BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the design, manufacture and sale of windows and doors. 27 September 2024 NI029589 2023-12-31 NI029589 2022-12-31 NI029589 2021-12-31 NI029589 2023-01-01 2023-12-31 NI029589 2022-01-01 2022-12-31 NI029589 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI029589 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI029589 uk-bus:FullAccounts 2023-01-01 2023-12-31 NI029589 uk-bus:Director1 2023-01-01 2023-12-31 NI029589 uk-bus:Director2 2023-01-01 2023-12-31 NI029589 uk-bus:Director3 2023-01-01 2023-12-31 NI029589 uk-bus:CompanySecretary1 2023-01-01 2023-12-31 NI029589 uk-bus:RegisteredOffice 2023-01-01 2023-12-31 NI029589 uk-bus:Agent1 2023-01-01 2023-12-31 NI029589 uk-bus:Audited 2023-01-01 2023-12-31 NI029589 uk-core:ShareCapital 2023-12-31 NI029589 uk-core:ShareCapital 2022-12-31 NI029589 uk-core:RevaluationReserve 2023-12-31 NI029589 uk-core:RevaluationReserve 2022-12-31 NI029589 uk-core:OtherReservesSubtotal 2023-12-31 NI029589 uk-core:OtherReservesSubtotal 2022-12-31 NI029589 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI029589 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI029589 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI029589 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI029589 uk-core:CapitalRedemptionReserve 2022-12-31 NI029589 uk-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI029589 uk-core:RevaluationReserve 2023-01-01 2023-12-31 NI029589 uk-core:RevaluationReserve 2023-01-01 2023-12-31 NI029589 uk-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI029589 uk-core:ShareCapital 2023-01-01 2023-12-31 NI029589 uk-core:CapitalRedemptionReserve 2023-01-01 2023-12-31 NI029589 uk-core:CapitalRedemptionReserve 2023-12-31 NI029589 uk-bus:FRS102 2023-01-01 2023-12-31 NI029589 uk-core:LandBuildings 2023-01-01 2023-12-31 NI029589 uk-core:PlantMachinery 2023-01-01 2023-12-31 NI029589 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI029589 uk-core:MotorVehicles 2023-01-01 2023-12-31 NI029589 uk-core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 NI029589 uk-core:IntangibleAssetsOtherThanGoodwill 2022-01-01 2022-12-31 NI029589 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2023-01-01 2023-12-31 NI029589 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-01-01 2022-12-31 NI029589 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 NI029589 uk-core:CustomerRelationships 2022-12-31 NI029589 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 NI029589 uk-core:CustomerRelationships 2023-01-01 2023-12-31 NI029589 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 NI029589 uk-core:CustomerRelationships 2023-12-31 NI029589 uk-core:CurrentFinancialInstruments 2023-12-31 NI029589 uk-core:CurrentFinancialInstruments 2022-12-31 NI029589 uk-core:WithinOneYear 2023-12-31 NI029589 uk-core:WithinOneYear 2022-12-31 NI029589 uk-core:WithinOneYear 2023-12-31 NI029589 uk-core:WithinOneYear 2022-12-31 NI029589 uk-core:WithinOneYear 2023-12-31 NI029589 uk-core:WithinOneYear 2022-12-31 NI029589 uk-core:AfterOneYear 2023-12-31 NI029589 uk-core:AfterOneYear 2022-12-31 NI029589 uk-core:AfterOneYear 2023-12-31 NI029589 uk-core:AfterOneYear 2022-12-31 NI029589 uk-core:BetweenOneTwoYears 2023-12-31 NI029589 uk-core:BetweenOneTwoYears 2022-12-31 NI029589 uk-core:BetweenTwoFiveYears 2023-12-31 NI029589 uk-core:BetweenTwoFiveYears 2022-12-31 NI029589 uk-core:BetweenOneFiveYears 2023-12-31 NI029589 uk-core:BetweenOneFiveYears 2022-12-31 NI029589 uk-core:EmployeeBenefits 2022-12-31 NI029589 uk-core:EmployeeBenefits 2023-01-01 2023-12-31 NI029589 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI029589 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI029589 uk-core:OtherDeferredTax 2023-12-31 NI029589 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-12-31 NI029589 uk-core:EmployeeBenefits 2023-12-31 NI029589 uk-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI029589 uk-bus:OrdinaryShareClass2 2023-01-01 2023-12-31 NI029589 uk-bus:OrdinaryShareClass3 2023-01-01 2023-12-31 NI029589 uk-bus:OrdinaryShareClass4 2023-01-01 2023-12-31 NI029589 uk-bus:OrdinaryShareClass1 2023-12-31 NI029589 uk-bus:OrdinaryShareClass2 2023-12-31 NI029589 uk-bus:OrdinaryShareClass3 2023-12-31 NI029589 uk-bus:OrdinaryShareClass4 2023-12-31 NI029589 uk-bus:PreferenceShareClass1 2023-01-01 2023-12-31 NI029589 uk-bus:PreferenceShareClass1 2023-12-31 NI029589 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: NI029589
 
