IRIS Accounts Production v24.1.9.2 09592685 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 No description of principal activity true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh095926852022-12-31095926852023-12-31095926852023-01-012023-12-31095926852021-12-31095926852022-01-012022-12-31095926852022-12-3109592685ns15:EnglandWales2023-01-012023-12-3109592685ns14:PoundSterling2023-01-012023-12-3109592685ns10:Director12023-01-012023-12-3109592685ns10:Director22023-01-012023-12-3109592685ns10:CompanySecretary12023-01-012023-12-3109592685ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109592685ns10:FRS1022023-01-012023-12-3109592685ns10:Audited2023-01-012023-12-3109592685ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3109592685ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3109592685ns10:FullAccounts2023-01-012023-12-3109592685ns10:EntityNoLongerTradingButTradedInPast2023-01-012023-12-3109592685ns10:OrdinaryShareClass12023-01-012023-12-3109592685ns10:Director32023-01-012023-12-3109592685ns10:Director52023-01-012023-12-3109592685ns10:RegisteredOffice2023-01-012023-12-3109592685ns10:Director42023-01-012023-12-3109592685ns5:CurrentFinancialInstruments2023-12-3109592685ns5:CurrentFinancialInstruments2022-12-3109592685ns5:ShareCapital2023-12-3109592685ns5:ShareCapital2022-12-3109592685ns5:RetainedEarningsAccumulatedLosses2023-12-3109592685ns5:RetainedEarningsAccumulatedLosses2022-12-3109592685ns5:ShareCapital2021-12-3109592685ns5:RetainedEarningsAccumulatedLosses2021-12-3109592685ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3109592685ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109592685ns5:OwnedAssets2023-01-012023-12-3109592685ns5:OwnedAssets2022-01-012022-12-3109592685ns5:LeaseholdImprovements2022-12-3109592685ns5:PlantMachinery2022-12-3109592685ns5:FurnitureFittings2022-12-3109592685ns5:LeaseholdImprovements2023-01-012023-12-3109592685ns5:PlantMachinery2023-01-012023-12-3109592685ns5:FurnitureFittings2023-01-012023-12-3109592685ns5:LeaseholdImprovements2023-12-3109592685ns5:PlantMachinery2023-12-3109592685ns5:FurnitureFittings2023-12-3109592685ns5:LeaseholdImprovements2022-12-3109592685ns5:PlantMachinery2022-12-3109592685ns5:FurnitureFittings2022-12-3109592685ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109592685ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3109592685ns5:WithinOneYear2023-12-3109592685ns5:WithinOneYear2022-12-3109592685ns5:BetweenOneFiveYears2023-12-3109592685ns5:BetweenOneFiveYears2022-12-3109592685ns5:AllPeriods2023-12-3109592685ns5:AllPeriods2022-12-3109592685ns5:DeferredTaxation2022-12-3109592685ns5:DeferredTaxation2023-12-3109592685ns10:OrdinaryShareClass12023-12-3109592685ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 09592685 (England and Wales)


























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

A. & M. INSULATIONS LIMITED

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


A. & M. INSULATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr S Atherton
Mr G K Mollard
Mrs S L Roldaan
Mr I M Holland





SECRETARY: Mr J J Mansfield





REGISTERED OFFICE: Environmental House
Sandwash Close
Rainford Ind Estate
Rainford
Merseyside
WA11 8LY





REGISTERED NUMBER: 09592685 (England and Wales)





AUDITORS: Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


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

The principal activity of the Company is the supply and install of insulation products into new build domestic dwellings.

REVIEW OF BUSINESS
Turnover of the business for the year showed an increase on the prior year at £29,977,417 (2022 - £23,567,998) with continued growth within the commercial new build sector.

Operating profit percentage remained consistent with the prior year at 5.5% of turnover (2022 - 5.6% of turnover).

Profit before tax showed a significant improvement at £1,648,343 from £1,328,024 in 2022.

