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REGISTERED NUMBER: 00479009 (England and Wales)















XEINZ GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3 to 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16 to 17

Notes to the Consolidated Financial Statements 18 to 30


XEINZ GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: C L Farrow





SECRETARY: Mrs E J Corrigan





REGISTERED OFFICE: Welland Business Park
Clay Lake
Spalding
Lincolnshire
PE12 6BL





REGISTERED NUMBER: 00479009 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The balance sheet remains robust, and the group will invest in additional facilities, employees, equipment and IT projects across the period to improve productivity and margin.

Available cash has put the group in a good position to take advantage of material price movements and it is expected that this cash will be deployed to lower material costs in the group businesses in 2024/5.

Through the coming period the group intends to try to support its net margins in the difficult environment by focusing on employee productivity, material costs and overheads.

PRINCIPAL RISKS AND UNCERTAINTIES
The group faces risk from a financial market movements, principally a strengthening pound should it materialise later in the year.

Despite the risks, the group is well capitalized, has low net borrowing and a strong team to drive it forwards. Compared to our competitors, we feel the risks are limited and the outcome is likely to be bright in the medium term.

ON BEHALF OF THE BOARD:





C L Farrow - Director


30 August 2024

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
Dividends were paid totalling £46.29 on A ordinary shares, £54.91 and £144.51 on B ordinary shares and £35.39 and £231.30 on C ordinary shares.

DIRECTOR
C L Farrow held office during the whole of the period from 1 April 2023 to the date of this report.

STREAMLINED ENERGY AND CARBON REPORTING
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 have 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, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit.This included the identification and testing of unusual material journal entries and Challenging management on key estimates,assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, employment laws and quality management system.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included confirmation of valid ISO:9001 accreditation, a review of the group's employment and health and safety controls, to ensure no areas of non-compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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.


XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





C L Farrow - Director


30 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
XEINZ GROUP LIMITED

Opinion
We have audited the financial statements of Xeinz Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
XEINZ GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on pages three and four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
XEINZ GROUP 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:

We have 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, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to manipulate profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates and re-performing the calculation.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, employment laws and quality management system.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included confirmation of valid ISO:9001 accreditation, a review of the company's employment and health and safety controls, to ensure no areas of non-compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
XEINZ GROUP LIMITED


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.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

30 August 2024

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 15,830,487 17,407,107

Cost of sales 13,451,247 14,771,284
GROSS PROFIT 2,379,240 2,635,823

Distribution costs 22,695 14,545
Administrative expenses 1,430,810 1,269,169
1,453,505 1,283,714
925,735 1,352,109

Other operating income 3,266 -
OPERATING PROFIT 5 929,001 1,352,109

Loan balance written off 6 55,411 85,804
873,590 1,266,305

Interest receivable and similar income 96,508 71,529
970,098 1,337,834

Interest payable and similar expenses 7 102,333 82,467
PROFIT BEFORE TAXATION 867,765 1,255,367

Tax on profit 8 118,293 341,907
PROFIT FOR THE FINANCIAL YEAR 749,472 913,460
Profit attributable to:
Owners of the parent 749,472 913,460

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 749,472 913,460


OTHER COMPREHENSIVE INCOME
Property revaluation - 981,717
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

-

981,717
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 749,472 1,895,177

Total comprehensive income attributable to:
Owners of the parent 749,472 1,895,177

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 112,769 115,881
Tangible assets 12 3,585,355 3,643,915
Investments 13 - -
3,698,124 3,759,796

CURRENT ASSETS
Stocks 14 2,971,328 4,866,499
Debtors 15 1,760,677 1,956,749
Cash at bank and in hand 2,042,494 1,328,710
6,774,499 8,151,958
CREDITORS
Amounts falling due within one year 16 2,240,320 4,072,652
NET CURRENT ASSETS 4,534,179 4,079,306
TOTAL ASSETS LESS CURRENT LIABILITIES 8,232,303 7,839,102

