Company registration number 00984285 (England and Wales)
SELDEN RESEARCH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
SELDEN RESEARCH LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 28
SELDEN RESEARCH LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D E Woodhead
Mrs S B Woodhead
Mr M A Woodhead
Mr D A Woodhead
Mr P P Woodhead
Secretary
Mrs S B Woodhead
Company number
00984285
Registered office
Staden Lane
Ashbourne Road
Buxton
Derbyshire
SK17 9RZ
Auditor
Xeinadin Audit Limited
Riverside House, Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
SELDEN RESEARCH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
The directors present the strategic report for the year ended 30 September 2023.
Review of the business
The 12 months ending September 2023 saw the underlying core business return to normality.
During the period we undertook an in-depth P&L analysis of our largest product type and by extension our largest single customer. All the analysis suggested we at best were only breaking even on this job and additionally given the negative effect on our factory in January, we decided it was time not to defend the demands for a price reduction so after 20 years we parted company on amicable terms. Whilst this year was not affected in terms of volume of business, the unstainable returns did impact negatively during the whole of this year. Our decision to walk away from £3.75m of sales turnover has proved to be correct, all the analysis indicated predicted a significant improvement to the business which turned out to be the case as we grow into FY 23-24.
Our support of Selden Europe continued during the year, the business in Maastricht is in good health, has continued to win new business, and functions as our import partner into the EU.
Principal risks and uncertainties
As we headed into the FY24 the impact of parting company with our largest customer held the greatest risk, there was a degree of uncertainty around the relationship between theoretical and the actual impact of loosing £3.75m of sales.
Our financial exposure to our largest customer throughout the year during the spring months has been removed, liquidity has massively improved and we made significant additional payments to reduce our CBILS loan. Both our short and medium term liabilities were significantly reduced
As financial year 2023 progressed our rate of bad debt, and cash collection problems remained very low and hasn’t changed from the previous year.
Key performance indicators
The company's key financial and other performance indicators during the period were as follows:
Mr M A Woodhead
Director
23 August 2024
SELDEN RESEARCH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2023.
Principal activities
The principal activity of the company is the manufacture of chemical cleaning products and aerosols.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £303,384. The directors do not recommend payment of a final dividend.
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 E Woodhead
Mrs S B Woodhead
Mr M A Woodhead
Mr D A Woodhead
Mr P P Woodhead
Financial instruments
Objectives and policies
The financial risk management objective of the company is to ensure that sufficient cash is generated to enable the
company to continue to trade profitably in the long term.
This objective is achieved by ensuring solid growth in turnover and profits that stem from the provision of high
quality products which are subject to continuous development, a stable and highly trained workforce and ongoing
investment in appropriate plant and machinery.
Price risk, Credit risk, liquidity risk and cashflow risk
Input price inflation being offset by increasing output costs has been and remained the greatest challenge. The
imbalance between the two has effectively converted cash into stock. Our largest customer took 110 days to pay which inevitably put pressure on cash flow, this was compounded by having to build stocks for them in before the winter season, the cashflow gap was not easy to cover.
Research and development
The company has continued to focus on developing products and packaging systems that at their core are designed
to be better for the environment. Additionally we are continuing to develop products that will work effectively against
more difficult virus types such as Norovirus.
Auditor
The auditor, Xeinadin Audit 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 company’s auditor 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 company’s auditor is aware of that information.
SELDEN RESEARCH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
Going Concern
During the year the business returned to profitability, EBITDA is strong and continues to build. There has been a significant reduction in debt, and as we moved through the first half of FY 24 our liquidity has substantially improved partly as a result of new business won, partly through the ceasing trading with our largest customer.
Compared to this time last year the business is in a much better position, our OTIF performance is much better, our debt position is much better with only limited and occasional use of bank funding being necessary. We have won new business both at home and abroad, and our Dutch venture Selden Europe has also won significant new business.
The environment is considered by the customer base to be the most important issue looking forward, the business
has invested into a packaging solution that has attracted enormous attention, and will set the business up in the
coming years. The cleaning industry is going through a transition phase, the focus on CO2 reduction and
sustainable packaging solutions will bring their challenges. We commissioned our first carbon footprint report on this year, in future years we will be able to report our improvements and set targets going forward.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr M A Woodhead
Director
23 August 2024
SELDEN RESEARCH LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SELDEN RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SELDEN RESEARCH LIMITED
- 6 -
Opinion
We have audited the financial statements of Selden Research Limited (the 'company') for the year ended 30 September 2023 which comprise the statement of income and retained earnings, the balance sheet, the 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:
give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SELDEN RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SELDEN RESEARCH LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company’s sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, antibribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations.
