Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-312023-04-01falseOther mining and quarrying not elsewhere classified11falsefalsefalse 11691121 2023-04-01 2024-03-31 11691121 2022-04-01 2023-03-31 11691121 2024-03-31 11691121 2023-03-31 11691121 2022-04-01 11691121 c:Director1 2023-04-01 2024-03-31 11691121 c:RegisteredOffice 2023-04-01 2024-03-31 11691121 c:Agent1 2023-04-01 2024-03-31 11691121 d:Buildings 2024-03-31 11691121 d:Buildings 2023-03-31 11691121 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11691121 d:PlantMachinery 2023-04-01 2024-03-31 11691121 d:MotorVehicles 2023-04-01 2024-03-31 11691121 d:FurnitureFittings 2023-04-01 2024-03-31 11691121 d:Goodwill 2023-04-01 2024-03-31 11691121 d:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 11691121 d:CurrentFinancialInstruments 2024-03-31 11691121 d:CurrentFinancialInstruments 2023-03-31 11691121 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11691121 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11691121 d:ShareCapital 2024-03-31 11691121 d:ShareCapital 2023-03-31 11691121 d:ShareCapital 2022-04-01 11691121 d:SharePremium 2023-04-01 2024-03-31 11691121 d:RevaluationReserve 2023-04-01 2024-03-31 11691121 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 11691121 d:RetainedEarningsAccumulatedLosses 2024-03-31 11691121 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11691121 d:RetainedEarningsAccumulatedLosses 2023-03-31 11691121 d:RetainedEarningsAccumulatedLosses 2022-04-01 11691121 d:FinancialAssetsAmortisedCost 2024-03-31 11691121 d:FinancialAssetsAmortisedCost 2023-03-31 11691121 d:FinancialLiabilitiesAmortisedCost 2024-03-31 11691121 d:FinancialLiabilitiesAmortisedCost 2023-03-31 11691121 c:OrdinaryShareClass1 2023-04-01 2024-03-31 11691121 c:OrdinaryShareClass1 2024-03-31 11691121 c:OrdinaryShareClass1 2023-03-31 11691121 c:FRS102 2023-04-01 2024-03-31 11691121 c:Audited 2023-04-01 2024-03-31 11691121 c:FullAccounts 2023-04-01 2024-03-31 11691121 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11691121 d:Subsidiary1 2023-04-01 2024-03-31 11691121 d:Subsidiary1 1 2023-04-01 2024-03-31 11691121 d:Subsidiary2 2023-04-01 2024-03-31 11691121 d:Subsidiary2 1 2023-04-01 2024-03-31 11691121 d:Subsidiary4 2023-04-01 2024-03-31 11691121 d:Subsidiary4 1 2023-04-01 2024-03-31 11691121 c:Consolidated 2024-03-31 11691121 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 11691121 5 2023-04-01 2024-03-31 11691121 6 2023-04-01 2024-03-31 11691121 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11691121










LRS BROADHURST HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
LRS BROADHURST HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
T Broadhurst 




Registered number
11691121



Registered office
Long Rake
Middleton-By-Youlgrave

Bakewell

Derbyshire

DE4 1LW




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
National Westminster Bank plc





 
LRS BROADHURST HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Director's report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13 - 14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 33


 
LRS BROADHURST HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The director is pleased to present his Strategic Report for the year ended 31 March 2024.

Business review
 
Despite a weak consumer market sales revenue grew during the year  from £28.4m to £30.9m. Further due to strong cost control and the revenue growth PBT increased from £0.4m to £2.2m.
The year-end cash position reduced  from £4.1m to £3.8m; Stock levels decreased from £6.5m to £5.8m. Capital spend increased to £1.5m.
During the period, three bank loans totalling £1.8m were paid.
Demand for our products in the new 2024-2025 financial year to date has been strong demonstrating once again YOY improvement. 
During the financial year significant investment has been made in Moel Tryfan plum slate quarry to ensure continuity of supply of premium plum slate.