 
New World Developments Limited
 
Reports and Financial Statements
 
for the financial year ended 31 December 2023
New World Developments Limited
Directors and Other Information

 
Directors Asa McGillian
Austin McGillian
Deirdre McGillian
 
 
Company Secretary Mrs. Deirdre McGillian
 
 
Company Registration Number NI029589
 
 
Registered Office and Business Address Woodside Industrial Estate
Woodside Road
Ballymena
Co. Antrim
BT42 4HX
United Kingdom
 
 
Independent Auditors HCA Chartered Accountants Ltd
Chartered Accountants and Statutory Auditors
12 Cromac Place
Belfast
Co. Antrim
BT7 2JB
Northern Ireland
 
 
Bankers Danske Bank
  Ballymena
  BT43 7AA
  Northern Ireland
   
   
  Bank of Ireland
  Main Street
  Blanchardstown
  Co. Dublin
  Republic of Ireland
   
   
  Barclays Bank PLC
  1 Churchill Place
  Canary Wharf
  London
  E14 5HP
  UK
 
   
Solicitors Anderson Agnew & Co
  14 Mill Street
  Ballymena
  BT43 5AE
  Northern Ireland



New World Developments Limited
Strategic Report
for the financial year ended 31 December 2023

 
The directors present their strategic report on the company for the financial year ended 31 December 2023.
 
Review of the Company's Business
The company's ethos is to provide innovative products to the market, increase market share for existing high-end quality and aesthetically pleasing products and penetrate into new geographical markets. To achieve this, the Directors continue their commitment to reinvest the profits back into research and development, marketing and advertising and key management skills. This is reflected in the Company's 2023 performance, and the Company remains focussed on this approach for the coming years.
       
Principal Risks and Uncertainties
Financial risk
The key risks to the business in the future relate to competition for market share and demand within the housing sector for the Company's products. The Directors have been expanding the geographic spread of the business throughout Britain and Ireland and are confident of continued expansion in these markets.

The board of Directors are aware of the financial risks arising from liquidity, credit, exchange rate, inflationary and transport / logistical issues. They regularly review the financial position of the Company and implement controls to reduce any exposure in these.
       
Development and Performance
The company continues to focus on improvements to manufacturing processes and new product implementation as part of its ongoing growth plans.
       
Financial Key Performance Indicators
The company’s key performance indicators are those that communicate the financial performance and strength of the business, being turnover, gross profit, gross profit %, EBITDA (earnings before interest, tax, depreciation and amortisation) and net assets.

The company's key performance indicators are as follows:
Revenue:                         £21,339,899         (2022: £21,718,055)
Gross Profit:                      £6,709,857          (2022: £6,863,287)
GP % margin:                         31.4%            (2022: 31.6%)    
EBITDA, before exceptional items:    £1,087,008          (2022: £1,387,044)
Net Assets:                       £5,660,761           (2022: £7,007,638)
       
       
On behalf of the board
       
       
___________________________      
Asa McGillian      
Director      
       
27 September 2024      



New World Developments Limited
Directors' Report
for the financial year ended 31 December 2023

 
The directors present their report and the audited financial statements for the financial year ended 31 December 2023.
 
Principal Activity
The principal activity of the company is the design, manufacture and sale of windows and doors.
     
Results and Dividends
The (loss)/profit for the financial year after providing for depreciation and taxation amounted to £(1,796,695) (2022 - £401,714).
The directors have paid an interim dividend amounting to £468,000 and they do not recommend payment of a final dividend.
     
Directors
The directors who served during the financial year are as follows:
     
Asa McGillian
Austin McGillian
Deirdre McGillian
   
There were no changes in shareholdings between 31 December 2023 and the date of signing the financial statements.
     
Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.
     
