Company Registration No. 10929992 (England and Wales)
ENGLEDENE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
31 December 2023
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ENGLEDENE LIMITED
COMPANY INFORMATION
Directors
Mr Mark Crabtree OBE
Mr Joseph Crabtree
Ms Anna Crabtree
Mr Timothy Crabtree
Company number
10929992
Registered office
AMS Tower
AMS Technology Park
Billington Road
Burnley
BB11 5UB
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ENGLEDENE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of income and retained earnings
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
ENGLEDENE 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 principal activity of the group is the design, manufacture, supply and support of professional audio equipment, the sale of tools and equipment together with the hire of facilities and hosting of events.

The major subsidiary company (AMS Neve Limited) is a world renowned, dedicated, engineering-led business whose aim is to provide the best possible sound, capability and operational experience for the most creative people in the world – whether it be for film, recorded music, or TV and broadcast.

The company designs and builds all its products in England and prides itself on ensuring high quality and performance, continuously investing in research and development to offer the most effective technology to its markets and building on its excellent long term relationships with its customers.

Another subsidiary company, The Sutcliffe Tool Company Limited, provides good quality tools and equipment to local companies.

A further subsidiary, Landmark Burnley Limited, manages "The Landmark" - an innovative collaborative business club and event centre in Burnley. The company has invested in significant IT infrastructure costs, together with furnishings and equipment to enable the facilities to be hired out to businesses and individuals. The fit out of the second phase was completed in the year and hiring commenced along with event hosting expanded. As with other similar businesses this was badly affected by Covid-19 but continued to run throughout the pandemic and is now becoming more established and the director is optimistic for the future.

Principal risks and uncertainties

The group's operations expose it to a variety of financial risks, price risk, interest rate risk and credit risks. The group's policy in respect of managing financial risk has not changed significantly in the year ended 31 December 2023.

 

The group is exposed to price risk principally in respect of certain materials required in the production of consoles. The company actively monitors price fluctuations to manage the purchase of materials where possible in times when prices are favourable to the business.

 

The group is no longer exposed to any significant interest rate risk as borrowings are on fixed rates.

 

Where appropriate, relevant credit checks are performed on potential customers before sales are made. The amount of exposure to any given customer is controlled by means of credit control procedures that are monitored closely by management.

 

The extent of these risks is regularly reviewed and assessed by management. This process is effective given the size and nature of the risks involved, but will be reviewed in the future should circumstances change.

ENGLEDENE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The Directors are pleased to report that the group achieved another profitable year in 2023, leading to further strengthening of the Balance Sheet; total equity increasing by 14% from £10.2m to £11.8m.

 

2023 has been a year of consolidation following the previous year significant increase, supported by continued product development in the main trading subsidiary, AMS Neve Limited. Sales in the first half of 2024 of existing and new products remain strong.

 

Another subsidiary, Landmark Burnley Limited, has incurred a loss during the period as demand for office and meeting space continues to be slow returning post Covid. The second phase of its high class premises was completed in the previous year and hiring out the facilities increased in the year, although not to the level hoped for as a result of the Covid impact. It is expected that the facility will attract significant usage from local businesses and individuals in the forthcoming period, and will move in due course into profitability.

 

A further subsidiary, The Sutcliffe Tool Company Limited, has continued to trade in tools and workwear, as well as providing expert advice to building professionals, and has contributed a profit to the group result.

 

Turnover remained consistent with the prior year, particularly from AMS Neve, helped by new customers and products, resulting from increased marketing focus and additional distribution. Gross margin percentage has fallen slightly due to cost pressures. Expenses have been tightly controlled with a modest increase. This has resulted in a profit before tax of £2,197,142 (2022 - £2,283,594).

 

The group has continued to invest significantly in both research and development and tangible fixed assets during the financial year with a continued drive to develop new and improved products and to enable increased manufacturing capacity and efficiency.

