REGISTERED NUMBER: 09778008 (England and Wales) |
VALE MANUFACTURING LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
REGISTERED NUMBER: 09778008 (England and Wales) |
VALE MANUFACTURING LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 |
VALE MANUFACTURING LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the period 1 November 2022 to 31 December 2023. |
REVIEW OF BUSINESS |
The group has had another record breaking year with £38,393,552 sales from it's group companies resulting from the continued growth in the supply of intralogistics solutions, robotics and equipment into the logistics, manufacturing and food industries. The business has invested in a new leadership structure and continues to onboard talent from within the industry to unlock the planned next phase of growth. |
The projects LAC are quoting and winning are increasing in value and size, in line with the strategy. The business processes are continuously improving to ensure risk is managed both commercially and technically. |
Sales are being generated from a healthy balance of repeat business and new customers, which demonstrates that LAC are successfully implementing projects and also marketing within focus industries to drive new relationships. We have key accounts which we continue to nurture and our reputation is going from strength to strength. LAC carries forward a strong order book. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The global supply chain challenges on lead time and availability of some components is starting to stabilise. The group have mitigated risks by stocking some long lead items, where appropriate, and continually reviewing projects plans. As of yet, no major impacts have been seen. |
LAC supply and purchase from the UK and mainland Europe, transacting in both EURO and GBP. Wherever possible we hedge against any fluctuations in exchange rate. The group has good risk review strategies in place. Specific project risks are reviewed at both project level and board level. An appropriate authorisation matrix is in place to authorise purchases and all invoices are reviewed. |
KEY PERFORMANCE INDICATORS |
The execution of the business is measured by key performance indicators. These are currently focussed on financial KPI, although the business is now capturing data to measure operating performance and efficiency. |
Sales: £38,402,273 |
Gross Profit: £10,190,397 (2022: £7,288,382) |
Gross Profit Margin % - 26.5% (2022: 26.3%) |
Improved cash reserves of £8,846,106 have resulted in adequate net current assets of £15,370,152, this is an improvement of 32.4% on last year. |
Environment, Quality and Health and Safety |
The group takes very seriously its environmental, quality and Health and Safety commitments. The Head of Business Support drives and promotes these topics in collaboration with the directors. We have a robust quality process and NCR (Non Conformance Report) system in place which is reviewed weekly and reported to the board of directors. |
FUTURE ACTIVITIES |
The group will continue to focus on core sales activities within it's targeted industry sectors. The food industry is expected to remain steady and possibly decline as changing skillsets in the business and challenging markets exist. This will be heavily mitigated by expected growth across all other sectors and key accounts. |
The group will continue growing and developing it's people and are implementing a culture and values team. The business plans to implement additional KPls as it drives for higher productivity, efficiency, quality and timeliness. Data capture is in place to start this process. |
ON BEHALF OF THE BOARD: |
17 July 2024 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the period 1 November 2022 to 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 December 2023. |
DIRECTORS |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and 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 directors are 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 each director 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. |
AUDITORS |
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VALE MANUFACTURING LTD |
Opinion |
We have audited the financial statements of Vale Manufacturing Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 31 December 2023 and of the group's profit for the period 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report. |
Other matters |
The financial statements of the Group for the period ended 31 October 2022 were audited by another auditor who expressed an unmodified opinion on those statements on the 11 July 2023. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VALE MANUFACTURING LTD |
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 Report of the Directors. |
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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VALE MANUFACTURING LTD |
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 a Report of the Auditors 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: |
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 gained an understanding of the legal and regulatory framework applicable to the group and company, and the industry in which it operates, and considered the risk of acts by the group company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery and intentional misrepresentations, or through collusion. |
