Company registration number 04525158 (England and Wales)
AMARINTH LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AMARINTH LIMITED
CONTENTS
Page
Directors' report
1 - 2
Statement of financial position
3 - 4
Notes to the financial statements
5 - 15
AMARINTH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Principal activities

The principal activity of the company continued to be that of the design, assembly and testing of pumps and associated equipment.

Business review

The company has significantly increased turnover and profitability in the year by continuing to operate in established markets, whilst investing in new overseas territories and new markets such as Renewable Energy. We have seen good growth in our service / refurbishment & modification revenue streams as end users look to us to help get more from their existing assets, along with growth in our our spares business which is driven by our ever expanding install base.

 

Research and development has been refocused on products being developed for mid term Renewable markets concentrating on Carbon capture & LNG with the Hydrogen processing market currently seen as a longer term opportunity. Our "Renewables Business Development Manager" is focused on growing our market share in these rapidly growing markets.

 

We are now fully accredited with "Fit for Nuclear" with a focus on the short & longer term opportunities with EDF & the wider expanding Nuclear industry. We're also now fully accredited with "Fit for Carbon Capture" and "Fit for Hydrogen" to help penetrate the new renewables opportunities as they become live projects. This is in addition to continuing to develop emerging markets such as South America in our traditional markets.

 

The orderbook remained buoyant at year end, resulting in a strong opening position for 2024 covering around 50% of the Turnover budget for the full year. The balance sheet remains strong with normal operational activity levels at year end. Cash has increased significantly as a result of completion and payment of a large contract during the year and we are now very well positioned to cover ongoing liabilities as they become due.

 

We have no orders for Russian customers. We also have no direct business in the Ukraine.

 

We continue to recruit & train new staff and maintain a healthy succession plan across all departments to improve efficiencies and customer experience.

 

We expect Turnover to be relatively flat in 2024 as markets become slightly stagnant, primarily as a result of significant political change worldwide in 2024 which is delaying some project decisions. Future project orders from existing markets are still buoyant, though Financial Investment Decisions are taking longer to me made. There are some exciting opportunities for newer products in our enquiry bank, that could develop additional revenue streams in the longer term too.

Directors

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

A Brigginshaw
G M Brigginshaw
N J Brigginshaw
O J Brigginshaw
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

AMARINTH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
O J Brigginshaw
Director
21 August 2024
AMARINTH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
72,824
86,011
Tangible assets
5
838,694
825,487
911,518
911,498
Current assets
Stocks
6
878,991
762,638
Debtors
7
3,062,262
3,599,527
Cash at bank and in hand
4,283,240
2,705,291
8,224,493
7,067,456
Creditors: amounts falling due within one year
8
(3,375,912)
(3,109,029)
Net current assets
4,848,581
3,958,427
Total assets less current liabilities
5,760,099
4,869,925
Creditors: amounts falling due after more than one year
9
(36,893)
(107,013)
Provisions for liabilities
10
(196,216)
(191,013)
Net assets
5,526,990
4,571,899
Capital and reserves
Called up share capital
13
563,354
563,354
Share premium account
319
319
Revaluation reserve
271,729
305,148
Capital redemption reserve
525,965
525,965
Other reserves
106,722
106,722
Profit and loss reserves
4,058,901
3,070,391
Total equity
5,526,990
4,571,899

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

AMARINTH LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 4 -
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:
O J Brigginshaw
Director
Company registration number 04525158 (England and Wales)
AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

Amarinth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bentwaters Parks, Rendlesham, Woodbridge, IP12 2TW.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 and other income

Turnover compromises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 

Turnover is generated from the design and subsequent supply of pumps and associated equipment. Invoices are raised on dispatch of goods. The accruals basis is applied in the financial statements to ensure revenue is recognised in the period to which it relates.

 

Interest income is recognised in the statement of comprehensive income using the effective interest method.

1.4
Long-term contracts

Long-term contracts are assessed on a contract by contract basis and are reflected in the statement of comprehensive income by recording turnover and related costs as contract activity progresses. Where the outcome of each long-term contract can be assessed with reasonably certainty before its conclusion, the attributable profit is recognised in the statement of comprehensive income as the difference between the reported turnover and related costs for that contract. The final stage of revenue recognition is at the earlier of goods being dispatched or approval by the customer, which is the point that the risks and rewards of the contract transfer to the customer.

1.5
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.

 

All intangible assets are considered to have a finite useful life. If a reliable estimate of useful life cannot be made, the useful life shall not exceed ten years.

 

Where software is expected to produce future revenues in excess of the costs of development, expenditure on the development of the software is capitalised and treated as an intangible fixed asset. Expenditure incurred on maintaining software is written off as incurred.

AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -

Amortisation is provided on the following bases:

Development expenditure
20% Straight line
1.6
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses, with the exception of Patterns which are stated at historical cost plus revaluation less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

 

Depreciation is provided on the following basis:

 

Plant and machinery
10% per annum
Fixtures and fittings
20% per annum
Computer equipment
25% per annum
Motor vehicles
20-25% per annum
Office equipment
20% per annum
Patterns
4% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

1.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

1.8
Borrowing costs

All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

1.9
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads

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.

 

AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.11
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.12
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

 

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

1.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.14
Taxation

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

AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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 income statement, 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
Provisions

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to the statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are charged to the provision carried in the statement of financial position.

1.16
Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

 

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.17
Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

 

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the statement of comprehensive income over the remaining vesting period.

 

Where equity instruments are granted to persons other than employees, the statement of comprehensive income is charged with fair value of goods and services received.

