The directors present the strategic report for the year ended 31 March 2024.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.
Moores Metals Group Limited generates its turnover through the sale of scrap metal. The group is well established in the local area, being the largest scrap metal processor in the North Midlands. The group has four main sources of scrap metal - works business, demolition, tradesmen and street collectors. The group has good relationships with its suppliers that generate repeat business. Scrap metal is a cyclical business and a reliable barometer of world activity. It is said that Alan Greenspan (former Chair of the Federal Reserve of the United States) looked at the New York scrap steel index on a regular basis because it is a pure world market based on supply and demand, unaffected by speculation or manipulation. There is no futures market in scrap steel.
The group's turnover for the year was £19,666,023 (2023 - £20,997,546). Turnover in the current period has decreased by £1,331,523 compared to turnover for the prior period, a decrease of 6.3% (2023 - £358,677 decrease, 1.7%). The main reasons for the revenue reduction are changes in metal prices and a slight reduction in volumes sold. In 2024 the company sold 54,300 tonnes, down from 55,600 tonnes in the 2023 financial year, a decrease of 2.3%.
The gross profit margin has increased in the period from 11% in 2023 to 12%, mainly due to taking conscious efforts to reduce direct costs.
Distribution costs have increased from £250,966 in the prior period to £308,322 in 2024. This is due to increased diesel costs and a reduction in the tonnage going into shipping containers.
Administrative expenses have increased from £835,699 in the prior period to £918,959 in 2024. The reason for this is due to general increases in most costs and charges.
Operating profit has decreased from £1,231,743 in the prior period to £1,193,649 in 2024. Profit after taxation has increased to £970,086 in the current year from £950,158 in the prior period, mainly due decreased direct costs and increased interest receivable in the current year.
At the balance sheet date net assets have increased by £408,086 from £6,667,935 to £7,076,021. The main reason for the increase in net assets is due to the retention of profits in the company.
Both tangible fixed assets and obligations under finance leases increased significantly as a result of the purchase of a second shear during the year.
There is a range of risks facing the group and the group seeks to manage its exposure to all forms of risk.
Scrap metal price fluctuations - Scrap metal prices can regularly fluctuate. The directors continually monitor scrap metal price fluctuations in order to consider the prices to buy and sell scrap metal at. The continual monitoring of prices also allows the directors to consider whether to hold onto scrap metal stock until prices rise.
Competition and availability of scrap metal - the directors are aware of competitors operating in the same business in the area. Competition for scrap metal increases when there is reduced availability. Despite this being a risk, the directors continue to see the benefits of reduced competition as the group consolidates its position as the largest processor of scrap metal in the region. However, the group is not complacent about its dominant position and is always looking for new opportunities, both with work jobs and buying material from smaller yards within a 20 to 30 mile radius. The group continues to sell steel to Asia in containers. This allows the group to compete more effectively with the docks.
The group has invested in a second shear for steel processing in an attempt to reduce stock levels and to provide more processing capacity.
FINANCIAL INSTRUMENT RISK
The business is exposed to the risk that financial instruments held by the group impact on its ability to operate effectively and profitably. The risks which are relevant to the group's operations are:
Credit risks
The group makes regular sales to existing customers which is considered to reduce credit risk. Policies are in place to ensure that provisions for bad debts are made when considered necessary.
Cashflow risks
The group carefully manages its stockholding and debtor book to ensure that sufficient cash is available to meet operational need. The group holds adequate cash balances and so it is not considered that cashflow issues are a significant risk to the group.
Liquidity risks
The group funds its working capital need through the generation and retention of profits. Management is confident that additional bank funding facilities would be available, should it be required, to fund working capital, further investment or any future expansion plans. The directors do not consider there to be any significant liquidity risks for the group.
The directors consider that the key financial performance indicators are those that communicate the financial performance of the group, these being turnover, gross profit margin and operating profit margin.
2024 2023
Turnover £19,666,023 £20,997,546
Gross profit margin 12% 11%
Operating profit margin 6% 6%
An explanation of the key performance indicators detailed above can be found in the review of business section of this report.