We focussed on the laws and regulations which could rise to a material misstatement in the financial statements, including but not limited to, the Companies Act 2006 and UK tax legislation. As in all of our audits, we evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and misappropriation of assets. Audit procedures performed included: |
- Discussions with management, including consideration of known or suspected instances of actual and potential litigation and claims, non-compliance with laws and regulation and fraud; |
- Identifying and reviewing journal entries to ensure that we understood the reasoning behind them and agreeing that they were appropriate; |
- Selecting a sample of transactions and tracing to documentation to establish that they are bonafide transactions. |
- Evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and |
- Agreeing the financial statement disclosures to underlying supporting documentation. |
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected within the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: |
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. |
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VALE MANUFACTURING LTD |
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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 Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
Period | Year Ended |
1.11.22 to 31.12.23 | 31.10.22 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 38,402,273 | 27,727,159 |
Cost of sales | 28,211,876 | 20,438,777 |
GROSS PROFIT | 10,190,397 | 7,288,382 |
Distribution costs | 200,720 | 243,819 |
Administrative expenses | 5,036,444 | 2,703,770 |
5,237,164 | 2,947,589 |
4,953,233 | 4,340,793 |
Other operating income | 359,579 | - |
OPERATING PROFIT | 5 | 5,312,812 | 4,340,793 |
Interest receivable and similar income | 129,170 | 2,392 |
PROFIT BEFORE TAXATION | 5,441,982 | 4,343,185 |
Tax on profit | 6 | 1,397,823 | (35,605 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 4,045,020 | 4,379,646 |
Non-controlling interests | (861 | ) | (856 | ) |
4,044,159 | 4,378,790 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
Notes | £ | £ |
PROFIT FOR THE PERIOD | 4,044,159 | 4,378,790 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
4,044,159 |
4,378,790 |
Total comprehensive income attributable to: |
Owners of the parent | 4,045,020 | 4,379,646 |
Non-controlling interests | (861 | ) | (856 | ) |
4,044,159 | 4,378,790 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 145,661 | 51,490 |
Investments | 11 |
Interest in associate | 154,872 | 154,872 |
300,533 | 206,362 |
CURRENT ASSETS |
Debtors | 12 | 7,574,687 | 12,089,303 |
Cash at bank and in hand | 17,407,154 | 8,561,048 |
24,981,841 | 20,650,351 |
CREDITORS |
Amounts falling due within one year | 13 | 9,611,689 | 9,250,121 |
NET CURRENT ASSETS | 15,370,152 | 11,400,230 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
15,670,685 |
11,606,592 |
PROVISIONS FOR LIABILITIES | 14 | 32,806 | 12,872 |
NET ASSETS | 15,637,879 | 11,593,720 |
CAPITAL AND RESERVES |
Called up share capital | 15 | 100 | 100 |
Retained earnings | 16 | 15,650,016 | 11,604,996 |
SHAREHOLDERS' FUNDS | 15,650,116 | 11,605,096 |
NON-CONTROLLING INTERESTS | 17 | (12,237 | ) | (11,376 | ) |
TOTAL EQUITY | 15,637,879 | 11,593,720 |
The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by: |
Mrs H E Pettit - Director |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,189,604 | 1,994,008 |
The financial statements were approved by the Board of Directors and authorised for issue on |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 November 2021 | 100 | 10,225,350 | 10,225,450 | (10,520 | ) | 10,214,930 |
Changes in equity |
Dividends | - | (3,000,000 | ) | (3,000,000 | ) | - | (3,000,000 | ) |
Total comprehensive income | - | 4,379,646 | 4,379,646 | (856 | ) | 4,378,790 |
Balance at 31 October 2022 | 100 | 11,604,996 | 11,605,096 | (11,376 | ) | 11,593,720 |
Changes in equity |
Total comprehensive income | - | 4,045,020 | 4,045,020 | (861 | ) | 4,044,159 |
Balance at 31 December 2023 | 100 | 15,650,016 | 15,650,116 | (12,237 | ) | 15,637,879 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 10,375,997 | 3,365,293 |
Tax paid | (1,504,704 | ) | 75,213 |
Net cash from operating activities | 8,871,293 | 3,440,506 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (155,857 | ) | (10,000 | ) |
Interest received | 129,170 | 2,392 |
Net cash from investing activities | (26,687 | ) | (7,608 | ) |
Cash flows from financing activities |
Movement in amounts owed to associate | 1,500 | 177,691 |
Equity dividends paid | - | (3,000,000 | ) |
Net cash from financing activities | 1,500 | (2,822,309 | ) |
Increase in cash and cash equivalents | 8,846,106 | 610,589 |
Cash and cash equivalents at beginning of period |
2 |
8,561,048 |
7,950,459 |
Cash and cash equivalents at end of period |
2 |
17,407,154 |
8,561,048 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
Profit before taxation | 5,441,982 | 4,343,185 |
Depreciation charges | 61,686 | 27,552 |
Finance income | (129,170 | ) | (2,392 | ) |
5,374,498 | 4,368,345 |
Decrease/(increase) in trade and other debtors | 4,513,815 | (3,892,744 | ) |
Increase in trade and other creditors | 487,684 | 2,889,692 |
