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REGISTERED NUMBER: 00559771 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Carpenter & Paterson Limited

Carpenter & Paterson Limited (Registered number: 00559771)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Carpenter & Paterson Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J A Lee
K P Edwards
N A Spiers



SECRETARY: K P Edwards



REGISTERED OFFICE: Crown Works
Henfaes Lane
Welshpool
Powys
SY21 7BQ



REGISTERED NUMBER: 00559771 (England and Wales)



AUDITORS: Morgan Griffiths LLP
Chartered Accountants
Statutory Auditor
Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY



SOLICITORS: Emrys Jones & Co
8 Broad Street
Welshpool
Powys
SY21 7RZ

Carpenter & Paterson Limited (Registered number: 00559771)

Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
During the year the company has seen a 9.43% decrease in turnover compared to the previous year, down from £8,136,396 to £7,369,005. Gross profit has increased from 45.1% the previous year to 47.27%. Operating profit has decreased from £248,098 to £176,651. Profit before tax (PBT) has decreased from £521,711 to £322,216.

The company continues to work with its partners to maintain its status as a key supplier to the nuclear industry and has successfully expanded its manufacturing facilities throughout the year to enhance its nuclear supply capabilities. Demand in our core business, the energy sector, remains positive and we expect this to continue.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are new competition impacting on its market share and pressure on margins. The directors continue to focus on both of these in their strategy for the future.

ON BEHALF OF THE BOARD:





K P Edwards - Director


10 September 2024

Carpenter & Paterson Limited (Registered number: 00559771)

Report of the Directors
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of pipe supports.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £230,000 (2022: £210,000).

FUTURE DEVELOPMENTS
The company is committed to continuous improvements in all aspects of the business and in particular it's information systems. Through continuous investment in this area the company aims to increase efficiency and productivity.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J A Lee
K P Edwards
N A Spiers

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). 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.

Carpenter & Paterson Limited (Registered number: 00559771)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Morgan Griffiths LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K P Edwards - Director


10 September 2024

Report of the Independent Auditors to the Shareholders of
Carpenter & Paterson Limited


Opinion
We have audited the financial statements of Carpenter & Paterson Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 December 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 Shareholders of
Carpenter & Paterson 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 Shareholders of
Carpenter & Paterson 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with management, and from our knowledge and experience of the manufacturing of pipe supports industry;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including relevant legislation such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-reviewed nominal ledgers and tested journal entries reports to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-held discussions with those charged with governance;

-enquiring of management as to actual and potential litigation and claims;

-reviewing correspondence with HMRC.


Report of the Independent Auditors to the Shareholders of
Carpenter & Paterson Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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 shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




Thomas Landers BA FCA (Senior Statutory Auditor)
for and on behalf of Morgan Griffiths LLP
Chartered Accountants
Statutory Auditor
Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY

10 September 2024

Carpenter & Paterson Limited (Registered number: 00559771)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 7,369,005 8,136,396

Cost of sales 3,885,799 4,463,897
GROSS PROFIT 3,483,206 3,672,499

Distribution costs 241,966 274,521
Administrative expenses 3,267,830 3,407,755
3,509,796 3,682,276
(26,590 ) (9,777 )

Other operating income 4 203,241 100,875
Gain/loss on revaluation of investment
property

-

157,000
OPERATING PROFIT 6 176,651 248,098

Income from shares in group
undertakings

175,107

300,587
Income from current asset
investments - 2,454
Interest receivable and similar income 2,099 5,047
177,206 308,088
353,857 556,186

Interest payable and similar expenses 7 31,641 34,475
PROFIT BEFORE TAXATION 322,216 521,711

Tax on profit 8 71,201 95,004
PROFIT FOR THE FINANCIAL YEAR 251,015 426,707

Carpenter & Paterson Limited (Registered number: 00559771)

Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 251,015 426,707


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

251,015

426,707

Carpenter & Paterson Limited (Registered number: 00559771)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 934,894 1,035,050
Investments 11 3,543,955 3,543,955
Investment property 12 1,167,000 1,167,000
5,645,849 5,746,005

CURRENT ASSETS
Stocks 13 1,192,152 1,387,929
Debtors 14 1,336,478 2,049,114
Cash at bank and in hand 516,285 294,839
3,044,915 3,731,882
CREDITORS
Amounts falling due within one year 15 1,065,981 1,736,650
NET CURRENT ASSETS 1,978,934 1,995,232
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,624,783

