Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsefalse2023-04-01No description of principal activity4947truetrue 00491378 2023-04-01 2024-03-31 00491378 2022-04-01 2023-03-31 00491378 2024-03-31 00491378 2023-03-31 00491378 2022-04-01 00491378 5 2023-04-01 2024-03-31 00491378 5 2022-04-01 2023-03-31 00491378 d:Director1 2023-04-01 2024-03-31 00491378 d:Director4 2023-04-01 2024-03-31 00491378 e:Buildings 2023-04-01 2024-03-31 00491378 e:Buildings 2024-03-31 00491378 e:Buildings 2023-03-31 00491378 e:Buildings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00491378 e:LandBuildings 2024-03-31 00491378 e:LandBuildings 2023-03-31 00491378 e:PlantMachinery 2023-04-01 2024-03-31 00491378 e:PlantMachinery 2024-03-31 00491378 e:PlantMachinery 2023-03-31 00491378 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00491378 e:MotorVehicles 2023-04-01 2024-03-31 00491378 e:MotorVehicles 2024-03-31 00491378 e:MotorVehicles 2023-03-31 00491378 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00491378 e:FurnitureFittings 2023-04-01 2024-03-31 00491378 e:FurnitureFittings 2024-03-31 00491378 e:FurnitureFittings 2023-03-31 00491378 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00491378 e:ComputerEquipment 2023-04-01 2024-03-31 00491378 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00491378 e:CurrentFinancialInstruments 2024-03-31 00491378 e:CurrentFinancialInstruments 2023-03-31 00491378 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 00491378 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00491378 e:ShareCapital 2023-04-01 2024-03-31 00491378 e:ShareCapital 2024-03-31 00491378 e:ShareCapital 2022-04-01 2023-03-31 00491378 e:ShareCapital 2023-03-31 00491378 e:ShareCapital 2022-04-01 00491378 e:CapitalRedemptionReserve 2023-04-01 2024-03-31 00491378 e:CapitalRedemptionReserve 2024-03-31 00491378 e:CapitalRedemptionReserve 2022-04-01 2023-03-31 00491378 e:CapitalRedemptionReserve 2023-03-31 00491378 e:CapitalRedemptionReserve 2022-04-01 00491378 e:RevaluationReserve 2023-04-01 2024-03-31 00491378 e:RevaluationReserve 2024-03-31 00491378 e:RevaluationReserve 5 2023-04-01 2024-03-31 00491378 e:RevaluationReserve 2022-04-01 2023-03-31 00491378 e:RevaluationReserve 2023-03-31 00491378 e:RevaluationReserve 2022-04-01 00491378 e:RevaluationReserve 5 2022-04-01 2023-03-31 00491378 e:OtherMiscellaneousReserve 2023-04-01 2024-03-31 00491378 e:OtherMiscellaneousReserve 2024-03-31 00491378 e:OtherMiscellaneousReserve 2022-04-01 2023-03-31 00491378 e:OtherMiscellaneousReserve 2023-03-31 00491378 e:OtherMiscellaneousReserve 2022-04-01 00491378 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00491378 e:RetainedEarningsAccumulatedLosses 2024-03-31 00491378 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00491378 e:RetainedEarningsAccumulatedLosses 2023-03-31 00491378 e:RetainedEarningsAccumulatedLosses 2022-04-01 00491378 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 00491378 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 00491378 d:FRS102 2023-04-01 2024-03-31 00491378 d:Audited 2023-04-01 2024-03-31 00491378 d:FullAccounts 2023-04-01 2024-03-31 00491378 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00491378 e:WithinOneYear 2024-03-31 00491378 e:WithinOneYear 2023-03-31 00491378 e:BetweenOneFiveYears 2024-03-31 00491378 e:BetweenOneFiveYears 2023-03-31 00491378 d:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00491378 2 2023-04-01 2024-03-31 00491378 5 2023-04-01 2024-03-31 00491378 f:PoundSterling 2023-04-01 2024-03-31 00491378 e:RetainedEarningsAccumulatedLosses 5 2023-04-01 2024-03-31 00491378 e:RetainedEarningsAccumulatedLosses 5 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number:  00491378