CREDITORS
Amounts falling due after more than one year 17 (632,268 ) (814,443 )

PROVISIONS FOR LIABILITIES 22 (300,761 ) (328,977 )
NET ASSETS 7,299,274 6,695,682

CAPITAL AND RESERVES
Called up share capital 23 1,152 1,152
Revaluation reserve 24 1,563,972 1,563,972
Capital redemption reserve 24 3,450 3,450
Retained earnings 24 5,730,700 5,127,108
SHAREHOLDERS' FUNDS 7,299,274 6,695,682

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





C L Farrow - Director


XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

COMPANY STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 2,754,704 2,797,151
Investments 13 1,373,268 1,373,268
4,127,972 4,170,419

CURRENT ASSETS
Debtors 15 412,293 961,049
Cash at bank 1,018,593 194,715
1,430,886 1,155,764
CREDITORS
Amounts falling due within one year 16 440,450 441,268
NET CURRENT ASSETS 990,436 714,496
TOTAL ASSETS LESS CURRENT LIABILITIES 5,118,408 4,884,915

CREDITORS
Amounts falling due after more than one year 17 (364,308 ) (469,923 )

PROVISIONS FOR LIABILITIES 22 (118,752 ) (116,688 )
NET ASSETS 4,635,348 4,298,304

CAPITAL AND RESERVES
Called up share capital 23 1,152 1,152
Revaluation reserve 24 1,421,465 1,421,465
Capital redemption reserve 24 3,450 3,450
Retained earnings 24 3,209,281 2,872,237
SHAREHOLDERS' FUNDS 4,635,348 4,298,304

Company's profit for the financial year 482,924 345,973

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





C L Farrow - Director


XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 April 2022 1,152 4,349,528 582,255

Changes in equity
Dividends - (135,880 ) -
Total comprehensive income - 913,460 981,717
Balance at 31 March 2023 1,152 5,127,108 1,563,972

Changes in equity
Dividends - (145,880 ) -
Total comprehensive income - 749,472 -
Balance at 31 March 2024 1,152 5,730,700 1,563,972
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 April 2022 3,450 4,936,385 - 4,936,385

Changes in equity
Dividends - (135,880 ) - (135,880 )
Total comprehensive income - 1,895,177 - 1,895,177
Balance at 31 March 2023 3,450 6,695,682 - 6,695,682

Changes in equity
Dividends - (145,880 ) - (145,880 )
Total comprehensive income - 749,472 - 749,472
Balance at 31 March 2024 3,450 7,299,274 - 7,299,274

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 April 2022 1,152 2,662,144 439,748 3,450 3,106,494

Changes in equity
Dividends - (135,880 ) - - (135,880 )
Total comprehensive income - 345,973 981,717 - 1,327,690
Balance at 31 March 2023 1,152 2,872,237 1,421,465 3,450 4,298,304

Changes in equity
Dividends - (145,880 ) - - (145,880 )
Total comprehensive income - 482,924 - - 482,924
Balance at 31 March 2024 1,152 3,209,281 1,421,465 3,450 4,635,348

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,501,183 1,193,919
Interest paid (88,927 ) (66,402 )
Interest element of hire purchase payments paid (13,406 ) (16,065 )
Finance costs paid (55,411 ) -
Tax paid 614 (56,286 )
Net cash from operating activities 2,344,053 1,055,166

Cash flows from investing activities
Purchase of intangible fixed assets - (94,100 )
Purchase of tangible fixed assets (222,468 ) (450,463 )
Sale of tangible fixed assets 6,820 118,396
Acquisitions of subsidiaries - (5,640 )
Interest received 96,508 71,529
Net cash from investing activities (119,140 ) (360,278 )

Cash flows from financing activities
New loans in year - 571,318
Loan repayments in year (1,287,074 ) (933,443 )
Capital repayments in year (76,560 ) (76,560 )
Equity dividends paid (145,880 ) (135,880 )
Net cash from financing activities (1,509,514 ) (574,565 )