Principal risks and uncertainties
 
The Board is responsible for risk management and continues to develop policies and procedures that reflect the nature and scale of the Company's business. The board has identified the following key areas of risk to the business:
Credit risk - the potential exposure to loss in event of non-performance by a third party. The company controls the risk through credit approval limits. The largest customer represents 7.4% of turnover.
Economic conditions - demand for our products and services is linked to the UK general economic conditions. Depressed economic conditions could impact on demand for our products.
Raw material prices - any significant increase in raw material prices could affect the Company’s performance to the extent that they are not recovered through price increases.
Competitor activity - a failure to compete with competitors on price, product range, quality and service could have an impact on the Company’s financial results.
Foreign exchange risk - the group uses foreign currency contracts and holds euros on deposit to reduce the exposure to a fall in the value of sterling against the euro.
Health and safety remain a core to the Company's business. No health and safety lost days were reported in the period.
Long term growth of the business depends on the Company's ability to retain and attract personnel of high quality. The risk is managed by the implementation of attractive career and remuneration structures.


This report was approved by the board on 14 October 2024 and signed on its behalf.



T Broadhurst
Director

Page 1

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

T Broadhurst 

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,618,789 (2023 - £361,241).

Qualifying third party indemnity provisions

The director has been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly. 

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

This report was approved by the board on 14 October 2024 and signed on its behalf.
 





T Broadhurst
Director

Page 3

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LRS BROADHURST HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of LRS Broadhurst Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 March 2024 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 4

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LRS BROADHURST HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report 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 Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept 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.


Page 5

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LRS BROADHURST HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, 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 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 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 have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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 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 engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and
experience of the clients business, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the company’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;
reviewed the general ledger entries during the year to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were
 
Page 6

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LRS BROADHURST HOLDINGS LIMITED (CONTINUED)


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;
considering relationships with HMRC and other relevant regulators; and
reviewing legal and professional costs to identify any indicators of litigation.

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 Auditors' 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 2006Our 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 Auditors' 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.





Andrew Irvine (Senior statutory auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

14 October 2024
Page 7

 
LRS BROADHURST HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
30,925,383
28,411,691

Cost of sales
  
(23,461,411)
(22,253,372)

Gross profit
  
7,463,972
6,158,319

Administrative expenses
  
(5,347,062)
(5,711,188)

Other operating income
 5 
62,734
4,055

Operating profit
 6 
2,179,644
451,186

Interest receivable and similar income
 10 
80,108
6,822

Interest payable and similar expenses
 11 
(73,461)
(83,060)

Profit before taxation
  
2,186,291
374,948

Tax on profit
 12 
(567,502)
(13,707)

Profit for the financial year
  
1,618,789
361,241

Profit for the year attributable to:
  

Owners of the parent Company
  
1,618,789
361,241

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 33 form part of these financial statements.

Page 8

 
LRS BROADHURST HOLDINGS LIMITED
REGISTERED NUMBER: 11691121

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
8,332
-

Tangible assets
 14 
14,732,890
13,992,057

  
14,741,222
13,992,057

Current assets
  

Stocks
 16 
5,806,273
6,488,375

Debtors: amounts falling due within one year
 17 
5,494,087
4,630,400

Cash at bank and in hand
 18 
3,817,451
4,132,330

  
15,117,811
15,251,105

Creditors: amounts falling due within one year
 19 
(4,157,802)
(3,431,584)

Net current assets
  
 
 
10,960,009
 
 
11,819,521

Total assets less current liabilities
  
25,701,231
25,811,578

Creditors: amounts falling due after more than one year
 20 
(67,600)
(1,890,536)

Provisions for liabilities
  

Deferred taxation
 23 
(1,239,745)
(1,145,945)

Net assets
  
24,393,886
22,775,097


Capital and reserves
  

Called up share capital 
 24 
6,000
6,000

Share premium account
 25 
34,607
34,607

Revaluation reserve
 25 
726,548
727,443

Profit and loss account
 25 
23,626,731
22,007,047

  
24,393,886
22,775,097


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2024.