 

The group continues to be recognised as an international leader and pioneer in its field and will continue to seek opportunities to strengthen that position.

On behalf of the board

Mr Mark Crabtree OBE
Director
23 September 2024
ENGLEDENE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the group is the design, manufacture, supply and support of professional audio equipment, the sale of tools and equipment together with the hire of facilities and hosting of events.

Directors

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

Mr Mark Crabtree OBE
Mr Joseph Crabtree
Ms Anna Crabtree
Mr Timothy Crabtree
Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £250,000. 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.

Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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.

ENGLEDENE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as the 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 director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr Mark Crabtree OBE
Director
23 September 2024
ENGLEDENE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENGLEDENE LIMITED
- 5 -
Opinion

We have audited the financial statements of Engledene Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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:

ENGLEDENE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENGLEDENE LIMITED
- 6 -
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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Group's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

ENGLEDENE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENGLEDENE LIMITED
- 8 -

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 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 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.

Nigel Wright BSc FCA (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP
23 September 2024
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ENGLEDENE LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
14,358,307
14,491,449
Cost of sales
(8,227,576)
(8,419,536)
Gross profit
6,130,731
6,071,913
Administrative expenses
(4,017,341)
(3,836,744)
Other operating income
47,713
52,744
Operating profit
4
2,161,103
2,287,913
Interest receivable and similar income
8
8,387
8
Interest payable and similar expenses
9
(3,415)
(4,327)
Change in value of investments
10
31,067
-
0
Profit before taxation
2,197,142
2,283,594
Tax on profit
11
(309,345)
(122,432)
Profit for the financial year
1,887,797
2,161,162
Retained earnings brought forward
8,192,626
6,281,464
Dividends
(250,000)
(250,000)
Retained earnings carried forward
9,830,423
8,192,626
Profit for the financial year is all attributable to the owner of the parent company.
ENGLEDENE LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
3,396,476
3,208,649
Current assets
Stocks
17
6,513,875
5,377,417
Debtors
18
679,793
700,556
Investments
19
1,032,367
1,300
Cash at bank and in hand
3,042,015
4,260,796
11,268,050
10,340,069
Creditors: amounts falling due within one year
20
(2,417,980)
(2,945,778)
Net current assets
8,850,070
7,394,291
Total assets less current liabilities
12,246,546
10,602,940
Creditors: amounts falling due after more than one year
21
-
(59,142)
Provisions for liabilities
Provisions
23
60,994
60,994
Deferred tax liability
24
355,722
290,771
(416,716)
(351,765)
Net assets
11,829,830
10,192,033
Capital and reserves
Called up share capital
27
1,999,407
1,999,407
Profit and loss reserves
9,830,423
8,192,626
Total equity
11,829,830
10,192,033

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 23 September 2024 and are signed on its behalf by:
23 September 2024
Mr Mark Crabtree OBE
Director
Company registration number 10929992 (England and Wales)
ENGLEDENE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
15
1,999,407
1,999,407
Current assets
Debtors
18
59,547
10,000
Investments
19
1,031,067
-
0
Cash at bank and in hand
1,615,221
2,682,825
2,705,835
2,692,825
Creditors: amounts falling due within one year
20
(487)
(487)
Net current assets
2,705,348
2,692,338
Net assets
4,704,755
4,691,745
Capital and reserves
Called up share capital
27
1,999,407
1,999,407
Profit and loss reserves
2,705,348
2,692,338
Total equity
4,704,755
4,691,745

