular, were slow to respond to the market price decreases, this has led to slow sales, high stock and the group having to cut margins in order to sell stock. We have had unprecedented levels of stock which has, combined with very high interest rates, led to massively increased stocking charges.

The group's key financial and other performance indicators during the year were as follows:-


Unit 2024 2023
Turnover £ 53,695,080 75,268,661
Operating profit £ 1,367,775 5,432,054
Profit before tax £ 1,012,288 5,187,179


Future Developments

We now have stock to conquest new customers, particularly relating to Kubota excavators in contrast to recent times when we have been unable to satisfy demand from new customers.

We continue our gradual organic growth strategy with the successful opening of our new branch in Washington in late 2023. This will improve our coverage across the North of England enabling us to service the many Industrial customers in the North East and provide complete coverage, particularly for Kubota.

Staffing

We have an excellent team and acknowledge that we need, good well motivated staff to be able to continue to develop the business and provide the necessary level of service.


BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
The group is facing a number of significant challenges in 2024/25 that continue to make expected results for the next 12 months less than satisfactory

- The ongoing economic uncertainties in the UK and the effects of the war in Ukraine.
- Continued uncertainty in the agricultural sector.
- Increased wage costs due to cost-of-living crisis
- Unpredictable/lower demand due to interest rate pressures and drop in demand for housing. We hope to see a modest decrease in interest rates.
- Stocking charges due to interest rate increases, we have been successful in reducing our stock but need to continue to do so.

The group continues to invest in the business in order to safeguard it's future and leave it well placed to take advantage of new business opportunities in the future.

The directors are continually monitoring the risks faced by the group and do everything that they can to minimise their potential impact on the group.

The group has no borrowings and a strong cash position and therefore the directors have determined there is no material uncertainty that casts significant doubt upon the group's ability to trade as a going concern.

On behalf of the board:





Mr A J Dobson - Director


1 August 2024

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024.

Dividends
No dividends will be distributed for the year ended 30 April 2024.

Future developments
Incorporated within Principal Risks and Uncertainties in the Strategic Report.

Director
Mr A J Dobson held office during the whole of the period from 1 May 2023 to the date of this report.

Streamlined energy and carbon reporting
Whilst the overall group has consumed more than 40,000 kWh of energy in this reporting period, none of the individual subsidiaries are large as defined by the Companies Act. In preparing this group Director's Report, we have taken advantage of the option to exclude any energy and carbon information relating to those subsidiaries. As the parent entity has no trading activity, there is no energy and carbon information to be reported in respect of the parent entity.

Statement of director's responsibilities
The director is responsible for preparing the Group Strategic Report, the Director's 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024


Auditors
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr A J Dobson - Director


1 August 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
BLUE LABRADOR LIMITED


Opinion
We have audited the financial statements of Blue Labrador Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Director's Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
BLUE LABRADOR LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.
· audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.
· third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held.
· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.


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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
BLUE LABRADOR LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.




Stuart Hinnigan F.C.A. C.T.A. (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

20 August 2024

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

Period
12/11/21
Year Ended to
30/4/24 30/4/23
Notes £    £   

Turnover 3 53,695,080 75,268,661

Cost of sales 50,493,110 67,775,433
Gross profit 3,201,970 7,493,228

Administrative expenses 1,834,626 2,074,151
1,367,344 5,419,077

Other operating income 4 431 12,977
Operating profit 6 1,367,775 5,432,054

Interest receivable and similar income 45,303 2,164
1,413,078 5,434,218

Interest payable and similar expenses 8 400,790 247,039
Profit before taxation 1,012,288 5,187,179

Tax on profit 9 306,887 1,127,173
Profit for the financial year 705,401 4,060,006

Retained earnings at beginning of year 4,060,006 -

Retained earnings for the group at end of
year

4,765,407

4,060,006

Profit attributable to:
Owners of the parent 705,401 4,060,006

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 11 3,712 4,175
Tangible assets 12 2,738,420 2,112,178
Investments 13 - -
2,742,132 2,116,353

