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REGISTERED NUMBER: 12715023 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HUDSON CABLE MANAGEMENT GROUP LIMITED

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive
Income

10

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow
Statement

17

Notes to the Consolidated Financial
Statements

19


HUDSON CABLE MANAGEMENT GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr S Hudson-Smith



REGISTERED OFFICE: Milton Court
East Portway
Andover
Hampshire
SP10 3LU



REGISTERED NUMBER: 12715023 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Christopher Joyce FCCA



AUDITORS: Hysons Audit Services Ltd, Statutory Auditor
14 London Street
Andover
Hampshire
SP10 2PA

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
Principal activity
The principal activity of the group is to provide comprehensive cable management propositions across the M&E sector.

Business model
Hudson Cable Management Group Ltd consists of the parent company along with three trading subsidiaries; Armorduct Systems Ltd, R.M.S. Limited, and Milton Cable Management Systems Ltd.

Business review
2023 was the second year of operation for Hudson Cable Management Group, operating as the parent company. As such, this featured the introduction of new organisational processes and procedures as well as the evolution of existing practices. We focused on the content and structure for performance reporting, business reviews and development opportunities across the Group. A new divisional operating model was also developed to help position Armorduct and RMS better for success, and more transparently in the marketplace. The main elements of this were for RMS to transition their go-to-market strategy to work far more through wholesalers instead of directly with contractors, and for Armorduct to become the "group brand" for all containment. In direct support of this, a key focus was the continued development of wholesaler relationships for the Group, both as stockists and as business partners. Good progress was made in this respect, despite the challenges of fierce competition. A new Data Centre division was also set up within RMS to focus on this fast-growing and highly profitable market sector, harnessing RMS' capabilities, experience and reputation within the industry. Additional staff were recruited to support this initiative.

A key highlight of 2023 was the launch of Milton Cable Management, a new trading subsidiary specialising in solutions for harsh and hazardous environments and offering consultancy services on cable containment on behalf of the Hudson Group. Some re-deployment of existing resources have been made to accommodate this. As part of this, a strategic partnership with the Wibe Group was agreed, providing access to their GRP and steel ladder product portfolios. Both of these new ranges compliment the containment offer across the Group, helping to broaden our customer engagement and enhance our profile within the marketplace. As a result, project discussions developed with customers in the oil, gas and energy industries, including nuclear. From this, we began a relationship with MEH, the contractor alliance responsible for the mechanical and electrical installation at Hinkley Point C Power Station (HPC), currently Europe's largest construction project. From this and the wider subcontractor relationships, a vast number of bracketry and framework opportunities were made available to RMS, the Group's metalwork fabrication specialist. This promises a huge amount of valuable and sustainable work for RMS in particular, ongoing for several years with HPC, and also dovetailing into Sizewell C - the next UK nuclear power station project to be delivered.

RMS experienced significant unexpected delays on numerous customer projects during 2023 which resulted in greatly reduced revenues for the year compared with 2022. This prompted the business review which led to the new operating model previously mentioned, placing more emphasis on higher margin, more predictable and more sustainable fabrication work. The project delays experienced by RMS had a corresponding knock-on effect for Armorduct also, as far less Armorduct containment was purchased by RMS to supply the projects. This coincided with a warehouse relocation for Armorduct, consuming resources and management bandwidth. All of which further contributed to the challenges of 2023, but better positioned the Group for success in 2024 and beyond.


HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The cable containment industry is a highly competitive market within the construction industry, with many products being regarded as commodity items. One of the Group's USPs has always been the ability to combine standard commodity products with bespoke components designed for specific projects. This combination requires a highly flexible manufacturing process, as producing "specials" is in direct conflict with the high-volume manufacturing of standard products. Balancing this conflict is difficult, and with the uncertainties caused by major customer project delays, decisions are complex and mean compromises have to be made. This has contributed to the change in operating models within the Group subsidiaries, which bear 100% of risk for Hudson Cable Management Ltd. This new business model offers a clearer alignment to our USPs.

Credit risk
Across the group, we have a robust credit checking system and do not accept any new customers where we are unhappy with their credit rating. Irrecoverable debts cannot always be avoided due to our desire to collaborate with our smaller customers to develop mutually beneficial relationships. We wish to continue to do so but we must carefully balance this with our need to protect the Group assets. In these cases, we offer reduced credit limits and shorter payment terms.

