REGISTERED NUMBER: 02727723 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
Carpenter & Paterson (Holdings) Ltd |
REGISTERED NUMBER: 02727723 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
Carpenter & Paterson (Holdings) Ltd |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
Carpenter & Paterson (Holdings) Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Cross Chambers |
9 High Street |
Newtown |
Powys |
SY16 2NY |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
During the year the group's turnover increased from £16,415,421 to £20,510,301. The gross profit percentage has increased from 38.4% to 42.95% whilst the operating profit has also increased from £238,458 to £2,138,323. Profit before tax has increased from £171,755 to £2,076,824. |
The group has seen an increase in demand through 2023 particularly in the far east markets. European markets for our core business activities continue to show encouraging growth. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the group 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: |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £ 364,247 . |
FUTURE DEVELOPMENTS |
The group 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 group aims to increase efficiency and productivity. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
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: |
Report of the Independent Auditors to the Shareholders of |
Carpenter & Paterson (Holdings) Ltd |
Opinion |
We have audited the financial statements of Carpenter & Paterson (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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. |
Report of the Independent Auditors to the Shareholders of |
Carpenter & Paterson (Holdings) Ltd |
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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
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 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 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 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 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 directors either intend to liquidate the group or the parent 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 (Holdings) Ltd |
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 group 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 group, 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 group'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 (Holdings) Ltd |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Cross Chambers |
9 High Street |
Newtown |
Powys |
SY16 2NY |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Consolidated |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 20,510,301 | 16,415,421 |
Cost of sales | 11,698,343 | 10,104,154 |
GROSS PROFIT | 8,811,958 | 6,311,267 |
Distribution costs | 627,886 | 527,027 |
Administrative expenses | 6,281,688 | 5,858,222 |
6,909,574 | 6,385,249 |
1,902,384 | (73,982 | ) |
Other operating income | 4 | 235,939 | 155,440 |
Gain/loss on revaluation of investment property |
- |
157,000 |
OPERATING PROFIT | 6 | 2,138,323 | 238,458 |
Income from fixed asset investments | - | 2,454 |
Interest receivable and similar income | 3,625 | 7,107 |
3,625 | 9,561 |
2,141,948 | 248,019 |
Interest payable and similar expenses | 7 | 65,124 | 76,264 |
PROFIT BEFORE TAXATION | 2,076,824 | 171,755 |
Tax on profit | 8 | 409,225 | 136,937 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,538,185 | 106,462 |
Non-controlling interests | 129,414 | (71,644 | ) |
1,667,599 | 34,818 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as | restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,667,599 | 34,818 |
OTHER COMPREHENSIVE INCOME |
Exchange rate difference | 17,650 | (142,181 | ) |
Minority interest on new subsidiary | - | (78,606 | ) |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
17,650 |
(220,787 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,685,249 |
(185,969 |
) |
Note |
Prior year adjustment | 11 | (137,202 | ) | (131,660 | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
1,548,047 |
(317,629 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 1,413,545 | (308,276 | ) |
Non-controlling interests | 134,502 | (9,353 | ) |
1,548,047 | (317,629 | ) |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Consolidated Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 1,723,258 | 1,879,325 |
Tangible assets | 13 | 1,884,079 | 1,970,749 |
Investments | 14 | - | - |
