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REGISTERED NUMBER: 01056766 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

Edmont Limited

Edmont Limited (Registered number: 01056766)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Financial Statements 12


Edmont Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: C R Morton
B J Russell
Ms M J Fyans
A Hyde
G J Arkell





SECRETARY: Mrs H L Paget





REGISTERED OFFICE: Hyde Road Works
Upper Stratton
Swindon
SN2 7RB





REGISTERED NUMBER: 01056766 (England and Wales)

Edmont Limited (Registered number: 01056766)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the business is that of joinery manufacture and installation, interior fit out and mechanical and electrical installation.

STRATEGY AND BUSINESS MODEL
Edmont Ltd deliver all aspects of specialist joinery manufacture and installation, interior fit outs and electrical and mechanical services. The company business strategy is as follows.

Edmont's mission is to be the number one choice for joinery and fit out projects. We will do this by providing:

- A complete service from concept and design through to delivery of the completed project.
- The scale and expertise to deliver large projects whilst remaining small enough to be flexible and responsive to
client requirements and offer a personal service.
- A manufacturing capability that enables us to provide high quality joinery items to our fit-out divisions, reducing
reliance on a manufacturing supply chain.
- The expertise, technical skill base and machinery to offer joinery design, manufacture and installation to diverse
external markets, from heritage internal and external joinery and cabinetry to cost effective and airport compliant
retail fixtures.

The companies 5-year plan was significantly impacted by the Covid 19 pandemic during the years 2020, 2021,2022 and as a result we altered the business plan to sustain turnover in the initial years after the pandemic. As the economy recovers from the effects of the pandemic the business now aims to grow the business sustainably ensuring profit margins are retained.

REVIEW OF BUSINESS
Turnover in the year to March 2024 grew by 17% (2023 growth 24%) . The businesses revenue streams have seen continued recovery from the severe impact the Covid 19 pandemic and its subsequent lockdowns and restrictions. In 2023 and 2024 we saw increased activity and trade in market sectors heavily impacted by the pandemic. This increase in activity saw both the turnover and the gross profit margins positively impacted and saw continued profitability for the company.

Key financial and other performance Indicators
2024 2023
Turnover £16,542,088 £14,167,484
Gross profit £2,015,932 £1,793,019
Gross profit margin 12.2% 12.7%
Net profit / (loss) before tax £481,442 £285,891
Net profit margin 2.9% 2.0%


Edmont Limited (Registered number: 01056766)

Strategic Report
for the Year Ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the following principal risks and uncertainties:

Market Risks
The principal risks and uncertainties which might impact the company's future financial performance relate to changes in the UK economy. Specifically, the factors that could impact the company's profitability and cashflow are:

a) General business investment - leading to reduced work available in our market sector
b) Cost and availability of imported materials
c) Availability of skilled work people, with many immigrants from European countries returning to their
homelands.

These risks are being actively managed by increasing our range of products and services, additional marketing, advance purchases and by maintaining staff morale and engagement. In addition, we have improved systems and controls, which has allowed us to achieve and maintain ISO 9001 accreditation.

The company is alert to the risk of inadvertently taking on of loss-making contracts and has introduced new higher-level analysis of customers to ensure we engage with only financially secure customers and on added value contracts.

Legislative and regulatory risks
The directors remain alert to the impact of regulatory and legislative changes on the company's operations. Factors such as the Health and Safety at Work Act are of upmost importance and the directors actively evaluate changes to legislation and regulations regularly to ensure changes or best practices are adopted swiftly to mitigate any risks.

Actions of competitors
The company takes pride in its longstanding reputation for quality, and the directors continue to promote quality and the efficient delivery of services to existing and new customers. The directors are also aware of the need to remain cost efficient in this time of narrow margins and high competition and closely manage the financial performance of projects.

Cost of living crisis
High inflation and the increases in costs of mortgages, food and utilities have led to a cost-of-living crisis in the UK. This is likely to impact the business two-fold. Pressure on household incomes mean attracting new staff becomes more competitive, whilst general overheads and running costs continue to increase with many items seeing inflationary price increases.

ON BEHALF OF THE BOARD:





Mrs H L Paget - Secretary


5 September 2024

Edmont Limited (Registered number: 01056766)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £Nil (2022 - £Nil).

