Company registration number 00463525 (England and Wales)
TWICKENHAM PLATING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TWICKENHAM PLATING LIMITED
COMPANY INFORMATION
Directors
Mr D J Hill
Mr J J Hill
Secretary
Mr R S Dearing
Company number
00463525
Registered office
7-9 Edwin Road
Twickenham
Middlesex
TW1 4JJ
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
Business address
7-9 Edwin Road
Twickenham
Middlesex
TW1 4JJ
TWICKENHAM PLATING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
TWICKENHAM PLATING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The Directors are relieved that the company has once again continued to be profitable notwithstanding global economic and turbulence in the markets as a result of the Russian invasion of Ukraine. Turnover and profits have increased and we are confident that our results will improve in the current accounting period. The balance sheet continues to show a strong position at the year end and the company remains cash rich. This enables us to continue to progress in the future.

Principal risks and uncertainties

Like many family run businesses, there are natural inherent risks and uncertainties connected in the ordinary course of running the business. However, none of these would appear to be detrimental to the progress of the business.

 

The market for the company's services remains stable. The company seeks to manage the risk of losing customers to worldwide competition by maintaining an extremely high quality finished product together with outstanding customer service.

 

The company buys and sells in Euros and Dollars. Consequently there is a fairly low possible exposure to exchange rate fluctuations, but the rates are monitored daily to reduce any such exposure. The volumes of the two currencies are kept to an absolute minimum.

 

The company depends on relatively high and constant gold and silver prices. There is therefore a possible risk that the value of the commodities might fall, however these rates are monitored on a daily basis with very little fluctuation until recently in line with oil and gas prices and the effects of the invasion of Ukraine.

 

The directors have again reviewed the impact of Brexit on the company and its trade. The Company’s traditional European Union customers have continued their support notwithstanding the draconian border controls imposed by the United Kingdom Border Force.

 

The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by carrying out regular credit checks on new and existing customers and maintaining debtors’ balances at agreed credit levels.

 

Development and performance

We plan to continue operating and generating profits, whilst always looking at potential growth opportunities.

Key performance indicators

The company monitors cash flow as part of its daily control procedures. The Board considers its cash requirements regularly and ensures that appropriate facilities are available to be drawn upon as necessary.

Future Developments

The Directors have considered the outlook of the company and do not believe the operations of the company or the parent will be significantly changed in the coming year. The factory remains fully staffed and orders are being received at an acceptable level.

 

 

On behalf of the board

Mr D J Hill
Director
11 September 2024
TWICKENHAM PLATING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of technical metal finishing.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £298,488. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D J Hill
Mr J J Hill
Auditor

In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D J Hill
Director
11 September 2024
TWICKENHAM PLATING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TWICKENHAM PLATING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TWICKENHAM PLATING LIMITED
- 4 -
Opinion

We have audited the financial statements of Twickenham Plating Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

TWICKENHAM PLATING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWICKENHAM PLATING LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 directors are responsible for assessing 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 parent company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

TWICKENHAM PLATING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWICKENHAM PLATING LIMITED
- 6 -

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the group and company were identified through discussions with directors and other management, and from our commercial knowledge and experience of the electronics industry. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, REACH regulation 2006 , COSHH regulations 2002, Effluent regulatory standards and environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

 

We assessed the susceptibility of the group and company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

 

To address the risk of fraud through management bias and override of controls, we: 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

 

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TWICKENHAM PLATING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWICKENHAM PLATING LIMITED
- 7 -

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.

