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Registered number: 05951718
Ames Goldsmith U.K. Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2024
Adams Accountants Liverpool LLP
2 Millers Bridge
Bootle
Liverpool
Merseyside
L20 8LH
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—19
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 June 2024.
Principal Activity
Vision
Performance materials for a bright future.
Mission Statement
  • A leading global supplier for chemically produced metal products, as well as refining services.
  • Support our valued customers with their efforts to reach and surpass their identified goals. We will achieve this by offering the most competitive and technically capable solutions in our markets.
  • Maintain trust and long-term relationships with our customers, employees, and suppliers by meeting and striving to exceed their expectations with our products and services.
Core Values
  • Social responsibility - Investing in and recognizing our role in responsible sourcing of our materials while always meeting environmental, health and safety expectations.
  • Quality - Consistent high level in our products and services.
  • Innovation - Provide new and unique products and services to our markets.
  • Customer Service - Provide excellent service to our customers through our response and flexibility.
  • Continual Improvement - Strive for excellence on all core values in support of our business and our customer's requirements.
Review of the Business
Review of the year:
This financial year has again seen tough business conditions.  Customer demand has remained quiet this year, but by remaining prepared for higher volumes we were able to ramp up production when orders started to increase towards the end of the 2nd quarter.  This allowed us to increase sales by 5% vs last year.  
Inflation has still been an issue through the year for all purchased items.  Although energy prices have now stabilised, they remain high.  Metal handling fees have again been a very challenging cost for the business in this financial year.  However, through maximising production efficiency we have managed to minimise waste and energy – so have managed to reduce costs versus the previous financial year by 1%.
Through the hard work of the whole team and by working closely with customers and doing our best to manage costs we have managed to remain in profit again in this financial year.
The business met the majority of it’s KPI’s around quality, employee satisfaction and financial management.  The business didn’t make the progress planned on projects due to resources, but we did install new electricity supplies and environmental monitoring equipment.
Looking at income, demand was soft across all markets in the first half of the year. Electrical customers did see a peak in the 3rd qtr and catalyst products saw increases in demand from the end of the 3rd quarter. 
Looking to next year:
Costs – We will work internally to minimise costs and work with our suppliers to see if we can find any costs reductions.
Operations – we will review resources and work with our parent company to ensure staffing levels are sustainable.  We will review equipment and look at either strategies from replacing older equipment or replace for new.
We will look at progressing digitalisation on site to improve efficiencies and work on further developing our carbon and energy reduction programme.
Sales –we will continue to work with customers to grow sales at the leads we have already developed at the same time as looking for new uses or new customers. We will also look at whether we need new products or can bring in product lines from the parent company to support local markets.
On behalf of the board
R J Garrett
Director
18/09/2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors
The directors who held office during the year were as follows:
R J Garrett
R F Davies
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
R J Garrett
Director
18/09/2024
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Ames Goldsmith U.K. Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the 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 entity's ability to continue as a going concern for a period of at least 12 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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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 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:
  • 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 or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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.
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: 
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
-We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK empployment laws and UK tax laws;
-We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing any board meeting minutes, and reviewing the legal costs incurred in the year and enquiring with management as to the circumstances around these legal costs.
-We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:
-identifying the controls that management has in place to prevent and detect fraud;
-challenging assumptions and judgements made by management in its significant accounting estimates;
-auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
-assessing the extent of compliance with the relevant laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that 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.
