Registered Number:
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The Directors present their Strategic Report and the financial statements for the year ended 31 January 2024.
The principal activity of the Company during the year was that of an investment holding company. The principal activites of the trading subsidiaries during the year was that of the manufacture and marketing of G.R.P mouldings and fabrications and the manufacture and marketing of commercial vehicle components and accessories.
Trading and costs During the year, turnover increased by £2,187,479 (10.2%) to £23,576,230 in the year. The increase was due to demand for products in the medical and automotive / industrial vehicle sectors, which was again tempered by a decrease in demand for chute products. The Group continued to navigate rising costs of raw materials: resin, glass and gelcoats. The cost of carriage and importing remained high as a result of increased post-Brexit administration and the cost of timber and packaging materials also remained high. The Group was obliged to put through a generous pay increase to try to assist those struggling with the cost of living crisis. The Group continues to monitor wage rates and employment perks so that it attracts and retains the best possible workforce. Despite the increases in costs, the Group has generated a profit for the financial year amounting to £1,265,203 (2023 - £58,882). Net assets have increased by £665,205 to £10,266,817 (2023 - £9,601,612). Quality The Group works hard to reinforce its high quality standards. The entire team is united in being proud of the products and services the Group offers. The Group remains committed to Quality Assurance and are continues to be fully compliant with ISO 9001. Furthermore, the Company holds its own UL (Underwriters Laboratories) Certification for the manufacture of fire-resistant polyester-based mouldings. The Company is also fully AEO (Authorised Economic Operator) authorised. Environmental The Group continues to be ISO 14001 accredited and recognises that its operations have an effect on the local, regional and global environment. The Group regards the proper management of the environmental aspects of its activities as mutually beneficial to all interested parties and it is committed to continuously improve its environmental performance and prevent pollution. The Group remains accredited to the Suffolk Carbon Charter, at the Bronze Level and the Group defines its environmental objectives and targets annually, monitoring progress regularly. Health & Safety The Group’s number one focus is conducting its operations in a safe environment, where the risk of incidents and accidents occurring is minimised. It is proud to have been awarded the ISO 45001 Safety Management System Standard accreditation which is an accreditation developed by leading trade and international standard bodies. ISO 45001 provides a framework for organisations to instigate efficient and effective management of health and safety. The Occupational Health and Safety Assessment Specification (OHSAS), sets out the requirements for occupational Health and Safety management for best practise in the workplace. It is internationally accepted as a recognised standard of assessing and auditing occupational Health and Safety management systems. The Group’s incident and accident levels remain low and at levels lower than industry norms. No RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) reportable incidents occurred during the current or preceding years.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Research and Development
A substantial part of the Group’s activities remains devoted to advancing moulding techniques and components and investigating ways of working with new materials. The Group constantly strives for innovation and creativity in order to meet its customers’ demands for new and improved products and processes. It undertakes a continuous program of Research and Development to ensure the Group remains a market-leading manufacturer. Despite the challenges presented, this year being no exception: the Group has continued its development work, selecting particular projects for focus as it explores and challenges different elements of the manufacturing process. This year the Group has continued to experiment with new materials and new processing methods. It also continues to research and trial suitable replacements for products and chemicals that are no longer available. With ever-tightening legislation, products that the Group has used successfully for many years are becoming less available. When this happens, the Group undertakes to investigate, source and trial alternatives, or manufacture suitable compounds with available materials During the year the Group has added a vacuum forming plant to its already wide range of moulding options and has been working on new ways to integrate composite moulding and vacuum forming. Following feedback, the Company has further improved the production process on its range of Safeglide chutes.
The Group’s principal financial instruments are its bank balances, trade debtors and trade creditors. The purpose of these instruments is to fund the Group’s ongoing operations. Due to the nature of the financial instruments used by the Group and the way they are managed, the Directors consider the liquidity risk to be low.
The credit risk associated with the cash and bank balances is limited as the counterparties have high credit ratings assigned by international credit agencies. The principal credit risk arises from the Group’s trade debtors. In order to manage the credit risk the Directors set limits for new and existing customers based on a combination of payment history and third party credit references, along with maintaining good relationships with contacts at the highest level of those organisations. The Group has not experienced payment issues for many years, and expects that to continue in the foreseeable future. Trade creditors are managed by ensuring that there are sufficient funds available to meet amounts due. The Group’s bank facilities and the overall debt management of customers ensures that funds are always available to enable the Group to meet its liabilities as they fall due. Furthermore, the Group produces monthly management accounts which are reviewed by management against budget and used to monitor cash flow. The Group is exposed to price risk from its suppliers. Whilst the Group has absorbed some of these increases, at the risk of our its profitability, the Group has had no choice but to renegotiate with customers to ensure rising costs are covered, particularly where it must use directed suppliers as required by its customers. The Group follows a continuous improvement program to ensure that the latest developments are employed, including recommendations for cost savings as appropriate. The Group recognises its competitors both in the UK market and the wider global market. The Directors have considered the market risks associated with higher material prices combined with the Company’s ability to remain competitive in a global market place. The Directors continually monitor fluctuating economic trends, including exchange rate, inflation and interest rate predictions, and consider the interest rate risk to the Company to be minimal. As we navigate the extended period of global economic uncertainty, the Directors remain confident that the monitoring processes that the Company has in place will allow it to successfully navigate the next 12 months and beyond.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
This report was approved by the Board on 12 July 2024 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The Directors present their report and the financial statements for the year ended 31 January 2024.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £1,056,778 (2023 - £5,568).
