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COMPANY REGISTRATION NUMBER: 04114616
Sigma Imaging (UK) Limited
Financial Statements
30 June 2024
Sigma Imaging (UK) Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
Sigma Imaging (UK) Limited
Officers and Professional Advisers
Director
Mr K Yamaki
Company secretary
Mr Y Toden
Registered office
1 Little Mundells
Welwyn Garden City
Herts
AL7 1EW
Auditor
Hardcastle Burton
Chartered accountants & statutory auditor
36 Dene Road
Northwood
Middlesex
HA6 2DA
Bankers
Barclays Bank PLC
22-24 Upper Marlborough Road
St Albans
Herts
AL1 3HJ
Mizuho Corporate Bank
30 Old Bailey
London
EC4M 7AU
Solicitors
Debenhams Ottaway
Ivy House
107 St Peter's Street
St Albans
Herts
AL1 3EW
Sigma Imaging (UK) Limited
Strategic Report
Year ended 30 June 2024
Sigma Imaging (UK) Limited is a wholly owned subsidiary of the Sigma Corporation of Japan. The Sigma Corporation is a world leader in the optical field with top quality lenses and cameras being distributed through an impressive worldwide network of offices and distributors. Though a major force in the photographic industry, the Corporation remains a family owned business with all the high standards and personal integrity that this implies. Sigma Imaging (UK) Limited is based in Welwyn Garden City where our sales, marketing and administration team is located alongside our warehouse and distribution operation. The same premises house our Service Department, manned by Sigma-trained technicians, which offers technical support and repair facilities to our customers. Technology moves on but Sigma's well earned reputation for originality, optical design, build quality and after sales support remains a constant reassurance for today's photographer. The director is pleased to report a satisfactory performance for the year ended 30 June 2024. Turnover has decreased by 19% to £8,915,649, (2023:£11,031,532). All other KPIs show a continued strong performance. The principal uncertainties as at 30 June, 2024 were the continued possible effects of Brexit, rising costs and the supply and demand issues arising from the war in Ukraine. The company will continue to make every effort to mitigate the adverse effects of both these factors. The director sets out the company's Anti Slavery and Human Trafficking Policy which is as follows:' Sigma Imaging (UK) Limited is a wholly owned subsidiary of the SIGMA Corporation of Japan. We are based in the UK and import and distribute photo/imaging equipment to customers based solely in the UK. We also offer repair and servicing facilities to the same geographical area. We do not source raw materials or manufacture in the UK. Our supply chain is very direct and simple as we obtain all our products, as finished goods, from our parent company in Japan. Sigma Imaging (UK) Limited and our parent company share the same commitment to acting ethically and with integrity in all our business relationships. Sigma's philosophy is to demonstrate both an economic and cultural responsibility to the communities we serve and consideration for the environment. Our employees are aware of the evils of slavery and human trafficking and of the company's attitude of zero tolerance. We expect the same high values from our suppliers and contractors. Our commitment to human rights and supply chain accountability will enable consumers to enjoy greater confidence in the SIGMA goods and services they choose.'
This report was approved by the board of directors on 20 August 2024 and signed on behalf of the board by:
Mr K Yamaki
Director
Registered office:
1 Little Mundells
Welwyn Garden City
Herts
AL7 1EW
Sigma Imaging (UK) Limited
Director's Report
Year ended 30 June 2024
The director presents his report and the financial statements of the company for the year ended 30 June 2024 .
Director
The director who served the company during the year was as follows:
Mr K Yamaki
Dividends
The director does not recommend the payment of a dividend.
Disclosure of information in the strategic report
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 20 August 2024 and signed on behalf of the board by:
Mr K Yamaki
Director
Registered office:
1 Little Mundells
Welwyn Garden City
Herts
AL7 1EW
Sigma Imaging (UK) Limited
Independent Auditor's Report to the Members of Sigma Imaging (UK) Limited
Year ended 30 June 2024
Opinion
We have audited the financial statements of Sigma Imaging (UK) Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements for companies operating within this sector, through our own experience as well as through discussion with management and those charged with governance and inspection of regulatory and legal correspondence. We reviewed policies and procedures regarding compliance with laws and regulation and remained alert throughout our audit to any implications of non- compliance, with areas of highest risk communicated to all members of the audit team. The company is subject to laws and regulations directly affecting the financial statements including financial reporting legislation and taxation legislation which we assessed compliance with as part of our review of related financial statement items. This includes the Companies Act 2006 as referenced above. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected a material misstatement within the financial statements while performing our audit in accordance with applicable audit standards. Irregularities may involve a collusion, forgery, intentional omissions, misrepresentations or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Margaret Jill Anthony FCA
(Senior Statutory Auditor)
For and on behalf of
Hardcastle Burton
Chartered accountants & statutory auditor
36 Dene Road
Northwood
Middlesex
HA6 2DA
20 August 2024
Sigma Imaging (UK) Limited
Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
4
8,915,649
11,031,532
Cost of sales
6,606,008
8,320,408
------------
-------------
Gross profit
2,309,641
2,711,124
Administrative expenses
1,569,729
1,572,125
------------
------------
Operating profit
5
739,912
1,138,999
Other interest receivable and similar income
8
3,838
5,243
Interest payable and similar expenses
9
4,906
------------
------------
Profit before taxation
738,844
1,144,242
Tax on profit
10
185,523
235,680
---------
------------
Profit for the financial year and total comprehensive income
553,321
908,562
---------
------------
Retained earnings at the start of the year
17,248,633
16,340,071
-------------
-------------
Retained earnings at the end of the year
17,801,954
17,248,633
-------------
-------------
All the activities of the company are from continuing operations.