The company remains committed to building market share which is evidenced by the continued growth in the new build order bank.

The directors are pleased to report the ongoing development of the Company's operations with substantial investment into a new IT system integrating operations and finance which went live in March 2023.

Further investment has also been made into both central and regional management to support forecast growth.

PRINCIPAL RISKS AND UNCERTAINTIES
Credit risk is a key area of concern for the directors with the recent general downturn in volumes within the new build sector, principally due to rising interest rates and mortgage affordability, and general cost inflationary pressures which are both expected to place significant pressure on the profitability and liquidity of housebuilding customers. To minimise credit risk the company maintains a broad portfolio of diverse customers and credit limits are continually under review using new systems and procedures to improve visibility over profitability and debt exposure on all individual contracts.

Financial risk is mitigated by the company maintaining acceptable levels of cash resources further to recent periods of profitability however the directors closely assess the working capital requirements of the business.

ON BEHALF OF THE BOARD:





Mr J J Mansfield - Secretary


19 September 2024

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

Mr S Atherton
Mr G K Mollard
Mrs S L Roldaan
Mr I M Holland

Other changes in directors holding office are as follows:

Mr A R Laing ceased to be a director after 31 December 2023 but prior to the date of this report.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
A qualifying third party indemnity provision as defined in section 234 of the Companies Act 2006, applicable to all of the company's directors was in place during the financial year and continues to be in force as at the date these financial statements were approved.

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.

ON BEHALF OF THE BOARD:



Mr J J Mansfield - Secretary


19 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A. & M. INSULATIONS LIMITED


Opinion
We have audited the financial statements of A. & M. Insulations Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 December 2023 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
A. & M. INSULATIONS LIMITED


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

In preparing the financial statements, the directors are responsible for assessing the 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 planned and performed to detect irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;
- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; and
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amounts.
-Review of the rationale for the calculation of key accounting estimates in the financial statements and testing of the accuracy of these calculations.

There are inherent limitations in the audit procedures described above. 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.

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.




Mr Andrew McMinnis FCA FCCA (Senior Statutory Auditor)
for and on behalf of Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB

20 September 2024

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 29,977,417 23,567,998

Cost of sales (20,150,947 ) (15,901,659 )
GROSS PROFIT 9,826,470 7,666,339

Distribution costs (2,411,259 ) (1,647,116 )
Administrative expenses (5,766,868 ) (4,691,703 )
OPERATING PROFIT 5 1,648,343 1,327,520

Interest receivable and similar income - 504
PROFIT BEFORE TAXATION 1,648,343 1,328,024

Tax on profit 6 (388,772 ) (224,276 )
PROFIT FOR THE FINANCIAL YEAR 1,259,571 1,103,748

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,259,571

1,103,748

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 7 100,909 166,734

CURRENT ASSETS
Stocks 8 637,815 959,363
Debtors 9 12,223,515 7,921,958
Cash at bank 110,889 337,237
12,972,219 9,218,558
CREDITORS
Amounts falling due within one year 10 (9,340,899 ) (6,894,087 )
NET CURRENT ASSETS 3,631,320 2,324,471
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,732,229

2,491,205

PROVISIONS FOR LIABILITIES 12 (23,137 ) (41,684 )
NET ASSETS 3,709,092 2,449,521

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 3,708,992 2,449,421
SHAREHOLDERS' FUNDS 3,709,092 2,449,521

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:




Mr G K Mollard - Director



Mr S Atherton - Director


A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 1,345,673 1,345,773

Changes in equity
Total comprehensive income - 1,103,748 1,103,748
Balance at 31 December 2022 100 2,449,421 2,449,521

Changes in equity
Total comprehensive income - 1,259,571 1,259,571
Balance at 31 December 2023 100 3,708,992 3,709,092

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

A. & M. Insulations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

General information and basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company.