Increase in cash and cash equivalents 715,399 120,323
Cash and cash equivalents at beginning of year 2 1,327,095 1,206,772

Cash and cash equivalents at end of year 2 2,042,494 1,327,095

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 867,765 1,255,367
Depreciation charges 277,335 274,625
Profit on disposal of fixed assets (16 ) (62,892 )
Loan balance written off 55,411 -
Finance costs 102,333 82,467
Finance income (96,508 ) (71,529 )
1,206,320 1,478,038
Decrease/(increase) in stocks 1,895,171 (199,850 )
Decrease in trade and other debtors 196,072 1,522,737
Decrease in trade and other creditors (796,380 ) (1,607,006 )
Cash generated from operations 2,501,183 1,193,919

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,042,494 1,328,710
Bank overdrafts - (1,615 )
2,042,494 1,327,095
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,328,710 1,208,990
Bank overdrafts (1,615 ) (2,218 )
1,327,095 1,206,772


XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,328,710 713,784 2,042,494
Bank overdrafts (1,615 ) 1,615 -
1,327,095 715,399 2,042,494
Debt
Finance leases (421,080 ) 76,560 (344,520 )
Debts falling due within 1 year (1,288,659 ) 1,181,459 (107,200 )
Debts falling due after 1 year (469,923 ) 105,615 (364,308 )
(2,179,662 ) 1,363,634 (816,028 )
Total (852,567 ) 2,079,033 1,226,466

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Xeinz Group 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 General 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 modified by the revaluation of certain assets.

Critical accounting judgements and estimation uncertainty
In the application of the Group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are currently no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

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 is recognised based on the terms of the sale, either on despatch from the group or on delivery and acceptance by the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost, 20% on reducing balance, 12.5% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are recognised under the revaluation model where assets are recognised at the revaluation value less subsequent accumulated depreciation.

Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence. The last revaluation was undertaken at 31 March 2018 for non property assets and 10 January 2023 for property assets.

Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the profit or loss.

Freehold property assets are subsequently being depreciated at 2% on the revalued amount. Non property revalued assets are subsequently being depreciated at rates varying from 20% to 33% on the revalued amount in order to write down assets to residual values over their remaining useful economic life.

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, and after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The group has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 5,473,996 7,451,218
Export 10,356,491 9,955,889
15,830,487 17,407,107

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,275,297 1,136,116
Social security costs 122,806 103,230
Other pension costs 33,593 36,691
1,431,696 1,276,037

The average number of employees during the year was as follows:
2024 2023

Direct Labour 24 20
Administration 17 17
41 37

2024 2023
£    £   
Director's remuneration 9,345 9,050
Director's pension contributions to money purchase schemes 280 272

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 14,550 7,936
Depreciation - owned assets 274,224 271,512
Profit on disposal of fixed assets (16 ) (62,892 )
Goodwill amortisation 3,112 3,112
Auditors' remuneration 23,150 21,750
Auditors' remuneration for non audit work 12,660 13,209
Foreign exchange differences (14,350 ) (21,523 )

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Loan balance written off (55,411 ) (85,804 )

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 59
Bank loan interest 86,172 66,084
HMRC Interest 1,322 -
Other interest 1,433 146
Interest payable - 113
Hire purchase interest 13,406 16,065
102,333 82,467

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 180,928 171,733
Under/(over) provision (34,419 ) 15,576
Total current tax 146,509 187,309

Deferred tax (28,216 ) 154,598
Tax on profit 118,293 341,907

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:

2024 2023
£    £   
Profit before tax 867,765 1,255,367
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

216,941

238,520

Effects of:
Expenses not deductible for tax purposes 52,666 80,121
Income not taxable for tax purposes - (55,600 )
Capital allowances in excess of depreciation (38,571 ) (15,665 )
Utilisation of tax losses (43,115 ) -
Adjustments to tax charge in respect of previous periods (69,466 ) 15,577
Change in tax rate (162 ) 78,954
Total tax charge 118,293 341,907

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2024.