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

C R Morton
B J Russell
Ms M J Fyans
A Hyde
G J Arkell

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

AUDITORS
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mrs H L Paget - Secretary


5 September 2024

Report of the Independent Auditors to the Members of
Edmont Limited

Opinion
We have audited the financial statements of Edmont Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Edmont Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;
- Review of tax compliance;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
expenses;
- Testing transactions entered into outside of the normal course of the Company's business; and
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals
with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Report of the Independent Auditors to the Members of
Edmont Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Martin Longmore (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditors
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

9 September 2024

Edmont Limited (Registered number: 01056766)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 16,542,088 14,167,485

Cost of sales 14,526,156 12,374,466
GROSS PROFIT 2,015,932 1,793,019

Administrative expenses 1,524,095 1,472,677
491,837 320,342

Other operating income 25,803 3,500
OPERATING PROFIT 3 517,640 323,842

Interest receivable and similar income 4 9,491 1,037
527,131 324,879

Interest payable and similar expenses 5 45,689 38,988
PROFIT BEFORE TAXATION 481,442 285,891

Tax on profit 6 103,742 (203,471 )
PROFIT FOR THE FINANCIAL YEAR 377,700 489,362

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

377,700

489,362

Edmont Limited (Registered number: 01056766)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 298,482 302,346
Investments 9 6 6
298,488 302,352

CURRENT ASSETS
Stocks 10 755,633 1,548,531
Debtors 11 2,228,392 2,297,956
Cash at bank and in hand 1,047,652 313,734
4,031,677 4,160,221
CREDITORS
Amounts falling due within one year 12 2,571,233 3,028,375
NET CURRENT ASSETS 1,460,444 1,131,846
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,758,932

1,434,198

CREDITORS
Amounts falling due after more than one
year

13

(136,187

)

(236,971

)

PROVISIONS FOR LIABILITIES 17 (47,818 ) -
NET ASSETS 1,574,927 1,197,227

CAPITAL AND RESERVES
Called up share capital 18 300,000 300,000
Retained earnings 19 1,274,927 897,227
SHAREHOLDERS' FUNDS 1,574,927 1,197,227

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





C R Morton - Director


Edmont Limited (Registered number: 01056766)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 300,000 407,865 707,865

Changes in equity
Total comprehensive income - 489,362 489,362
Balance at 31 March 2023 300,000 897,227 1,197,227

Changes in equity
Total comprehensive income - 377,700 377,700
Balance at 31 March 2024 300,000 1,274,927 1,574,927

Edmont Limited (Registered number: 01056766)

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 21 953,438 472,409
Interest paid (34,360 ) (32,612 )
Interest element of hire purchase payments
paid

(11,329

)

(6,376

)
Tax repaid 206,040 60,480
Net cash from operating activities 1,113,789 493,901

Cash flows from investing activities
Purchase of tangible fixed assets (107,613 ) (198,154 )
Sale of tangible fixed assets 1,250 5,000
Interest received 9,491 1,037
Net cash from investing activities (96,872 ) (192,117 )

Cash flows from financing activities
Loan movement in year (50,000 ) 130,944
Capital repayments in year (47,298 ) (184,833 )
Amount introduced by directors - 10,202
Net cash from financing activities (97,298 ) (43,687 )

Increase in cash and cash equivalents 919,619 258,097
Cash and cash equivalents at beginning
of year

22

128,033

(130,064

)

Cash and cash equivalents at end of year 22 1,047,652 128,033

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

General information
The company is a private company limited by shares and is incorporated in England. The address of its registered office is Hyde Road Works, Upper Stratton, Swindon, SN2 7RB.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation
These financial statements have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland ("FRS 102") and the Companies Act 2006.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 7 to the financial statements.

Going Concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and on this basis the company therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the directors have considered the following areas:

- The company's results for the current period since the year end
- The company's forecasts and projections for the forthcoming 12 month period
- Assessment of liquidity and credit risk, including short-term working capital requirements and longer-term
financing arrangements
- Stability of trading partners and conditions of the market in which the company operates
- Objectives and strategic direction of the company
- The legal and regulatory requirements of the company and its operations

Functional and presentation currency
The company's functional and presentation currency is the pound sterling, rounded to the nearest £1.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable, net of value added tax, for goods and services supplied to customers during year, adjusted for movements in the valuation of long term contracts and work in progress as set out below.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the inputed rate of interest.

The company recognises revenue when the following conditions are satisfied:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company retains neither continuing managerial involvement to the degree associated with ownership
nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction can be measured reliably.

Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.

(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.


Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
(ii) Defined contribution pension plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

(i) Depreciation and residual values
Depreciation on assets is calculated, using the straight-line method, to allocate the cost of assets less their residual values over their estimated useful lives, as follows:

Leasehold improvements- over period of lease
Plant and machinery- 20% on straight line basis
Fixtures and fittings- 33% on straight line basis
Motor vehicles- 20% to 33% straight line basis

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

(ii) Subsequent additions and major components
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over their useful lives.