Events After the End of the Reporting Period
There have been no significant events affecting the company since the financial year-end.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
■select suitable accounting policies and apply them consistently;
■make judgements and accounting estimates that are reasonable and prudent;
■prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
■the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
The auditors, HCA Chartered Accountants Ltd, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Asa McGillian
Director
     
27 September 2024



Independent Auditor's Report
to the Shareholders of New World Developments Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of New World Developments Limited ('the company') for the financial year ended 31 December 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . 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:
■give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the financial year then ended;
■have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
■have been prepared in accordance with the requirements of the Companies Act 2006.
 
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date 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.
 
Emphasis of Matter
In forming our opinion, which is not qualified, we have considered the adequacy of the disclosures made in note 7 to the financial statements in relation to exceptional items.
 
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.
 
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
 
Responsibilities of directors for the financial statements
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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has 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.
 
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:
 
Our audit has been conducted with professional scepticism and using sampling and testing procedures that are in accordance with International Standards on Auditing. The audit procedures adopted are inherently limited. The further removed potential non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likelihood of any such non-compliance being detecting during the course of our audit.

The nature of the company's industry along with its control environment has been considered in conducting our audit. We enquired of management their identification and assessment of the risks of irregularities and reviewed the policies relating to compliance with laws and regulations and fraud.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

   -  had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act, pensions legislation, and tax legislation: and
   -  do not have direct impact on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included UK employment, health and safety, manufacturing, and transport laws.

We identified the potential for fraud in the following area, and our specific procedures performed to mitigate the risks are addressed below;

Revenue recognition:

- we assessed the design and implementation of the key controls over recognition of revenue; and
- we selected a sample of invoices around the year end and traced to the relevant despatch information to determine if revenue was recognised in the correct period.

We have also performed specific procedures to respond to the risk of management override in response to the requirement for all audits under ISAs (UK). In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of transactions that are outside the normal course of business.

Based on a similar understanding we have identified the following areas with a higher potential risk of fraud:

1. Risk of management over-ride of controls
2. Authorisation and approval of expenses and payments
3. Email and online hacking

Our procedures to respond to the risks identified including the following;

- review of supporting documentation to assess any non- compliance with the relevant laws and regulations.
- Enquiring of management and directors as well as external legal counsel on any actual or potential litigation or claims.
- review of the company’s control environment including key controls over the authorisation of payments.
 
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.
 
 
 
__________________________________
Mr Brian Hegarty (Senior Statutory Auditor)
for and on behalf of
HCA CHARTERED ACCOUNTANTS LTD
Chartered Accountants and Statutory Auditors
12 Cromac Place
Belfast
Co. Antrim
BT7 2JB
Northern Ireland
 
27 September 2024



New World Developments Limited
Income Statement
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Turnover 5 21,339,899 21,718,055
 
Cost of sales (14,630,042) (14,854,768)
───────── ─────────
Gross profit 6,709,857 6,863,287
 
Distribution costs (330,177) (329,801)
Administrative expenses (5,965,559) (6,024,651)
Other operating income 47,181 81,639
───────── ─────────
Operating profit 6 461,302 590,474
 
Exceptional items 7 (2,686,851) -
───────── ─────────
(Loss)/profit before interest (2,225,549) 590,474
 
Interest receivable and similar income 8 5,725 2,062
Interest payable and similar expenses 9 (212,031) (92,894)
───────── ─────────
(Loss)/profit before taxation (2,431,855) 499,642
 
Tax on (loss)/profit 11 635,160 (97,928)
───────── ─────────
(Loss)/profit for the financial year (1,796,695) 401,714
    ═════════   ═════════



New World Developments Limited

Statement of Comprehensive Income
for the financial year ended 31 December 2023
 
2023 2022
£ £
 
(Loss)/profit after taxation (1,796,695) 401,714
 
Revaluation reserve unrealised movement on revaluation of property 1,357,090 -
Revaluation reserve property deferred tax (339,272) -
───────── ─────────
Total comprehensive income for the financial year (778,877) 401,714
═════════ ═════════
 
All the activities of the company are from continuing operations.



