Company registration number 02796322 (England and Wales)
ATKINSONS FENCING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2023
ATKINSONS FENCING LIMITED
COMPANY INFORMATION
Directors
Mr B Atkinson
Mr M S Atkinson
Mr J Atkinson
Secretary
D Atkinson
Company number
02796322
Registered office
Green Lane
Cutsyke
Castleford
West Yorkshire
United Kingdom
WF10 5JL
Auditor
Ashfords Chartered Accountants
2 Manor Court
Manor Mill Lane
Leeds
LS11 8LQ
ATKINSONS FENCING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 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
Company statement of cash flows
14
Notes to the financial statements
15 - 29
ATKINSONS FENCING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 29 November 2023.

Fair review of the business

The financial statements show another profitable year for the company with profits before tax of £765,585 (2022: £1,060,983). The significant decline in Turnover and Profit relates to the division of the Eco Wood Grain brand at the start of the year. Overall, the directors are satisfied with the company's performance and ability to maintain profitability.

Principal risks and uncertainties

The company has a strong business reputation in the fencing and timber market which comes from years of successful trading. The directors consider that the company is subject to general commercial, political and economic risks.

 

The company is mitigating these risks by management constantly assessing the threats and opportunities that could materially impact the company’s strategic delivery and performance.

Key performance indicators

The directors monitor progress on the overall company strategy by reference to key KPIs such as turnover and profit before tax margin. The turnover for the year ended 29 November 2023 was £9,551,853 (2022: £11,327,921). The gross profit margin for the year ended 29 November 2023 was 30.17% (2022: 25.55%). The directors are confident the increased efficiencies that have been introduced will lead to a consistent profit next year and beyond.

Future outlook

The company continues to build on its new and existing customer relationships focusing on product quality and excellent service.

On behalf of the board

Mr M S Atkinson
Director
27 August 2024
ATKINSONS FENCING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 29 November 2023.

Principal activities

The principal activity of the company and group continued to be that of manufacturing fencing and timber products.

Results and dividends

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

Ordinary dividends were paid amounting to £502,150. The directors do not recommend payment of a further 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 B Atkinson
Mr M S Atkinson
Mr J Atkinson
Financial instruments
Financial risk management

The company's current policy concerning the payment of trade creditors is to:

Liquidity risk

The company managed its cash ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Post reporting date events

There were no material events subsequent to 29 November 2023 and up until the authorisation of the financial statements for issue, that have not been disclosed elsewhere in the financial statements.

Auditor

Ashfords Chartered Accountants were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

ATKINSONS FENCING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 3 -
On behalf of the board
Mr M S Atkinson
Director
27 August 2024
ATKINSONS FENCING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 NOVEMBER 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.

ATKINSONS FENCING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ATKINSONS FENCING LIMITED
- 5 -
Opinion

We have audited the financial statements of Atkinsons Fencing Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 November 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, the company 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:

ATKINSONS FENCING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATKINSONS FENCING LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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.

Extent to which the audit was 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, outlines above, to detect material misstatements in respect of regularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

 

We considered the significant laws and regulations to be the applicable accounting framework and UK tax legislation.

 

Our procedures in respect of the above included:

ATKINSONS FENCING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATKINSONS FENCING LIMITED
- 7 -

Fraud

 

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

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.

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.

Pavanjeet Singh Bagri BA FCA CTA
(Senior Statutory Auditor)
29 August 2024
For and on behalf of Ashfords Chartered Accountants
2 Manor Court
Manor Mill Lane
Leeds
LS11 8LQ
ATKINSONS FENCING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
9,551,854
11,327,921
Cost of sales
(6,669,128)
(8,433,703)
Gross profit
2,882,726
2,894,218
Distribution costs
(417,217)
(451,594)
Administrative expenses
(1,717,299)
(1,381,519)
Operating profit
4
748,210
1,061,105
Interest receivable and similar income
8
9,910
-
0
Interest payable and similar expenses
9
-
0
(212)
Amounts written off investments
10
7,465
-
Profit before taxation
765,585
1,060,893
Tax on profit
11
(244,318)
(194,265)
Profit for the financial year
521,267
866,628
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15 to 29 form part of these financial statements.