SELDEN RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SELDEN RESEARCH LIMITED
- 8 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
23 August 2024
Anna Bennett (ACA) (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
Statutory Auditor
Riverside House, Kings Reach Business Park
Yew Street
Stockport
SK4 2HD
SELDEN RESEARCH LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
32,841,233
29,988,128
Cost of sales
(17,663,726)
(16,638,959)
Gross profit
15,177,507
13,349,169
Distribution costs
(2,055,066)
(2,012,701)
Administrative expenses
(12,401,247)
(12,121,192)
Other operating income
15,466
Operating profit/(loss)
4
721,194
(769,258)
Interest receivable and similar income
7
-
11
Interest payable and similar expenses
8
(218,006)
(105,557)
Amounts written off investments
9
(2,346)
4,003
Profit/(loss) before taxation
500,842
(870,801)
Tax on profit/(loss)
10
(41,762)
141,000
Profit/(loss) for the financial year
459,080
(729,801)
Retained earnings brought forward
11,969,048
12,960,633
Dividends
11
(303,384)
(261,784)
Retained earnings carried forward
12,124,744
11,969,048
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SELDEN RESEARCH LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
865,414
1,100,680
Tangible assets
13
6,452,032
6,818,491
Investments
14
175,729
178,075
7,493,175
8,097,246
Current assets
Stocks
16
6,134,133
7,158,377
Debtors
17
7,277,990
7,813,342
Cash at bank and in hand
39,691
13,277
13,451,814
14,984,996
Creditors: amounts falling due within one year
18
(7,309,962)
(9,414,862)
Net current assets
6,141,852
5,570,134
Total assets less current liabilities
13,635,027
13,667,380
Creditors: amounts falling due after more than one year
19
(972,283)
(1,207,332)
Provisions for liabilities
Deferred tax liability
22
526,000
479,000
(526,000)
(479,000)
Net assets
12,136,744
11,981,048
Capital and reserves
Called up share capital
24
12,000
12,000
Profit and loss reserves
12,124,744
11,969,048
Total equity
12,136,744
11,981,048
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr M A Woodhead
Director
Company registration number 00984285 (England and Wales)
SELDEN RESEARCH LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
2,118,404
(817,254)
Interest paid
(218,006)
(105,557)
Income taxes refunded/(paid)
477,128
(472,586)
Net cash inflow/(outflow) from operating activities
2,377,526
(1,395,397)
Investing activities
Purchase of intangible assets
(111,839)
(209,331)
Purchase of tangible fixed assets
(851,962)
(628,009)
Proceeds from disposal of tangible fixed assets
105,999
Interest received
11
Net cash used in investing activities
(963,801)
(731,330)
Financing activities
Repayment of bank loans
(300,000)
(125,000)
Payment of finance leases obligations
116,751
(103,399)
Dividends paid
(303,384)
(261,784)
Net cash used in financing activities
(486,633)
(490,183)
Net increase/(decrease) in cash and cash equivalents
927,092
(2,616,910)
Cash and cash equivalents at beginning of year
(1,593,457)
1,023,453
Cash and cash equivalents at end of year
(666,365)
(1,593,457)
Relating to:
Cash at bank and in hand
39,691
13,277
Bank overdrafts included in creditors payable within one year
(706,056)
(1,606,734)
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
1
Accounting policies
Company information
Selden Research Limited is a private company limited by shares incorporated in England and Wales. The registered office is Staden Lane, Ashbourne Road, Buxton, Derbyshire, UK, SK17 9RZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional 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, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off in the year in which it is incurred apart from development expenditure incurred on intellectual property relating to clearly defined projects and whose outcome can be assessed with reasonable certainty. Such expenditure is carried forward as an intangible asset and amortised over the life of the project.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 5 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
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Goodwill
20% Straight line
Development, trademarks, patents and licences
10% Straight line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% Reducing balance
Plant and equipment
15% Reducing balance
Fixtures & fittings and computer equipment
10% Reducing balance
Computer equipment
20/33.33% Reducing balance
Motor vehicles
25% Reducing balance
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.
1.8
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.
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.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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.
1.9
Impairment of fixed assets
At each reporting period end date, the company 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.12
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.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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 company’s contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the company 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 company.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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 when the company has 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.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as HP and finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees and where applicable there is an option to purchase the asset. All other leases are classified as operating leases.
Assets held under HP are recognised at cost less accumulated depreciation.The related liability is included in the balance sheet as a HP and 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 leases asset are consumed.
