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REGISTERED NUMBER: 01579423 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 November 2023

for

ALTHON LIMITED

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


ALTHON LIMITED

Company Information
for the Year Ended 30 November 2023







DIRECTORS: G C S Gates
T P J Gates
G S Cox
D M Fiddy





SECRETARY: D M Fiddy





REGISTERED OFFICE: Vulcan Road South
Norwich
Norfolk
NR6 6AF





REGISTERED NUMBER: 01579423 (England and Wales)





AUDITORS: Rawse, Varley & Co
Statutory Auditor
Lloyds Bank Chambers
Hustlergate
Bradford
BD1 1UQ

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Strategic Report
for the Year Ended 30 November 2023


The directors present their strategic report for the year ended 30 November 2023.

COMPANY ACTIVITIES
The company's principal activities comprise the design, manufacture and distribution of specialist water management products for the constuction industry, including precast concrete headwalls and related accessories.

BUSINESS REVIEW
The company's profit after taxation for the year amounted to £764,810 - 2022: £907,564.

The key financial performance indicators were as follows:

2023 2022
£ £

Turnover 16,617,057 18,727,274

Gross profit margin 33.8% 34.1%

Operating profit 1,058,118 1,112,510


Cash at bank 3,400,407 4,402,058


Turnover was approximately 11% lower than the previous year, following a 30% increase in financial year 2022. This is considered to reflect a general reduction in activity in the sectors in which the company operates after a rebound experienced last year from the Covid pandemic. Employment costs increased by some 30% compared with the previous year, whilst other costs including group charges were lower and generally in line with the reduction in activity. The additional employment costs is seen as an investment in the future. Net amounts owed at the year end by group companies increased by approximately £2.4m and was the principal reason for the reduction in cash at bank in comparison with the previous year end. Cash generation from operations remained strong.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's business is primarily construction related and is subject to the risks associated with a significant downturn in that sector. The business may also be affected by increased costs resulting from a major change in foreign currency exchange rates. To mitigate these risks, the company looks to build strong customer relationships and to constantly improve, develop and source new products.

ON BEHALF OF THE BOARD:





D M Fiddy - Secretary


30 August 2024

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Report of the Directors
for the Year Ended 30 November 2023


The directors present their report with the financial statements of the company for the year ended 30 November 2023.

DIVIDENDS
It is not proposed to distribute dividends in respect of the year ended 30 November 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

G C S Gates
T P J Gates
G S Cox
D M Fiddy

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
A resolution proposing the re-appointment of Rawse, Varley & Co as auditors of the company will be put to the Annual General Meeting.

ON BEHALF OF THE BOARD:



D M Fiddy - Secretary


30 August 2024

Report of the Independent Auditors to the Members of
Althon Limited


Opinion
We have audited the financial statements of Althon Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Althon Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Report of the Independent Auditors to the Members of
Althon Limited


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK law, including laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated the extent to which non-compliance might have a material effect on the financial statements and evaluated incentives and opportunities for fraudulent manipulation, including the risk of override of controls. We determined that the principal risks were related to inappropriate or unusual journal entries outside the usual course of business and at financial year end, management bias in accounting estimates and judgmental areas of the financial statements. Audit procedures performed in response to our evaluation included:

- reviewing the disclosures in the financial statements and testing to supporting documentation to assess
compliance with the provisions of relevant laws and regulations, including in particular that income was fully
recorded and correctly matched with related costs;

- enquiring of management about existing and potential litigation and claims and known or suspected instances of
non-compliance with laws and regulations and fraud;

- addressing the risk of fraud through management override of controls by testing the appropriateness of journal
entries including year end adjustments;

- challenging assumptions and judgments made by management in determining accounting estimates;

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud rather than error is higher, as fraud often involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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




Philip Varley (Senior Statutory Auditor)
for and on behalf of Rawse, Varley & Co
Statutory Auditor
Bradford

30 August 2024

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Statement of Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

INCOME 16,617,057 18,727,274

Cost of sales 10,993,400 12,349,213
GROSS PROFIT 5,623,657 6,378,061

Administrative expenses 4,565,539 5,265,551
OPERATING PROFIT 5 1,058,118 1,112,510

Interest receivable and similar income 13,492 2,747
1,071,610 1,115,257

Interest payable and similar expenses 6 1,699 -
PROFIT BEFORE TAXATION 1,069,911 1,115,257

Tax on profit 7 244,830 207,693
PROFIT FOR THE FINANCIAL YEAR 825,081 907,564

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

825,081

907,564

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 154,834 231,702

CURRENT ASSETS
Stock 9 389,648 413,644
Debtors 10 5,765,582 3,541,248
Cash at bank 3,400,407 4,402,058
9,555,637 8,356,950
CREDITORS
Amounts falling due within one year 11 3,781,982 3,466,329
NET CURRENT ASSETS 5,773,655 4,890,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,928,489

5,122,323

PROVISIONS FOR LIABILITIES 12 33,746 52,661
NET ASSETS 5,894,743 5,069,662

CAPITAL AND RESERVES
Called up share capital 13 500 500
Retained earnings 14 5,894,243 5,069,162
SHAREHOLDERS' FUNDS 5,894,743 5,069,662

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





G C S Gates - Director


ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 500 4,161,598 4,162,098

Changes in equity
Total comprehensive income - 907,564 907,564
Balance at 30 November 2022 500 5,069,162 5,069,662

Changes in equity
Total comprehensive income - 825,081 825,081
Balance at 30 November 2023 500 5,894,243 5,894,743

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. STATUTORY INFORMATION

Althon Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As permitted by FRS 102, the company has taken advantage of exemptions from disclosure of a cash flow statement and a note of key management personnel compensation.