Current assets
Stocks 14 14,937,232 12,655,062
Debtors 15 3,441,191 3,769,843
Cash at bank 1,208,338 2,438,295
19,586,761 18,863,200
Creditors
Amounts falling due within one year 16 15,461,034 14,044,958
Net current assets 4,125,727 4,818,242
Total assets less current liabilities 6,867,859 6,934,595

Creditors
Amounts falling due after more than one
year

17

(1,502,801

)

(2,278,641

)

Provisions for liabilities 19 (92,963 ) (89,260 )
Net assets 5,272,095 4,566,694

Capital and reserves
Called up share capital 20 900 900
Share premium 21 505,788 505,788
Retained earnings 21 4,765,407 4,060,006
Shareholders' funds 5,272,095 4,566,694

The financial statements were approved by the director and authorised for issue on 1 August 2024 and were signed by:





Mr A J Dobson - Director


BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 11 - -
Tangible assets 12 2,263,706 1,631,700
Investments 13 4,016,835 4,016,835
6,280,541 5,648,535

Current assets
Debtors 15 368,978 127,493
Cash at bank 238,143 799,768
607,121 927,261
Creditors
Amounts falling due within one year 16 3,826,247 3,183,376
Net current liabilities (3,219,126 ) (2,256,115 )
Total assets less current liabilities 3,061,415 3,392,420

Creditors
Amounts falling due after more than one
year

17

1,502,801

2,278,641
Net assets 1,558,614 1,113,779

Capital and reserves
Called up share capital 20 900 900
Share premium 505,788 505,788
Retained earnings 1,051,926 607,091
Shareholders' funds 1,558,614 1,113,779

Company's profit for the financial year 444,835 607,091

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 1 August 2024 and were signed by:





Mr A J Dobson - Director


BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

Period
12/11/21
Year Ended to
30/4/24 30/4/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,714,835 3,096,547
Interest paid (249,513 ) (93,149 )
Finance costs paid (151,277 ) (153,890 )
Tax paid (1,260,155 ) (19,859 )
Net cash from operating activities 53,890 2,829,649

Cash flows from investing activities
Purchase of intangible fixed assets - (4,638 )
Purchase of tangible fixed assets (864,122 ) (273,924 )
Sale of tangible fixed assets 25,250 7,225
Interest received 45,303 2,164
Net cash from investing activities (793,569 ) (269,173 )

Cash flows from financing activities
Loan repayments in year - (1,086,468 )
Amount introduced by directors 500,000 1,860,492
Amount withdrawn by directors (214,438 ) (720,925 )
Preference shares partially redeemed (775,840 ) (175,280 )
Net cash from financing activities (490,278 ) (122,181 )

(Decrease)/increase in cash and cash equivalents (1,229,957 ) 2,438,295
Cash and cash equivalents at beginning of
year

2

2,438,295

-

Cash and cash equivalents at end of year 2 1,208,338 2,438,295

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. Reconciliation of profit before taxation to cash generated from operations
Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Profit before taxation 1,012,288 5,187,179
Depreciation charges 228,474 219,089
Profit on disposal of fixed assets (15,381 ) (3,595 )
Finance costs 400,790 247,039
Finance income (45,303 ) (2,164 )
1,580,868 5,647,548
Increase in stocks (2,282,170 ) (5,625,524 )
Decrease/(increase) in trade and other debtors 328,652 (2,032,154 )
Increase in trade and other creditors 2,087,485 5,106,677
Cash generated from operations 1,714,835 3,096,547

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 1,208,338 2,438,295
Period ended 30 April 2023
30/4/23 12/11/21
£    £   
Cash and cash equivalents 2,438,295 -


3. Analysis of changes in net debt

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank 2,438,295 (1,229,957 ) 1,208,338
2,438,295 (1,229,957 ) 1,208,338
Debt
Debts falling due within 1 year (175,280 ) - (175,280 )
Debts falling due after 1 year (2,278,641 ) 775,840 (1,502,801 )
(2,453,921 ) 775,840 (1,678,081 )
Total (15,626 ) (454,117 ) (469,743 )

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. Statutory information

Blue Labrador Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
When preparing the financial statements, the directors are required to make judgements, estimates and assumptions about the carrying value of assets, liabilities, income and expenses.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 company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

No judgements have been made in applying the company's accounting policies in the preparation of the financial statements, other than those involving estimation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good or service to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% Straight line
Short leasehold - Straight line over 10 years
Plant and machinery - Straight line over 7 years
Fixtures and fittings - Straight line over 15 years
Motor vehicles - 25% Reducing balance and Straight line between 4 and 17 years
Computer equipment - Straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. Accounting policies - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company 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.