1.18
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.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the 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.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
Sale of goods, UK
30,571,322
27,647,011
Sale of goods, rest of world
2,269,911
2,341,117
32,841,233
29,988,128
2023
2022
£
£
Other revenue
Interest income
-
11
Grants received
-
17,266
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(138)
1,707
Government grants
-
(17,266)
Fees payable to the company's auditor for the audit of the company's financial statements
62,116
58,950
Depreciation of owned tangible fixed assets
1,218,421
1,328,407
(Profit)/loss on disposal of tangible fixed assets
-
44,245
Amortisation of intangible assets
347,105
602,156
Operating lease charges
568,636
550,441
In the year ending 30 September 2022 the government grants are made up of (£5,484) claimed through the coronavirus job retention scheme, and £22,750 business interruption payment claimed through the coronavirus business interruption loan scheme.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
128
134
Administration and support
37
37
Research and development
14
10
Sales
8
9
Total
187
190
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
6,704,521
6,265,020
Social security costs
688,990
652,984
Pension costs
265,121
240,816
7,658,632
7,158,820
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
900,000
754,239
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
300,000
250,000
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
11
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
7
Interest receivable and similar income
(Continued)
- 20 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
11
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
75,575
43,454
Interest on invoice finance arrangements
113,319
39,488
188,894
82,942
Other finance costs:
Interest on finance leases and hire purchase contracts
29,112
15,718
Other interest
6,897
218,006
105,557
9
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Exchange (loss)/gain on financial assets held at fair value through profit or loss
(2,346)
4,003
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(5,238)
Deferred tax
Origination and reversal of timing differences
47,000
(141,000)
Total tax charge/(credit)
41,762
(141,000)
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
10
Taxation
(Continued)
- 21 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
500,842
(870,801)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
125,211
(165,452)
Unutilised tax losses carried forward
(7,930)
258,903
Permanent capital allowances in excess of depreciation
115,090
154,786
Research and development tax credit
(218,240)
(220,517)
Under/(over) provided in prior years
(5,238)
Short-term timing differences
47,000
(141,000)
Other tax effects for reconiliation between accounting profit and tax expense (income)
(14,131)
(27,720)
Taxation charge/(credit) for the year
41,762
(141,000)
11
Dividends
2023
2022
£
£
Interim paid
303,384
261,784
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
12
Intangible fixed assets
Goodwill
Development, trademarks, patents and licences
Total
£
£
£
Cost
At 1 October 2022
8,929,694
4,516,114
13,445,808
Additions
111,839
111,839
At 30 September 2023
8,929,694
4,627,953
13,557,647
Amortisation and impairment
At 1 October 2022
8,929,694
3,415,434
12,345,128
Amortisation charged for the year
347,105
347,105
At 30 September 2023
8,929,694
3,762,539
12,692,233
Carrying amount
At 30 September 2023
865,414
865,414
At 30 September 2022
1,100,680
1,100,680
Research and development expenditure is amortised on a straight-line basis over 10 years and represents the cost of developing products currently being sold by the company.
The aggregate amount of research and development expenditure recognised as an expense (excluding salaries) during the period is £5,432 (2022: £9,978).
13
Tangible fixed assets
Long Leasehold land and buildings
Plant and equipment
Fixtures & fittings and computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
4,367,161
12,325,825
2,077,742
281,166
19,051,894
Additions
848,677
3,285
851,962
At 30 September 2023
4,367,161
13,174,502
2,081,027
281,166
19,903,856
Depreciation and impairment
At 1 October 2022
1,693,930
8,721,870
1,591,431
226,172
12,233,403
Depreciation charged in the year
518,646
587,217
98,810
13,748
1,218,421
At 30 September 2023
2,212,576
9,309,087
1,690,241
239,920
13,451,824
Carrying amount
At 30 September 2023
2,154,585
3,865,415
390,786
41,246
6,452,032
At 30 September 2022
2,673,231
3,603,955
486,311
54,994
6,818,491
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
14
Fixed asset investments
2023
2022
Notes
£
£
Investments in associates
15
175,729
178,075
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 October 2022
178,075
Valuation changes
(2,346)
At 30 September 2023
175,729
Carrying amount
At 30 September 2023
175,729
At 30 September 2022
178,075
15
Associates
Details of the company's associates at 30 September 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Selden Europe B.V
Watermolen 13, 6229 PM Maastricht, Netherlands
Class B Shares
50.00
16
Stocks
2023
2022
£
£
Raw materials and consumables
4,262,140
5,238,474
Work in progress
29,891
57,337
Finished goods and goods for resale
1,842,102
1,862,566
6,134,133
7,158,377
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 24 -
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,193,189
6,287,818
Corporation tax recoverable
696
472,586
Amounts owed by undertakings in which the company has a participating interest
41,665
171,209
Other debtors
1,657
1,491
Prepayments and accrued income
350,993
315,238
6,588,200
7,248,342
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by undertakings in which the company has a participating interest
689,790
565,000
Total debtors
7,277,990
7,813,342
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
1,006,056
1,906,734
Obligations under finance leases
21
155,199
103,399
Trade creditors
4,169,928
5,431,605
Taxation and social security
804,341
552,437
Other creditors
541,382
547,879
Accruals and deferred income
633,056
872,808
7,309,962
9,414,862
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
775,000
1,075,000
Obligations under finance leases
21
197,283
132,332
972,283
1,207,332
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
20
Loans and overdrafts
2023
2022
£
£
Bank loans
1,075,000
1,375,000
Bank overdrafts
706,056
1,606,734
1,781,056
2,981,734
Payable within one year
1,006,056
1,906,734
Payable after one year
775,000
1,075,000
As part of the security for the overdraft facility, invoice factoring and bank loans there is a fixed and floating charge over the assets of the company in favour of Barclays Plc.