Investment property | 15 | 1,167,000 | 1,167,000 |
4,774,337 | 5,017,074 |
CURRENT ASSETS |
Stocks | 16 | 3,424,715 | 3,115,272 |
Debtors | 17 | 2,871,699 | 4,805,042 |
Cash at bank and in hand | 3,418,343 | 513,204 |
9,714,757 | 8,433,518 |
CREDITORS |
Amounts falling due within one year | 18 | 3,880,795 | 3,975,680 |
NET CURRENT ASSETS | 5,833,962 | 4,457,838 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,608,299 |
9,474,912 |
CREDITORS |
Amounts falling due after more than one year |
19 |
(602,695 |
) |
(810,772 |
) |
PROVISIONS FOR LIABILITIES | 23 | (122,131 | ) | (72,510 | ) |
NET ASSETS | 9,883,473 | 8,591,630 |
CAPITAL AND RESERVES |
Called up share capital | 24 | 857 | 857 |
Share premium | 25 | 279,714 | 279,714 |
Fair value reserve | 25 | 322,706 | 325,618 |
Capital redemption reserve | 25 | 143 | 143 |
Retained earnings | 25 | 8,834,029 | 7,639,529 |
SHAREHOLDERS' FUNDS | 9,437,449 | 8,245,861 |
NON-CONTROLLING INTERESTS | 446,024 | 345,769 |
TOTAL EQUITY | 9,883,473 | 8,591,630 |
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: |
J A Lee - Director |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Company Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
Investment property | 15 |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 24 |
Share premium | 25 |
Capital redemption reserve | 25 |
Retained earnings | 25 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 329,820 | 209,820 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up | Fair |
share | Retained | Share | value |
capital | earnings | premium | reserve |
£ | £ | £ | £ |
Balance at 1 January 2022 | 857 | 8,272,876 | 279,714 | 205,285 |
Prior year adjustment | - | (131,660 | ) | - | - |
As restated | 857 | 8,141,216 | 279,714 | 205,285 |
Changes in equity |
Dividends | - | (267,029 | ) | - | - |
Total comprehensive income | - | (97,456 | ) | - | 120,333 |
857 | 7,776,731 | 279,714 | 325,618 |
Acquisition of non-controlling interest |
- |
- |
- |
- |
Balance at 31 December 2022 | 857 | 7,776,731 | 279,714 | 325,618 |
Prior year adjustment | - | (137,202 | ) | - | - |
As restated | 857 | 7,639,529 | 279,714 | 325,618 |
Changes in equity |
Dividends | - | (364,247 | ) | - | - |
Total comprehensive income | - | 1,558,747 | - | (2,912 | ) |
Balance at 31 December 2023 | 857 | 8,834,029 | 279,714 | 322,706 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Consolidated Statement of Changes in Equity - continued |
for the Year Ended 31 December 2023 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 143 | 8,758,875 | 333,545 | 9,092,420 |
Prior year adjustment | - | (131,660 | ) | - | (131,660 | ) |
As restated | 143 | 8,627,215 | 333,545 | 8,960,760 |
Changes in equity |
Dividends | - | (267,029 | ) | (57,029 | ) | (324,058 | ) |
Total comprehensive income | - | 22,877 | (9,353 | ) | 13,524 |
143 | 8,383,063 | 267,163 | 8,650,226 |
Acquisition of non-controlling interest |
- |
- |
78,606 |
78,606 |
Balance at 31 December 2022 | 143 | 8,383,063 | 345,769 | 8,728,832 |
Prior year adjustment | - | (137,202 | ) | - | (137,202 | ) |
As restated | 143 | 8,245,861 | 345,769 | 8,591,630 |
Changes in equity |
Dividends | - | (364,247 | ) | (34,247 | ) | (398,494 | ) |
Total comprehensive income | - | 1,555,835 | 134,502 | 1,690,337 |
Balance at 31 December 2023 | 143 | 9,437,449 | 446,024 | 9,883,473 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as | restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,602,623 | (435,297 | ) |
Interest paid | (49,311 | ) | (63,102 | ) |
Interest element of hire purchase payments paid |
(15,813 |
) |
(13,162 |
) |
Tax paid | (220,993 | ) | (56,991 | ) |
Net cash from operating activities | 4,316,506 | (568,552 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (3,896 | ) |
Purchase of tangible fixed assets | (327,825 | ) | (235,760 | ) |
Sale of tangible fixed assets | 175,833 | - |
Cash on acquisition of subsidiary | - | 84,472 |
Sale of current asset investment | - | 418,269 |
Investment in subsidiary | - | (92,837 | ) |
Interest received | 3,625 | 7,107 |
Dividends received | - | 2,454 |
Net cash from investing activities | (148,367 | ) | 179,809 |
Cash flows from financing activities |
Loan repayments in year | (469,396 | ) | (446,187 | ) |
Capital repayments in year | (103,085 | ) | (86,869 | ) |
Amount withdrawn by directors | (1,957 | ) | (12,749 | ) |
Equity dividends paid | (364,247 | ) | (267,029 | ) |
Net cash from financing activities | (938,685 | ) | (812,834 | ) |
Increase/(decrease) in cash and cash equivalents | 3,229,454 | (1,201,577 | ) |