T Broadhurst
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
LRS BROADHURST HOLDINGS LIMITED
REGISTERED NUMBER: 11691121

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
3,925,907
3,970,544

Investments
 15 
6,001
6,001

  
3,931,908
3,976,545

Current assets
  

Debtors: amounts falling due within one year
 17 
3,634,074
3,552,465

Cash at bank and in hand
 18 
203,876
208,221

  
3,837,950
3,760,686

Creditors: amounts falling due within one year
 19 
(4,493)
(8,609)

Net current assets
  
 
 
3,833,457
 
 
3,752,077

Total assets less current liabilities
  
7,765,365
7,728,622

Net assets
  
7,765,365
7,728,622


Capital and reserves
  

Called up share capital 
 24 
6,000
6,000

Profit and loss account carried forward
  
7,759,365
7,722,622

  
7,765,365
7,728,622


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2024.


T Broadhurst
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 10

 
LRS BROADHURST HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
6,000
34,607
728,338
21,644,911
22,413,856


Comprehensive income for the year

Profit for the year
-
-
-
361,241
361,241
Total comprehensive income for the year
-
-
-
361,241
361,241

Transfer to/from profit and loss account
-
-
(895)
895
-



At 1 April 2023
6,000
34,607
727,443
22,007,047
22,775,097


Comprehensive income for the year

Profit for the year
-
-
-
1,618,789
1,618,789

Transfer to/from profit and loss account
-
-
(895)
895
-


At 31 March 2024
6,000
34,607
726,548
23,626,731
24,393,886


The notes on pages 16 to 33 form part of these financial statements.

Page 11

 
LRS BROADHURST HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
6,000
5,665,107
5,671,107


Comprehensive income for the year

Profit for the year
-
2,057,515
2,057,515



At 1 April 2023
6,000
7,722,622
7,728,622


Comprehensive income for the year

Profit for the year
-
36,743
36,743


At 31 March 2024
6,000
7,759,365
7,765,365


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
LRS BROADHURST HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,618,789
361,241

Adjustments for:

Amortisation of intangible assets
1,668
-

Depreciation of tangible assets
713,423
690,535

Profit on disposal of tangible assets
(33,430)
(1,815)

Interest paid
73,461
83,060

Interest received
(80,108)
(6,822)

Taxation charge
567,502
13,707

Decrease in stocks
682,102
245,156

(Increase)/decrease in debtors
(863,687)
1,427,290

Increase/(decrease) in creditors
304,877
(1,729,974)

Corporation tax received/(paid)
25
(255,966)

Net cash generated from operating activities

2,984,622
826,412


Cash flows from investing activities

Purchase of intangible fixed assets
(10,000)
(717,176)

Sale of intangible assets
-
8,000

Purchase of tangible fixed assets
(1,456,440)
-

Sale of tangible fixed assets
35,616
-

Interest received
80,108
6,822

HP interest paid
(16,636)
-

Net cash from investing activities

(1,367,352)
(702,354)
Page 13

 
LRS BROADHURST HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(2,052,791)
(249,707)

Repayment of/new finance leases
177,467
(13,376)

Interest paid
(56,825)
(83,060)

Net cash used in financing activities
(1,932,149)
(346,143)

Net (decrease) in cash and cash equivalents
(314,879)
(222,085)

Cash and cash equivalents at beginning of year
4,132,330
4,354,415

Cash and cash equivalents at the end of year
3,817,451
4,132,330


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,817,451
4,132,330


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
LRS BROADHURST HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

4,132,330

(314,879)

-

3,817,451

Debt due after 1 year

(1,890,536)

1,890,536

-

-

Debt due within 1 year

(173,809)

170,828

-

(2,981)

Finance leases

-

-

(177,467)

(177,467)


2,067,985
1,746,485
(177,467)
3,637,003

The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

LRS Broadhurst Holdings Limited is a private company limited by shares, incorporated in England and Wales (registered number: 11691121). Its registered office is Long Rake, Youlgrave, Bakewell, Derbyshire, DE45 1LW. The prinicipal activity of the Group throughout the year was that of the processing and sale of calcite spar and the merchanting of other decorative aggregates as well as farming and rental activities. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
On 1st April 2019 the members of Long Rake Spar Company Limited exchanged their 6,000 £1 ordinary shares for 6,000 £1 ordinary shares in LRS Broadhurst Holdings Limited thereby creating the group. As permitted by FRS102 para 19.29, this group reconstruction was accounted for under the merger accounting method and accordingly no fair value exercise was undertaken at 1 April 2019.     