Cash generated from operations | 10,375,997 | 3,365,293 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 31 December 2023 |
31.12.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 17,407,154 | 8,561,048 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
as restated |
£ | £ |
Cash and cash equivalents | 8,561,048 | 7,950,459 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.11.22 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 8,561,048 | 8,846,106 | 17,407,154 |
8,561,048 | 8,846,106 | 17,407,154 |
Total | 8,561,048 | 8,846,106 | 17,407,154 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Vale Manufacturing Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis. |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over ten years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
Details of Subsidiary Undertakings |
Nature | Name | Registered Office |
Parent | Vale Manufacturing Ltd | 6 Clinton Avenue, Nottingham, Nottinghamshire, NG5 1AW |
Subsidiary | L.A.C. Conveyor Systems Ltd | 6 Clinton Avenue, Nottingham, Nottinghamshire, NG5 1AW |
Subsidiary | Five Maples Ltd | 6 Clinton Avenue, Nottingham, Nottinghamshire, NG5 1AW |
All companies listed above are included in the Group consolidated financial statements. |
Related party exemption |
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. |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Useful economic lives of tangible assets |
The annual depreciation charges for tangibles assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See following notes for the useful economic lives for each class of assets. |
Provision against slow moving and obsolete stock |
During the year and at the balance sheet date the directors quantify the stock items deemed obsolete or slow moving. This is considered in reference to older stock items no longer marketed and stock items not bought or sold for a period of time. The company include provisions in their valuations for these items, however the actual amount of obsolete and slow moving stock may vary from these estimates. In previous periods this was accounted for on a straight line basis of 15% of stock items, during FY23 the accounting policy changed to review specific stock items for obsolescence and slow moving items. |
Provision against potential bad debts |
During the year and at the balance sheet date the directors quantify the amounts recoverable on any debtors still outstanding. |
Provision against warranty items |
During the year and at the balance sheet date the directors assess the level of returns against each product line and provide for an appropriate level of warranty returns in line with this assessment. The assessment is based on historical data and may vary from actual warranty returns incurred in the future. In previous periods this was accounted for using a % failure rate across all stock lines, during FY23 the accounting policy changed to use a line specific failure rate. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the amounts due to customers on contracts. The estimates and associated assumptions are based on historical experiences 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. |
Long term contracts: |
Where the company enters into long term contracts, revenue is recognised on the projected profit margin that is deemed to be achieved on the contract. Under the percentage of completion method, the company makes an estimate of the percentage to complete for a project and recognises the proportion of revenue and profit accordingly, this results in deferred and accrued income in the Balance Sheet. In forecasting the profitability of contracts, management makes best estimates based on live project information and the profit margin projection set when costing the project initially . Any expected losses on long term contracts are recognised immediately and are written off to the statement of comprehensive income. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other tax sales. |
The company develops a range of core products, manufactured in house, which are integrated into larger products. Sale of goods are recognised on sale to the customer, which is considered point of delivery. |
Any sales made between group companies are eliminated on consolidation. |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and Machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Fixed asset investments |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with 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. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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 company 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. |
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, bank loans and loans from fellow group companies, 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. |
Other financial liabilities |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
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. |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash at bank and in hand |
Cash at bank and in hand 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. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Foreign Currency |
i. Functional and presentation currency |
The Company's financial statements are presented in pound sterling. |
The Company's functional and presentation currency is the pound sterling. |