Liquidity risk
Across the Group, we are confident that we have ample resources available to us to support our everyday requirements. One of the benefits of being part of a group mean that we can re-distribute resources where they are most needed.

FUTURE PROSPECTS
2024 will see the new operating model rolled out within our Group divisions. This will require adjustments to our intercompany relationships and trading processes, as well as training and development programmes for our employees. It will also involve updating and educating customers and the wider industry on our new strategy.

We feel confident that Armorduct will experience significant growth, whilst RMS will experience a period of consolidation as it evolves to the new fabrication model.

It is anticipated that some of the customer project delays already experienced will persist, but the new opportunities we have been developing look very promising and we are confident that these will represent excellent longer-term prospects for our subsidiaries and in turn, the Group. In particular, Hinkley Point C will act as a catalyst for the operating model changes, as it will produce good initial revenues in 2024. This will provide a fruitful foundation for continued investment in our manufacturing capabilities as well as subcontractor relationship development for the foreseeable future.

ON BEHALF OF THE BOARD:





Mr S Hudson-Smith - Director


25 September 2024

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
An interim dividend of £34 per was paid during the year. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £31,000.

DIRECTOR
Mr S Hudson-Smith held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Hysons Audit Services Ltd, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S Hudson-Smith - Director


25 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUDSON CABLE MANAGEMENT GROUP LIMITED

Opinion
We have audited the financial statements of Hudson Cable Management Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 the 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 director with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUDSON CABLE MANAGEMENT GROUP LIMITED


Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

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

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

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUDSON CABLE MANAGEMENT GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the Senior Statutory Auditor ensured that the engagement team collectively had the
appropriate competence, capabilities and skills to identify or recognise non-compliance with
applicable laws and regulations;
- we identified the laws and regulations applicable to the group through discussions with
directors and other management and from our commercial knowledge and experience of the
publishing sector;
- we focused on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the group, including the Companies
Act 2006 and Financial Reporting Standard 102;
- we assessed the extent of compliance with the laws and regulations identified above through
making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the
team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to
fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with
laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting
estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company’s legal
advisors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HUDSON CABLE MANAGEMENT GROUP LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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




Christopher Joyce FCCA (Senior Statutory Auditor)
for and on behalf of Hysons Audit Services Ltd, Statutory Auditor
14 London Street
Andover
Hampshire
SP10 2PA

25 September 2024

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 4 11,671,874 14,460,315

Cost of sales (7,019,187 ) (8,604,217 )
GROSS PROFIT 4,652,687 5,856,098

Distribution costs (243,845 ) (174,522 )
Administrative expenses (4,462,363 ) (4,428,502 )
(53,521 ) 1,253,074

Other operating income - (7 )
OPERATING (LOSS)/PROFIT 6 (53,521 ) 1,253,067

Interest receivable and similar
income

18,227

2,298
(35,294 ) 1,255,365

Interest payable and similar
expenses

7

(53,261

)

(65,887

)
(LOSS)/PROFIT BEFORE TAXATION (88,555 ) 1,189,478

Tax on (loss)/profit 8 101,329 (317,539 )
PROFIT FOR THE FINANCIAL YEAR 12,774 871,939

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

12,774

871,939

Profit attributable to:
Owners of the parent 95,239 549,536
Non-controlling interests (82,465 ) 322,403
12,774 871,939

Total comprehensive income attributable to:
Owners of the parent 95,239 (516,343 )
Non-controlling interests (82,465 ) 1,388,282

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
£    £   
12,774 871,939

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 (2,690,102 ) (2,989,003 )
Tangible assets 12 2,048,775 2,160,546
Investments 13 - -
(641,327 ) (828,457 )

CURRENT ASSETS
Stocks 14 1,407,889 1,483,442
Debtors 15 2,633,670 3,302,169
Cash at bank and in hand 1,821,859 2,056,352
5,863,418 6,841,963
CREDITORS
Amounts falling due within one year 16 2,492,620 3,033,572
NET CURRENT ASSETS 3,370,798 3,808,391
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,729,471

2,979,934

CREDITORS
Amounts falling due after more than
one year

17

(486,737

)

(723,861

)