 
2.3

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 16

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in statement of comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Page 18

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

 The estimated useful lives range as follows:

Goodwill
-
5
years
Computer software
-
5
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 19

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Revaluation of tangible fixed assets

Individual freehold properties are carried at fair value at the date of the revaluation, plus any subsequent additions stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The group has taken advantage of the transitional provision in paragraph 35.10 (d) of FRS 102 to use the previous GAAP revaluation of freehold property as its deemed cost at the revaluation date. Hence freehold property is no longer stated under the revaluation model, but is deemed to be measured under the cost model as described in section 17 of FRS 102. 

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Impairment of debtors - The Group makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience. The amount of trade debtors after making such provision was £4,863,167 (2023: £4,354,718).

Page 21

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
30,925,383
28,411,691


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
30,464,405
28,152,873

Rest of Europe
395,339
197,010

Rest of the world
65,639
61,808

30,925,383
28,411,691



5.


Other operating income

2024
2023
£
£

Net rents receivable
21,318
335

Sundry income
41,416
3,720

62,734
4,055



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
713,423
690,535

Exchange differences
(4,705)
(176,992)

Other operating lease rentals
56,063
43,400

Profit on sale of fixed assets
(33,430)
(1,815)

Pension costs
80,296
82,681

Page 22

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
32,845
27,400




Taxation compliance services
5,200
5,000

All other services
-
4,175

5,200
9,175


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,402,796
3,523,198
-
-

Cost of defined contribution scheme
80,296
82,681
-
-

3,483,092
3,605,879
-
-


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Production
49
56
-
-



Administration
37
41
1
1

86
97
1
1


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
8,453
8,247


Page 23

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
80,108
6,822


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
56,825
83,060

Finance leases and hire purchase contracts
16,636
-

73,461
83,060


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
473,727
53,114

Adjustments in respect of previous periods
(25)
(15)


Total current tax
473,702
53,099

Deferred tax


Origination and reversal of timing differences
93,800
(39,392)

Total deferred tax
93,800
(39,392)


Taxation on profit on ordinary activities
567,502
13,707
Page 24

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,186,290
374,948


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
549,930
71,240

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,231
3,195

Capital allowances for year in excess of depreciation
19,126
(13,250)

Adjustments to tax charge in respect of prior periods
(25)
(15)

Remeasurement of deferred tax for changes in tax rates
-
(47,463)

Group relief
(2,760)
-

Total tax charge for the year
567,502
13,707

Page 25

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Intangible assets

Group 





Computer software
Goodwill
Total

£
£
£



Cost


At 1 April 2023
-
49,000
49,000


Additions
10,000
-
10,000



At 31 March 2024

10,000
49,000
59,000



Amortisation


At 1 April 2023
-
49,000
49,000


Charge for the year on owned assets
1,668
-
1,668



At 31 March 2024

1,668
49,000
50,668



Net book value



At 31 March 2024
8,332
-
8,332



At 31 March 2023
-
-
-



The Company has no intangible assets.

Page 26

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 April 2023
9,266,316
8,307,139
191,370
346,699
18,111,524


Additions
575,245
788,381
42,399
50,415
1,456,440


Disposals
-
-
(14,439)
-
(14,439)



At 31 March 2024

9,841,561
9,095,520
219,330
397,114
19,553,525



Depreciation


At 1 April 2023
814,024
2,952,778
100,467
252,196
4,119,465


Charge for the year on owned assets
86,349
549,864
23,073
26,670
685,956


Charge for the year on financed assets
-
27,467
-
-
27,467


Disposals
-
-
(12,253)
-
(12,253)



