Company registration number 00314850 (England and Wales)
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
COMPANY INFORMATION
Directors
Mr D M Clough
Mr N D F Prior
Secretary
Mr C Dean
Company number
00314850
Registered office
324-330 Meanwood Road
Leeds
LS7 2JE
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 36
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The Group is predominantly engaged in the installation of terrazzo tiles and natural stone products to floors and walls within the construction industry in the UK.

The review provided is consistent with the size and non-complex nature of our business and is presented in the context of the risks and uncertainties that are ever present.

The Group operates as a link within a construction-dominant supply chain using its vast experience and quality processes to ensure the timely delivery of each project and adapting to changes that arise from time to time.

Turnover and margins are to a large degree dependent upon investment in the construction sector which in turn is governed by consumer confidence. Competition within the areas where the Group focuses is ever-present and maintaining or improving turnover and margin continues to be ever challenging.

The Group’s development and performance will continue to be achieved by carefully managing contracts engagement and, wherever possible, to expand its current footprint within the construction sector that it operates. This diversification into other markets other than the supermarket groups is a fundamental and positive goal and includes investment into the retail side of the business. This is further evidenced by our opening of a new trade and retail showroom in Seacroft (Leeds) during the year along with our first online store, The Tilers Hub.

Development and performance

The financial statements present a balanced and comprehensive review of the development and performance of the business during the year and of its position at the year end.

Whilst the inflationary pressures began to reduce last year the Group still faced continuing supply chain problems and resource availability. However, the Group achieved an increase of 30% in operating profit over the previous year. Along with this there was an increase in the market value of the investments held by the Group partially offsetting the losses of the previous year. These investments are held for the long term and the Group is confident that the growth will be achieved in the long term.

As a result, the operating profit and profit before tax are in line with directors’ expectations and these have not been achieved without continued value engineering and attaining high client satisfaction in a fiercely competitive market places.

The profit and loss reserves have increased from £8,545,285 to £9,122,173 maintaining the strength of the Group’s Balance Sheet.

The net assets of the Group at the year-end totalled £7,507,042 (2022 - £7,000,999).

The Board strive to achieve continual improvement at all times to create long-term value and sustainable growth by financially empowering and commercially developing our people.

Key performance indicators

We consider that the key performance indicators of turnover, gross margin and return on capital employed have communicated the strength of the Group in the past and they will continue to be engaged for the future.

The Group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through its credit control procedures and credit insurance. The nature of its financial instruments mean that they are not subject to price or liquidity risks.

The Group does provide detailed weekly/monthly internal reports for submission to the Board so that it is cognisant with the current financial status.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future developments

The directors, where economically viable, will adhere to the planned strategies and react to market changes to ensure the continued stability and strength of the Group, enabling it to take advantage of the opportunities as they occur in a continuing economically challenging marketplace.

The continued development of the Group in the marketplace remains a key focus of the directors to maintain where possible its position in a challenging economy, whilst ensuring that the focus on quality and service is not compromised by price.

In addition, the directors intend to follow the strategy of increasing the retail side of the business and so reducing the Group’s exposure to the cyclical swings of the construction business.

By order of the board

Mr C Dean
Secretary
21 August 2024
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group continued to be the installation of terrazzo, ceramic and natural stone floor and wall finishes, and the manufacture of terrazzo flooring.

Results and dividends

The results for the year are set out on page 8.

The directors declared and paid dividends in the year as follows:

£11,875 Ordinary (2022 - £11,875), £28,780 'A' Ordinary (2022 - £62,650), £175,650 'B' Ordinary (2022 - £131,000), £625 'C' Ordinary (2022 - £33,825), £375 'D' Ordinary (2022 - £375), £1,525 'E' Ordinary (2022 - £1,500), £Nil 'G' Ordinary (2022 - £20,625), £125 'H' Ordinary (2022 - £125), £89,390 'J' Ordinary (2022 - £65,190) and £125 'K' Ordinary (2022 - £15,375).

 

The directors also approved the following dividends prior to the balance sheet date:

£25,000 'A' Ordinary (2022 - £25,000), £125,000 'B' Ordinary (2022 - £75,000), £55,000 'J' Ordinary (2022 - £50,000).

 

The directors have proposed a final dividend in respect of the financial year ending 31 December 2023 of £27.50 per share (2022 - £25 per share).