New World Developments Limited
Company Registration Number: NI029589
Statement of Financial Position
as at 31 December 2023

2023 2022
Notes £ £
 
Non-Current Assets
Intangible assets 13 294,948 1,359,228
Property, plant and equipment 14 6,577,342 5,147,070
───────── ─────────
Non-Current Assets 6,872,290 6,506,298
───────── ─────────
 
Current Assets
Stocks 15 3,195,506 3,396,650
Debtors 16 4,182,270 3,539,757
Cash and cash equivalents 17 236,842 514,785
───────── ─────────
7,614,618 7,451,192
───────── ─────────
Creditors: amounts falling due within one year 18 (6,421,125) (4,881,307)
───────── ─────────
Net Current Assets 1,193,493 2,569,885
───────── ─────────
Total Assets less Current Liabilities 8,065,783 9,076,183
 
Creditors:
amounts falling due after more than one year 19 (2,144,868) (1,512,503)
 
Provisions for liabilities 21 (260,154) (556,042)
───────── ─────────
Net Assets 5,660,761 7,007,638
═════════ ═════════
 
Capital and Reserves
Called up share capital 22 2,251,000 2,351,000
Revaluation reserve 23 1,017,818 -
Other reserves including the fair value reserve 23 100,000 -
Retained earnings 2,291,943 4,656,638
───────── ─────────
Equity attributable to owners of the company 5,660,761 7,007,638
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 27 September 2024 and signed on its behalf by
           
           
________________________________          
Asa McGillian          
Director          
           



New World Developments Limited
Statement of Changes in Equity
as at 31 December 2023

Called up Revaluation Retained Capital Total
share reserve earnings redemption
capital reserve
£ £ £ £ £
 
At 1 January 2022 2,351,000 - 4,649,924 - 7,000,924
───────── ───────── ───────── ───────── ─────────
Profit for the financial year - - 401,714 - 401,714
───────── ───────── ───────── ───────── ─────────
Payment of dividends - - (395,000) - (395,000)
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2022 2,351,000 - 4,656,638 - 7,007,638
  ───────── ───────── ───────── ───────── ─────────
Loss for the financial year - - (1,796,695) - (1,796,695)
Other gains and losses - 1,357,090 - - 1,357,090
  ───────── ───────── ───────── ───────── ─────────
Total comprehensive income - 1,357,090 (1,796,695) - (439,605)
  ───────── ───────── ───────── ───────── ─────────
Payment of dividends - - (468,000) - (468,000)
Redemption of equity shares (100,000) - (100,000) 100,000 (100,000)
Other movements in equity
attributable to owners - (339,272) - - (339,272)
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 2,251,000 1,017,818 2,291,943 100,000 5,660,761
  ═════════ ═════════ ═════════ ═════════ ═════════



New World Developments Limited
Statement of Cash Flows
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Cash flows from operating activities
(Loss)/profit for the financial year (1,796,695) 401,714
Adjustments for:
Exceptional items 2,686,851 -
Interest receivable and similar income (5,725) (2,062)
Interest payable and similar expenses 212,031 92,894
Tax on (loss)/profit on ordinary activities (635,160) 97,928
Depreciation 635,495 840,816
Profit/loss on disposal of property, plant and equipment (9,789) (44,246)
Exceptional items (1,356,732) -
───────── ─────────
(269,724) 1,387,044
Movements in working capital:
Movement in stocks 201,144 (877,851)
Movement in debtors (687,583) (132,151)
Movement in creditors 664,867 247,617
───────── ─────────
Cash (used in)/generated from operations (91,296) 624,659
Interest paid (212,031) (92,894)
Tax repaid - 59,987
───────── ─────────
Net cash (used in)/generated from operating activities (303,327) 591,752
───────── ─────────
Cash flows from investing activities
Interest received   5,725 2,062
Payments to acquire intangible assets   (295,751) (29,109)
Payments to acquire property, plant and equipment   (701,824) (611,337)
Receipts from sales of property, plant and equipment   32,848 58,730
    ───────── ─────────
Net cash used in investment activities   (959,002) (579,654)
    ───────── ─────────
Cash flows from financing activities
Redemption of shares   (100,000) -
New short term loan   - 30,769
Repayment of short term loan   (260,071) (302,118)
Capital element of hire purchase contracts   305,467 (119,371)
Movement in funding to connected parties   45,070 149,871
Dividends paid   (468,000) (395,000)
    ───────── ─────────
Net cash used in financing activities   (477,534) (635,849)
    ───────── ─────────
       
Net decrease in cash and cash equivalents   (1,739,863) (623,751)
Cash and cash equivalents at beginning of financial year   (179,053) 444,698
    ───────── ─────────
Cash and cash equivalents at end of financial year 17 (1,918,916) (179,053)
    ═════════ ═════════



New World Developments Limited
Notes to the Financial Statements
for the financial year ended 31 December 2023