PROVISIONS FOR LIABILITIES 21 (217,346 ) (213,259 )
NET ASSETS 2,025,388 2,042,814

CAPITAL AND RESERVES
Called up share capital 22 900 100
Retained earnings 23 718,671 654,432
SHAREHOLDERS' FUNDS 719,571 654,532

NON-CONTROLLING INTERESTS 1,305,817 1,388,282
TOTAL EQUITY 2,025,388 2,042,814

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:



Mr S Hudson-Smith - Director


HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 25,293 27,369
Investments 13 1,673 1,673
26,966 29,042

CURRENT ASSETS
Debtors 15 158,988 96,175
Cash at bank 11,759 97,276
170,747 193,451
CREDITORS
Amounts falling due within one year 16 183,845 182,581
NET CURRENT (LIABILITIES)/ASSETS (13,098 ) 10,870
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,868

39,912

PROVISIONS FOR LIABILITIES 21 - 4,676
NET ASSETS 13,868 35,236

CAPITAL AND RESERVES
Called up share capital 22 900 100
Retained earnings 23 12,968 35,136
SHAREHOLDERS' FUNDS 13,868 35,236

Company's profit/(loss) for the
financial year

8,832

(70,760

)

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





Mr S Hudson-Smith - Director


HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 January 2022 1 178,896 178,897 - 178,897

Changes in equity
Issue of share capital 99 - 99 - 99
Dividends - (74,000 ) (74,000 ) - (74,000 )
Total comprehensive income - 549,536 549,536 1,388,282 1,937,818
Balance at 31 December 2022 100 654,432 654,532 1,388,282 2,042,814

Changes in equity
Issue of share capital 800 - 800 - 800
Dividends - (31,000 ) (31,000 ) - (31,000 )
Total comprehensive income - 95,239 95,239 (82,465 ) 12,774
Balance at 31 December 2023 900 718,671 719,571 1,305,817 2,025,388

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1 179,896 179,897

Changes in equity
Issue of share capital 99 - 99
Dividends - (74,000 ) (74,000 )
Total comprehensive income - (70,760 ) (70,760 )
Balance at 31 December 2022 100 35,136 35,236

Changes in equity
Issue of share capital 800 - 800
Dividends - (31,000 ) (31,000 )
Total comprehensive income - 8,832 8,832
Balance at 31 December 2023 900 12,968 13,868

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 506,079 (440,492 )
Interest paid (47,773 ) (65,541 )
Interest element of hire purchase
payments paid

(5,488

)

(346

)
Tax paid (98,800 ) 53,308
Net cash from operating activities 354,018 (453,071 )

Cash flows from investing activities
Purchase of intangible fixed assets - 2,989,003
Purchase of tangible fixed assets (558,454 ) (997,091 )
Sale of tangible fixed assets 202,538 224,116
Interest received 18,227 2,298
Net cash from investing activities (337,689 ) 2,218,326

Cash flows from financing activities
New loans in year - 264,828
Capital repayments in year (220,622 ) -
Share issue 800 99
Equity dividends paid (31,000 ) (74,000 )
Net cash from financing activities (250,822 ) 190,927

(Decrease)/increase in cash and cash equivalents (234,493 ) 1,956,182
Cash and cash equivalents at
beginning of year

2

2,056,352

100,170

Cash and cash equivalents at end
of year

2

1,821,859

2,056,352

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (88,555 ) 1,189,478
Depreciation charges 189,993 321,231
(Profit)/loss on disposal of fixed assets (21,208 ) 21,928
Finance costs 53,261 65,887
Finance income (18,227 ) (2,298 )
115,264 1,596,226
Decrease/(increase) in stocks 75,553 (1,483,442 )
Decrease/(increase) in trade and other debtors 746,517 (3,092,161 )
(Decrease)/increase in trade and other creditors (431,255 ) 2,538,885
Cash generated from operations 506,079 (440,492 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,821,859 2,056,352
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,056,352 100,170


HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,056,352 (234,493 ) 1,821,859
2,056,352 (234,493 ) 1,821,859
Debt
Finance leases (667,063 ) 63,625 (603,438 )
Debts falling due within 1 year (28,884 ) 3,316 (25,568 )
Debts falling due after 1 year (235,944 ) 153,681 (82,263 )
(931,891 ) 220,622 (711,269 )
Total 1,124,461 (13,871 ) 1,110,590