Cash and cash equivalents at beginning of year |
2 |
201,990 |
1,493,684 |
Effect of foreign exchange rate changes | (13,101 | ) | (90,117 | ) |
Cash and cash equivalents at end of year |
2 |
3,418,343 |
201,990 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated 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 |
as | restated |
£ | £ |
Profit before taxation | 2,076,824 | 171,755 |
Depreciation charges | 444,881 | 499,142 |
Loss on disposal of fixed assets | 15,973 | - |
Gain on revaluation of fixed assets | - | (157,000 | ) |
Finance costs | 65,124 | 76,264 |
Finance income | (3,625 | ) | (9,561 | ) |
2,599,177 | 580,600 |
Increase in stocks | (309,443 | ) | (297,899 | ) |
Decrease/(increase) in trade and other debtors | 1,925,793 | (619,835 | ) |
Increase/(decrease) in trade and other creditors | 387,096 | (98,163 | ) |
Cash generated from operations | 4,602,623 | (435,297 | ) |
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 | 3,418,343 | 513,204 |
Bank overdrafts | - | (311,214 | ) |
3,418,343 | 201,990 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
as restated |
£ | £ |
Cash and cash equivalents | 513,204 | 1,493,684 |
Bank overdrafts | (311,214 | ) | - |
201,990 | 1,493,684 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 513,204 | 2,905,139 | 3,418,343 |
Bank overdrafts | (311,214 | ) | 311,214 | - |
201,990 | 3,216,353 | 3,418,343 |
Debt |
Finance leases | (232,959 | ) | 103,085 | - | (194,412 | ) |
Debts falling due |
within 1 year | (469,324 | ) | 320,486 | - | (148,838 | ) |
Debts falling due |
after 1 year | (662,820 | ) | 148,910 | - | (513,910 | ) |
(1,365,103 | ) | 572,481 | - | (857,160 | ) |
Total | (1,163,113 | ) | 3,788,834 | - | 2,561,183 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Carpenter & Paterson (Holdings) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31st December each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within 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 Recognition |
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
Goodwill |
Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is either 10 or 20 years. Provision is made for any impairment. |
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. |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Land and buildings | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
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 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. |
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in the statement of comprehensive income. |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 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. |
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: |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
United Kingdom | 4,097,133 | 4,735,196 |
Europe | 3,348,418 | 3,481,231 |
Rest of World | 13,064,750 | 8,198,994 |
20,510,301 | 16,415,421 |
All turnover is generated from the same class of business. |
4. | OTHER OPERATING INCOME |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Rents received | 45,266 | 31,665 |
Sundry receipts | 193,092 | 84,524 |
Exchange gains | (2,419 | ) | 39,251 |
235,939 | 155,440 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Wages and salaries | 5,328,299 | 5,468,259 |
Social security costs | 381,373 | 419,383 |
Other pension costs | 279,024 | 253,087 |
5,988,696 | 6,140,729 |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
as | restated |
Production | 265 | 220 |
Administration | 71 | 76 |
Sales | 18 | 19 |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Directors' remuneration | 197,811 | 120,573 |
Directors' pension contributions to money purchase schemes | 61,667 | 10,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 1 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Hire of plant and machinery | 111,175 | 95,174 |
Other operating leases | 141,663 | 104,594 |
Depreciation - owned assets | 254,951 | 263,590 |
Depreciation - assets on hire purchase contracts | 32,276 | 37,971 |
Loss on disposal of fixed assets | 15,973 | - |
Goodwill amortisation | 156,067 | 196,924 |
Auditors' remuneration | 17,000 | 12,250 |
Foreign exchange differences | 2,419 | (39,251 | ) |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Bank loan interest | 37,328 | 47,885 |
Other interest | 11,983 | 15,217 |
Hire purchase | 15,813 | 13,162 |
65,124 | 76,264 |
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 |
as | restated |
£ | £ |
Current tax: |
Foreign tax | 340,082 | 41,033 |