Directors

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

Mr D M Clough
Mr N D F Prior
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

By order of the board
Mr C Dean
Mr D M Clough
Secretary
Director
21 August 2024
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

 

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

 

 

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

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A. ANDREWS & SONS (MARBLES & TILES) LIMITED
- 5 -
Opinion

We have audited the financial statements of A. Andrews & Sons (Marbles & Tiles) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A. ANDREWS & SONS (MARBLES & TILES) LIMITED
- 6 -
Matters on which we are required to report by exception

In 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 strategic report and the directors' 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

 

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

 

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.

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

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A. ANDREWS & SONS (MARBLES & TILES) LIMITED
- 7 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

Matthew Grant (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
21 August 2024
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
15,408,272
13,344,505
Cost of sales
(10,033,061)
(8,859,990)
Gross profit
5,375,211
4,484,515
Administrative expenses
(4,471,104)
(3,797,775)
Other operating income
31,171
41,641
Operating profit
4
935,278
728,381
Interest receivable and similar income
8
60,501
14,925
Interest payable and similar expenses
9
(3,683)
(4,881)
Amounts written off investments
10
509,167
(165,233)
Profit before taxation
1,501,263
573,192
Tax on profit
11
(331,100)
(36,653)
Profit and total comprehensive income for the financial year
1,170,163
536,539
Profit and total comprehensive income for the financial year is attributable to:
- Owners of the parent company
1,090,345
459,553
- Non-controlling interests
79,818
76,986
1,170,163
536,539

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 36 form part of these financial statements.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
23,795
36,208
Tangible assets
15
1,988,044
1,944,180
Investment properties
14
475,000
-
0
Investments
16
2,068,936
1,795,141
4,555,775
3,775,529
Current assets
Stocks
19
2,199,766
1,753,047
Debtors
20
3,055,815
3,446,499
Cash at bank and in hand
2,059,799
1,958,450
7,315,380
7,157,996
Creditors: amounts falling due within one year
21
(4,003,113)
(3,645,263)
Net current assets
3,312,267
3,512,733
Total assets less current liabilities
7,868,042
7,288,262
Creditors: amounts falling due after more than one year
22
-
(15,263)
Provisions for liabilities
Deferred tax liability
24
361,000
272,000
(361,000)
(272,000)
Net assets
7,507,042
7,000,999
Capital and reserves
Called up share capital
26
6,017
6,017
Capital redemption reserve
10,464
10,464
Other reserves
(1,686,210)
(1,641,160)
Profit and loss reserves
9,122,173
8,545,298
Equity attributable to owners of the parent company
7,452,444
6,920,619
Non-controlling interests
54,598
80,380
7,507,042
7,000,999
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
21 August 2024
Mr D M Clough
Director
Company Registration No. 00314850
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
15
1,369,014
1,369,578
Investment property
14
475,000
-
0
Investments
16
2,958,366
2,684,571
4,802,380
4,054,149
Current assets
Stocks
19
1,602,963
1,302,810
Debtors
20
4,471,939
4,700,368
Cash at bank and in hand
1,291,965
1,407,627
7,366,867
7,410,805
Creditors: amounts falling due within one year
21
(4,849,267)
(4,708,258)
Net current assets
2,517,600
2,702,547
Total assets less current liabilities
7,319,980
6,756,696
Provisions for liabilities
Deferred tax liability
24
226,000
155,000
(226,000)
(155,000)
Net assets
7,093,980
6,601,696
Capital and reserves
Called up share capital
26
6,017
6,017
Capital redemption reserve
10,464
10,464
Other reserves
(1,686,210)
(1,641,160)
Profit and loss reserves
8,763,709
8,226,375
Total equity
7,093,980
6,601,696

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,050,804 (2022 - £391,010 profit).