ATKINSONS FENCING LIMITED
GROUP BALANCE SHEET
AS AT 29 NOVEMBER 2023
29 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
934,804
936,032
Investments
15
707,465
-
0
1,642,269
936,032
Current assets
Stocks
17
899,234
962,899
Debtors
18
893,192
611,599
Cash at bank and in hand
1,308,085
2,175,622
3,100,511
3,750,120
Creditors: amounts falling due within one year
19
(1,192,169)
(1,153,686)
Net current assets
1,908,342
2,596,434
Total assets less current liabilities
3,550,611
3,532,466
Provisions for liabilities
Deferred tax liability
20
74,152
75,124
(74,152)
(75,124)
Net assets
3,476,459
3,457,342
Capital and reserves
Called up share capital
22
12,997
12,997
Revaluation reserve
1,824
1,824
Profit and loss reserves
3,461,638
3,442,521
Total equity
3,476,459
3,457,342

The notes on pages 15 to 29 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
27 August 2024
Mr M S Atkinson
Director
ATKINSONS FENCING LIMITED
COMPANY BALANCE SHEET
AS AT 29 NOVEMBER 2023
29 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
934,804
936,032
Investments
15
707,565
-
0
1,642,369
936,032
Current assets
Stocks
17
779,239
962,899
Debtors
18
863,415
611,599
Cash at bank and in hand
1,211,747
2,175,622
2,854,401
3,750,120
Creditors: amounts falling due within one year
19
(1,336,612)
(1,153,686)
Net current assets
1,517,789
2,596,434
Total assets less current liabilities
3,160,158
3,532,466
Provisions for liabilities
Deferred tax liability
20
74,152
75,124
(74,152)
(75,124)
Net assets
3,086,006
3,457,342
Capital and reserves
Called up share capital
22
12,997
12,997
Revaluation reserve
1,824
1,824
Profit and loss reserves
3,071,185
3,442,521
Total equity
3,086,006
3,457,342

The notes on pages 15 to 29 form part of these financial statements.

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 £130,814 (2022 - £866,629 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
27 August 2024
Mr M S Atkinson
Director
Company Registration No. 02796322
ATKINSONS FENCING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 30 November 2021
12,997
1,824
3,037,220
3,052,041
Year ended 29 November 2022:
Profit and total comprehensive income for the year
-
-
866,628
866,628
Dividends
12
-
-
(461,327)
(461,327)
Balance at 29 November 2022
12,997
1,824
3,442,521
3,457,342
Year ended 29 November 2023:
Profit and total comprehensive income for the year
-
-
521,267
521,267
Dividends
12
-
-
(502,150)
(502,150)
Balance at 29 November 2023
12,997
1,824
3,461,638
3,476,459

The notes on pages 15 to 29 form part of these financial statements.

ATKINSONS FENCING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 30 November 2021
12,997
1,824
3,037,220
3,052,041
Year ended 29 November 2022:
Profit and total comprehensive income for the year
-
-
866,628
866,628
Dividends
12
-
-
(461,327)
(461,327)
Balance at 29 November 2022
12,997
1,824
3,442,521
3,457,342
Year ended 29 November 2023:
Profit and total comprehensive income for the year
-
-
130,814
130,814
Dividends
12
-
-
(502,150)
(502,150)
Balance at 29 November 2023
12,997
1,824
3,071,185
3,086,006

The notes on pages 15 to 29 form part of these financial statements.

ATKINSONS FENCING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
757,085
549,727
Interest paid
-
0
(212)
Income taxes paid
(105,350)
(81,041)
Net cash inflow from operating activities
651,735
468,474
Investing activities
Purchase of tangible fixed assets
(109,884)
(163,485)
Proceeds from disposal of investments
(700,000)
-
Repayment of loans
(217,148)
(3,917)
Interest received
9,910
-
0
Net cash used in investing activities
(1,017,122)
(167,402)
Financing activities
Payment of finance leases obligations
-
(1,183)
Dividends paid to equity shareholders
(502,150)
(461,327)
Net cash used in financing activities
(502,150)
(462,510)
Net decrease in cash and cash equivalents
(867,537)
(161,438)
Cash and cash equivalents at beginning of year
2,175,622
2,337,060
Cash and cash equivalents at end of year
1,308,085
2,175,622

The notes on pages 15 to 29 form part of these financial statements.