At 31 March 2024

900,373
3,530,109
111,287
278,866
4,820,635



Net book value



At 31 March 2024
8,941,188
5,565,411
108,043
118,248
14,732,890



At 31 March 2023
8,452,291
5,354,361
90,902
94,503
13,992,057

Included in land and buildings is freehold land at valuation of £5,461,080 (2023: £5,461,080) which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
496,533
-

Page 27

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)


Company






Freehold property

£

Cost


At 1 April 2023
4,172,228



At 31 March 2024

4,172,228



Depreciation


At 1 April 2023
201,684


Charge for the year on owned assets
44,637



At 31 March 2024

246,321



Net book value



At 31 March 2024
3,925,907



At 31 March 2023
3,970,544

Included in land and buildings is freehold land at valuation of £2,222,239 (2023: £2,222,239) which is not depreciated.






Page 28

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2023
6,001



At 31 March 2024
6,001





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Long Rake Spar Limited
Long Rake Long Rake, Middleton-By-Youlgrave, Bakewell, Derbyshire, DE45 1LW
Sale of decorative aggregates
Ordinary
100%
Broadhurst Land and Farms Limited
Long Rake Long Rake, Middleton-By-Youlgrave, Bakewell, Derbyshire, DE45 1LW
Farming and rental activities
Ordinary
100%
Romney Holdings Limited
Long Rake Long Rake, Middleton-By-Youlgrave, Bakewell, Derbyshire, DE45 1LW
Dormant company
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
5,752,023
6,415,975

Finished goods and goods for resale
54,250
72,400

5,806,273
6,488,375


Stock recognised in cost of sales during the year as an expense was £23,461,411 (2023: £22,253,374).

Page 29

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,863,167
4,354,718
-
-

Amounts owed by group undertakings
-
-
3,425,271
3,552,464

Other debtors
332,256
236,236
208,803
1

Prepayments and accrued income
298,664
39,446
-
-

5,494,087
4,630,400
3,634,074
3,552,465



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,817,451
4,132,330
203,876
208,221



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,981
165,236
-
-

Trade creditors
2,669,205
2,478,982
-
-

Corporation tax
473,727
-
-
25

Other taxation and social security
416,183
340,816
-
11

Obligations under finance lease and hire purchase contracts
109,867
-
-
-

Other creditors
10,419
11,146
-
8,573

Accruals and deferred income
475,420
435,404
4,493
-

4,157,802
3,431,584
4,493
8,609


For details of security, see note 20.

Page 30

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
-
1,890,536

Net obligations under finance leases and hire purchase contracts
67,600
-

67,600
1,890,536


Included in creditors are bank loans amounting to £2,981 (2023: £2,055,773) on which security has been given by a legal charge and debenture over the company's assets, and interest charged at 1.75% per annum over base.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
109,867
-

Between 1-5 years
67,600
-


22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
5,195,423
4,362,664
3,634,074
3,552,465


Financial liabilities

Financial liabilities measured at amortised cost
(3,335,492)
(4,981,328)
(4,493)
(8,597)


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed to group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise bank loans, trade creditors, amounts due to group undertakings, obligations under hire purchase contracts, other creditors and accruals.

Page 31

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
1,145,945


Charged to profit or loss
93,800



At end of year
1,239,745

Company





Group
Group
2024
2023
£
£

Accelerated capital allowances
1,278,124
1,159,553

Movement in provisions
(38,379)
(13,608)

1,239,745
1,145,945


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,000 (2023 - 6,000) Ordinary shares of £1.00 each
6,000
6,000


Page 32

 
LRS BROADHURST HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Reserves

Share premium account

Share premium reserve represents the amount above the nominal value received for shares sold, less transaction costs. 

Revaluation reserve

Revaluation reserve represents the surplus or deficit arising on the valuation of certain assets by the company. 

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable. 


26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £80,296 (2023: £82,681).


27.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
116,371
-

Later than 1 year and not later than 5 years
61,096
-

28.


Related party transactions

Total key management compensation for the year was £269,690 (2023: £211,495) representing amounts paid with respect to Group and subsidiary company directors.


29.


Controlling party

The Group is controlled by T Broadhurst.

Page 33