2023
Gross Tax Net
£    £    £   
Property revaluation 981,717 - 981,717

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 40,000 15,000
B Ordinary shares of £1 each
Interim 63,000 78,000
C Ordinary shares of £1 each
Interim 42,880 42,880
145,880 135,880

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 125,217
AMORTISATION
At 1 April 2023 9,336
Amortisation for year 3,112
At 31 March 2024 12,448
NET BOOK VALUE
At 31 March 2024 112,769
At 31 March 2023 115,881

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2023 2,500,000 1,863,135 151,717
Additions - 138,501 -
Disposals - - -
At 31 March 2024 2,500,000 2,001,636 151,717
DEPRECIATION
At 1 April 2023 9,180 795,009 82,047
Charge for year 50,000 198,158 12,509
Eliminated on disposal - - -
At 31 March 2024 59,180 993,167 94,556
NET BOOK VALUE
At 31 March 2024 2,440,820 1,008,469 57,161
At 31 March 2023 2,490,820 1,068,126 69,670

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 24,728 3,404 4,542,984
Additions 83,967 - 222,468
Disposals (19,427 ) - (19,427 )
At 31 March 2024 89,268 3,404 4,746,025
DEPRECIATION
At 1 April 2023 11,972 861 899,069
Charge for year 12,876 681 274,224
Eliminated on disposal (12,623 ) - (12,623 )
At 31 March 2024 12,225 1,542 1,160,670
NET BOOK VALUE
At 31 March 2024 77,043 1,862 3,585,355
At 31 March 2023 12,756 2,543 3,643,915

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2017 321,017 - -
Valuation in 2018 - 660,444 43,201
Valuation in 2023 715,384 - -
Cost 1,463,599 1,341,192 108,516
2,500,000 2,001,636 151,717

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2017 - - 321,017
Valuation in 2018 - - 703,645
Valuation in 2023 - - 715,384
Cost 89,268 3,404 3,005,979
89,268 3,404 4,746,025

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 2,500,000 607,970 - 3,107,970
Additions - - 81,817 81,817
At 31 March 2024 2,500,000 607,970 81,817 3,189,787
DEPRECIATION
At 1 April 2023 9,180 301,639 - 310,819
Charge for year 50,000 64,822 9,442 124,264
At 31 March 2024 59,180 366,461 9,442 435,083
NET BOOK VALUE
At 31 March 2024 2,440,820 241,509 72,375 2,754,704
At 31 March 2023 2,490,820 306,331 - 2,797,151

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2017 321,017 - - 321,017
Valuation in 2023 715,384 - - 715,384
Cost 1,463,599 607,970 81,817 2,153,386
2,500,000 607,970 81,817 3,189,787

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,378,983 1,378,983
Aggregate depreciation 163,011 163,011

Freehold property was valued on an open market basis on 10 January 2023 by Innes England .

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1,373,268
NET BOOK VALUE
At 31 March 2024 1,373,268
At 31 March 2023 1,373,268

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Welland Power Limited
Registered office: Unit 2 Welland Business Park, Clay Lake, Spalding, Lincolnshire, PE12 6BL
Nature of business: Machinery manufacturers and dealers
%
Class of shares: holding
Ordinary 100.00

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. FIXED ASSET INVESTMENTS - continued

Regency Power Generation Limited
Registered office: Unit 2, Welland Business Park, Clay Lake, Spalding, Lincolnshire, England, PE12 6BL
Nature of business: Provision of power generation equipment
%
Class of shares: holding
Ordinary 100.00

Controllis Limited
Registered office: Unit 2, Welland Business Park, Clay Lake, Spalding, Lincolnshire, England, PE12 6BL
Nature of business: Machinery manufacturers and dealers
%
Class of shares: holding
Ordinary 100.00


The financial statements in respects of the following companies for the period ended 31 March 2024 have not been audited as exemption has been claimed under section 479a of the Companies Act 2006.