ATKINSONS FENCING LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
660,847
549,727
Interest paid
-
0
(212)
Income taxes paid
(105,350)
(81,041)
Net cash inflow from operating activities
555,497
468,474
Investing activities
Purchase of tangible fixed assets
(109,884)
(163,485)
Proceeds from disposal of subsidiaries
(100)
-
0
Proceeds from disposal of investments
(700,000)
-
0
Repayment of loans
(217,148)
(3,917)
Interest received
9,910
-
0
Net cash used in investing activities
(1,017,222)
(167,402)
Financing activities
Payment of finance leases obligations
-
(1,183)
Dividends paid to equity shareholders
(502,150)
(461,327)
Net cash used in financing activities
(502,150)
(462,510)
Net decrease in cash and cash equivalents
(963,875)
(161,438)
Cash and cash equivalents at beginning of year
2,175,622
2,337,060
Cash and cash equivalents at end of year
1,211,747
2,175,622

The notes on pages 15 to 29 form part of these financial statements.

ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 15 -
1
Accounting policies
Company information

Atkinsons Fencing Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Green Lane, Cutsyke, Castleford, West Yorkshire, United Kingdom, WF10 5JL.

 

The group consists of Atkinsons Fencing 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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

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.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Atkinsons Fencing 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 29 November 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
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.

1.5
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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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:

Freehold land and buildings
No depreciation
Plant and equipment
15% reducing balance
Fixtures and fittings
20% 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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 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 (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.

ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.12
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.

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.

ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

1.13
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.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.15
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.

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.

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.

Stock value of finished goods

The valuation of finished goods involves a degree of estimation regarding the production costs incurred, which include direct labour, materials, and overhead costs. These estimates are based on the expected number of units produced per day.

ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 21 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
9,551,854
11,327,921
2023
2022
£
£
Turnover analysed by geographical market
UK
9,551,854
11,327,921
2023
2022
£
£
Other revenue
Interest income
9,910
-
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Research and development costs
52,105
-
Depreciation of owned tangible fixed assets
111,109
91,244
(Profit)/loss on disposal of tangible fixed assets
-
128
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
13,000
7,000
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
105
109
102
109
ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,701,459
2,848,200
2,701,459
2,848,200
Pension costs
325,771
49,846
325,771
49,846
3,027,230
2,898,046
3,027,230
2,898,046
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
20,806
14,369
Company pension contributions to defined contribution schemes
277,120
-
297,926
14,369
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
9,910
-
0

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
9,910
-
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
212
10
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
7,465
-
ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 23 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
245,290
180,350
Deferred tax
Origination and reversal of timing differences
(972)
13,915
Total tax charge
244,318
194,265

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
765,585
1,060,893
Expected tax charge based on the standard rate of corporation tax in the UK of 22.99% (2022: 19.00%)
176,008
201,570
Tax effect of expenses that are not deductible in determining taxable profit
(25,544)
(22,721)
Effect of change in corporation tax rate
(5,016)
-
Permanent capital allowances in excess of depreciation
25,233
15,416
Other timing differences
(972)
-
0
74,609
-
0
Taxation charge
244,318
194,265
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
502,150
461,327
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 30 November 2022 and 29 November 2023
53,824
Amortisation and impairment
At 30 November 2022 and 29 November 2023
53,824
ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
13
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 29 November 2023
-
0
At 29 November 2022
-
0
Company
Goodwill
£
Cost
At 30 November 2022 and 29 November 2023
53,824
Amortisation and impairment
At 30 November 2022 and 29 November 2023
53,824
Carrying amount
At 29 November 2023
-
0
At 29 November 2022
-
0
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 30 November 2022
535,529
139,906
1,073,321
263,756
271,906
2,284,415
Additions
-
0
-
0
63,475
-
0
46,409
109,884
At 29 November 2023
535,526
139,906
1,136,796
263,756
318,315
2,394,299
Depreciation and impairment
At 30 November 2022
-
0
139,906
759,122
231,569
217,789
1,348,386
Depreciation charged in the year
-
0
-
0
89,606
5,697
15,806
111,109
At 29 November 2023
-
0
139,906
848,728
237,266
233,595
1,459,495
Carrying amount
At 29 November 2023
535,526
-
0
288,068
26,490
84,720
934,804
At 29 November 2022
535,529
-
0
314,199
32,187
54,117
936,032
ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
14
Tangible fixed assets
(Continued)
- 25 -
Company
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 30 November 2022
535,529
139,906
1,073,321
263,756
271,906
2,284,415
Additions
-
0
-
0
63,475
-
0
46,409
109,884
At 29 November 2023
535,526
139,906
1,136,796
263,756
318,315
2,394,299
Depreciation and impairment
At 30 November 2022
-
0
139,906
759,122
231,569
217,789
1,348,386
Depreciation charged in the year
-
0
-
0
89,606
5,697
15,806
111,109
At 29 November 2023
-
0
139,906
848,728
237,266
233,595
1,459,495
Carrying amount
At 29 November 2023
535,526
-
0
288,068
26,490
84,720
934,804
At 29 November 2022
535,529
-
0
314,199
32,187
54,117
936,032
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
100
-
0
Listed investments
707,465
-
0
707,465
-
0
707,465
-
0
707,565
-
0
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 30 November 2022
-
Additions
700,000
Valuation changes
7,465
At 29 November 2023
707,465
Carrying amount
At 29 November 2023
707,465
At 29 November 2022
-
ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
15
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 30 November 2022
-
-
-
Additions
100
700,000
700,100
Valuation changes
-
7,465
7,465
At 29 November 2023
100
707,465
707,565
Carrying amount
At 29 November 2023
100
707,465
707,565
At 29 November 2022
-
-
-
16
Subsidiaries