   
1. General Information
 
New World Developments Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI029589. The registered office of the company is Woodside Industrial Estate, Woodside Road, Ballymena, Co. Antrim, BT42 4HX, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Warranty provision
As referred to in the intangible assets accounting policy, the company gives a 10-year warranty. Provision is made for warranty costs based on sales generated in the past 5 years with a proportionately greater provision made for those in the most recent years. This reflects actual company experience. The Directors recognise a proportion of the liability as falling due within one year, and the remainder within liabilities falling due after more than one year, in line with the estimated periods in which the cash outflows are expected to arise.  The estimation technique applied and is kept under annual review to ensure it represent the most recent pattern of customer and product behaviour and thus the extent of expected warranty claims.
 
Intangible assets
 
Development Costs
Development Costs are valued at cost less accumulated amortisation.
 
Expenditure incurred in developing innovative products is valued at amortised cost.  Cost represents expenditure recognised by HMRC as qualifying for R&D tax credit relief.  In prior years, commercial exploitation of the new products commenced amortisation was applied in accordance with the expected profile of revenues over a 10 year estimated useful economic life. This policy is designed to ensure that amortisation charges are applied in line with the expected flow of future economic benefits. The estimated revenue profile is reassessed on an annual basis, with estimated future revenues updated. In the event that actual sales are lower than forecast, the Directors will conduct an impairment review.

During the period, the Directors concluded that estimated future revenues arising from past development expenditure would be lower than previously expected, and made an exceptional impairment charge in the year ended 31 December 2023.
 
Website Costs
Website Costs are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 10 years.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Straight line
  Plant and machinery - 10-15% Straight line
  Fixtures, fittings and equipment - 25% Straight line
  Motor vehicles - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and hire purchase arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Leasing
Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. Deferred tax credits and charges relating to unrealised gains on revaluation of property, plant and equipment are recognised in Other Comprehensive Income.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Share capital of the company
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
 
Preference share capital
The dividend rights of the preference shares are non-cumulative and are fixed at at least £0.01 per share per annum. The preference shares do not carry voting rights and do contain rights to a distribution of capital in a winding up. Based on their characteristics the preference shares are considered to be presented as equity and not liabilities. The preference shares are redeemable at the option of the company only.
 
Exceptional item
Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are reviewed on an ongoing basis and are based on past experience, expectations of future events and other factors considered to be reasonable.

Significant Judgements:

The company's intangible assets are stated at cost less amortisation. The Directors calculate amortisation of intangible fixed assets based on the expected useful life of the intangible assets.  The amortisation policy to apply and useful economic lives of the assets are determined by the Directors, based on their expectations of the useful lives of the assets. The carrying values of the assets are reviewed annually for impairment.

The company's tangible assets are stated at cost or valuation less depreciation. The Directors calculate depreciation of tangible fixed assets based on the expected useful life of the tangible assets. The depreciation policy to apply and useful economic lives of the assets are determined by the Directors, based on their expectations of the useful lives of the assets. The carrying values of the assets are reviewed annually for impairment.

Inventory is stated at the lower of cost and net realisable value. Management reviews the inventory held by the company on a regular basis to identify items which are deemed to be slow moving, obsolete, or unusable. Where management identifies items of inventory which they deem to have a net realisable value less than cost, provision is made for such items.

Key Sources of Estimation Uncertainty:

Accounting estimates are assumptions concerned with the future, and by their nature expectations of future outcomes will rarely accord with the actual outcome. Key assumptions and other areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

The amortisation policy for intangible assets is partly based on the expected future sales of products. The Directors review their expectations of future product sales and the implications for the intangible asset amortisation policy on an ongoing basis.

The company offers a warranty for goods sold. Provision is made for warranty claims, based on the Directors' expectations of the likely level of claims which will arise in the future for sales made before the reporting date. Management reviews the appropriate level of provision on an ongoing basis. During the year ended 31 December 2023, the Directors revised the estimated provision for warranty claims upwards, and recognised an exceptional cost arising from the resulting change in accounting estimate.
   
4. Going concern
 
The company reported a loss for the financial year due to exceptional items, however the company has a robust balance sheet and the Directors expect the financial performance of the company to improve in the year to December 2024. The Directors have reviewed the performance in the period after the reporting date and the forecast financial performance in the 12 month period from the date of signing of the financial statements, and have concluded that it is appropriate to continue to adopt the going concern basis in preparing the company's financial statements.
       