The bank loan bears interest at the rate of 2.5% above base rate and is repayable over 6 years.
21
HP and Finance lease obligations
2023
2022
Future minimum lease payments due under HP and finance leases:
£
£
Within one year
155,199
103,399
In two to five years
197,283
132,332
352,482
235,731
HP and Finance lease payments represent rentals payable by the company 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
966,257
921,855
Tax losses
(440,257)
(442,855)
526,000
479,000
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
22
Deferred taxation
(Continued)
- 26 -
2023
Movements in the year:
£
Liability at 1 October 2022
479,000
Charge to profit or loss
47,000
Liability at 30 September 2023
526,000
The deferred tax liability set out above is expected to reverse within the future and relates to accelerated capital allowances that are expected to mature.
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
265,121
240,816
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,000
12,000
12,000
12,000
All shares rank pari passu. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
655,951
538,238
Between two and five years
358,321
53,319
In over five years
12,865
1,027,137
591,557
The amount of non-cancellable operating lease payments recognised as an expense during the period was £628,042.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 27 -
26
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Pension schemes & partnerships with joint control or significant influence M D & P Woodhead Self-Administered Pension Fund is a pension scheme operated for the benefit of 3 of the directors of Selden Research Limited. M D & P Woodhead Self-Administered Pension Fund leases part of the land and buildings to Selden Research Limited from which the company operates. As at 30 September 2023, Selden Research Ltd owed £544,000 to M D & P Woodhead Self-Administered Pension Fund (2022: £496,000).
Trustees of Selden Research Property Trust is a Joint Venture of the two self-administered pension schemes run for the benefit of the directors of Selden Research limited. Trustees of Selden Research Property Trust leases part of the land and buildings to Selden Research Limited from which the company operates. As at 30 September 2023, Selden Research Ltd is due £52,912 from Trustees of Selden Research Property Trust (2022: £318,087 due toTrustees of Selden Research Property Trust ).
DMP Property Investments LLP supplies electricity to Selden Research Ltd as well as leasing plant and machinery for use in the company’s operations. DMP Property Investments LLP is wholly owned by three of the directors of Selden Research Limited. As at 30 September 2023, Selden Research Ltd owed £17,802 to DMP Property Investments LLP (2022: £19,452).
Selden Europe B.V purchases goods from Selden Research Ltd. Selden Europe BV is a private company in the Netherlands 50% owned by Selden Research Ltd. As at 30 September 2023, Selden Europe B.V owed £731,454 to Selden Research Ltd (2022: £736,209).
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
561,802
833,539
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
784,366
736,209
27
Directors' transactions
Dividends totalling £303,384 (2022 - £261,784) were paid in the year in respect of shares held by the company's directors.
Included within other creditors at the balance sheet date 30 September 2023 is a balance of £522,691 (2022: £527,306) relating to directors loans. These loans are interest free and repayable on demand.
SELDEN RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 28 -
28
Analysis of changes in net debt
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
13,277
26,414
39,691
Bank overdrafts
(1,606,734)
900,678
(706,056)
(1,593,457)
927,092
(666,365)
Borrowings excluding overdrafts
(1,375,000)
300,000
(1,075,000)
Obligations under finance leases
(235,731)
(116,751)
(352,482)
(3,204,188)
1,110,341
(2,093,847)
29
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit/(loss) for the year after tax
459,080
(729,801)
Adjustments for:
Taxation charged/(credited)
41,762
(141,000)
Finance costs
218,006
105,557
Investment income
(11)
(Gain)/loss on disposal of tangible fixed assets
-
44,245
Amortisation and impairment of intangible assets
347,105
602,156
Depreciation and impairment of tangible fixed assets
1,218,421
1,328,407
Other gains and losses
2,346
(4,003)
Movements in working capital:
Decrease/(increase) in stocks
1,024,244
(1,206,640)
Decrease/(increase) in debtors
63,462
(1,140,251)
(Decrease)/increase in creditors
(1,256,022)
324,087
Cash generated from/(absorbed by) operations
2,118,404
(817,254)
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