- Controllis Limited

14. STOCKS

Group
2024 2023
£    £   
Valuation 2,861,130 4,632,827
Stocks 110,198 233,672
2,971,328 4,866,499

The difference between purchase price or production cost of stocks and their replacement cost is not material.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,555,741 1,706,224 5,359 34,824
Amounts owed by group undertakings - - 390,994 916,240
Other debtors 7 53,365 - -
Tax 16,266 16,266 - -
VAT 44,869 53,686 264 -
Prepayments and accrued income 143,794 127,208 15,676 9,985
1,760,677 1,956,749 412,293 961,049

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 107,200 1,290,274 107,200 101,395
Hire purchase contracts (see note 19) 76,560 76,560 - -
Trade creditors 1,148,654 2,103,395 2,472 1,641
Taxation 318,907 171,784 139,785 70,658
Other taxes and social security 30,758 - - -
VAT - - - 2,255
Other creditors 205,622 221,699 156,959 213,691
Directors' current accounts 25,000 48,754 25,000 43,121
Accruals and deferred income 327,619 160,186 9,034 8,507
2,240,320 4,072,652 440,450 441,268

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 364,308 469,923 364,308 469,923
Hire purchase contracts (see note 19) 267,960 344,520 - -
632,268 814,443 364,308 469,923

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 1,615 - -
Bank loans 107,200 1,288,659 107,200 101,395
107,200 1,290,274 107,200 101,395
Amounts falling due between two and five years:
Bank loans - 2-5 years 364,308 469,923 364,308 469,923

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 76,560 76,560
Between one and five years 267,960 344,520
344,520 421,080

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts - 1,615
Bank loans 471,508 1,758,582
471,508 1,760,197

Barclays bank hold a charge over the company property.

Hire purchase assets are secured on the assets to which they relate.

21. FINANCIAL INSTRUMENTS

The group has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 1,555,741 1,706,224
Financial liabilities measured at amortised cost
Bank loans and overdrafts 471,508 1,760,197
Trade creditors 1,148,654 2,103,395
Hire purchase contracts 344,520 421,080

There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 300,761 328,977 118,752 116,688

Group
Deferred
tax
£   
Balance at 1 April 2023 328,977
Provided during year (28,216 )
Revaluation of fixed assets
Accelerated capital allowances
Balance at 31 March 2024 300,761

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

22. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2023 116,688
Provided during year 2,064
Accelerated capital allowances
Balance at 31 March 2024 118,752

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
864 A Ordinary £1 864 864
173 B Ordinary £1 173 173
115 C Ordinary £1 115 115
1,152 1,152

24. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 5,127,108 1,563,972 3,450 6,694,530
Profit for the year 749,472 - - 749,472
Dividends (145,880 ) - - (145,880 )
At 31 March 2024 5,730,700 1,563,972 3,450 7,298,122

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 2,872,237 1,421,465 3,450 4,297,152
Profit for the year 482,924 - - 482,924
Dividends (145,880 ) - - (145,880 )
At 31 March 2024 3,209,281 1,421,465 3,450 4,634,196

XEINZ GROUP LIMITED (REGISTERED NUMBER: 00479009)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

24. RESERVES - continued

a) Profit and loss account

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

b) Revaluation reserve

The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

c) Capital redemption reserve

The capital redemption reserve represents amounts that are transferred following the redemption or purchase of a company’s own shares.

25. RELATED PARTY DISCLOSURES

Company

As the parent company of Welland Power Limited, Regency Power Generation Limited and Controllis Limited, the company is exempt from the requirements of FRS 102 to disclose transactions with these companies on the grounds that consolidated accounts are publicly available from Companies House.

Group

Key management compensation is considered to be the same as the directors remuneration disclosure.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is E J R Farrow.