Peter Winter FCA, FCCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited
13 September 2024
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
TWICKENHAM PLATING LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
5,460,956
5,892,553
Cost of sales
(3,820,239)
(3,734,303)
Gross profit
1,640,717
2,158,250
Distribution costs
(184,270)
(177,930)
Administrative expenses
(1,087,746)
(1,038,101)
Other operating income
12,177
-
Operating profit
4
380,878
942,219
Interest receivable and similar income
7
37,838
8,389
Amounts written off investments
8
4,170
(1,220)
Profit before taxation
422,886
949,388
Tax on profit
9
(122,971)
(159,682)
Profit for the financial year
299,915
789,706
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TWICKENHAM PLATING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
299,915
789,706
Other comprehensive income
Revaluation of tangible fixed assets
-
0
1,185,000
Total comprehensive income for the year
299,915
1,974,706
Total comprehensive income for the year is all attributable to the owners of the parent company.
TWICKENHAM PLATING LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,025,099
2,045,734
Current assets
Stocks
15
801,193
790,636
Debtors
16
3,018,287
3,437,679
Investments
17
13,391
9,221
Cash at bank and in hand
3,191,558
2,710,854
7,024,429
6,948,390
Creditors: amounts falling due within one year
18
(455,172)
(403,010)
Net current assets
6,569,257
6,545,380
Total assets less current liabilities
8,594,356
8,591,114
Provisions for liabilities
Deferred tax liability
19
49,098
47,283
(49,098)
(47,283)
Net assets
8,545,258
8,543,831
Capital and reserves
Called up share capital
21
132,400
132,400
Share premium account
9,600
9,600
Revaluation reserve
1,185,000
1,185,000
Capital redemption reserve
99,600
99,600
Profit and loss reserves
7,118,658
7,117,231
Total equity
8,545,258
8,543,831

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
11 September 2024
Mr D J Hill
Director
Company registration number 00463525 (England and Wales)
TWICKENHAM PLATING LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,825,000
1,825,000
Investments
12
4,600
4,600
1,829,600
1,829,600
Current assets
Debtors
16
1,721,855
1,943,927
Investments
17
13,391
9,221
Cash at bank and in hand
40,888
117,090
1,776,134
2,070,238
Creditors: amounts falling due within one year
18
(39,479)
(39,269)
Net current assets
1,736,655
2,030,969
Net assets
3,566,255
3,860,569
Capital and reserves
Called up share capital
21
132,400
132,400
Share premium account
9,600
9,600
Revaluation reserve
1,185,000
1,185,000
Capital redemption reserve
99,600
99,600
Profit and loss reserves
2,139,655
2,433,969
Total equity
3,566,255
3,860,569

As permitted by s408 Companies Act 2006, the Company has not presented its own income statement and related notes. The Company’s profit for the year was £4,183 (2022: £377,871).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
11 September 2024
Mr D J Hill
Director
Company registration number 00463525 (England and Wales)
TWICKENHAM PLATING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
132,400
9,600
-
0
99,600
6,677,261
6,918,861
Year ended 31 December 2022:
Profit for the year
-
-
-
-
789,706
789,706
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,185,000
-
-
1,185,000
Total comprehensive income for the year
-
-
1,185,000
-
789,706
1,974,706
Dividends
10
-
-
-
-
(349,736)
(349,736)
Balance at 31 December 2022
132,400
9,600
1,185,000
99,600
7,117,231
8,543,831
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
299,915
299,915
Dividends
10
-
-
-
-
(298,488)
(298,488)
Balance at 31 December 2023
132,400
9,600
1,185,000
99,600
7,118,658
8,545,258
TWICKENHAM PLATING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
132,400
9,600
-
0
99,600
2,405,834
2,647,434
Year ended 31 December 2022:
Profit for the year
-
-
-
-
377,871
377,871
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,185,000
-
-
1,185,000
Total comprehensive income for the year
-
-
1,185,000
-
377,871
1,562,871
Dividends
10
-
-
-
-
(349,736)
(349,736)
Balance at 31 December 2022
132,400
9,600
1,185,000
99,600
2,433,969
3,860,569
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
4,174
4,174
Dividends
10
-
-
-
-
(298,488)
(298,488)
Balance at 31 December 2023
132,400
9,600
1,185,000
99,600
2,139,655
3,566,255
TWICKENHAM PLATING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
898,718
334,454
Income taxes paid
(146,639)
(156,706)
Net cash inflow from operating activities
752,079
177,748
Investing activities
Purchase of tangible fixed assets
(10,725)
-
Interest received
37,838
8,389
Net cash generated from investing activities
27,113
8,389
Financing activities
Dividends paid to equity shareholders
(298,488)
(349,736)
Net cash used in financing activities
(298,488)
(349,736)
Net increase/(decrease) in cash and cash equivalents
480,704
(163,599)
Cash and cash equivalents at beginning of year
2,710,854
2,874,453
Cash and cash equivalents at end of year
3,191,558
2,710,854
TWICKENHAM PLATING LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
261,551
468,449
Income taxes paid
(39,265)
(76,707)
Net cash inflow from operating activities
222,286
391,742
Financing activities
Dividends paid to equity shareholders
(298,488)
(349,736)
Net cash used in financing activities
(298,488)
(349,736)
Net (decrease)/increase in cash and cash equivalents
(76,202)
42,006
Cash and cash equivalents at beginning of year
117,090
75,084
Cash and cash equivalents at end of year
40,888
117,090
TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Twickenham Plating Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 7-9 Edwin Road, Twickenham, Middlesex, TW1 4JJ.