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £263,010 (2022 - £642,944 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
Mr Mark Crabtree OBE
Director
Company registration number 10929992 (England and Wales)
ENGLEDENE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
1,010,508
1,840,964
Interest paid
(3,415)
(4,327)
Income taxes paid
(46,346)
-
0
Net cash inflow from operating activities
960,747
1,836,637
Investing activities
Purchase of tangible fixed assets
(865,021)
(658,484)
Proceeds from disposal of tangible fixed assets
127
115
Purchase of investments
(1,000,000)
-
Repayment of loans
(12,381)
-
Interest received
8,387
8
Net cash used in investing activities
(1,868,888)
(658,361)
Financing activities
Payment of finance leases obligations
(60,640)
(73,847)
Dividends paid to equity shareholders
(250,000)
(250,000)
Net cash used in financing activities
(310,640)
(323,847)
Net (decrease)/increase in cash and cash equivalents
(1,218,781)
854,429
Cash and cash equivalents at beginning of year
4,260,796
3,406,367
Cash and cash equivalents at end of year
3,042,015
4,260,796
ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Engledene Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is AMS Tower, AMS Technology Park, Billington Road, Burnley, Lancashire, BB11 5UB.

 

The group consists of Engledene 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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

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 are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Engledene Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

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.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.3
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.

1.4
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.

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.

Revenue from the rental of facilities, together with associated goods and services are recognised in the period to which they relate. Income from functions is recognised at the date of occurrence.

1.5
Intangible fixed assets

Intangible assets are initally recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

Freehold land and buildings
2% per annum
Plant and equipment
20% and 33% for tooling
Fixtures and fittings
33%
Office equipment
33%
Motor vehicles
20%

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

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

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.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

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.

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 at bank and in hand

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.

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.

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 and loans from fellow group companies 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.

 

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.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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.

1.20

Warranty costs

Provision is made for the estimated cost of rectification of products sold which are still covered by unexpired contractual warranties.

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

 

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
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 main areas of judgement, that have a risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are in relation to stock and debtor provisions, and the useful economic lives of the company's fixed assets.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Manufacture of audio equipment
13,070,559
13,335,085
Sale of tools and equipment
1,093,561
957,084
Facillty hire and events
194,187
199,280
14,358,307
14,491,449
2023
2022
£
£
Turnover analysed by geographical market
UK
2,941,407
2,390,186
Europe
2,621,130
2,925,362
Rest of World
8,795,770
9,175,901
14,358,307
14,491,449
2023
2022
£
£
Other revenue
Interest income
8,387
8
Commissions received
13
64
Grants received
17,324
17,680
ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
40,024
(35,788)
Government grants
(17,324)
(17,680)
Fees payable to the group's auditor for the audit of the group's financial statements
2,600
2,500
Depreciation of owned tangible fixed assets
636,216
581,276
Depreciation of tangible fixed assets held under finance leases
38,150
53,587
Loss on disposal of tangible fixed assets
2,701
-
0
Operating lease charges
124,113
62,937
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
2,600
2,500
Audit of the financial statements of the company's subsidiaries
11,000
10,400
13,600
12,900
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
67
68
-
-
Sales & marketing
10
10
-
-
Research & development
18
18
-
-
Administration
12
12
-
-
Directors
4
4
4
4
Total
111
112
4
4
ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,305,511
3,039,340
37,954
25,113
Social security costs
295,888
274,593
9,996
5,825
Pension costs
72,875
69,771
-
0
-
0
3,674,274
3,383,704
47,950
30,938
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
201,295
186,317
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
163,341
-

Comparative amounts are not required to be disclosed as total emoluments were below £200,000.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
8,387
8
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
3,415
4,327
10
Change in value of investments
2023
2022
£
£
Change in value of investments held at fair value
31,067
-
ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
244,394
46,348
Deferred tax
Origination and reversal of timing differences
64,951
76,084
Total tax charge
309,345
122,432