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors have made the following significant judgements or key estimates in preparing these financial statements:

Bad debt provision
The company provides against debtors when the directors are made aware of specific issues but also based on the ageing of the debts. All post year end information, including credit notes, are considered in the directors calculation and any amounts considered irrecoverable are provided against in full.

Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities described below.

Installations
Turnover from the installation of insulation materials is recognised upon completion of the installation, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the installation can be measured reliably.

Interest receivable
Interest income is recognised using the effective interest method.

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:


Plant and machinery- Straight line over 3 and 5 years
Office equipment and computers- Straight line over 3 years

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable in one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company;
2. the company and the party are subject to common control;
3. the party is an associate of the company or a joint venture in which the company is a venturer;
4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or
6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 7,495,936 6,153,464
Social security costs 809,854 677,487
Other pension costs 147,413 122,383
8,453,203 6,953,334

The average number of employees during the year was as follows:
2023 2022

Administration 78 61
Direct 124 99
202 160

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 26,314 20,475
Auditors' remuneration 12,600 10,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 407,037 191,270
Prior periods 282 -
Total current tax 407,319 191,270

Deferred tax (18,547 ) 33,006
Tax on profit 388,772 224,276

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 1,648,343 1,328,024
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2022 -
19%)

412,086

252,325

Effects of:
Capital allowances in excess of depreciation - (32,178 )
Depreciation in excess of capital allowances 20,554 -
Adjustments to tax charge in respect of previous periods 282 -
Changes in tax rates (25,603 ) -
Group relief - (28,876 )
Rounding - (1 )
Movement in deferred tax (18,547 ) 33,006
Total tax charge 388,772 224,276

7. TANGIBLE FIXED ASSETS
Office
Improvements equipment
to Plant and and
property machinery computers Totals
£    £    £    £   
COST
At 1 January 2023 - 53,093 154,535 207,628
Additions 4,332 66,361 - 70,693
Disposals - - (110,204 ) (110,204 )
At 31 December 2023 4,332 119,454 44,331 168,117
DEPRECIATION
At 1 January 2023 - 11,576 29,318 40,894
Charge for year 421 15,244 10,649 26,314
At 31 December 2023 421 26,820 39,967 67,208
NET BOOK VALUE
At 31 December 2023 3,911 92,634 4,364 100,909
At 31 December 2022 - 41,517 125,217 166,734

8. STOCKS
2023 2022
£    £   
Insulation stocks and consumables 637,815 959,363

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,962,288 5,586,280
Other debtors 1,926,362 1,821,856
Amounts owed by group undertakings 1,308,329 509,995
Prepayments and accrued income 26,536 3,827
12,223,515 7,921,958

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,200,539 1,927,387
Corporation tax 407,037 99,980
Social security and other taxes 193,603 170,069
Other creditors 27,031 29,788
Amounts due to group companies 6,354,654 4,508,704
Accruals and deferred income 158,035 158,159
9,340,899 6,894,087

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,401 -
Between one and five years 9,900 22,022
11,301 22,022

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 23,137 41,684

Deferred
tax
£   
Balance at 1 January 2023 41,684
Movement in the year (18,547 )
Balance at 31 December 2023 23,137

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

14. RESERVES
Retained
earnings
£   

At 1 January 2023 2,449,421
Profit for the year 1,259,571
At 31 December 2023 3,708,992

15. PENSION COMMITMENTS

The company operates defined contribution pension schemes on behalf of certain employees and directors. Contributions paid during the year amounted to £147,413 (2022 - £22,383). At 31 December 2023, £23,230 (2022 - £30,743) was payable in respect of outstanding pension contributions.

A. & M. INSULATIONS LIMITED (REGISTERED NUMBER: 09592685)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. ULTIMATE PARENT COMPANY

The company's ultimate parent company is A & M Energy Group Limited, a company incorporated in England and Wales. The registered office of A & M Energy Group Limited is Environmental House, Sandwash Close, Rainford Industrial Estate, Rainford, Merseyside, WA11 8LY.