Repairs and maintenance costs are expensed as incurred.

(iii) Assets in the course of construction
Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use.

(iv) Derecognition
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Long-term contracts
Turnover and costs in respect of long term contracts are recognised as work progresses. Profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording costs net of amounts invoiced as contract activity progresses. This is based on an assessment of the work undertaken and the costs to completion. Full provision is made for losses on all contracts in the year in which they are first foreseen.


Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

(i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount expected to be paid to the tax authorities.

(ii) Deferred tax
Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which they are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

(i) Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the value of the lease asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

(ii) Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

(iii) Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty; or
- breach of contract, such as a default or delinquency in interest or principal payments; or
- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account.

Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Provisions and contingencies
(i) Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

(ii) Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (a) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (b) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefit is probable.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Related party transactions
The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose in detail transactions with members of the same group that are wholly owned.

Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,567,743 3,193,472
Social security costs 415,935 348,923
Other pension costs 72,294 65,975
4,055,972 3,608,370

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. EMPLOYEES AND DIRECTORS - continued

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

Site/Joinery 39 36
Productive Management 37 36
Administration 8 7
84 79

2024 2023
£    £   
Directors' remuneration 405,648 329,833
Directors' pension contributions to money purchase schemes 23,908 22,602

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 175,280 135,648
Pension contributions to money purchase schemes 13,459 14,780

3. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 324,862 235,402
Other operating leases 63,350 64,650
Depreciation - owned assets 111,477 78,068
Profit on disposal of fixed assets (1,250 ) (5,000 )
Auditors' remuneration - auditing the accounts 11,150 9,602
Auditors' remuneration for non audit work 3,642 4,055

4. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 9,491 916
Interest on director loans - 121
9,491 1,037

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 14,417 16,270
Bank loan interest 11,503 10,348
Other interest payable 8,440 5,994
Hire purchase 11,329 6,376
45,689 38,988

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 55,924 (203,471 )

Deferred tax 47,818 -
Tax on profit 103,742 (203,471 )

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 481,442 285,891
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

120,361

54,319

Effects of:
Expenses not deductible for tax purposes 798 19,740
Income not taxable for tax purposes (2,813 ) (1,147 )
Capital allowances in excess of depreciation (1,270 ) (45,952 )
Utilisation of tax losses (60,780 ) (26,960 )
R&D Credit claim - (203,471 )
Marginal relief (372 ) -
Deferred tax 47,818 -
Total tax charge/(credit) 103,742 (203,471 )

At 31 March 2024 the company had unused trading losses of £Nil (2023: £243,120) and unused capital losses of £46,616 (2023: £46,616).

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic life of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimates useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Work in progress
The company's work centres around long term construction contracts. As a result it is necessary to consider the recoverability of the cost of work in progress and the associated provisioning required. When calculating the work in progress, management considers the nature and stage of the contract, as well as applying assumptions around anticipated recoverability.

(iii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

8. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 14,904 1,328,197 338,949 407,174 2,089,224
Additions - 50,069 19,349 38,195 107,613
Disposals - (8,800 ) (4,864 ) (49,433 ) (63,097 )
At 31 March 2024 14,904 1,369,466 353,434 395,936 2,133,740
DEPRECIATION
At 1 April 2023 8,418 1,182,603 304,383 291,474 1,786,878
Charge for year 407 59,819 11,824 39,427 111,477
Eliminated on disposal - (8,800 ) (4,864 ) (49,433 ) (63,097 )
At 31 March 2024 8,825 1,233,622 311,343 281,468 1,835,258
NET BOOK VALUE
At 31 March 2024 6,079 135,844 42,091 114,468 298,482
At 31 March 2023 6,486 145,594 34,566 115,700 302,346

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 6
NET BOOK VALUE
At 31 March 2024 6
At 31 March 2023 6

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. FIXED ASSET INVESTMENTS - continued

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

Edmont Construction Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Edmont Joinery Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Edmont Shopfittting Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Edmont Developments Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Edmont The Complete Contractor Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. FIXED ASSET INVESTMENTS - continued

Edmont Complete Solutions Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

10. STOCKS
2024 2023
£    £   
Raw materials 14,833 34,197
Work-in-progress 740,800 1,514,334
755,633 1,548,531

Included in creditors are payments on account against work-in-progress at the balance sheet date of £546,725 (2023: £669,480).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,915,339 1,771,691
Other debtors 5,523 14,848
Tax - 217,475
Prepayments 307,530 293,942
2,228,392 2,297,956