7,741,237

CREDITORS
Amounts falling due after more than one
year

16

(305,473

)

(494,626

)

PROVISIONS FOR LIABILITIES 20 (122,131 ) (70,447 )
NET ASSETS 7,197,179 7,176,164

CAPITAL AND RESERVES
Called up share capital 21 1,526 1,526
Share premium 22 1,983 1,983
Fair value reserve 22 322,706 325,618
Retained earnings 22 6,870,964 6,847,037
SHAREHOLDERS' FUNDS 7,197,179 7,176,164

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





K P Edwards - Director


Carpenter & Paterson Limited (Registered number: 00559771)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Fair
share Retained Share value Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 1,526 6,750,663 1,983 205,285 6,959,457

Changes in equity
Dividends - (210,000 ) - - (210,000 )
Total comprehensive income - 306,374 - 120,333 426,707
Balance at 31 December 2022 1,526 6,847,037 1,983 325,618 7,176,164

Changes in equity
Dividends - (230,000 ) - - (230,000 )
Total comprehensive income - 253,927 - (2,912 ) 251,015
Balance at 31 December 2023 1,526 6,870,964 1,983 322,706 7,197,179

Carpenter & Paterson Limited (Registered number: 00559771)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 922,892 (909,401 )
Interest paid (20,878 ) (26,133 )
Interest element of hire purchase
payments paid

(10,763

)

(8,342

)
Tax paid (30,968 ) (33,514 )
Net cash from operating activities 860,283 (977,390 )

Cash flows from investing activities
Purchase of tangible fixed assets (18,192 ) (40,840 )
Sale of current asset investment - 418,269
Interest received 2,099 5,047
Dividends received 175,107 303,041
Net cash from investing activities 159,014 685,517

Cash flows from financing activities
Loan repayments in year (133,068 ) (173,029 )
Intercompany loan - 600
Capital repayments in year (56,085 ) (56,084 )
Amount withdrawn by directors (1,957 ) (12,749 )
Equity dividends paid (230,000 ) (210,000 )
Net cash from financing activities (421,110 ) (451,262 )

Increase/(decrease) in cash and cash equivalents 598,187 (743,135 )
Cash and cash equivalents at
beginning of year

2

(81,902

)

661,233

Cash and cash equivalents at end of
year

2

516,285

(81,902

)

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 322,216 521,711
Depreciation charges 118,348 128,041
Gain on revaluation of fixed assets - (157,000 )
Finance costs 31,641 34,475
Finance income (177,206 ) (308,088 )
294,999 219,139
Decrease in stocks 195,777 19,071
Decrease/(increase) in trade and other debtors 724,087 (840,053 )
Decrease in trade and other creditors (291,971 ) (307,558 )
Cash generated from operations 922,892 (909,401 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 516,285 294,839
Bank overdrafts - (376,741 )
516,285 (81,902 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 294,839 663,195
Bank overdrafts (376,741 ) (1,962 )
(81,902 ) 661,233


Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 294,839 221,446 516,285
Bank overdrafts (376,741 ) 376,741 -
(81,902 ) 598,187 516,285
Debt
Finance leases (170,601 ) 56,085 (114,516 )
Debts falling due within 1 year (132,995 ) - (132,995 )
Debts falling due after 1 year (380,110 ) 133,068 (247,042 )
(683,706 ) 189,153 (494,553 )
Total (765,608 ) 787,340 21,732

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Carpenter & Paterson 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Carpenter & Paterson Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Carpenter and Paterson (Holdings) Limited, Crown Works, Henfaes Lane, Welshpool, Powys SY21 7BQ.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue Recognition
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost or valuation
Plant and machinery - 25% on cost and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Fixed asset investments are shown at cost less provision for impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes direct materials, labour and manufacturing overheads incurred in bringing each product to its location and condition. Net realisable value is based on selling price less anticipated costs to completion and selling costs.


Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 tax
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.