Turnover
Turnover represents the invoice value of goods and related services sold, less returns and allowances, excluding value added tax.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation.

Depreciation is calculated to write off the assets over their estimated useful lives at the following annual rates:

Plant and machinery - 15% and 20% of cost
Fixtures and fittings - 15% and 20% of cost

Stock
Stock is stated at the lower of cost and estimated net realisable value. Cost is determined using the first in, first out (FIFO) principle.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at exchange rates that approximate those ruling at the date of transactions. Exchange differences are taken into account in arriving at the operating result.

Pension contributions
Contributions payable to the group defined contribution pension scheme are charged to profit and loss account when incurred.

3. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities. Estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. They are reviewed on a regular basis and revisions are made, where appropriate. Significant estimates and assumptions affecting the financial statements include the following:

The estimated useful lives of plant and machinery used in the accounting policy for depreciation of tangible fixed assets take into account the potential for future changes in the design and technological development of the company's products.

In applying the accounting policy for stock, realisable value has been estimated to be at least equal to cost. This is based on the assumptions that there will be no significant change in market conditions in the foreseeable future and that sales will be made in the normal course of the company's business, unless there is cause to assume otherwise.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 443,046 341,150
Social security costs 52,623 39,955
Other pension costs 7,737 4,096
503,406 385,201

The average number of employees during the year was as follows:
2023 2022

Directors and staff 7 7

2023 2022
£    £   
Directors' remuneration - 199,932
Directors' pension contributions to money purchase schemes - 1,560

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 2

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 79,838 77,510
Auditors' remuneration 11,880 9,655

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Sundry interest payable 1,699 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 263,745 198,731

Deferred tax (18,915 ) 8,962
Tax on profit 244,830 207,693

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,069,911 1,115,257
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

267,478

211,899

Effects of:
Expenses not deductible for tax purposes 151 -
Corporation tax at a lower rate (22,799 ) -
Non-reversing capital allowances - (6,357 )
Deferred tax at a higher rate - 2,151
Total tax charge 244,830 207,693

The rate of corporation tax increased from 19% to 25% with effect from 1 April 2023.

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 December 2022 726,692 196,022 922,714
Additions 2,970 - 2,970
Disposals (26,062 ) - (26,062 )
At 30 November 2023 703,600 196,022 899,622
DEPRECIATION
At 1 December 2022 507,681 183,331 691,012
Charge for year 75,091 4,747 79,838
Eliminated on disposal (26,062 ) - (26,062 )
At 30 November 2023 556,710 188,078 744,788
NET BOOK VALUE
At 30 November 2023 146,890 7,944 154,834
At 30 November 2022 219,011 12,691 231,702

9. STOCK

Stock consists of goods held for resale.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,407,329 3,491,848
Amounts owed by group undertakings 2,335,114 -
Prepayments and accrued income 23,139 49,400
5,765,582 3,541,248

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,631,189 2,693,844
Amounts owed to group undertakings 14,420 109,507
Corporation tax 263,745 81,901
Social security and other taxes 382,892 372,375
Accruals and deferred income 489,736 208,702
3,781,982 3,466,329

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 33,916 52,720
Other timing differences (170 ) (59 )
33,746 52,661

Deferred
tax
£   
Balance at 1 December 2022 52,661
Accelerated capital allowances (18,804 )
Other timing differences (111 )
Balance at 30 November 2023 33,746

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500 Ordinary £1 500 500

14. RESERVES
Retained
earnings
£   

At 1 December 2022 5,069,162
Profit for the year 825,081
At 30 November 2023 5,894,243

15. PENSION COMMITMENTS

The company is party to a group defined contribution pension scheme. The scheme funds are administered by trustees and are independent of the company's finances, being invested with an insurance company. Pension contributions payable for the year are disclosed in note 3.

16. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The parent undertaking and ultimate holding company is MAG Group Limited.

The registered office of MAG Group Limited is MAG Group Building, Vulcan Road South, Norwich, NR6 6AF.

The ultimate controlling party is G C S Gates.

ALTHON LIMITED (REGISTERED NUMBER: 01579423)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


17. CONTINGENT LIABILITIES AND GUARANTEES

The company is party to an unlimited composite cross guarantee to its bankers securing the borrowings of group companies.There were no such borrowings at 30 November 2023 - 2022: none.

Overall the group's cash at bank amounted to £14,915,249 - 2022: £12,806,960.

The company is contingently liable under a group registration scheme for VAT liabilities of group companies. At 30 November 2023 such liabilities amounted to £100,486 - 2022: £53,296.

The above arrangements are not expected to have any financial effect on the company.

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', from disclosing related party transactions with wholly owned subsidiaries within the group.

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Payments under licence agreements - 14,532

19. BANK SECURITY

Bank borrowings are secured by a debenture over the company's assets. There were no bank borrowings at 30 November 2023 - 2022: none.