IRIS Accounts Production v24.2.0.383 02727723 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 the manufacture of pipe supports. ++ The subsidiary undertakings principally affecting the profits or net assets of the group in the year are listed in note 12 to the financial statements. ++ The company's principal activity is that of an investment company. true true true false true true false false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure027277232022-12-31027277232023-12-31027277232023-01-012023-12-31027277232021-12-31027277232022-01-012022-12-31027277232022-12-3102727723ns16:EnglandWales2023-01-012023-12-3102727723ns15:PoundSterling2023-01-012023-12-3102727723ns11:Director12023-01-012023-12-3102727723ns11:Consolidated2023-12-3102727723ns11:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3102727723ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3102727723ns11:FRS102ns11:Consolidated2023-01-012023-12-3102727723ns11:Auditedns11:Consolidated2023-01-012023-12-3102727723ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102727723ns11:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3102727723ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102727723ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2023-01-012023-12-3102727723ns11:FullAccounts2023-01-012023-12-3102727723ns6:Subsidiary12023-01-012023-12-3102727723ns6:Subsidiary22023-01-012023-12-310272772312023-01-012023-12-3102727723ns11:OrdinaryShareClass12023-01-012023-12-3102727723ns11:Consolidated2023-01-012023-12-3102727723ns11:Director32023-01-012023-12-3102727723ns11:Director42023-01-012023-12-3102727723ns11:CompanySecretary12023-01-012023-12-3102727723ns11:RegisteredOffice2023-01-012023-12-3102727723ns11:Director22023-01-012023-12-3102727723ns11:Consolidated2022-01-012022-12-3102727723ns6:ShareCapital2023-12-3102727723ns6:ShareCapital2022-12-3102727723ns6:SharePremium2023-12-3102727723ns6:SharePremium2022-12-3102727723ns6:CapitalRedemptionReserve2023-12-3102727723ns6:CapitalRedemptionReserve2022-12-3102727723ns6:RetainedEarningsAccumulatedLosses2023-12-3102727723ns6:RetainedEarningsAccumulatedLosses2022-12-3102727723ns6:ShareCapital2021-12-3102727723ns6:RetainedEarningsAccumulatedLosses2021-12-3102727723ns6:SharePremium2021-12-3102727723ns6:CapitalRedemptionReserve2021-12-3102727723ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102727723ns6:CapitalRedemptionReserve2022-01-012022-12-3102727723ns6:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102727723ns6:CapitalRedemptionReserve2023-01-012023-12-3102727723ns6:NetGoodwill2023-01-012023-12-3102727723ns6:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102727723ns6:ComputerSoftware2023-01-012023-12-3102727723ns6:OwnedOrFreeholdAssetsns6:LandBuildings2023-01-012023-12-3102727723ns6:LeaseholdImprovements2023-01-012023-12-3102727723ns6:PlantMachinery2023-01-012023-12-3102727723ns6:FurnitureFittings2023-01-012023-12-3102727723ns6:MotorVehicles2023-01-012023-12-3102727723ns6:CostValuation2022-12-31027277231ns6:Subsidiary12023-01-012023-12-3102727723ns6:Subsidiary12023-12-3102727723ns6:Subsidiary12022-12-3102727723ns6:Subsidiary12022-01-012022-12-3102727723ns6:Subsidiary232023-01-012023-12-3102727723ns6:Subsidiary22023-12-3102727723ns6:Subsidiary22022-12-3102727723ns6:Subsidiary22022-01-012022-12-3102727723ns11:OrdinaryShareClass12023-12-3102727723ns6:RetainedEarningsAccumulatedLosses2022-12-3102727723ns6:SharePremium2022-12-3102727723ns6:CapitalRedemptionReserve2022-12-31
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: J A Lee
K P Edwards
Mrs A M Lee





SECRETARY: K P Edwards





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





REGISTERED NUMBER: 02727723 (England and Wales)





AUDITORS: Morgan Griffiths LLP
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:





J A Lee - Director


10 September 2024

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
J A Lee has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

R E Lee - resigned 23 October 2023
K P Edwards - appointed 26 October 2023
Mrs A M Lee - appointed 26 October 2023

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:





J A Lee - Director


10 September 2024

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.




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

10 September 2024

Carpenter & Paterson (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 1,667,599 34,818
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 2,630,599 2,630,599
Investment property 15 - -
2,630,599 2,630,599

CURRENT ASSETS
Cash at bank 188 368
NET CURRENT ASSETS 188 368
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,630,787

2,630,967

CAPITAL AND RESERVES
Called up share capital 24 857 857
Share premium 25 279,714 279,714
Capital redemption reserve 25 143 143
Retained earnings 25 2,350,073 2,350,253
SHAREHOLDERS' FUNDS 2,630,787 2,630,967

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 10 September 2024 and were signed on its behalf by:





J A Lee - Director


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 857 2,350,433 279,714 143 2,631,147

Changes in equity
Dividends - (210,000 ) - - (210,000 )
Total comprehensive income - 209,820 - - 209,820
Balance at 31 December 2022 857 2,350,253 279,714 143 2,630,967

Changes in equity
Dividends - (330,000 ) - - (330,000 )
Total comprehensive income - 329,820 - - 329,820
Balance at 31 December 2023 857 2,350,073 279,714 143 2,630,787

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 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.

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


2. ACCOUNTING POLICIES

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

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.

Computer software is being amortised evenly over its estimated useful life of three years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost or valuation
Improvements to property - 20% on cost and 10% on cost
Plant and machinery - 25% on cost, 15% on reducing balance and 12.5% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on cost

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
354 315

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 2,630,599
NET BOOK VALUE
At 31 December 2023 2,630,599
At 31 December 2022 2,630,599

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

Subsidiaries

Dutramex BV
Registered office: Holland
Nature of business: Pipe support industry
%
Class of shares: holding
ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 497,599 441,805
Profit/(loss) for the year 165,878 (38,527 )

Carpenter & Paterson Limited
Registered office: England & Wales
Nature of business: Pipe support industry
%
Class of shares: holding
ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 7,197,179 7,176,164
Profit for the year 251,015 426,707

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
£    £   
857 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 2,350,253 279,714 143 2,630,110
Profit for the year 329,820 329,820
Dividends (330,000 ) (330,000 )
At 31 December 2023 2,350,073 279,714 143 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.