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 50,000 235,701
Hire purchase contracts (see note 15) 43,316 39,830
Trade creditors 1,266,351 1,594,061
Tax 44,489 -
Social security and other taxes 418,542 262,145
Accruals and deferred income 201,810 227,158
Work-in-progress payments on account 546,725 669,480
2,571,233 3,028,375

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 14) 58,333 108,333
Hire purchase contracts (see note 15) 77,854 128,638
136,187 236,971

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 185,701
Bank loans 50,000 50,000
50,000 235,701

Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 8,333 58,333

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 56,843 58,252
Between one and five years 98,244 155,369
155,087 213,621

Finance charges repayable:
Within one year 13,527 18,422
Between one and five years 20,390 26,731
33,917 45,153

Net obligations repayable:
Within one year 43,316 39,830
Between one and five years 77,854 128,638
121,170 168,468

Non-cancellable operating leases
2024 2023
£    £   
Within one year 131,380 191,449
Between one and five years 22,380 153,760
153,760 345,209

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 185,701
Hire purchase contracts 121,170 168,468
Business Interruption Loan 108,333 158,333
229,503 512,502

The bank borrowing are secured by a fixed and floating charge over the company's assets present and future.

In respect of the bank loan the UK government has provided the bank with a guarantee for 80% of the total loan value.

The hire purchase contracts are secured by the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 47,818 -

Deferred
tax
£   
Provided during year 47,818
Balance at 31 March 2024 47,818

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300,000 Ordinary £1 300,000 300,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

19. RESERVES
Retained
earnings
£   

At 1 April 2023 897,227
Profit for the year 377,700
At 31 March 2024 1,274,927

20. RELATED PARTY DISCLOSURES

Transactions with directors

In December 2015, L J Clark loaned the company £100,000 with interest being charged at 3%. Following his passing on 28 January 2019, the entitlement to amounts owed from the company to L J Clark was held and due to be transferred to his beneficiary upon conclusion of his estate. This occurred in the year with the full final sum transferred.

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

During the year ended 31 March 2011 the company loaned £50,000 to C R Morton. A further loan of £100,000 was loaned to C R Morton during the year ended 31 March 2015. Interest on this loan is charged at base rate plus 3%. The loan was repayable on the earliest of cessation of employment or C R Morton ceasing to hold less than 50% of his current shareholding.This was repaid during the year 31 March 2023

A summary of transactions in the year and amounts owed to and from the company as at the balance sheet date is as follows:

Loan interest paid by company
2023 2023
£ £
L J Clark beneficiary Nil 3,215
Nil 3,215

Loan interest received by company
2024 2023
£ £
C R Morton Nil 121
Mil 121

Transactions with related companies

Arkells Brewery Limited
A 50% shareholder of the company

The following transactions took place. All were on normal commercial terms in the ordinary course of business.
2024 2023
£ £

Sales 1,216,771 3,488,139
Purchases (170,684 ) (204,277 )


2024 2023
£ £

Included in trade debtors 194,817 162,506
Included in trade creditors (90 ) (87 )

The company leases a number of units and properties from Arkells Brewery Limited. During the year rent of £166,872 (2023 - £166,469) was paid.


Key management personnel compensation
During the year, a total of key management personnel compensation of £472,843 (2023 - £329,833) was paid.

Additionally, included in sales are the following amounts in respect of work carried out at directors' houses and other businesses:
2024 2023
£ £
Nil 8,767

Edmont Limited (Registered number: 01056766)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

21. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 481,442 285,891
Depreciation charges 111,477 78,068
Profit on disposal of fixed assets (1,250 ) (5,000 )
Finance costs 45,689 38,988
Finance income (9,491 ) (1,037 )
627,867 396,910
Decrease in stocks 792,898 330,221
Increase in trade and other debtors (147,911 ) (415,347 )
(Decrease)/increase in trade and other creditors (319,416 ) 160,625
Cash generated from operations 953,438 472,409

22. 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 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,047,652 313,734
Bank overdrafts - (185,701 )
1,047,652 128,033
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 313,734 221,568
Bank overdrafts (185,701 ) (351,632 )
128,033 (130,064 )


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

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 313,734 733,918 1,047,652
Bank overdrafts (185,701 ) 185,701 -
128,033 919,619 1,047,652
Debt
Finance leases (168,468 ) 47,298 (121,170 )
Debts falling due within 1 year (50,000 ) - (50,000 )
Debts falling due after 1 year (108,333 ) 50,000 (58,333 )
(326,801 ) 97,298 (229,503 )
Total (198,768 ) 1,016,917 818,149