HENRY DIAPER & CO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


 
HENRY DIAPER & CO LIMITED
REGISTERED NUMBER: 00491378

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,147,505
6,942,438

  
7,147,505
6,942,438

Current assets
  

Debtors: amounts falling due within one year
 5 
1,082,017
1,233,987

Cash at bank and in hand
 6 
1,204,952
1,415,532

  
2,286,969
2,649,519

Creditors: amounts falling due within one year
 7 
(696,725)
(947,997)

Net current assets
  
 
 
1,590,244
 
 
1,701,522

Total assets less current liabilities
  
8,737,749
8,643,960

Provisions for liabilities
  

Deferred tax
  
(952,190)
(895,745)

  
 
 
(952,190)
 
 
(895,745)

Pension liability/asset
  
-
(324,000)

Net assets
  
7,785,559
7,424,215


Capital and reserves
  

Called up share capital 
  
572,440
572,440

Revaluation reserve
 9 
4,850,359
4,845,359

Capital redemption reserve
 9 
285,355
285,355

Other reserves
 9 
35,850
35,850

Profit and loss account
 9 
2,041,555
1,685,211

  
7,785,559
7,424,215


Page 1

 
HENRY DIAPER & CO LIMITED
REGISTERED NUMBER: 00491378
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2024.




J. E. P. Harvey
K. J.  Williams
Director
Director

The notes on pages 5 to 18 form part of these financial statements.

Page 2
 

 
HENRY DIAPER & CO LIMITED


 

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



Called up share capital
Capital redemption reserve
Revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 April 2023
572,440
285,355
4,845,359
35,850
1,685,211
7,424,215



Comprehensive income for the year


Profit for the year
-
-
-
-
372,021
372,021


Actuarial gains on pension scheme
-
-
-
-
156,055
156,055


Surplus on revaluation of freehold property
-
-
5,000
-
-
5,000

Total comprehensive income for the year
-
-
5,000
-
528,076
533,076



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(171,732)
(171,732)



Total transactions with owners
-
-
-
-
(171,732)
(171,732)



At 31 March 2024
572,440
285,355
4,850,359
35,850
2,041,555
7,785,559



The notes on pages 5 to 18 form part of these financial statements.

Page 3

 

 
HENRY DIAPER & CO LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Capital redemption reserve
Revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 April 2022
572,440
285,355
4,840,359
35,850
1,273,731
7,007,735



Comprehensive income for the year


Profit for the year
-
-
-
-
674,560
674,560


Actuarial losses on pension scheme
-
-
-
-
(91,350)
(91,350)


Surplus on revaluation of freehold property
-
-
5,000
-
-
5,000

Total comprehensive income for the year
-
-
5,000
-
583,210
588,210



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(171,730)
(171,730)



Total transactions with owners
-
-
-
-
(171,730)
(171,730)



At 31 March 2023
572,440
285,355
4,845,359
35,850
1,685,211
7,424,215



The notes on pages 5 to 18 form part of these financial statements.

Page 4
 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (No. 00491378). The registered office address is Storage House, Lees Road, Knowsley Industrial Park, Liverpool, Merseyside, L33 7SE.
These financial statements present information about the Company as an individual undertaking; it is not a member of a group of companies. The principal activity of the Company is that of warehousing, distribution and freight forwarding.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

Page 6

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 7

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 operates and generates 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

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 provided on the following basis:

Freehold property
-
0% - 2% straight line
Plant & machinery
-
10% - 100% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
10% - 50% straight line
Computer equipment
-
20% - 100% straight line

Page 8

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company 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 Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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
Page 9

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted
Page 10

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

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.


Employees

The average monthly number of employees, including directors, during the year was 49 (2023 - 47).

Page 11

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures, fittings & equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
6,750,000
1,544,873
35,940
321,433
8,652,246


Additions
-
293,518
44,000
4,087
341,605


Disposals
-
(60,548)
(35,940)
(1,685)
(98,173)



At 31 March 2024

6,750,000
1,777,843
44,000
323,835
8,895,678



Depreciation


At 1 April 2023
60,000
1,309,445
35,940
304,423
1,709,808


Charge for the year on owned assets
20,000
99,501
10,083
6,954
136,538


Disposals
-
(60,548)
(35,940)
(1,685)
(98,173)



At 31 March 2024

80,000
1,348,398
10,083
309,692
1,748,173



Net book value



At 31 March 2024
6,670,000
429,445
33,917
14,143
7,147,505



At 31 March 2023
6,690,000
235,428
-
17,010
6,942,438




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
6,670,000
6,690,000

6,670,000
6,690,000


Page 12

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Cost or valuation at 31 March 2024 is as follows:

Land and buildings
£


At cost
1,636,746
At valuation:

The valuation took place in July 2020 by Roger Hannah Ltd, Chartered Surveyors, on an open market value for existing use basis.
5,113,254



6,750,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
1,636,746
1,636,746

Accumulated depreciation
(973,265)
(932,502)

Net book value
663,481
704,244


5.