The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
21 August 2024
Mr D M Clough
Director
Company registration number 00314850 (England and Wales)
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
6,017
10,464
(1,641,160)
8,578,285
6,953,606
94,494
7,048,100
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
459,553
459,553
76,986
536,539
Dividends
12
-
-
-
(492,540)
(492,540)
(91,100)
(583,640)
Balance at 31 December 2022
6,017
10,464
(1,641,160)
8,545,298
6,920,619
80,380
7,000,999
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
1,090,345
1,090,345
79,818
1,170,163
Dividends
12
-
-
-
(513,470)
(513,470)
(105,600)
(619,070)
EBT reserves movement
-
-
(45,050)
-
(45,050)
-
(45,050)
Balance at 31 December 2023
6,017
10,464
(1,686,210)
9,122,173
7,452,444
54,598
7,507,042
Other reserves is the consideration for company own shares paid for by the company on behalf of A. Andrews Trustee Limited, the Employee Benefit Trust (EBT). In accordance with FRS 102 s9.33-38, the consideration paid is deducted from the equity until such time that the equity instruments vest unconditionally with employees.
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
6,017
10,464
(1,641,160)
8,327,905
6,703,226
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
391,010
391,010
Dividends
12
-
-
-
(492,540)
(492,540)
Balance at 31 December 2022
6,017
10,464
(1,641,160)
8,226,375
6,601,696
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
1,050,804
1,050,804
Dividends
12
-
-
-
(513,470)
(513,470)
Other movements
-
-
(45,050)
-
(45,050)
Balance at 31 December 2023
6,017
10,464
(1,686,210)
8,763,709
7,093,980
Other reserves is the consideration for company own shares paid for by the company on behalf of A. Andrews Trustee Limited, the Employee Benefit Trust (EBT). In accordance with FRS 102 s9.33-38, the consideration paid is deducted from the equity until such time that the equity instruments vest unconditionally with employees.
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,281,461
770,552
Interest paid
(3,683)
(4,881)
Income taxes paid
(115,036)
(50,424)
Net cash inflow from operating activities
1,162,742
715,247
Investing activities
Purchase of tangible fixed assets
(348,581)
(251,737)
Proceeds on disposal of tangible fixed assets
43,462
34,768
(Purchase of)/proceeds on disposal of investments
(195,628)
58,552
Interest received
60,501
14,925
Net cash used in investing activities
(440,246)
(143,492)
Financing activities
Payment of finance leases obligations
(57,077)
(80,970)
Dividends paid to equity shareholders
(458,470)
(492,540)
Dividends paid to non-controlling interests
(105,600)
(91,100)
Net cash used in financing activities
(621,147)
(664,610)
Net increase/(decrease) in cash and cash equivalents
101,349
(92,855)
Cash and cash equivalents at beginning of year
1,958,450
2,051,305
Cash and cash equivalents at end of year
2,059,799
1,958,450
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

A. Andrews & Sons (Marbles & Tiles) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 324-330 Meanwood Road, Leeds, LS7 2JE.

 

The group consists of A. Andrews & Sons (Marbles & Tiles) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

The consolidated group financial statements consist of the financial statements of the parent company A. Andrews & Sons (Marbles & Tiles) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.3
Going concern

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

1.4
Turnover

Turnover represents amounts receivable for installing and supplying terrazzo, ceramic and natural stone floor and wall finishes net of VAT and trade discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
10% and 20% straight line
Motor vehicles
20% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
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.

 

Listed investments are valued at fair value.

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

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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

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

 

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

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

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.12
Cash at bank and in hand

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

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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 through 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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

1.16
Employee benefits

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

 

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

 

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

1.17
Retirement benefits

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

1.18
Leases

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

 

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

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.21

EBT shares treated as equity

FRS 102 s9.33-38 identifies that when intermediate payment arrangements, such as Employee Benefit Trusts (EBTs), hold the sponsoring entity's equity instruments the sponsoring entity shall account for the equity instruments as if it had purchased them directly. Therefore consideration paid for shares by the company on behalf of the EBT are recognised as a separate reserve within the Statement Of Changes In Equity.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Long term contracts

Work in progress is recognised for construction contract jobs which commenced before the Balance Sheet date, but were not completed. The valuation is estimated based on the actual costs incurred before the Balance Sheet date, which include labour, materials and other costs specifically allocated to the individual job by the quantity surveyor, less cash already received in advance.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

Valuation of investments and investment properties

Listed investments are recognised at fair value based on the market valuation at the Balance Sheet date. The market valuation is based on the quoted prices communicated by fund managers.

 

The group and company makes an annual estimate of the open market value of investment properties. Management takes into account advice from third parties, including valuations performed externally and by using all knowledge and information available, including market yields and the nature of the asset held.