1.18
Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

1.19
Foreign exchange

 

Functional and presentation currency

 

The company's functional and presentational currency is GBP.

 

Transactions and balances

 

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. Non­ monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'other operating income'.

AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determine the estimated total costs and anticipated margin for each long term contract. Estimated

total costs and anticipated margin are determined with reference to directors experience of contracts

of a similar nature and anticipated costs of completion.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 45 (2022: 41).

4
Intangible fixed assets
Goodwill
Development expenditure
Total
£
£
£
Cost
At 1 January 2023
49,885
236,825
286,710
Additions - internally developed
-
0
20,160
20,160
Disposals
(49,885)
-
0
(49,885)
At 31 December 2023
-
0
256,985
256,985
Amortisation and impairment
At 1 January 2023
49,885
150,814
200,699
Amortisation charged for the year
-
0
33,347
33,347
Disposals
(49,885)
-
0
(49,885)
At 31 December 2023
-
0
184,161
184,161
Carrying amount
At 31 December 2023
-
0
72,824
72,824
At 31 December 2022
-
0
86,011
86,011

Goodwill brought forward has been fully amortised for several years. As such, it has been removed from the financial statements.

AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
5
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Office equipment
Patterns
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
565,168
508,042
330,607
190,519
50,588
831,140
2,476,064
Additions
31,670
26,066
50,012
-
0
-
0
46,246
153,994
Disposals
(6,987)
(3,184)
(67,813)
-
0
-
0
(1,648)
(79,632)
At 31 December 2023
589,851
530,924
312,806
190,519
50,588
875,738
2,550,426
Depreciation and impairment
At 1 January 2023
472,398
487,059
224,611
118,934
47,385
300,190
1,650,577
Depreciation charged in the year
16,215
8,987
45,719
23,787
915
44,380
140,003
Eliminated in respect of disposals
(6,987)
(3,184)
(67,813)
-
0
-
0
(864)
(78,848)
At 31 December 2023
481,626
492,862
202,517
142,721
48,300
343,706
1,711,732
Carrying amount
At 31 December 2023
108,225
38,062
110,289
47,798
2,288
532,032
838,694
At 31 December 2022
92,770
20,983
105,996
71,585
3,203
530,950
825,487
AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
6
Stocks
2023
2022
£
£
Raw materials
395,656
167,253
Work in progress
483,335
595,385
878,991
762,638
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,347,441
2,772,875
Gross amounts owed by contract customers
584,076
334,425
Other debtors
80,011
420,538
Prepayments and accrued income
50,734
71,689
3,062,262
3,599,527
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
66,667
Obligations under finance leases
58,274
64,834
Other borrowings
200,000
200,000
Trade creditors
1,031,717
1,303,187
Payments received on account
466,338
223,684
Corporation tax
319,340
234,380
Other taxation and social security
53,635
50,275
Other creditors
97,762
109,220
Accruals and deferred income
1,148,846
856,782
3,375,912
3,109,029
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
44,444
Other creditors
36,893
62,569
36,893
107,013
AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
10
Provisions for liabilities
2023
2022
£
£
Warranty Provision
88,792
77,073
Dilapidation Provision
25,000
25,000
113,792
102,073
Deferred tax liabilities
11
82,424
88,940
196,216
191,013
11
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
84,192
87,778
Tax losses
(1,768)
1,162
82,424
88,940
2023
Movements in the year:
£
Liability at 1 January 2023
88,940
Credit to profit or loss
(6,516)
Liability at 31 December 2023
82,424
12
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
Pence
Pence
Outstanding at 1 January 2023 and 31 December 2023
46,200
46,200
3.80
3.80
AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Share-based payment transactions
(Continued)
- 14 -

The exercise price of options outstanding at the end of the year were £3.80 and their weighted average expected life was 3 years.

 

Of the total number of options outstanding at the year end, all options had vested and none were exercisable at the end of the year.

 

The following information is relevant in the determination of the fair value of options granted during 2020 under the equity-settled share based remuneration schemes by Amarinth Limited.

 

 

 

2020

Weighted average share price (£)

1.00

Weighted average exercise price (£)

3.80

Expected life (years)

5

Risk-free rate (%)

0.50

Expected dividend growth rate (%)

2.89

 

13
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
1,100
1,100
1,100
1,100
Ordinary B shares of £1 each
513,597
513,597
513,597
513,597
Ordinary C shares of £1 each
24,200
24,200
24,200
24,200
Ordinary D shares of £1 each
24,457
24,457
24,457
24,457
563,354
563,354
563,354
563,354
AMARINTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
14
Equity reserve

The company's capital and reserves are as follows:

 

Share capital

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

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

 

Revaluation reserve

The aggregate surplus or deficit arising on revaluation is transferred to the revaluation reserve except here a deficit is deemed to represent a permanent diminution in value, in which case it is charged to the statement of comprehensive income.

 

Capital redemption reserve

The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.

 

Share option reserve

The share option reserve represents the cumulative share-based payment expense incurred.

 

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

15
Operating lease commitments
Lessee

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

2023
2022
£
£
346,810
500
16
Related party transactions
Remuneration of key management personnel

The directors received dividends during the year of £100,100 (2022 - £100,100). Dividends to directors totalling £86,550 (2022 - £60,178) were declared but not paid at year end and have been included within other creditors and accruals.

 

The total remuneration paid to directors for services to the company was £556,260 (2022 - £245,498).

 

Included within other loans and other creditors is £285,713 (2022 - £301,296) owed to directors and shareholders.

 

Included within other debtors is £Nil (2022 - £200,000) owed from directors and shareholders.

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