During the period, the Company declared and paid interim dividends amounting to £599,998 (2023 - £100,000. The Directors do not recommend the payment of a final and paid dividend (2022 - £Nil).
Since the year end, the Company declared and paid interim dividends amounting to £Nil in respect of the year ended 31 January 2025.
The Directors who served during the year, and to the date of this report, were:
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P H BETTS (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Details of the Group's risk management objective and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report.
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
• so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and • the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.
On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board on
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED
We have audited the financial statements of P. H. Betts (Holdings) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes, 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).
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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 or the 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.
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P H BETTS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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P H BETTS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED (CONTINUED)
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P H BETTS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED (CONTINUED)
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of the Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group. The following laws and regulations were identified as being of significance to the Group. • Those laws and regulations considered to have a direct effect on the consolidated financial statements including UK financial reporting standards, UK Company Law and taxation legislation; and • Those laws and regulations considered to have a indirect effect on the consolidated financial statements including The Health & Safety Act 1974, COSHH regulations, GDPR, anti bribery and corruption, human rights and Employment law. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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 Auditor's Report.
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P H BETTS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
IP1 3LG
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 12 July 2024.
The notes on pages 21 to 42 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
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COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on
The notes on pages 21 to 42 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
P. H. Betts (Holdings) Limited (the "Company") and subsidiary undertakings (together the "Group") is a group of companies that are all limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is Broadwater Road, Framlingham, Suffolk IP13 9LL.
Details of the subsidiaries can be found within note 18.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The Company has taken advantage of the exemption allowed under section 7 of FRS 102 and has not presented its own Statement of Cashflows in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries (the "Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 February 2015 .
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The Group's and the Company's business activities together with the factors likely to affect its future development, its financial position and principal risks and uncertainties are set out in the Strategic Report. The Directors and management have prepared detailed forecasts that indicate that the Group and the Company will both be able continue to meet their liabilities as they fall due and will continue to trade for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, these financial statements have been prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership are tranferred to the buyer. This is usually the point the goods are dispatched. Turnover from amounts recoverable on long term contracts is recognised on completion of the Group's contracted obligations.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The Group operates a defined contribution scheme for its employees. A defined contribution pension scheme is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Computer software - 3 years straight line
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or reducing balance method.
Depreciation is provided on the following basis:
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 profit or loss.
At each year end, the Group reviews the carrying values of each individual tangible fixed asset for impairment indicators. Where impairment indicators are identified then the recoverable amounts is compared to the carrying value in the financial statements and where necessary an impairment charge is recognised in the Statement of Comprehensive Income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The Group 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 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 as 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 Consolidated 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Useful economic life of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technologies, advancement, future investments, economic utilisation and the physical condition of the assets. The Directors also consider that the residual value of the freehold land and buildings is in excess of the cost hence no depreciation is charged in the year.. Useful economic life of intangible fixed assets The annual amortisation charge for intangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets. Recoverability of trade debtors A provision for bad and doubtful debts is made where it is identified that a trade debtor may potentially not be recoverable in full by the Company. The bad and doubtful debt provision is made on a specific basis against customer balances where they are not considered recoverable based upon payment history and aging profile. Valuation of stock Stock is held at the lower of cost and net realisable value. Management reviews the stock holdings and make a provision for slow moving and obsolete stock where the recoverable amount on a stock item has fallen below the cost. Certain elements of work in progress are valued at up to 85% of selling price, this is based on the average stage of completion. In addition the value of some finished goods held at an overseas customer site are included in Amounts Recoverable on Contracts and valued at 100% of cost due to the product being complete and the goods delivered. Finished goods in both subsidiaries are valued at selling price less overall gross margin achieved to produce a percentage of selling price which is considered equivalent to cost. Gross margins are kept under review to ensure the calculation remains appropriate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
12.Taxation (continued)
In the Spring Budget 2021 the UK Government announced that the rate of UK Corporation tax would rise
to 25% from 1 April 2023 with an introduction of a small profits rate of 19% at the same point in time. These changes were substantively enacted in May 2021. Accordingly, deferred tax assets and liabilities are stated at 25% (2023 - 25%).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 34 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
17.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 38 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Capital Redemption Reserve
Profit and Loss Account
A claim against a subsidiary undertaking of the Company for alleged patent infringement has been made by a competitor. Council is instructed and the claim, which the directors believe is without merit, will be vigorously contested.
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £209,990 (2023 - £154,718). Contributions amounting to £nil (2023 - £14,551) were payable to the fund at the balance sheet date and included within other creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The ultimate controlling party is Mr P H Betts by virtue of his majority shareholding.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
In accordance with the provisions of section 479A of the Companies Act 2006 certain subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements. The following subsidiary company has taken advantage of the exemption.
In order to take advantage of the exemptions available to subsidiary companies, P H Betts (Holdings) Limited has guaranteed the liabilities of the subsidiary company. Company name Registered number Betzbuilt Limited 03097413
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