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

1. STATUTORY INFORMATION

Hudson Cable Management Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Where the fair value of the group's interest in the assets, liabilities and contingent liabilities acquired exceeds the cost of the business combination, negative goodwill arises. The group, after consideration of the assets, liabilities and contingent liabilities acquired and the cost of the combination, recognises negative goodwill on the balance sheet and releases this to profit and loss, up to the fair value of non-monetary assets acquired, over the periods in which the non-monetary assets are expected to benefit.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 20% on cost and 10% on cost
Plant and machinery - 25% on cost, 25% on reducing balance, 15% on reducing balance and 10% on cost
Motor vehicles - 25% on cost
Office and computer equipment - 33% on cost and 25% on cost

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

3. ACCOUNTING POLICIES - continued

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

4. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group.

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,516,322 3,496,653
Social security costs 341,982 351,891
Other pension costs 158,858 157,262
4,017,162 4,005,806

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

Directors 6 6
Manufacturing 50 54
Warehousing 20 18
Transport 2 2
Accounts 5 4
Sales 15 13
Administration 18 13
116 110

2023 2022
£    £   
Director's remuneration 479,708 719,353
Director's pension contributions to money purchase schemes 40,913 21,463

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

Money purchase schemes 4 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 212,500 -
Pension contributions to money purchase schemes 10,000 -

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 13,210 24,595
Other operating leases 444,966 430,397
Depreciation - owned assets 289,390 244,865
Depreciation - assets on hire purchase contracts 199,505 76,691
(Profit)/loss on disposal of fixed assets (21,208 ) 21,928
Goodwill amortisation (298,901 ) -
Foreign exchange differences (342 ) 35

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 160
Bank loan interest 32,863 22,947
Other interest - 95
Factoring interest 14,910 42,339
Hire purchase 5,488 346
53,261 65,887

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (105,416 ) 195,364

Deferred tax 4,087 122,175
Tax on (loss)/profit (101,329 ) 317,539

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

10. DIVIDENDS

An interim dividend of £34 per share on the shares was paid during the year. The director recommends that no final dividend be paid on these share.

The total distribution of dividends for the year ended 31 December 2023 will be £31,000 (2022 - £74,000).

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 (2,989,003 )
AMORTISATION
Amortisation for year (298,901 )
At 31 December 2023 (298,901 )
NET BOOK VALUE
At 31 December 2023 (2,690,102 )
At 31 December 2022 (2,989,003 )

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 556,975 687,720 2,657,719
Additions - 19,231 285,503
Disposals - - (189,210 )
Reclassification/transfer - (8,977 ) -
At 31 December 2023 556,975 697,974 2,754,012
DEPRECIATION
At 1 January 2023 64,057 325,326 1,769,090
Charge for year 11,140 79,197 208,631
Eliminated on disposal - - (7,880 )
Reclassification/transfer - - -
At 31 December 2023 75,197 404,523 1,969,841
NET BOOK VALUE
At 31 December 2023 481,778 293,451 784,171
At 31 December 2022 492,918 362,394 888,629

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Office
and
Motor computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 581,937 387,493 4,871,844
Additions 211,430 51,266 567,430
Disposals (98,118 ) - (287,328 )
Reclassification/transfer - (10,676 ) (19,653 )
At 31 December 2023 695,249 428,083 5,132,293
DEPRECIATION
At 1 January 2023 335,289 217,536 2,711,298
Charge for year 124,830 65,097 488,895
Eliminated on disposal (98,118 ) - (105,998 )
Reclassification/transfer - (10,677 ) (10,677 )
At 31 December 2023 362,001 271,956 3,083,518
NET BOOK VALUE
At 31 December 2023 333,248 156,127 2,048,775
At 31 December 2022 246,648 169,957 2,160,546

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Office
and
Plant and Motor computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 488,080 130,568 110,000 728,648
Additions 181,329 162,341 - 343,670
At 31 December 2023 669,409 292,909 110,000 1,072,318
DEPRECIATION
At 1 January 2023 95,276 16,290 11,458 123,024
Charge for year 100,963 71,042 27,500 199,505
At 31 December 2023 196,239 87,332 38,958 322,529
NET BOOK VALUE
At 31 December 2023 473,170 205,577 71,042 749,789
At 31 December 2022 392,804 114,278 98,542 605,624