 

The group consists of Twickenham Plating Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Twickenham Plating Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% straight line
Plant and machinery
10% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

 

Cost of precious metals is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where 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 have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

The Group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss in the year they are payable.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

 

The areas for which estimation has been applied are considered to be in calculating depreciation and the useful economic life of assets.

 

Although this area is subject to judgement, it is not considered to be subject to significant estimation

 

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover
Rendering of services
5,460,956
5,892,553
Other significant revenue
Interest income
37,838
8,389
Turnover analysed by geographical market
2023
2022
£
£
United Kingdom
4,744,565
4,830,274
Europe
692,493
997,610
Rest of the world
23,898
64,669
5,460,956
5,892,553
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after (crediting):
Exchange gains
(44,226)
(52,270)
Depreciation of owned tangible fixed assets
(187,360)
(186,480)
TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,000
19,000
Audit of the financial statements of the company's subsidiaries
19,000
19,000
38,000
38,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
42
41
-
-
Quality control
1
1
-
-
Administration
7
7
2
2
Sales
2
2
-
-
Total
52
51
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,289,192
1,210,876
-
0
-
0
Pension costs
27,051
24,447
-
0
-
0
1,316,243
1,235,323
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
37,838
8,389
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
37,838
8,389
TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
8
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
4,170
(1,220)
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
121,160
146,643
Adjustments in respect of prior periods
(4)
-
0
Total current tax
121,156
146,643
Deferred tax
Origination and reversal of timing differences
1,815
13,039
Total tax charge
122,971
159,682

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
422,886
949,388
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
99,463
180,384
Tax effect of expenses that are not deductible in determining taxable profit
22,028
7,566
Tax effect of income not taxable in determining taxable profit
(3,197)
-
0
Gains not taxable
(982)
-
0
Tax effect of utilisation of tax losses not previously recognised
(1,147)
(1,130)
Adjustments in respect of prior years
(4)
-
0
Permanent capital allowances in excess of depreciation
4,995
(189)
Depreciation on assets not qualifying for tax allowances
-
1,338
Tax on exceptional item
1,815
13,039
Effect of revaluation of listed investments
-
0
232
Effect of revaluation of freehold property
-
0
(41,558)
Taxation charge
122,971
159,682
TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
298,488
349,736
11
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,825,000
1,614,973
38,028
3,478,001
Additions
-
0
10,725
-
0
10,725
At 31 December 2023
1,825,000
1,625,698
38,028
3,488,726
Depreciation and impairment
At 1 January 2023
-
0
1,407,599
24,668
1,432,267
Depreciation charged in the year
-
0
18,000
13,360
31,360
At 31 December 2023
-
0
1,425,599
38,028
1,463,627
Carrying amount
At 31 December 2023
1,825,000
200,099
-
0
2,025,099
At 31 December 2022
1,825,000
207,374
13,360
2,045,734
Company
Land and buildings Freehold
£
Cost
At 1 January 2023 and 31 December 2023
1,825,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
1,825,000
At 31 December 2022
1,825,000

Land and buildings were carried at deemed cost after transition to FRS102. Prior to this they were held at revaluation. Historical cost at purchase in 1967 was £132,393. Land & buildings were revalued by Sibbett Gregory Wright & Coles Limited (Chartered Surveyors) on 12 May 2023.,the directors believe the value would not have been materially different as at 31 December 2023.