Depreciation

The depreciation policy has been set according to managements experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £245,760 (2022 - £249,450) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

Stock provision

At each reporting date an assessment is made for provisions required to properly recognise wastage, damaged goods and over absorbed overheads. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss and provided for in the balance sheet. Reversals of impairment losses are also recognised in profit or loss where these arise.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Terrazzo
6,932,119
6,564,789
Pre Cast
655,658
531,434
Glasgow
1,711,739
977,533
Ceramic
1,193,007
1,724,400
Marble
417,827
494,737
Worktop
424,299
305,965
Tile showroom
3,668,803
2,331,318
Carriage and pallet recharges
404,820
414,329
15,408,272
13,344,505
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
15,408,272
13,344,505
2023
2022
£
£
Other revenue
Interest income
60,501
14,925
Grants received
(5,029)
(659)
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
193
(752)
Government grants
5,029
659
Depreciation of owned tangible fixed assets
224,047
227,737
Depreciation of tangible fixed assets held under finance leases
21,713
21,713
Profit on disposal of tangible fixed assets
(28,505)
(4,128)
Amortisation of intangible assets
12,413
12,413
Operating lease charges
157,777
76,803
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,140
10,300
Audit of the financial statements of the company's subsidiaries
7,450
6,900
18,590
17,200
For other services
Taxation compliance services
3,650
3,000
All other non-audit services for the group and company
9,630
7,530
13,280
10,530
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Contracts, stores and distribution
84
86
58
60
Administration
31
26
31
26
Total
115
112
89
86

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,392,347
3,716,117
3,578,557
2,924,707
Social security costs
424,754
422,041
343,296
339,955
Pension costs
284,903
237,859
256,440
209,036
5,102,004
4,376,017
4,178,293
3,473,698
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
30,300
67,268
Company pension contributions to defined contribution schemes
75,000
61,454
105,300
128,722

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 3).

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
60,501
14,925
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on finance leases and hire purchase contracts
3,683
4,881
10
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
78,167
(165,233)
Other gains/(losses)
Changes in the fair value of investment properties
431,000
-
509,167
(165,233)
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
242,100
115,036
Adjustments in respect of prior periods
-
0
(64,831)
Total current tax
242,100
50,205
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
2023
2022
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
89,000
(13,552)
Total tax charge
331,100
36,653

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,501,263
573,192
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
353,097
108,906
Tax effect of expenses that are not deductible in determining taxable profit
310
788
Gains not taxable
(59,373)
-
0
Adjustments in respect of prior years
-
0
(64,924)
Depreciation on assets not qualifying for tax allowances
6,995
1,664
Other tax adjustments
30,071
(9,781)
Taxation charge
331,100
36,653
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
513,470
492,540

The directors declared and paid dividends in the year as follows:

£11,875 Ordinary (2022 - £11,875), £28,780 'A' Ordinary (2022 - £62,650), £175,650 'B' Ordinary (2022 - £131,000), £625 'C' Ordinary (2022 - £33,825), £375 'D' Ordinary (2022 - £375), £1,525 'E' Ordinary (2022 - £1,500), £Nil 'G' Ordinary (2022 - £20,625), £125 'H' Ordinary (2022 - £125), £89,390 'J' Ordinary (2022 - £65,190) and £125 'K' Ordinary (2022 - £15,375).

 

The directors also approved the following dividends prior to the balance sheet date:

£25,000 'A' Ordinary (2022 - £25,000), £125,000 'B' Ordinary (2022 - £75,000), £55,000 'J' Ordinary (2022 - £50,000).

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
154,134
Amortisation and impairment
At 1 January 2023
117,926
Amortisation charged for the year
12,413
At 31 December 2023
130,339
Carrying amount
At 31 December 2023
23,795
At 31 December 2022
36,208
Company
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
30,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
30,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
-
-
Transfers from owner-occupied property
44,000
44,000
Net gains or losses through fair value adjustments
431,000
431,000
At 31 December 2023
475,000
475,000

Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out in July 2024, by independent third parties who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

During the year, the directors reclassified certain freehold land and buildings as investment properties.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Investment property
(Continued)
- 28 -