Company
Office
and
Motor computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 26,249 2,831 29,080
Additions - 6,440 6,440
At 31 December 2023 26,249 9,271 35,520
DEPRECIATION
At 1 January 2023 1,641 70 1,711
Charge for year 6,562 1,954 8,516
At 31 December 2023 8,203 2,024 10,227
NET BOOK VALUE
At 31 December 2023 18,046 7,247 25,293
At 31 December 2022 24,608 2,761 27,369

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,673
NET BOOK VALUE
At 31 December 2023 1,673
At 31 December 2022 1,673

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

Subsidiaries

Armorduct Systems Limited
Registered office: Milton Court, East Portway Business Park, Andover, Hampshire, SP10 3LU
Nature of business: Manufacture and retail of cable management systems
%
Class of shares: holding
Ordinary 60.00
2023 2022
£    £   
Aggregate capital and reserves 2,998,736 3,060,153
(Loss)/profit for the year (61,417 ) 575,775

R.M.S. Limited
Registered office: Milton Court, East Portway, Andover, Hampshire, SP10 3LU
Nature of business: Supply of specialist electrical components
%
Class of shares: holding
Ordinary 75.00
2023 2022
£    £   
Aggregate capital and reserves 1,738,109 1,966,778
(Loss)/profit for the year (228,669 ) 370,540

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

13. FIXED ASSET INVESTMENTS - continued

Milton Cable Management Systems Limited
Registered office: Milton Court, East Portway Business Park, Andover, SP10 3LU
Nature of business: Specialised design
%
Class of shares: holding
Ordinary 85.00
2023 2022
£    £   
Aggregate capital and reserves (33,550 ) (28,677 )
Loss for the year (4,873 ) (3,616 )


14. STOCKS

Group
2023 2022
£    £   
Stocks 1,363,666 1,391,279
Work-in-progress 44,223 92,163
1,407,889 1,483,442

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,096,299 2,801,908 104,505 6,667
Amounts owed by group undertakings - 106 - 50,000
Other debtors 182,505 205,490 5,100 101
Tax 117,018 39,000 - -
VAT - - 912 3,749
Prepayments 237,848 255,665 48,471 35,658
2,633,670 3,302,169 158,988 96,175

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18)
25,568

28,884

-

-
Hire purchase contracts (see note 19)
198,964

179,146

-

-
Trade creditors 1,121,537 1,098,528 48,190 50,681
Tax 69,177 195,376 - -
Social security and other taxes 144,011 93,989 15,478 26,239
VAT 265,098 282,146 - -
Other creditors 24,290 29,776 2,340 19,190
Accruals and deferred income 643,975 1,125,727 117,837 86,471
2,492,620 3,033,572 183,845 182,581

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 18) 82,263 235,944
Hire purchase contracts (see note 19)
404,474

487,917
486,737 723,861

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 25,568 28,884
Amounts falling due between one and two years:
Bank loans - 1-2 years 82,263 235,944

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 198,964 179,146
Between one and five years 404,474 487,917
603,438 667,063

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 317,511 340,045
Between one and five years 725,830 865,591
In more than five years 433,905 611,655
1,477,246 1,817,291

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 107,831 264,828
Hire purchase contracts 603,438 667,063
711,269 931,891

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 217,346 213,259 - 4,676

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 213,259
Accelerated capital allowances 4,087
Balance at 31 December 2023 217,346

Company
Deferred
tax
£   
Balance at 1 January 2023 4,676
Accelerated capital allowances (4,676 )
Balance at 31 December 2023 -

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
900 Ordinary £1 900 100

800 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

23. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 654,432
Profit for the year 95,239
Dividends (31,000 )
At 31 December 2023 718,671

HUDSON CABLE MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 12715023)

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

23. RESERVES - continued

Company
Retained
earnings
£   

At 1 January 2023 35,136
Profit for the year 8,832
Dividends (31,000 )
At 31 December 2023 12,968


24. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Sales 952,100 620,666
Purchases 48,232 11,809
Amount due from related party 104,505 56,667
Amount due to related party 6,992 8,795

25. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S Hudson-Smith.

The ultimate controlling party is Mr S Hudson-Smith.