ii. Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. Foreign exchange gains and losses that relate to borrowings and cash and cash |
equivalents are presented in the profit and loss account within 'finance (expense)/income'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating (losses)/gains'. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
United Kingdom | 38,402,273 | 27,727,159 |
38,402,273 | 27,727,159 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
Wages and salaries | 5,319,613 | 4,148,247 |
Social security costs | 594,069 | 492,980 |
Other pension costs | 192,958 | 190,825 |
6,106,640 | 4,832,052 |
The average number of employees during the period was as follows: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
Production staff | 67 | 65 |
Administrative staff | 10 | 10 |
Management staff | 9 | 9 |
The average number of employees by undertakings that were proportionately consolidated during the period was 86 (2022 - 111 ) . |
The Directors are deemed the key management personnel of the Group. |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
Directors' remuneration | 1,054,598 | 957,718 |
Information regarding the highest paid director is as follows: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
Emoluments etc | 175,000 | 369,367 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
Hire of plant and machinery | 54,205 | 61,341 |
Other operating leases | 297,323 | 252,197 |
Depreciation - owned assets | 61,686 | 27,552 |
Foreign exchange differences | (25,245 | ) | (4,278 | ) |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the period was as follows: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 1,377,889 | (35,519 | ) |
Deferred tax | 19,934 | (86 | ) |
Tax on profit | 1,397,823 | (35,605 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
Profit before tax | 5,441,982 | 4,343,185 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
1,360,496 |
825,205 |
Effects of: |
Expenses not deductible for tax purposes | 94,846 | 3,932 |
Capital allowances in excess of depreciation | (19,335 | ) | - |
Depreciation in excess of capital allowances | - | 3,175 |
Utilisation of tax losses | (1,498 | ) | (23,258 | ) |
Adjustments to tax charge in respect of previous periods | 311,545 | (473,214 | ) |
R&D Credit | - | (203,488 | ) |
R&D Expenditure | - | 216,622 |
R&D Relief | (271,011 | ) | (409,307 | ) |
Deferred Taxation | 19,495 | - |
Impact of Prior Year adjustment | (96,715 | ) | 24,728 |
Total tax charge/(credit) | 1,397,823 | (35,605 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
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. |
8. | DIVIDENDS |
Period |
1.11.22 |
to | Year Ended |
31.12.23 | 31.10.22 |
as restated |
£ | £ |
Ordinary shares of £1 each |
Final | - | 3,000,000 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
9. | PRIOR YEAR ADJUSTMENT |
The accounts have been restated to incorporate the impact of a misidentification of an investment as a subsidiary when the investment is a associate company. |
The misidentification occurred due to an error being made when a share buy back transaction in July 2020 was incorrectly executed and therefore is subsequently void. |
The restatement is to remove the company from the consolidated accounts and to reverse the consolidation adjustments that had been included. |
There was also a prior year adjustment included within the financial statements of a subsidiary company. The accounts have been restated to include the dividend of £571,000 during the year ended 31st October 2021 as a recovery of the investment and therefore accounted for as a reduction of the cost of the investment and not as income within Comprehensive income. |
Furthermore, in the year ended 31st October 2022 a receipt of £130,845 from an associate company was incorrectly allocated as a dividend receipt, where the amount represented a loan to the company. There was also a £40,800 repayment of this loan that was incorrectly allocated as dividends paid. . |
Consolidated Statement of Comprehensive Income |
2022 | 2022 |
As restated |
£ | £ |
Turnover | 29,301,526 | 27,727,159 |
Cost of Sales | 21,638,546 | 20,438,777 |
Gross Profit | 7,662,980 | 7,288,382 |
Distribution costs | 249,814 | 243,819 |
Administrative expenses | 3,166,417 | 2,703,770 |
Operating Profit | 4,246,749 | 4,340,793 |
Income from interest in associated undertakings | - | - |
Other interest receivable and similar income | 2,977 | 2,392 |
Interest payable and similar expenses | 802 | - |
Profit before taxation | 4,248,924 | 4,343,185 |
Tax on profit | (82,221 | ) | (35,605 | ) |
Profit for the financial year and total comprehensive income | 4,331,145 | 4,378,790 |
Profit for the financial year attributable to: |
The owners of the parent company | 4,303,069 | 4,379,646 |
Non-controlling interests | 28,076 | (856 | ) |
4,331,145 | 4,378,790 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
Consolidated Statement of Financial Position |
2022 | 2022 |
As restated |
£ | £ |
Fixed Assets |
Intangible assets | 453,572 | - |
Tangible assets | 125,231 | 51,490 |
Investments - Interest in associate | - | 154,872 |
578,803 | 206,362 |
Current Assets |
Stock | 111,684 | - |
Debtors | 12,471,423 | 12,089,303 |
Cash at bank and in hand | 9,001,326 | 8,561,048 |
21,584,433 | 20,650,351 |