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 cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows 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 the 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 rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Sale of goods 47,484,596 68,162,181
Sale of services 6,210,484 7,106,480
53,695,080 75,268,661

An analysis of turnover by geographical market is given below:

Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
United Kingdom 53,507,587 72,989,807
Europe 126,435 2,005,243
Rest of world 61,058 273,611
53,695,080 75,268,661

4. Other operating income
Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Rents receivable 299 398
Other income 132 12,579
431 12,977

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. Employees and directors
Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Wages and salaries 2,663,383 3,199,822
Social security costs 278,426 349,397
Other pension costs 285,282 189,342
3,227,091 3,738,561

The average number of employees during the year was as follows:
Period
12/11/21
Year Ended to
30/4/24 30/4/23

Directors and management 6 6
Administration and support 5 6
Sales, servicing and stores 63 60
74 72

Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Director's remuneration 55,800 49,774
Director's pension contributions to money purchase schemes 142,000 34,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

6. Operating profit

The operating profit is stated after charging/(crediting):

Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Other operating leases 89,149 122,101
Depreciation - owned assets 228,011 218,626
Profit on disposal of fixed assets (15,381 ) (3,595 )
Goodwill amortisation 463 463

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. Auditors' remuneration
Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

2,365

2,200
Fees payable to the company's auditors for other services to the group:
The auditing of accounts of any associate of the company 6,450 6,000
Other non- audit services 21,690 30,236

8. Interest payable and similar expenses
Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Bank loan interest - 11,839
Stocking loan interest 249,513 81,310
Preference dividend 151,277 153,890
400,790 247,039

9. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Current tax:
UK corporation tax 303,184 1,037,913

Deferred tax 3,703 89,260
Tax on profit 306,887 1,127,173

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
12/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Profit before tax 1,012,288 5,187,179
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

253,072

1,296,795

Effects of:
Expenses not deductible for tax purposes 61,162 55,061
Adjustments to tax charge in respect of previous periods (7,347 ) 6,126
Super deduction - (9,456 )
Difference between rates of tax used for deferred tax and current tax - (297,023 )
Deferred tax on assets transferred to company from partnership on incorporation
-

75,670
Total tax charge 306,887 1,127,173

10. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. Intangible fixed assets

Group
Goodwill
£   
Cost
At 1 May 2023
and 30 April 2024 4,638
Amortisation
At 1 May 2023 463
Amortisation for year 463
At 30 April 2024 926
Net book value
At 30 April 2024 3,712
At 30 April 2023 4,175

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. Tangible fixed assets

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
Cost
At 1 May 2023 1,665,000 18,568 189,199
Additions 678,884 11,800 63,954
Disposals - - (10,561 )
At 30 April 2024 2,343,884 30,368 242,592
Depreciation
At 1 May 2023 33,300 1,858 43,612
Charge for year 46,878 3,039 44,137
Eliminated on disposal - - (1,692 )
At 30 April 2024 80,178 4,897 86,057
Net book value
At 30 April 2024 2,263,706 25,471 156,535
At 30 April 2023 1,631,700 16,710 145,587

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 May 2023 16,888 385,548 55,601 2,330,804
Additions 12,149 89,435 7,900 864,122
Disposals - (950 ) (1,714 ) (13,225 )
At 30 April 2024 29,037 474,033 61,787 3,181,701
Depreciation
At 1 May 2023 1,788 117,368 20,700 218,626
Charge for year 2,276 111,810 19,871 228,011
Eliminated on disposal - 50 (1,714 ) (3,356 )
At 30 April 2024 4,064 229,228 38,857 443,281
Net book value
At 30 April 2024 24,973 244,805 22,930 2,738,420
At 30 April 2023 15,100 268,180 34,901 2,112,178