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 the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 4,097,132 4,735,196
Europe 1,283,901 2,017,952
Rest of world 1,987,972 1,383,248
7,369,005 8,136,396

4. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Rents received 45,266 31,665
Sundry receipts 152,703 31,826
Exchange gains 5,272 37,384
203,241 100,875

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 3,170,905 3,457,750
Social security costs 289,478 327,270
Other pension costs 227,003 215,948
3,687,386 4,000,968

The average number of employees during the year was as follows:
31.12.23 31.12.22

Production 62 71
Administration 30 32
Sales 4 5
96 108

31.12.23 31.12.22
£    £   
Directors' remuneration 287,611 265,755
Directors' pension contributions to money purchase schemes 77,302 64,600

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

Money purchase schemes 3 3

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 115,819 107,285
Pension contributions to money purchase schemes 10,000 10,000

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Hire of plant and machinery 111,175 95,174
Other operating leases 67,421 73,994
Depreciation - owned assets 86,072 90,069
Depreciation - assets on hire purchase contracts 32,276 37,971
Auditors' remuneration 17,000 12,250
Foreign exchange differences (5,272 ) (37,384 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 8,972 10,916
Other interest 11,906 15,217
Hire purchase 10,763 8,342
31,641 34,475

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
Foreign withholding tax 19,517 33,514

Deferred tax 51,684 61,490
Tax on profit 71,201 95,004

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. TAXATION - continued

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:

31.12.23 31.12.22
£    £   
Profit before tax 322,216 521,711
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

75,721

99,125

Effects of:
Expenses not deductible for tax purposes 2,048 1,285
Income not taxable for tax purposes (41,150 ) (87,408 )
Depreciation in excess of capital allowances 71,919 39,125
Utilisation of tax losses (59,766 ) (27,270 )
Group relief - (34 )
Deferred tax on revaluation of investment property 2,912 36,667
Withholding tax on foreign dividends 19,517 33,514
Total tax charge 71,201 95,004

9. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of 1 each
Interim 230,000 210,000

10. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Motor
buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 649,571 2,131,249 319,111 60,608 3,160,539
Additions - 18,192 - - 18,192
At 31 December 2023 649,571 2,149,441 319,111 60,608 3,178,731
DEPRECIATION
At 1 January 2023 247,846 1,539,991 290,690 46,962 2,125,489
Charge for year 12,835 91,418 10,683 3,412 118,348
At 31 December 2023 260,681 1,631,409 301,373 50,374 2,243,837
NET BOOK VALUE
At 31 December 2023 388,890 518,032 17,738 10,234 934,894
At 31 December 2022 401,725 591,258 28,421 13,646 1,035,050

Included in cost of land and buildings is freehold land of £ 7,836 (2022 - £ 7,836 ) which is not depreciated.

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 307,580
DEPRECIATION
At 1 January 2023 92,409
Charge for year 32,276
At 31 December 2023 124,685
NET BOOK VALUE
At 31 December 2023 182,895
At 31 December 2022 215,171

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 3,543,955
NET BOOK VALUE
At 31 December 2023 3,543,955
At 31 December 2022 3,543,955

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Carpenter & Paterson (Asia)Ltd
Registered office: Thailand
Nature of business: Manufacture of pipe supports
%
Class of shares: holding
Ordinary and preference 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 3,219,961 2,214,972
Profit/(loss) for the year 1,236,945 (70,673 )

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


11. FIXED ASSET INVESTMENTS - continued

Carpenter and Paterson India
Registered office: India
Nature of business: Manufacture of pipe supports
%
Class of shares: holding
Ordinary shares 51.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 419,333 291,370
Profit/(loss) for the year 148,479 (187,900 )

Carpenter & Paterson Norway AS
Registered office: Norway
Nature of business: Selling agent
%
Class of shares: holding
Ordinary 55.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 397,219 275,309
Profit for the year 206,441 153,148

JS-Service AS
Registered office: Norway
Nature of business: Selling agent
%
Class of shares: holding
Ordinary 55.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 153,896 174,680
Loss for the year (4,427 ) -

Carpenter & Paterson Norway AS purchased 100% of the share capital of JS-Service AS on the 31st December 2022.

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,167,000
NET BOOK VALUE
At 31 December 2023 1,167,000
At 31 December 2022 1,167,000

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


12. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2019 214,242
Valuation in 2023 157,000
Cost 795,758
1,167,000

If investment property had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 795,758 795,758

Investment property was valued on an open market basis basis on 10 February 2023 by Berrys (RICS) and Martin Devargo (RICS) .