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
475,000
-
475,000
-
15
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
875,892
2,480,916
588,067
586,397
4,531,272
Additions
-
0
165,820
35,876
146,885
348,581
Disposals
-
0
(101,423)
(140,977)
(172,682)
(415,082)
Transfer to investment property
(88,000)
-
0
-
0
-
0
(88,000)
At 31 December 2023
787,892
2,545,313
482,966
560,600
4,376,771
Depreciation and impairment
At 1 January 2023
60,809
1,631,753
482,850
411,680
2,587,092
Depreciation charged in the year
8,759
145,018
22,160
69,823
245,760
Eliminated in respect of disposals
-
0
(101,423)
(140,977)
(157,725)
(400,125)
Transfer to investment property
(44,000)
-
0
-
0
-
0
(44,000)
At 31 December 2023
25,568
1,675,348
364,033
323,778
2,388,727
Carrying amount
At 31 December 2023
762,324
869,965
118,933
236,822
1,988,044
At 31 December 2022
815,083
849,163
105,217
174,717
1,944,180
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Tangible fixed assets
(Continued)
- 29 -
Company
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
875,892
1,094,142
438,619
586,397
2,995,050
Additions
-
0
18,892
35,876
146,885
201,653
Disposals
-
0
(101,423)
(140,977)
(172,682)
(415,082)
Transfer to investment property
(88,000)
-
0
-
0
-
0
(88,000)
At 31 December 2023
787,892
1,011,611
333,518
560,600
2,693,621
Depreciation and impairment
At 1 January 2023
60,809
819,581
333,402
411,680
1,625,472
Depreciation charged in the year
8,759
42,518
22,160
69,823
143,260
Eliminated in respect of disposals
-
0
(101,423)
(140,977)
(157,725)
(400,125)
Transfer to investment property
(44,000)
-
0
-
0
-
0
(44,000)
At 31 December 2023
25,568
760,676
214,585
323,778
1,324,607
Carrying amount
At 31 December 2023
762,324
250,935
118,933
236,822
1,369,014
At 31 December 2022
815,083
274,561
105,217
174,717
1,369,578

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold land
275,000
275,000
275,000
275,000

Freehold land is not depreciated. During the year, the directors reclassified certain freehold land and buildings as investment properties.

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
210,289
232,002
-
0
-
0
Depreciation charge for the year in respect of leased assets
21,713
21,713
-
-
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
16
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
889,430
889,430
Investments in associates
18
1
1
1
1
Listed investments
2,068,935
1,795,140
2,068,935
1,795,140
2,068,936
1,795,141
2,958,366
2,684,571

Listed investments are recognised at fair value based on market valuations at the Balance Sheet date. Comparable valuations on the historical cost basis is £1,886,000 (2022 - £1,690,000).

Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1
1,795,140
1,795,141
Additions
-
196,000
196,000
Valuation changes
-
78,167
78,167
Realised loss
-
(372)
(372)
At 31 December 2023
1
2,068,935
2,068,936
Carrying amount
At 31 December 2023
1
2,068,935
2,068,936
At 31 December 2022
1
1,795,140
1,795,141
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
889,431
1,795,140
2,684,571
Additions
-
196,000
196,000
Valuation changes
-
78,167
78,167
Realised loss
-
(372)
(372)
At 31 December 2023
889,431
2,068,935
2,958,366
Carrying amount
At 31 December 2023
889,431
2,068,935
2,958,366
At 31 December 2022
889,431
1,795,140
2,684,571
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
17
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Kengate Holdings Limited
England and Wales
Holding company
Ordinary
75.00
-
QTL Holdings Limited
England and Wales
Dormant
Ordinary
-
75.00
Quiligotti Terrazzo Tiles Limited
England and Wales
Manufacturer of terrazzo tiles
Ordinary
-
75.00
A. Andrews Trustee Limited
England and Wales
Dormant
Ordinary
100.00
-

The investments in subsidiaries are all stated at cost.

The registered office of Quiligotti Terrazzo Tiles Limited, QTL Holdings Limited and Kengate Holdings Limited is Rake Lane, PO Box 4, Clifton Junction, Manchester, M27 8LP.

 

The registered office of A. Andrews Trustee Limited is 324-330 Meanwood Road, Leeds, LS7 2JE.

18
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Kengate Terrazzo Tiles Limited
England and Wales
Dormant
Ordinary
50

The registered office of the above is 324-330 Meanwood Road, Leeds, LS7 2JE.