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
2,197,142
2,283,594
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
516,768
433,883
Tax effect of expenses that are not deductible in determining taxable profit
451
1,070
Tax effect of income not taxable in determining taxable profit
1,086
-
0
Change in unrecognised deferred tax assets
-
0
(77,861)
Effect of change in corporation tax rate
3,843
36,947
Depreciation on assets not qualifying for tax allowances
27,439
(24,617)
Research and development tax credit
(240,242)
(246,990)
Taxation charge
309,345
122,432
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
250,000
250,000
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,462,412
Amortisation and impairment
At 1 January 2023 and 31 December 2023
1,462,412
ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Intangible fixed assets
(Continued)
- 22 -
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
2,739,805
2,935,938
879,002
1,253,257
189,625
7,997,627
Additions
188,360
510,404
86,956
79,301
-
0
865,021
Disposals
-
0
-
0
(5,972)
(12,839)
-
0
(18,811)
At 31 December 2023
2,928,165
3,446,342
959,986
1,319,719
189,625
8,843,837
Depreciation and impairment
At 1 January 2023
660,943
2,204,199
645,863
1,105,282
172,691
4,788,978
Depreciation charged in the year
138,826
280,954
160,178
78,560
15,848
674,366
Eliminated in respect of disposals
-
0
-
0
(5,147)
(10,836)
-
0
(15,983)
At 31 December 2023
799,769
2,485,153
800,894
1,173,006
188,539
5,447,361
Carrying amount
At 31 December 2023
2,128,396
961,189
159,092
146,713
1,086
3,396,476
At 31 December 2022
2,078,862
731,739
233,139
147,975
16,934
3,208,649
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
111,271
149,421
-
0
-
0
ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
1,999,407
1,999,407
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,519,407
Impairment
At 1 January 2023 and 31 December 2023
520,000
Carrying amount
At 31 December 2023
1,999,407
At 31 December 2022
1,999,407
16
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
AMS Neve Limited
as parent company
Design, manufacture, supply and support of professional audio equipment
Ordinary & preference
100.00
-
Landmark Burnley Limited
as parent company
Hire of facilities and hosting of events
Ordinary
100.00
-
The Sutcliffe Tool Company Limited
see below
Sale of tools and equipment
Ordinary
100.00
-
Neve Electronics Limited
as parent company
Dormant
Ordinary
-
100.00

The registered office of The Sutcliffe Tool Company Limited is Burnham Trading Park, Blannel Street, Burnley, BB11 4AA.

 

Landmark Burnley Limited (registered number 10971085) and The Sutcliffe Tool Company Limited (registered number 02988508) are exempt from the requirements relating to the audit of individual accounts by virtue of S479A of the Companies Act 2006.

 

The investment in Neve Electronics Limited is held by AMS Neve Limited.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
3,978,843
3,169,205
-
0
-
0
Work in progress
1,198,793
1,362,172
-
-
Finished goods and goods for resale
1,336,239
846,040
-
0
-
0
6,513,875
5,377,417
-
0
-
0
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
322,894
413,066
-
0
-
0
Amounts owed by group undertakings
-
-
59,547
10,000
Other debtors
202,253
157,238
-
0
-
0
Prepayments and accrued income
154,646
130,252
-
0
-
0
679,793
700,556
59,547
10,000
19
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Other investments
1,032,367
1,300
1,031,067
-
20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
22
55,587
60,640
-
0
-
0
Payments received on account
947,885
1,691,045
-
0
-
0
Trade creditors
609,552
812,787
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
487
487
Corporation tax payable
244,396
46,348
-
0
-
0
Other taxation and social security
85,300
80,249
-
-
Deferred income
25
36,568
23,774
-
0
-
0
Other creditors
25,643
34,176
-
0
-
0
Accruals and deferred income
413,049
196,759
-
0
-
0
2,417,980
2,945,778
487
487
ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
22
-
0
55,587
-
0
-
0
Deferred income
25
-
0
3,555
-
0
-
0
-
59,142
-
-
22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
55,587
60,640
-
0
-
0
In two to five years
-
0
55,587
-
0
-
0
55,587
116,227
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The finance lease obligations are secured over the assets to which they relate.