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. Tangible fixed assets - continued

Company
Freehold
property
£   
Cost
At 1 May 2023 1,665,000
Additions 678,884
At 30 April 2024 2,343,884
Depreciation
At 1 May 2023 33,300
Charge for year 46,878
At 30 April 2024 80,178
Net book value
At 30 April 2024 2,263,706
At 30 April 2023 1,631,700

13. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 May 2023
and 30 April 2024 4,016,835
Net book value
At 30 April 2024 4,016,835
At 30 April 2023 4,016,835

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


13. Fixed asset investments - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

P V Dobson Limited
Registered office: Ivy House Works, Levens, Kendal, LA8 8PG
Nature of business: selling and servicing of tractors and machinery
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 6,454,832 6,259,061
Profit for the year/period 720,771 3,959,051

VIC-TRA Limited
Registered office: Ivy House Works, Levens, Kendal, LA8 8PG
Nature of business: selling and servicing of tractors and machinery
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,271,772 1,206,514
Profit for the year/period 65,258 194,318


For the period ended 30 April 2024, VIC-TRA Limited (08042230) was entitled to exemption from audit under section 479a of the Companies Act 2006 relating to subsidiary companies.

14. Stocks

Group
2024 2023
£    £   
Stocks 14,937,232 12,655,062

15. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,260,746 3,537,411 13,833 9,583
Amounts owed by group undertakings - - 355,145 -
Other debtors 123,814 63,359 - -
Prepayments 56,631 169,073 - 117,910
3,441,191 3,769,843 368,978 127,493

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


16. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Preference shares (see note 18) 175,280 175,280 175,280 175,280
Trade creditors 7,823,096 5,555,455 - -
Amounts owed to group undertakings - - 1,155,060 797,268
Tax 61,083 1,018,054 39,330 24,475
Social security and other taxes 104,512 92,251 - -
VAT 479,716 291,530 8,279 5,521
Other creditors 36,469 55,089 36,069 55,089
Directors' current accounts 2,405,338 2,119,776 2,405,338 2,119,776
Accruals 4,375,540 4,737,523 6,891 5,967
15,461,034 14,044,958 3,826,247 3,183,376

Amounts owed to directors are unsecured, interest free and repayable on demand.

17. Creditors: amounts falling due after more than one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Preference shares (see note 18) 1,502,801 2,278,641 1,502,801 2,278,641

18. Loans

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Preference shares 175,280 175,280 175,280 175,280
Amounts falling due between one and two years:
Preference shares 350,560 350,560 350,560 350,560
Amounts falling due between two and five years:
Preference shares 876,400 876,400 876,400 876,400
Amounts falling due in more than five years:
Repayable by instalments
Preference shares 275,841 1,051,681 275,841 1,051,681

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023

BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

value: £    £   
2,629,201 Preference shares £1 1,678,081 2,453,921

The preference shares do not entitle the holder to vote or attend any meeting or receive remuneration by way of dividend. The holder is entitled to a dividend of 2.5% above Barlcays PLC base rate per annum. The preference shares are redeemable on scheduled redemption dates, at the instance of the company and in certain circumstances at the instance of the holder. The preference shares rank ahead of all equity shares in a winding up or other return of capital up to an amount equal to the capital paid up on the preference shares and any unpaid fixed rate dividend attaching to them but are not otherwise entitled to participate in such a distribution.

19. Provisions for liabilities

Group
2024 2023
£    £   
Deferred tax 92,963 89,260

Group
Deferred
tax
£   
Balance at 1 May 2023 89,260
Provided during year 3,703
Balance at 30 April 2024 92,963

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
900 Ordinary shares £1 900 900

Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

21. Reserves

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2023 4,060,006 505,788 4,565,794
Profit for the year 705,401 705,401
At 30 April 2024 4,765,407 505,788 5,271,195


BLUE LABRADOR LIMITED (REGISTERED NUMBER: 13739161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


22. Pension commitments

The company operates a defined contribution pension scheme to all qualifying employees. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £285,282 (2023 - £189,342).

23. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

The controlling party is Mr A J Dobson.