19
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
88,061
96,584
-
-
Work in progress
680,580
480,809
658,137
458,149
Finished goods and goods for resale
1,431,125
1,175,654
944,826
844,661
2,199,766
1,753,047
1,602,963
1,302,810
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,301,347
1,185,129
1,003,581
853,600
Amounts owed by group undertakings
-
-
58,518
-
Other debtors
84,625
83,020
1,763,763
1,762,158
Prepayments and accrued income
1,669,843
2,178,350
1,646,077
2,084,610
3,055,815
3,446,499
4,471,939
4,700,368
21
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
23
15,263
57,077
-
0
-
0
Trade creditors
1,529,603
1,408,008
1,109,352
1,137,817
Amounts owed to group undertakings
-
0
-
0
-
0
76,025
Corporation tax payable
242,100
115,036
153,800
44,737
Other taxation and social security
306,235
235,381
235,450
139,498
Deferred income
25
1,179,789
1,288,960
1,179,789
1,288,960
Dividends payable
205,000
150,000
205,000
150,000
Other creditors
27,844
10,456
1,679,138
1,679,138
Accruals and deferred income
497,279
380,345
286,738
192,083
4,003,113
3,645,263
4,849,267
4,708,258
22
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
23
-
0
15,263
-
0
-
0
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
23
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
15,771
57,077
-
0
-
0
In two to five years
-
0
17,669
-
0
-
0
15,771
74,746
-
-
Less: future finance charges
(508)
(2,406)
-
0
-
0
15,263
72,340
-
0
-
0

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

24
Deferred taxation
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
319,000
272,000
Revaluations
42,000
-
361,000
272,000
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
184,000
155,000
Revaluations
42,000
-
226,000
155,000
A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
24
Deferred taxation
(Continued)
- 34 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
272,000
155,000
Charge to profit or loss
89,000
71,000
Liability at 31 December 2023
361,000
226,000

The UK corporation tax rate increased from 19% to 25% with effect from April 2023 and therefore 25% (2022 - 25%) has been used from then on in the current tax year and for the future tax rate.

25
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
1,179,789
1,288,960
1,179,789
1,288,960
26
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
475
475
475
475
'A' Ordinary shares of £1 each
426
416
426
416
'B' Ordinary shares of £1 each
342
334
342
334
'C' Ordinary shares of £1 each
25
125
25
125
'D' Ordinary shares of £1 each
15
15
15
15
'E' Ordinary shares of £1 each
61
60
61
60
'F' Ordinary shares of £1 each
4,643
4,537
4,643
4,537
'G' Ordinary shares of £1 each
-
25
-
25
'H' Ordinary shares of £1 each
5
5
5
5
'J' Ordinary shares of £1 each
20
20
20
20
'K Ordinary shares of £1 each
5
5
5
5
6,017
6,017
6,017
6,017

The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption. The other share classes rank pari passu with the Ordinary shares.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
27
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
284,903
237,859

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

28
Operating lease commitments
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements are as follows:

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
205,876
72,898
185,953
57,007
Between two and five years
493,497
77,194
472,529
52,957
In over five years
3,852
-
3,852
-
703,225
150,092
662,334
109,964
29
Related party transactions

A. Andrews Trustee Limited

 

The company recognises the assets and liabilities of the employee benefit trust A. Andrews Trustee Limited. This intermediary is only used for buying company shares back from other shareholders, with no restrictions relating to the assets and liabilities. No equity instruments are under option to employees or conditionally gifted to them.

 

A. Andrews Trustee Limited holds 4,643 (2022 - 4,537) F Ordinary shares of the company. The consideration paid by the company on behalf of A Andrews Trustee Limited for these shares amounts to £1,686,210 (2022 - £1,641,160), and is included within Other reserves in the Balance Sheet of these financial statements.

A. ANDREWS & SONS (MARBLES & TILES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
30
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,170,163
536,539
Adjustments for:
Taxation charged
331,100
36,653
Finance costs
3,683
4,881
Investment income
(60,501)
(14,925)
Gain on disposal of tangible fixed assets
(28,505)
(4,128)
Amortisation and impairment of intangible assets
12,413
12,413
Depreciation and impairment of tangible fixed assets
245,760
249,450
Gains on investments
(509,167)
165,233
Reserves transfer
(45,050)
-
Movements in working capital:
(Increase) in stocks
(446,719)
(325,789)
Decrease/(increase) in debtors
390,684
(598,765)
Increase in creditors
326,771
249,567
(Decrease)/increase in deferred income
(109,171)
459,423
Cash generated from operations
1,281,461
770,552
31
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,958,450
101,349
2,059,799
Obligations under finance leases
(72,340)
57,077
(15,263)
1,886,110
158,426
2,044,536
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