5. Turnover
 
An analysis of revenue by class of business and geographical market is not given as, in the opinion of the directors, this would be seriously prejudicial to the company's interest.
       
6. Operating profit 2023 2022
  £ £
Operating profit is stated after charging/(crediting):
Amortisation of intangible assets 23,926 221,686
Depreciation of property, plant and equipment 611,569 619,130
(Profit) on disposal of property, plant and equipment (9,789) (44,246)
Loss/(profit) on foreign currencies 1,969 (2,407)
Operating lease rentals
- Motor vehicles 95,282 47,144
Auditor's remuneration
- audit services 18,000 18,000
Government grants received (47,181) (81,639)
  ═════════ ═════════
       
7. Exceptional items 2023 2022
  £ £
 
Exceptional sales and marketing expenditure (152,761) -
Exceptional increase to warranty provision (1,123,392) -
Exceptional stock provision (80,579) -
Exceptional impairment of intangible fixed assets (1,330,119) -
  ───────── ─────────
  (2,686,851) -
  ═════════ ═════════
 
Exceptional Sales and Marketing expenditure
During the reporting period, the company incurred exceptional sales and marketing expenditure relating to the launch of a new range of products. This cost is not expected to recur in future periods.
 
Stock provision
During the reporting period, the company made an exceptional stock provision relating to the remaining stock of raw materials for the product lines that are no longer in production. This cost is not expected to recur in future periods.
 
Warranty provision
During the reporting period, management conducted a detailed review of the estimation technique applied to the calculation of the expected costs of warranty claims relating to past sales. As a result of this exercise, the warranty provision was revised upwards to recognise increased material and labour costs and the resulting cost recognised as an exceptional item in the year to 31 December 2023. This cost is not expected to recur in future periods.
 
Impairment of intangible asset
During the reporting period, the Directors reviewed the carrying value and the amortisation policy of intangible assets. Following this review, the Directors have concluded that an exceptional impairment charge should be recognised in the year to 31 December 2023. This cost is not expected to recur in future periods.
       
8. Interest receivable and similar income 2023 2022
  £ £
 
Bank interest 5,725 321
Other interest - 1,741
  ───────── ─────────
  5,725 2,062
  ═════════ ═════════
       
9. Interest payable and similar expenses 2023 2022
  £ £
 
On bank loans and overdrafts 185,234 78,835
Hire purchase interest 26,797 14,059
  ───────── ─────────
  212,031 92,894
  ═════════ ═════════
       
10. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial year was as follows:
 
  2023 2022
  Number Number
 
Administration 33 37
Directors 3 3
Production 159 183
Sales 14 15
  ───────── ─────────
  209 238
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: 2023 2022
  £ £
 
Wages and salaries 6,676,357 7,212,911
Social security costs 132,312 128,399
Pension costs 71,249 49,436
  ───────── ─────────
  6,879,918 7,390,746
  ═════════ ═════════
       
11. Tax on (loss)/profit
  2023 2022
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 25.00% (2022 - 19.00%) (Note 11 (b)) - -
  ───────── ─────────
 
Deferred tax:
Origination and reversal of timing differences (635,160) 97,928
  ───────── ─────────
Total deferred tax (635,160) 97,928
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2022 - 19.00%). The differences are explained below:
  2023 2022
  £ £
 
(Loss)/profit taxable at 25.00% (2,431,855) 499,642
  ═════════ ═════════
(Loss)/profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 25.00% (2022 - 19.00%) (607,964) 94,932
Effects of:
Expenses not deductible for tax purposes 335,869 7,644
Capital allowances for period in excess of depreciation (13,790) 2,919
Utilisation of tax losses - (72,295)
Deferred tax (635,160) 97,928
Enhanced tax allowances - (33,200)
Tax losses available in future periods 285,885 -
  ───────── ─────────
Total tax charge for the financial year (Note 11 (a)) (635,160) 97,928
  ═════════ ═════════
 
       
12. Dividends 2023 2022
  £ £
Dividends on equity shares:
 
Ordinary shares - Interim paid 468,000 395,000
  ═════════ ═════════
         
13. Intangible assets
       
  Development Costs Website Costs Total
  £ £ £
Cost
At 1 January 2023 1,864,585 29,109 1,893,694
Additions 232,346 63,405 295,751
  ───────── ───────── ─────────
At 31 December 2023 2,096,931 92,514 2,189,445
  ───────── ───────── ─────────
Amortisation
At 1 January 2023 534,466 - 534,466
Charge for financial year 1,353,353 6,678 1,360,031
  ───────── ───────── ─────────
At 31 December 2023 1,887,819 6,678 1,894,497
  ───────── ───────── ─────────
Net book value
At 31 December 2023 209,112 85,836 294,948
  ═════════ ═════════ ═════════
At 31 December 2022 1,330,119 29,109 1,359,228
  ═════════ ═════════ ═════════
 
The amortisation charge relating to capitalised development expenditure in the year ended 31 December 2023 includes an exceptional impairment charge of £1,330,119.
             