Page 4
Page 5
Suzanne Draper FCCA ACA (Senior Statutory Auditor)
for and on behalf of SB & P Chartered Accountants & Statutory Auditors , Statutory Auditor
18/09/2024
Page 5
Page 6
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 76,503,844 80,217,539
Cost of sales (74,078,502 ) (77,746,221 )
GROSS PROFIT 2,425,342 2,471,318
Administrative expenses (2,420,695 ) (2,514,289 )
Other operating income 340,456 325,207
OPERATING PROFIT 5 345,103 282,236
Interest payable and similar charges 10 (8,967 ) (117,105 )
PROFIT BEFORE TAXATION 336,136 165,131
Tax on Profit 11 27,141 82,460
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 363,277 247,591
The notes on pages 11 to 18 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 363,277 247,591
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 363,277 247,591
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Balance Sheet
Registered number: 05951718
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 368,854 423,173
Investments 13 1 1
368,855 423,174
CURRENT ASSETS
Stocks 14 1,062,714 1,511,777
Debtors 15 3,149,482 1,238,567
Cash at bank and in hand 3,321,700 5,094,527
7,533,896 7,844,871
Creditors: Amounts Falling Due Within One Year 16 (3,130,550 ) (3,846,630 )
NET CURRENT ASSETS (LIABILITIES) 4,403,346 3,998,241
TOTAL ASSETS LESS CURRENT LIABILITIES 4,772,201 4,421,415
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (87,253 ) (99,744 )
NET ASSETS 4,684,948 4,321,671
CAPITAL AND RESERVES
Called up share capital 19 1 1
Profit and Loss Account 4,684,947 4,321,670
SHAREHOLDERS' FUNDS 4,684,948 4,321,671
On behalf of the board
R J Garrett
Director
18/09/2024
The notes on pages 11 to 18 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2022 1 4,490,676 4,490,677
Profit for the year and total comprehensive income - 247,591 247,591
Dividends paid - (416,597) (416,597)
As at 30 June 2023 and 1 July 2023 1 4,321,670 4,321,671
Profit for the year and total comprehensive income - 363,277 363,277
As at 30 June 2024 1 4,684,947 4,684,948
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (1,623,899 ) 1,187,716
Interest paid (8,967 ) (117,105 )
Tax paid (23,481 ) (31,335 )
Net cash (used in)/generated from operating activities (1,656,347 ) 1,039,276
Cash flows from investing activities
Purchase of tangible assets (119,103 ) (112,330 )
Proceeds from disposal of tangible assets - 7,678
Net cash used in investing activities (119,103 ) (104,652 )
Cash flows from financing activities
Equity dividends paid - (416,597 )
(Decrease)/increase in cash and cash equivalents (1,775,450 ) 518,027
Cash and cash equivalents at beginning of year 2 5,094,527 4,576,500
Foreign exchange gains on cash and cash equivalents 2,623 -
Cash and cash equivalents at end of year 2 3,321,700 5,094,527
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash (used in)/generated from operations
2024 2023
£ £
Profit for the financial year 363,277 247,591
Adjustments for:
Tax on profit (27,141 ) (82,460 )
Interest expense 8,967 117,105
Depreciation of tangible assets 173,422 152,369
Foreign exchange gains (2,626) -
Movements in working capital:
Decrease/(increase) in stocks 449,063 (297,378 )
(Increase)/decrease in trade and other debtors (2,157,476 ) 389,422
(Decrease)/increase in trade and other creditors (431,385 ) 661,067
Net cash (used in)/generated from operations (1,623,899 ) 1,187,716
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 3,321,700 5,094,527
3. Analysis of changes in net funds
As at 1 July 2023 Cash flows As at 30 June 2024
£ £ £
Cash at bank and in hand 5,094,527 (1,772,827) 3,321,700
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Notes to the Financial Statements
1. General Information
Ames Goldsmith U.K. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05951718 . The registered office is c/o Adams Accountants Liverpool LLP, 2 Millers Bridge, Bootle, Liverpool, L20 8LH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the company'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.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements to property 25% on cost
Plant & Machinery Straight line over 7 years
2.5. Investments
Investments in subsidiary undertakings are recognised at cost.
Ames Goldsmith U.K. Limited has not prepared consolidated accounts as the subsidiary has been deemed to be immaterial in accordance with Section 405 (2) of the Companies Act 2006.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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 charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
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2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from other third parties, loans from related parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Investments in non-puttable ordinary shares are measured at cost less impairment.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Turnover
The turnover and profit before taxation are attributable to the one principal activity of the company.