The outlook for the group remains positive, which is supported by the fact that the group has remained profitable and has a strong balance sheet. Through stock reduction and tighter credit control the group has significantly increased its cash balances enabling investment into fixed term deposit accounts.
The main aim of the business in future periods is to make further reductions in stock levels to maintain an efficient and safe working environment.
Fires caused by lithium batteries are a growing concern and we have written to all the Civic Amenity Sites in Staffordshire reminding them of their duty of care.
The group recently purchased a second shear that is further improving the work environment and working better for the company and its customers.
Longer term, the aim of the group is to get a skip into every producer of scrap metal in the area. The group has good relationships with other scrap yards in the area who already bring most of their material to the group, and so Moores Metals will look to build on these relationships as and when opportunities may arise.
The directors also predict that Asia, particularly India, will see huge growth in the coming years. It is predicted that they will need an ever increasing tonnage of steel to achieve this. In addition to this, climate change spells the end of coal powered steel mills which mainly use iron ore as a feedstock, to electric arc furnaces which rely on scrap metal as the basic feed. We accept that the speed of this transition will be affected by the current shortage of alternative energy sources to coal throughout the world.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2024.
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £562,000 (2023 - £562,000). The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
DJH Audit Limited has indicated its willingness to continue in office and will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Moores Metals Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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.
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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 partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the parent company and group through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the parent company and group, including legislation such as the Companies Act 2006, taxation legislation, data protection, employment, environment agency, and health and safety legislation; and
we assessed the extent of compliance with the laws and regulations through making enquiries of management, reviewing legal and professional fee invoices and by ensuring required licences were in place.
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries posted during the period and at the period end to identify unusual transactions;
investigated the rationale behind significant or unusual transactions;
reviewed the reasonableness of accounting estimates; and
performed walkthrough tests on all major transaction cycles.
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;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence with HMRC
reviewing correspondence with relevant authorities such as the environment agency;
reviewing legal and professional fees incurred during the period to identify any potential indications of non-compliance with laws and regulations.
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 is available on the Financial Reporting Council’s website at: https://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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £577,109 (2023 - £562,000 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Moores Metals Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Longport Works, Chemical Lane, Stoke on Trent, United Kingdom, ST6 4PB.
The group consists of Moores Metals Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
The consolidated group financial statements consist of the financial statements of the parent company Moores Metals Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The group also holds fixed asset investments that relate to cash transferred into fixed term deposit accounts that cannot be accessed for over 12 months from the initial deposit. These investments include any interest accrued on the balances to the year-end date and are held at fair value.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The directors consider that there are no key estimates or assumptions used in preparing the financial statements.
Key sources of critical judgements
The directors consider that there are no critical judgements used in preparing the financial statements.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 31 March 2024 are as follows:
Finance lease payments represent rentals payable by the group for certain items of plant and machinery and motor vehicles. Leases are secured against the assets to which they relate. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension charge represents contributions payable by the group to the fund. Contributions totalling £696 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
Each ordinary share has full voting rights, full dividend rights, and the right to participate in distributions on winding up.
Share premium is made up of receipts in excess of the par value of new share capital issued.
Capital redemption reserve is made up of the share capital that has been repurchased by the group.
Profit and loss reserves relates to accumulated profits less accumulated losses less any distributions. Profit and loss reserve is a distributable reserve.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Rental costs
During the year, rent of £248,736 (2023 - £125,000) was charged to the group by a pension scheme in which the directors are beneficiaries of.
The group also paid for services on behalf of this pension scheme during the year. At the year end, balances of £145,433 (2023 - £84,741) were due to the group from the pension scheme. These amounts are included within Other Debtors in the financial statements.
Directors current accounts
At the balance sheet date the group owed £241,100 (2023 - £67,256) to the directors. No interest was payable on the loan amounts due to the directors.
Other transactions with related parties
At the year end, amounts owing to close family members of key management personnel totalled £448 (2023 - £631). During the year the group also paid a total of £18,092 (2023 - £17,956) to close family members of key management personnel.
Dividends totalling £266,950 (2023 - £266,950) were paid in the year in respect of shares held by the company's directors.
There is no ultimate controlling party.