14. Property, plant and equipment
  Land and Plant and Fixtures, Motor Total
  buildings machinery fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost or Valuation
At 1 January 2023 3,680,445 6,788,280 750,728 425,607 11,645,060
Additions 17,950 553,852 41,712 88,310 701,824
Disposals - - - (110,978) (110,978)
Revaluation 986,605 - - - 986,605
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 4,685,000 7,342,132 792,440 402,939 13,222,511
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 316,577 5,248,390 607,703 325,320 6,497,990
Charge for the financial year 53,908 422,496 70,036 59,143 605,583
On disposals - - - (87,919) (87,919)
Revaluation (370,485) - - - (370,485)
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 - 5,670,886 677,739 296,544 6,645,169
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 4,685,000 1,671,246 114,701 106,395 6,577,342
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 December 2022 3,363,868 1,539,890 143,025 100,287 5,147,070
  ═════════ ═════════ ═════════ ═════════ ═════════
 
The company's property assets at Woodside Industrial Estate, Ballymena were revalued at £4.26 million at 12 August 2024. The valuer's name was Martin McGreevy, MRICS for and on behalf of Osborne King. In the opinion of the Directors, there was no material change in the valuation of the property between 31 December 2023 and 12 August 2024, and therefore the Directors deem it appropriate to recognise the revaluation gain in the year ended 31 December 2023.

Included within the net book value of the tangible fixed assets is £565,725 (2022: 306,149) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £187,212 (2022: £141,359).
       
15. Stocks 2023 2022
  £ £
 
Raw materials 2,262,704 2,362,198
Finished goods / WIP 932,802 1,034,452
  ───────── ─────────
  3,195,506 3,396,650
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
16. Debtors 2023 2022
  £ £
 
Trade debtors 3,413,670 2,750,377
Amounts owed by connected parties (Note 28) 305,881 350,951
Other debtors 71,831 17,839
Taxation  (Note 20) 189 189
Prepayments and accrued income 390,699 420,401
  ───────── ─────────
  4,182,270 3,539,757
  ═════════ ═════════
       
17. Cash and cash equivalents 2023 2022
  £ £
 
Cash and bank balances 236,842 514,785
Bank overdrafts (2,155,758) (693,838)
  ───────── ─────────
  (1,918,916) (179,053)
  ═════════ ═════════
       
18. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 2,155,758 693,838
Bank loan 261,677 291,752
Net obligations under finance leases
and hire purchase contracts 119,592 79,278
Trade creditors 2,054,822 2,356,107
Taxation  (Note 20) 423,108 339,192
Directors' current accounts (Note 27) 207,460 72,901
Other creditors 374,856 343,514
Accruals and deferred income 823,852 704,725
  ───────── ─────────
  6,421,125 4,881,307
  ═════════ ═════════
       
19. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 648,878 878,874
Finance leases and hire purchase contracts 416,596 151,443
Accrued expenditure 1,079,394 482,186
  ───────── ─────────
  2,144,868 1,512,503
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 18) 2,417,435 985,590
Repayable between one and two years 263,482 322,659
Repayable between two and five years 385,396 556,215
  ───────── ─────────
  3,066,313 1,864,464
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 119,592 79,278
Repayable between one and five years 416,596 151,443
  ───────── ─────────
  536,188 230,721
  ═════════ ═════════
 
The bank overdraft and bank loan is secured in favour of Northern Bank Limited, by way of a fixed charge over the book debts of the company, a fixed charge over the land and buildings of the company, and by a floating charge over the remaining assets. The company has also granted a guarantee to Northern Bank Limited in relation to the borrowings of Ace Fixings Limited.

Accrued Expenditure includes the warranty provision at 31st December 2023.
       