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 3,336,382 2,476,295
Europe 71,786,968 76,737,769
Rest of the world 1,380,494 1,003,475
76,503,844 80,217,539
4. Other Operating Income
2024 2023
£ £
Other operating income 340,456 325,207
340,456 325,207
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 173,422 152,369
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 11,375 10,825
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,167,482 1,335,452
Social security costs 117,372 166,868
Other pension costs 86,616 80,957
1,371,470 1,583,277
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8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 4 6
Sales, marketing and distribution 3 3
Manufacturing 13 15
Research and Development 2 2
22 26
9. Directors' remuneration
2024 2023
£ £
Emoluments 156,036 143,569
Company contributions to money purchase pension schemes 23,405 15,638
179,441 159,207
10. Interest Payable and Similar Charges
2024 2023
£ £
Interest payable to group undertakings 8,967 117,105
11. Tax on Profit
The tax credit on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 20.7% (14,650 ) (71,859 )
Deferred Tax
Deferred taxation (12,491 ) (10,601 )
Total tax charge for the period (27,141 ) (82,460 )
The actual credit for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 336,136 165,131
Tax on profit at 25% (UK standard rate) 84,034 41,283
Expenses not deductible for tax purposes 275 -
Capital allowances - (5,090 )
...CONTINUED
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Difference in tax rates - (8,663 )
Group relief (96,800 ) -
Current tax from unrecognised timing difference from a prior period (14,650 ) (109,990 )
Total tax charge for the period (27,141) (82,460)
2023: tax rate - 20.7%
12. Tangible Assets
Land & Property
Improvements to property Plant & Machinery Total
£ £ £
Cost
As at 1 July 2023 566,358 1,527,188 2,093,546
Additions 88,059 31,044 119,103
As at 30 June 2024 654,417 1,558,232 2,212,649
Depreciation
As at 1 July 2023 432,178 1,238,195 1,670,373
Provided during the period 84,576 88,846 173,422
As at 30 June 2024 516,754 1,327,041 1,843,795
Net Book Value
As at 30 June 2024 137,663 231,191 368,854
As at 1 July 2023 134,180 288,993 423,173
Cost or valuation as at 30 June 2024 represented by:
Land & Property
Improvements to property Plant & Machinery Total
£ £ £
At cost 654,417 1,558,232 2,212,649
654,417 1,558,232 2,212,649
13. Investments
Listed
£
Cost
As at 1 July 2023 1
As at 30 June 2024 1
Provision
As at 1 July 2023 -
As at 30 June 2024 -
...CONTINUED
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Net Book Value
As at 30 June 2024 1
As at 1 July 2023 1
The company's investments at the Balance Sheet date in the share capital of companies include the following:
Ames Goldsmith Netherlands BV
Registered Office: Prins Bernhardplein 200,1097 JB Amsterdam, Netherlands
Nature of Business: Administration
Class of shares:                                    % holding
Ordinary                                                100.00
Aggregate capital and reserves: 
30.6.2024 - £81,625
30.6.2023 - £85,186
14. Stocks
2024 2023
£ £
Stock 1,062,714 1,511,777
15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,692,627 885,217
Amounts owed by group undertakings 246,561 140,861
Other debtors 210,294 212,489
3,149,482 1,238,567
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,561,128 3,239,208
Amounts owed to group undertakings 291,562 144,184
Corporation tax - 38,131
Taxation and social security 33,467 159,857
Accruals and deferred income 244,393 265,250
3,130,550 3,846,630
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 87,253 99,744
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18. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 99,744 99,744
Deferred taxation (12,491 ) (12,491 )
Balance at 30 June 2024 87,253 87,253
19. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
20. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 95,000 95,000
Later than one year and not later than five years 221,667 316,667
316,667 411,667
21. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £86,616 (2023: £80,957).
22. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid - 416,597
23. Related Party Disclosures
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 members of the same group that are wholly owned subsidiaries, on the basis that they are included in the consolidated financial statements.
24. Controlling Parties
The company's ultimate controlling party is Ames Goldsmith Corp. by virtue of their interest in the share capital of the company.
Ames Goldsmith Corp.
50 Harrison Avenue,Glens Falls 12803,New York,USA
25. Parent Consolidation
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The company is included in the consolidated statements of Ames Goldsmith Corp., the Registered Office of which is:
50 Harrison Avenue
Glens Falls 12803
New York
USA
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