Foreign withholding tax | 19,517 | 33,514 |
Total current tax | 359,599 | 74,547 |
Deferred tax | 49,626 | 62,390 |
Tax on profit | 409,225 | 136,937 |
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 |
as | restated |
£ | £ |
Profit before tax | 2,076,824 | 171,755 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.500 % (2022 - 19 %) |
488,054 |
32,633 |
Effects of: |
Expenses not deductible for tax purposes | 2,048 | 1,285 |
Income not taxable for tax purposes | - | (30,297 | ) |
Depreciation in excess of capital allowances | 71,919 | 39,125 |
Utilisation of tax losses | (106,420 | ) | (27,270 | ) |
Amortisation of goodwill | 36,676 | 37,416 |
Deferred tax on revaluation of investment property | 2,912 | 36,667 |
Different rates of tax on overseas earnings | (86,006 | ) | 11,677 |
Losses carried forward | 42 | 35,701 |
Total tax charge | 409,225 | 136,937 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
31.12.23 |
Gross | Tax | Net |
£ | £ | £ |
Exchange rate difference | 17,650 | - | 17,650 |
Minority interest on new subsidiary |
17,650 | - | 17,650 |
31.12.22 |
Gross | Tax | Net |
£ | £ | £ |
Exchange rate difference | (142,181 | ) | - | (142,181 | ) |
Minority interest on new subsidiary | (78,606 | ) | - | (78,606 | ) |
(220,787 | ) | - | (220,787 | ) |
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 |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Interim | 364,247 | 267,029 |
11. | PRIOR YEAR ADJUSTMENT |
The prior year adjustment is the effect of the retranslation of the opening net assets of the foreign subsidiaries at this year's closing exchange rate. |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 4,354,959 | 12,744 | 4,367,703 |
AMORTISATION |
At 1 January 2023 | 2,479,530 | 8,848 | 2,488,378 |
Amortisation for year | 156,067 | - | 156,067 |
At 31 December 2023 | 2,635,597 | 8,848 | 2,644,445 |
NET BOOK VALUE |
At 31 December 2023 | 1,719,362 | 3,896 | 1,723,258 |
At 31 December 2022 | 1,875,429 | 3,896 | 1,879,325 |
13. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Land and | to | Plant and |
buildings | property | machinery |
£ | £ | £ |
COST |
At 1 January 2023 | 971,910 | 331,965 | 3,797,169 |
Additions | - | 114,114 | 256,983 |
Disposals | - | - | (284,159 | ) |
At 31 December 2023 | 971,910 | 446,079 | 3,769,993 |
DEPRECIATION |
At 1 January 2023 | 247,846 | 229,809 | 2,742,574 |
Charge for year | 12,835 | 38,945 | 200,721 |
Eliminated on disposal | - | - | (92,363 | ) |
At 31 December 2023 | 260,681 | 268,754 | 2,850,932 |
NET BOOK VALUE |
At 31 December 2023 | 711,229 | 177,325 | 919,061 |
At 31 December 2022 | 724,064 | 102,156 | 1,054,595 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 495,827 | 75,318 | 251,059 | 5,923,248 |
Additions | 13,010 | - | 8,256 | 392,363 |
Disposals | (27,265 | ) | - | - | (311,424 | ) |
At 31 December 2023 | 481,572 | 75,318 | 259,315 | 6,004,187 |
DEPRECIATION |
At 1 January 2023 | 442,970 | 60,929 | 228,371 | 3,952,499 |
Charge for year | 18,640 | 3,810 | 12,276 | 287,227 |
Eliminated on disposal | (27,255 | ) | - | - | (119,618 | ) |
At 31 December 2023 | 434,355 | 64,739 | 240,647 | 4,120,108 |
NET BOOK VALUE |
At 31 December 2023 | 47,217 | 10,579 | 18,668 | 1,884,079 |
At 31 December 2022 | 52,857 | 14,389 | 22,688 | 1,970,749 |
Included in cost of land and buildings is freehold land of £7,836 (2022 - £7,836) which is not depreciated. |
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 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Holland |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Carpenter & Paterson (Asia)Ltd |
Registered office: Thailand |
Nature of business: Manufacture of pipe supports |
% |
Class of shares: | holding |
Ordinary | & preference shares | 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 (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Carpenter & Paterson India |
Registered office: India |
Nature of business: Manufacture of pipe supports |
% |
Class of shares: | holding |
Ordinary | 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 | 93,776 |
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 | ) | - |
15. | INVESTMENT PROPERTY |
Group |
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 (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | INVESTMENT PROPERTY - continued |
Group |
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 |
as | restated |
£ | £ |
Cost | 795,758 | 795,758 |
Investment property was valued on an open market basis on 10 February 2023 by Berrys (RICS) and Martin Devargo (RICS) . |
16. | STOCKS |