 

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
4,600
4,600
Fair value of financial assets carried at amortised cost
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
4,600
Carrying amount
At 31 December 2023
4,600
At 31 December 2022
4,600
TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Twickenham Plating Group Limited
England and Wales
Ordinary
100.00
0
Pender Plating Limited
England and Wales
Ordinary
100.00
0
Twickenham Plating Trustees Limited
England and Wales
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Twickenham Plating Group Limited
4,983,603
295,741
Pender Plating Limited
(8,837)
Twickenham Plating Trustees Limited
99
TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
14
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,978,668
3,412,072
1,721,855
1,943,927
Equity instruments measured at cost less impairment
13,391
9,221
13,391
9,221
Carrying amount of financial liabilities
Measured at amortised cost
230,445
144,425
39,479
-
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
801,193
790,636
-
0
-
0
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
849,684
1,028,666
-
0
-
0
Other debtors
2,128,984
2,383,406
1,721,855
1,943,927
Prepayments and accrued income
39,619
25,607
-
0
-
0
3,018,287
3,437,679
1,721,855
1,943,927
17
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Listed investments
13,391
9,221
13,391
9,221

The market value of the listed investments for the group and the company at the year end was £13,391 (2022: 9,221).

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
163,845
124,756
205
-
0
Amounts owed to group undertakings
-
0
-
0
39,274
-
0
Corporation tax payable
121,160
146,643
-
0
39,269
Other taxation and social security
103,567
111,942
-
-
Accruals and deferred income
66,600
19,669
-
0
-
0
455,172
403,010
39,479
39,269
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
ACAs
1,815
-
Fixed asset timing differences
47,283
47,283
49,098
47,283
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
47,283
-
Charge to profit or loss
1,815
-
Liability at 31 December 2023
49,098
-
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
14,108
11,450

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
21
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
132,400 Ordinary shares of £1 each
132,400
132,400
22
Directors' transactions

Dividends totalling £298,488 (2022: £349,736) were paid in the year in respect of shares held by the company's directors.

 

The amount owed to the directors at the reporting date was £Nil (2022: £Nil)

23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Entities over which the group has control, joint control or significant influence
-
663,684
2,655
672,065
Other related parties
-
-
-
449
2023
2022
£
£
Company
Entities over which the entity has control, joint control or significant influence
-
663,684

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities over which the group has control, joint control or significant influence
-
183,099
Company
Entities over which the company has control, joint control or significant influence
-
183,099
TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Related party transactions
(Continued)
- 31 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Entities under common control
2,843,737
2,385,155
Company
Entities under common control
1,721,855
1,943,927
24
Controlling party

The company is controlled by the directors by virtue of their shareholding.

 

25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
299,915
789,706
Adjustments for:
Taxation charged
122,971
159,682
Investment income
(37,838)
(8,389)
Depreciation and impairment of tangible fixed assets
31,360
(186,480)
Other gains and losses
(4,170)
1,220
Movements in working capital:
Increase in stocks
(10,557)
(113,598)
Decrease/(increase) in debtors
419,392
(328,070)
Increase in creditors
77,645
20,383
Cash generated from operations
898,718
334,454
TWICKENHAM PLATING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
26
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
4,174
377,871
Adjustments for:
Taxation (credited)/charged
(4)
39,269
Depreciation and impairment of tangible fixed assets
-
(211,680)
Other gains and losses
(4,170)
1,220
Movements in working capital:
Decrease in debtors
222,072
464,167
Increase/(decrease) in creditors
39,479
(202,398)
Cash generated from operations
261,551
468,449
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,710,854
480,704
3,191,558
28
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
117,090
(76,202)
40,888
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