Sigma Imaging (UK) Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
11
20,797
27,730
Current assets
Stocks
12
1,868,307
2,470,132
Debtors
13
1,257,122
1,355,394
Cash at bank and in hand
16,548,465
15,371,427
-------------
-------------
19,673,894
19,196,953
Creditors: amounts falling due within one year
14
767,737
851,050
-------------
-------------
Net current assets
18,906,157
18,345,903
-------------
-------------
Total assets less current liabilities
18,926,954
18,373,633
-------------
-------------
Net assets
18,926,954
18,373,633
-------------
-------------
Capital and reserves
Called up share capital
16
1,125,000
1,125,000
Profit and loss account
17,801,954
17,248,633
-------------
-------------
Shareholders funds
18,926,954
18,373,633
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr K Yamaki
Director
Company registration number: 04114616
Sigma Imaging (UK) Limited
Statement of Cash Flows
Year ended 30 June 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
553,321
908,562
Adjustments for:
Depreciation of tangible assets
6,933
9,689
Other interest receivable and similar income
( 3,838)
( 5,243)
Interest payable and similar expenses
4,906
Loss on disposal of tangible assets
1,501
Tax on profit
185,523
235,680
Accrued income
( 2,547)
( 44,285)
Changes in:
Stocks
601,825
581,381
Trade and other debtors
98,272
610,545
Trade and other creditors
( 75,743)
( 18,323)
------------
------------
Cash generated from operations
1,368,652
2,279,507
Interest paid
( 4,906)
Interest received
3,838
5,243
Tax paid
( 185,931)
( 288,567)
------------
------------
Net cash from operating activities
1,181,653
1,996,183
------------
------------
Cash flows from financing activities
Proceeds from loans from group undertakings
( 4,615)
30,029
------------
------------
Net cash (used in)/from financing activities
( 4,615)
30,029
------------
------------
Net increase in cash and cash equivalents
1,177,038
2,026,212
Cash and cash equivalents at beginning of year
15,371,427
13,345,215
-------------
-------------
Cash and cash equivalents at end of year
16,548,465
15,371,427
-------------
-------------
Sigma Imaging (UK) Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Little Mundells, Welwyn Garden City, Herts, AL7 1EW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows: Plant 25% reducing balance method Fixtures and fittings 25% reducing balance method
Equipment 25% reducing balance method
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition. The cost of stock is based on an average price method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
6,933
9,689
Loss on disposal of tangible assets
1,501
Foreign exchange differences
2
-------
-------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
17,957
17,102
--------
--------
7. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024
2023
No.
No.
Distribution staff
14
14
Administrative staff
2
2
----
----
16
16
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
702,580
682,949
Social security costs
73,472
74,865
Other pension costs
88,832
84,001
---------
---------
864,884
841,815
---------
---------
8. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
3,838
5,243
-------
-------
9. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
4,906
-------
----
10. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
185,523
235,680
---------
---------
Tax on profit
185,523
235,680
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 20.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
738,844
1,144,242
---------
------------
Profit on ordinary activities by rate of tax
( 184,711)
234,522
Effect of expenses not deductible for tax purposes
( 1,198)
( 923)
Effect of capital allowances and depreciation
386
( 234)
---------
------------
Tax on profit
(185,523)
233,365
---------
------------
11. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
41,998
8,576
50,574
--------
-------
--------
Depreciation
At 1 July 2023
18,891
3,953
22,844
Charge for the year
5,777
1,156
6,933
--------
-------
--------
At 30 June 2024
24,668
5,109
29,777
--------
-------
--------
Carrying amount
At 30 June 2024
17,330
3,467
20,797
--------
-------
--------
At 30 June 2023
23,107
4,623
27,730
--------
-------
--------
12. Stocks
2024
2023
£
£
Finished goods and goods for resale
1,868,307
2,470,132
------------
------------
13. Debtors
2024
2023
£
£
Trade debtors
1,214,711
1,284,018
Prepayments and accrued income
42,411
41,764
Other debtors
29,612
------------
------------
1,257,122
1,355,394
------------
------------
14. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
52,292
66,490
Amounts owed to group undertakings
62,189
66,804
Accruals and deferred income
341,305
343,852
Corporation tax
112,271
112,679
Social security and other taxes
199,680
231,225
Other creditors
30,000
---------
---------
767,737
851,050
---------
---------
15. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 88,832 (2023: £ 84,001 ).
16. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary Fully paid shares of £ 1 each
5,000,000
5,000,000
5,000,000
5,000,000
------------
------------
------------
------------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary Fully paid shares of £ 1 each
1,125,000
1,125,000
1,125,000
1,125,000
------------
------------
------------
------------
17. Analysis of changes in net debt
At 1 Jul 2023
Cash flows
At 30 Jun 2024
£
£
£
Cash at bank and in hand
15,371,427
1,177,038
16,548,465
Debt due within one year
(66,804)
4,615
(62,189)
-------------
------------
-------------
15,304,623
1,181,653
16,486,276
-------------
------------
-------------
18. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
79,000
77,000
Later than 1 year and not later than 5 years
316,000
316,000
Later than 5 years
237,000
237,000
---------
---------
632,000
630,000
---------
---------
19. Related party transactions
No remuneration was paid to directors during the year.
20. Controlling party
The company's ultimate parent company is as specified in note 18 to the accounts.