Group |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Raw materials and Work in |
Progress | 3,424,715 | 3,115,272 |
3,424,715 | 3,115,272 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Trade debtors | 2,401,518 | 4,003,863 |
Other debtors | 269,151 | 422,337 |
Tax | 33,406 | 40,956 |
VAT | 34,560 | - |
Prepayments and accrued income | 133,064 | 337,886 |
2,871,699 | 4,805,042 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Bank loans and overdrafts (see note 20) | 37,843 | 669,543 |
Other loans (see note 20) | 110,995 | 110,995 |
Hire purchase contracts (see note 21) | 105,627 | 85,007 |
Trade creditors | 2,557,699 | 1,535,104 |
Tax | 226,375 | 95,319 |
Social security and other taxes | 89,754 | 71,151 |
VAT | - | 115,101 |
Other creditors | 488,668 | 877,979 |
Directors' current accounts | 2,720 | 4,677 |
Accruals and deferred income | 261,114 | 410,804 |
3,880,795 | 3,975,680 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Bank loans (see note 20) | 291,920 | 329,835 |
Other loans (see note 20) | 221,990 | 332,985 |
Hire purchase contracts (see note 21) | 88,785 | 147,952 |
602,695 | 810,772 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | - | 311,214 |
Bank loans | 37,843 | 358,329 |
Other loans | 110,995 | 110,995 |
148,838 | 780,538 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 38,654 | 37,842 |
Other loans - 1-2 years | 110,995 | 110,995 |
149,649 | 148,837 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 58,302 | 77,686 |
Other loans - 2-5 years | 110,995 | 221,990 |
169,297 | 299,676 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 194,964 | 214,307 |
The bank loan in the UK subsidiary totals £47,025 (2022 £69,125). The interest rate is 2.95% above LIBOR 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 (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Gross obligations repayable: |
Within one year | 119,601 | 96,545 |
Between one and five years | 101,516 | 166,099 |
221,117 | 262,644 |
Finance charges repayable: |
Within one year | 13,974 | 11,538 |
Between one and five years | 12,731 | 18,147 |
26,705 | 29,685 |
Net obligations repayable: |
Within one year | 105,627 | 85,007 |
Between one and five years | 88,785 | 147,952 |
194,412 | 232,959 |
Group |
Non-cancellable | operating leases |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Within one year | 329,596 | 340,497 |
Between one and five years | 113,859 | 354,659 |
443,455 | 695,156 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
22. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Bank overdraft | - | 311,214 |
Bank loans | 329,763 | 688,164 |
Hire purchase contracts | 194,412 | 232,959 |
524,175 | 1,232,337 |
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. |
23. | PROVISIONS FOR LIABILITIES |
Group |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Deferred tax |
Deferred tax | 73,595 | 26,886 |
Deferred tax on fair value reserve | 48,536 | 45,624 |
122,131 | 72,510 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 72,510 |
Charge to Income Statement during year | 49,621 |
Balance at 31 December 2023 | 122,131 |
24. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | as restated |
£ | £ |
Ordinary | £1 | 857 | 857 |
Carpenter & Paterson (Holdings) Ltd (Registered number: 02727723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
25. | RESERVES |
Group |
Fair | Capital |
Retained | Share | value | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 January 2023 | 7,776,731 | 279,714 | 325,618 | 143 | 8,382,206 |
Prior year adjustment | (137,202 | ) | (137,202 | ) |
7,639,529 | 8,245,004 |
Profit for the year | 1,538,185 | 1,538,185 |
Dividends | (364,247 | ) | (364,247 | ) |
Currency translation | 17,650 | - | - | - | 17,650 |
Deferred tax | 2,912 | - | (2,912 | ) | - | - |
At 31 December 2023 | 8,834,029 | 279,714 | 322,706 | 143 | 9,436,592 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 2,630,110 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 2,629,930 |
26. | PENSION COMMITMENTS |
Carpenter & Paterson Limited operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the schemes and amounted to £234,142 (2022 £215,948). The amount outstanding at the year end was £19,200 (2022 £16,100) |
27. | 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. |
28. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ 397,883 (2022 - £ 362,112 ) was paid. |
29. | ULTIMATE CONTROLLING PARTY |
Mr. J A Lee, a director of the company, controls the company as a result of owning 100% of the issued share capital of the company. |