23
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Warranty provision
60,994
60,994
-
-
Movements on provisions:
Warranty provision
Group
£
At 1 January 2023 and 31 December 2023
60,994

Provision is made for the estimated cost of rectification of products sold which are still covered by unexpired contractual warranties.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
357,134
292,064
Short term timing differences
(1,412)
(1,293)
355,722
290,771
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
290,771
-
Charge to profit or loss
64,951
-
Liability at 31 December 2023
355,722
-

The deferred tax liability set out above relates mainly to accelerated capital allowances and is not expected to change significantly in the next 12 months due to continued fixed asset investment.

25
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
3,555
20,879
-
-
Other deferred income
33,013
6,450
-
-
36,568
27,329
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
36,568
23,774
-
0
-
0
Non-current liabilities
-
0
3,555
-
0
-
0
36,568
27,329
-
-
ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
26
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,875
69,771

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.

An amount of £12,036 (2022 - £11,142 ) was outstanding at the year end and is included in creditors.

27
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
21,000 ordinary shares of £1 each
21,000
21,000
Preference share capital
Issued and fully paid
1,978,407 shares of £1 each
1,978,407
1,978,407
Preference shares classified as equity
1,978,407
1,978,407
Total equity share capital
1,999,407
1,999,407

The shares shall confer on their holders the following rights:

 

Ordinary Shares

- Full voting rights, with a ranking behind Preference Shares on a return of capital.

 

Preference Shares

- As to capital, the right, on winding-up or other return of capital, to repayment, in priority to any payment to the holders of any other shares in the capital of the company of the amounts paid up on the Preference Shares held by them including any premium;

- As to other rights, the right to receive notice of, to be present and speak either in person or by proxy, at any general meeting of the company but not to have any voting rights whatsoever at any general working of the company nor the right to participate in any written resolution.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
35,934
123,000
-
-
Between two and five years
-
11,934
-
-
35,934
134,934
-
-
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

 

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
17,500
30,000
-
-
Between two and five years
-
17,500
-
-
17,500
47,500
-
-
29
Related party transactions
Transactions with related parties

During the year the group purchased goods amounting to £30,744 (2022 - £24,000) from a company in which one of the directors has a controlling interest.

The group pays royalties for the use of intellectual property rights held by a related company pension scheme of which a director is a trustee and member. During the year royalties and other related amounts were charged to the group amounting to £456,756 (2022 - £495,542 ). Engineering costs amounting to £97,240 (2022 - £131,560 ) were recharged to the pension scheme.

In addition the group was charged rent and associated property costs by the scheme of £98,700 (2022 - £37,075). An amount of £97,400 (2022 - Nil) was due to the scheme at the year end.

The group charged a management fee of £11,844 (2022 - £11,844) to the scheme. An amount of £22,967 (2022 – 11,123) was due from the scheme at the year end.

30
Directors' transactions

Included within other debtors at the year ended 31 December 2023, is a balance of £15,794 (2022: £3,413) that was owed by a director of the company. The maximum outstanding balance in the year was £15,794 (2022 - £13,396).

31
Controlling party

The ultimate controlling party is Mr Mark Crabtree OBE.

ENGLEDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
32
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,887,797
2,161,162
Adjustments for:
Taxation charged
309,345
122,432
Finance costs
3,415
4,327
Investment income
(8,387)
(8)
Loss on disposal of tangible fixed assets
2,701
-
Depreciation and impairment of tangible fixed assets
674,366
634,863
Other gains and losses
(31,067)
-
Increase in provisions
-
11,351
Movements in working capital:
Increase in stocks
(1,136,458)
(682,093)
Decrease in debtors
33,144
4,080
Decrease in creditors
(733,587)
(379,126)
Increase/(decrease) in deferred income
9,239
(36,024)
Cash generated from operations
1,010,508
1,840,964
33
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,260,796
(1,218,781)
3,042,015
Obligations under finance leases
(116,227)
60,640
(55,587)
4,144,569
(1,158,141)
2,986,428
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