13. STOCKS
31.12.23 31.12.22
£    £   
Raw Materials and Work in Progress 1,192,152 1,387,929

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,263,205 1,885,411
Other debtors 507 -
Tax 33,406 21,955
Prepayments and accrued income 39,360 141,748
1,336,478 2,049,114

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 17) 22,000 398,741
Other loans (see note 17) 110,995 110,995
Hire purchase contracts (see note 18) 56,085 56,085
Trade creditors 453,810 497,986
Social security and other taxes 89,754 71,151
VAT 58,146 162,275
Other creditors 11,357 23,936
Directors' current accounts 2,720 4,677
Accruals and deferred income 261,114 410,804
1,065,981 1,736,650

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 17) 25,052 47,125
Other loans (see note 17) 221,990 332,985
Hire purchase contracts (see note 18) 58,431 114,516
305,473 494,626

17. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 376,741
Bank loans 22,000 22,000
Other loans 110,995 110,995
132,995 509,736

Amounts falling due between one and two years:
Bank loans - 1-2 years 22,000 22,000
Other loans - 1-2 years 110,995 110,995
132,995 132,995

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,052 25,125
Other loans - 2-5 years 110,995 221,990
114,047 247,115

The bank loans are repayable in monthly instalments and one loan has an interest rate of 2.5% above LIBOR and the HSBC loans are at 2% and 2.72% above the bank base rate.

The other loan represents the balance due to the previous minority shareholders in Carpenter & Paterson Asia for the sale of their shares in 2016. Interest is accruing at 3% on this amount.

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 66,848 64,544
Between one and five years 69,194 131,434
136,042 195,978

Finance charges repayable:
Within one year 10,763 8,459
Between one and five years 10,763 16,918
21,526 25,377

Net obligations repayable:
Within one year 56,085 56,085
Between one and five years 58,431 114,516
114,516 170,601

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 77,593 66,133
Between one and five years 103,952 101,014
181,545 167,147

19. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft - 376,741
Bank loans 47,052 69,125
Hire purchase contracts 114,516 170,601
161,568 616,467

The HSBC facilities are secured by a debenture including fixed and floating charges over the assets of the company.

The mortgage with Svenska Handelbanken AB is secured by way of a fixed charge dated 19th September 2011 over the property to which it relates.

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


20. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 73,595 24,823
Deferred tax on fair value reserve 48,536 45,624
122,131 70,447

Deferred
tax
£   
Balance at 1 January 2023 70,447
Provided during year 51,684
Balance at 31 December 2023 122,131

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,525 Ordinary 1 1,525 1,525
1 Ordinary B shares 1 1 1
1,526 1,526

22. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 6,847,037 1,983 325,618 7,174,638
Profit for the year 251,015 251,015
Dividends (230,000 ) (230,000 )
Deferred tax 2,912 - (2,912 ) -
At 31 December 2023 6,870,964 1,983 322,706 7,195,653

23. PENSION COMMITMENTS

The company operates defined contribution pension schemes. The pension cost charge for the period represents contributions payable by the company to the schemes and amounted to £227,003 (2022 £215,948). The amount outstanding at the year end was £19,200 (2022 £16,100).

24. ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking at the balance sheet date is Carpenter & Paterson (Holdings) Limited, which owns 100% of the called up ordinary share capital. Mr. J A Lee, a director of the company, is the ultimate controlling party as at the year end he owned 100% of the called up ordinary share capital in Carpenter & Paterson (Holdings) Limited.

Carpenter & Paterson Limited (Registered number: 00559771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


25. CONTINGENT LIABILITIES

The bank has issued guarantees to customers of Carpenter & Paterson Limited amounting to £695,329 (2022 £928,211) in respect of performance and warranty bonds.

26. 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', not to disclose related party transactions with wholly owned subsidiaries within the group.

Entities with control, joint control or significant influence over the entity
31.12.23 31.12.22
£    £   
Sales 484,371 393,921
Purchases - 3,141
Amount due from related party 25,529 2,150

During the year, a total of key management personnel compensation of £ 397,883 (2022 - £ 362,112 ) was paid.