20. Taxation 2023 2022
  £ £
 
Debtors:
Corporation tax 189 189
  ═════════ ═════════
Creditors:
VAT 265,718 183,409
PAYE / NI 157,390 155,783
  ───────── ─────────
  423,108 339,192
  ═════════ ═════════
               
21. Provisions for liabilities
 
The amounts provided for provisions are analysed below:
 
  Capital Losses Other Property Total Total
  allowances   differences revaluations    
             
          2023 2022
  £ £ £ £ £ £
 
At financial year start 674,153 (109,466) (8,645) - 556,042 458,114
Charged to profit and loss (322,548) (311,340) (1,272) - (635,160) 97,928
Charged to reserves - - - 339,272 339,272 -
  ───────── ───────── ───────── ───────── ───────── ─────────
At financial year end 351,605 (420,806) (9,917) 339,272 260,154 556,042
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
 
Deferred tax is calculated at the standard UK corporation tax rate of 25%. Deferred tax relating to revaluation of property during the year has been recognised in Other Comprehensive Income.
           
22. Share capital     2023 2022
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary shares 65,000 £1.00 each 65,000 65,000
B Ordinary shares 5,000 £1.00 each 5,000 5,000
C Ordinary shares 30,000 £1.00 each 30,000 30,000
D Ordinary Shares 1,000 £1.00 each 1,000 1,000
A1 Preference Shares 2,150,000 £1.00 each 2,150,000 2,250,000
      ───────── ─────────
      2,251,000 2,351,000
      ═════════ ═════════
   
23. Reserves
 
Capital Redemption Reserve
 
During the year, the company redeemed 100,000 A1 Preference Shares of £1 each at nominal value, and created a capital redemption reserve for the same amount.
 
       
24. Financial commitments
 
Total future minimum lease payments under non-cancellable operating leases are as follows:
 
  2023 2022
  £ £
Due:
Within one year 32,436 29,520
Between one and five years 16,218 14,760
  ───────── ─────────
  48,654 44,280
  ═════════ ═════════
       
25. Capital commitments
 
Capital commitments at 31st December 2023 totalled £nil (2022: £125,013).
   
26. Contingent liabilities
 
The company has provided a guarantee to a related party, Ace Fixings Limited, in relation to bank borrowings from Northern Bank Limited. A former customer has instigated legal proceedings against the company asserting, inter alia, a loss of profits arising from products that did not perform as expected. The directors consider the proceedings, which are at a very early stage, to have scant merit and are confident they will ultimately be satisfactorily resolved. Further, the directors are considering a counter claim for non-payment of the products. As it is not possible to determine how, if at all, and when, the matter will finally be settled, no provision has been made in the accounts.
       
27. Directors' remuneration and transactions 2023 2022
  £ £
 
Remuneration 25,000 25,000
  ═════════ ═════════
           
The following amounts are repayable to the directors:
      2023 2022
      £ £
 
Asa McGillian     90,338 6,322
Deirdre McGillian     117,122 66,579
      ───────── ─────────
      207,460 72,901
      ═════════ ═════════
           
28. Related party transactions
  Balance Movement Balance Maximum
  2023 in year 2022 in year
  £ £ £ £
 
Tornado Fixings Ltd 9,737 - 9,737 9,737
Ace Fixings Ltd 296,144 (45,070) 341,214 491,085
  ───────── ───────── ───────── ═════════
  305,881 (45,070) 350,951  
  ═════════ ═════════ ═════════  
 
The directors of the company are considered to be the key management personnel. Remuneration paid is disclosed in note 27 above.

Tornado Fixings Ltd, and Ace Fixings Ltd are companies under common control.
   
29. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.
       
30. Changes in Equity
 
Other Comprehensive Income 2023 2022
  £ £
 
Revaluation reserve unrealised movement on revaluation of property 1,357,090 -
  ═════════ ═════════
           
31 Reconciliation of Net Cash Flow to Movement in Net Debt
  Opening Cash Other Closing
  balance flows changes balance
         
  £ £ £ £
 
Long-term borrowings (878,874) - 229,996 (648,878)
Short-term borrowings (291,752) 260,071 (229,996) (261,677)
Finance lease and hire purchase (230,721) (305,467) - (536,188)
  ───────── ───────── ───────── ─────────
Total liabilities from financing activities (1,401,347) (45,396) - (1,446,743)
  ═════════ ═════════ ═════════ ─────────
Total Cash and cash equivalents (Note 17)       (1,918,916)
        ─────────
Total net debt       (3,365,659)
        ═════════