Details of the company's subsidiaries at 29 November 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Eco Fencing Wood Grain Limited
*
Ordinary
100.00

Registered office address:

*
Green Lane, Cutsyke, Castleford, United Kingdom, WF10 5JL
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
899,234
962,899
779,239
962,899
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
453,397
345,590
423,620
345,590
Other debtors
414,336
225,292
414,336
225,292
Prepayments and accrued income
25,459
40,717
25,459
40,717
893,192
611,599
863,415
611,599
ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 27 -
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
727,688
810,099
724,023
810,099
Amounts owed to group undertakings
-
0
-
0
271,633
-
0
Corporation tax payable
245,290
105,350
135,240
105,350
Other taxation and social security
103,068
113,845
89,593
113,845
Accruals and deferred income
116,123
124,392
116,123
124,392
1,192,169
1,153,686
1,336,612
1,153,686
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Deferred tax liability
74,152
75,124
Liabilities
Liabilities
2023
2022
Company
£
£
Deferred tax liability
74,152
75,124
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 30 November 2022
75,124
75,124
Credit to profit or loss
(972)
(972)
Liability at 29 November 2023
74,152
74,152
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
325,771
49,846

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.

ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 28 -
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,997
12,997
12,997
12,997
23
Directors' transactions

During the year, the company advanced a loan to a director. The loan is subject to interest at the HMRC official rate of 2.25% per annum. The outstanding balance of the loan at the year-end was £221,065 (2022: £nil).

24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
521,267
866,628
Adjustments for:
Taxation charged
244,318
194,265
Finance costs
-
0
212
Investment income
(9,910)
-
0
(Gain)/loss on disposal of tangible fixed assets
-
128
Depreciation and impairment of tangible fixed assets
111,109
91,244
Other gains and losses
(7,465)
-
Movements in working capital:
Decrease in stocks
63,665
152,615
Increase in debtors
(64,442)
(17,879)
Decrease in creditors
(101,457)
(737,486)
Cash generated from operations
757,085
549,727
ATKINSONS FENCING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 29 -
25
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
130,814
866,628
Adjustments for:
Taxation charged
134,268
194,265
Finance costs
-
0
212
Investment income
(9,910)
-
0
(Gain)/loss on disposal of tangible fixed assets
-
128
Depreciation and impairment of tangible fixed assets
111,109
91,244
Other gains and losses
(7,465)
-
Movements in working capital:
Decrease in stocks
183,660
152,615
Increase in debtors
(34,665)
(17,879)
Increase/(decrease) in creditors
153,036
(737,486)
Cash generated from operations
660,847
549,727
26
Analysis of changes in net funds - group
30 November 2022
Cash flows
29 November 2023
£
£
£
Cash at bank and in hand
2,175,622
(867,537)
1,308,085
27
Analysis of changes in net funds - company
30 November 2022
Cash flows
29 November 2023
£
£
£
Cash at bank and in hand
2,175,622
(963,875)
1,211,747
2023-11-292022-11-30falseCCH SoftwareCCH Accounts Production 2023.300Mr B AtkinsonMr M S AtkinsonMr J AtkinsonD 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