Creditors: amounts falling due within one year | 9,909,645 | 9,250,121 |
Net Current Assets | 11,674,788 | 11,400,230 |
Total assets less current liabilities | 12,253,591 | 11,606,592 |
Creditors: amounts falling due over one year | 25,833 | - |
Provisions for liabilities | 21,548 | 12,872 |
Net assets | 12,206,210 | 11,593,720 |
Capital and reserves |
Called up share capital | 100 | 100 |
Retained earnings | 11,488,167 | 11,604,996 |
Shareholders' funds | 11,488,267 | 11,605,996 |
Non controlling interests | (717,943 | ) | (11,376 | ) |
Total Equity | 12,206,210 | 11,593,720 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
Machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 | 55,732 | 49,645 | 48,079 | 118,026 | 271,482 |
Additions | - | 24,575 | 95,113 | 36,169 | 155,857 |
At 31 December 2023 | 55,732 | 74,220 | 143,192 | 154,195 | 427,339 |
DEPRECIATION |
At 1 November 2022 | 31,333 | 34,332 | 38,538 | 115,789 | 219,992 |
Charge for period | 5,693 | 9,307 | 30,524 | 16,162 | 61,686 |
At 31 December 2023 | 37,026 | 43,639 | 69,062 | 131,951 | 281,678 |
NET BOOK VALUE |
At 31 December 2023 | 18,706 | 30,581 | 74,130 | 22,244 | 145,661 |
At 31 October 2022 | 24,399 | 15,313 | 9,541 | 2,237 | 51,490 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 November 2022 |
and 31 December 2023 | 154,872 |
NET BOOK VALUE |
At 31 December 2023 | 154,872 |
At 31 October 2022 | 154,872 |
Company |
Unlisted |
investments |
£ |
COST |
At 1 November 2022 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 October 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
L.A.C. Conveyor Systems Ltd |
Registered office: 6 Clinton Avenue, Nottingham, Nottinghamshire, NG5 1AW |
Nature of business: manufacture of conveyors and pick & pack robots |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves | 9,597,693 | 8,741,383 |
Profit for the period/year | 4,307,488 | 4,386,528 |
The above subsidiary is owned by Vale Manufacturing Ltd and is included in the Group consolidated accounts. |
Five Maples Ltd |
Registered office: 6 Clinton Avenue, Nottingham, Nottinghamshire, NG5 1AW |
Nature of business: Non trading holding company |
% |
Class of shares: | holding |
Ordinary | 51.00 |
31.12.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves | (24,972 | ) | (23,216 | ) |
Loss for the period/year | (1,756 | ) | (1,746 | ) |
The above subsidiary is owned by Vale Manufacturing Ltd and is included in the Group consolidated accounts. |
The company owns 100% of the issued share capital of L.A.C Conveyor Systems Ltd |
The company owns 51% of the issued share capital of Five Maples Ltd |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated | as restated |
£ | £ | £ | £ |
Trade debtors | 6,432,240 | 9,971,012 |
Other debtors | 1,074,314 | 2,082,368 |
Tax | - | 801 |
Prepayments | 68,133 | 35,122 |
7,574,687 | 12,089,303 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated | as restated |
£ | £ | £ | £ |
Trade creditors | 2,805,291 | 3,371,859 |
Amounts owed to group undertakings | - | - |
Amounts owed to associates | 197,191 | 195,691 | 18,000 | 18,000 |
Tax | 706,166 | 833,782 |
Social security and other taxes | 133,539 | 131,223 |
VAT | 213,275 | 804,336 | - | - |
Other creditors | 3,022 | 4,681 |
Directors' loan accounts | 268 | 268 | 268 | 268 |
Accruals and deferred income | 5,316,439 | 3,706,156 |
Accrued expenses | 236,498 | 202,125 |
9,611,689 | 9,250,121 |
14. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances | 32,806 | 12,872 |
Group |
Deferred |
tax |
£ |
Balance at 1 November 2022 | 12,872 |
Accelerated Capital Allowances | 19,934 |
Balance at 31 December 2023 | 32,806 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | £1 | 100 | 100 |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
16. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 November 2022 | 11,604,996 |
Profit for the period | 4,045,020 |
At 31 December 2023 | 15,650,016 |
Company |
Retained |
earnings |
£ |
At 1 November 2022 |
Profit for the period |
At 31 December 2023 |
17. | NON-CONTROLLING INTERESTS |
One of the directors of Five Maples Ltd has a 49% shareholding of the company, but has no involvement with this parent company. |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 December 2023 and the year ended 31 October 2022: |
2023 | 2022 |
as restated |
£ | £ |
R Mackness |
Balance outstanding at start of period | (268 | ) | (268 | ) |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | (268 | ) | (268 | ) |
All amounts outstanding at the year end are interest free and repayable upon demand. |
19. | RELATED PARTY DISCLOSURES |
Other related parties - Associated companies |
2023 | 2022 |
as restated |
£ | £ |
Amount due to associated companies | 197,191 | 195,691 |
During the year, a bad debt of £300,500 was written off with a company in which the directors have common control. |
VALE MANUFACTURING LTD (REGISTERED NUMBER: 09778008) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2022 TO 31 DECEMBER 2023 |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is C C Unwin. |
At 31st December 2023, Mr C Unwin was the ultimate controlling party by virtue of his 70% holding of share capital in the parent company. |
As of the 11th April 2024, 100% of the issued share capital of Vale Manufacturing Ltd was transferred to SG GF Holding Ltd who is now regarded as the ultimate parent company. |