Debtors

2024
2023
£
£


Trade debtors
1,021,870
1,171,052

Other debtors
1,850
2,797

Prepayments and accrued income
58,297
60,138

1,082,017
1,233,987



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,204,952
1,415,532

1,204,952
1,415,532


Page 13

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
133,909
344,902

Corporation tax
58,140
104,516

Other taxation and social security
107,817
137,730

Other creditors
208
208

Accruals and deferred income
396,651
360,641

696,725
947,997



8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,204,952
1,415,532




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Reserves

Revaluation reserve

Revaluation reserve includes all current and prior period revaluations.

Profit & loss account

The profit and loss account represents all accumulated profits less dividends paid.

Page 14

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Pension commitments

The Company 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 Company  to the fund and amounted to £72,864 (2023 - £66,983). 
Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

The Company operates a Defined benefit pension scheme.

With effect from 1 April 2004, the scheme became fully paid up and consequently benefits accruing to members from that date are in respect of past service only. The assets of the scheme are administered by trustees in a fund independent from the assets of the Company.
The number of directors with accrued benefits under the defined benefit scheme is 0 (2023 - 0).
Costs and liabilities of the scheme are based on actuarial valuations. An actuarial valuation of the company's pension scheme, using the projected unit credit method, was carried out on 1 April 2021 by Barnett Waddingham, independent consulting actuaries. Adjustments to the valuation at that date have been made based on revised assumptions agreed with the Trustees.
Based on the valuation undertaken as at 31 March 2021, the scheme was in deficit by £491k. In order to eliminate the deficit, a one-off contribution of £45k followed by 42 monthly payments of £15k will be paid.



Reconciliation of present value of plan liabilities:


2024
2023
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
5,034,000
5,580,000

Interest cost
249,000
163,000

Benefits paid
(141,000)
(180,000)

Actuarial adjustments
(831,000)
(529,000)

At the end of the year
4,311,000
5,034,000


Page 15

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Pension commitments (continued)


Reconciliation of present value of plan assets:


2024
2023
£
£


At the beginning of the year
4,710,000
5,176,000

Interest income
236,000
155,000

Contributions
165,000
180,000

Benefits paid
(141,000)
(180,000)

Past service cost
(10,000)
(10,000)

Return on plan assets
(62,000)
(611,000)

Actuarial surplus not recognised
(587,000)
-

At the end of the year
4,311,000
4,710,000


Composition of plan assets:


2024
2023
£
£


Equity investments
4,759,000
4,609,000

Cash at bank
139,000
101,000

Total plan assets
4,898,000
4,710,000

2024
2023
£
£


Fair value of plan assets
4,311,000
4,710,000

Present value of plan liabilities
(4,311,000)
(5,034,000)

Net pension scheme liability
-
(324,000)


The amounts recognised in profit or loss are as follows:

2024
2023
£
£


Interest on obligation
(13,000)
(8,000)

Past service cost
(10,000)
(10,000)

Total
(23,000)
(18,000)

Page 16

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Pension commitments (continued)


The cumulative amount of actuarial gains and losses recognised in the Statement of comprehensive income was £NIL (2023 - £NIL).



The Company expects to contribute £NIL to its Defined benefit pension scheme in 2025.





Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024
2023
%
%
Discount rate pre-retirement


Gilt yield curve plus 0.5% p.a.

Gilt yield curve plus 2.5% p.a.
 
Discount rate post-retirement


Gilt yield curve plus 0.5% p.a.

Gilt yield curve plus 0.8% p.a.
 
Inflation assumption RPI


Bank of England gilt-implied inflation curve supplemented with Merrill Lynch yield data at short terms

Gilt-implied RPI inflation curve less 0.3%
 
Inflation assumption CPI


RPI inflation less 0.80% until 2030. RPI inflation from 2030

RPI inflation less 1% until 2030. RPI inflation from 2030
 
Mortality assumption


120% of S4NMA

135% of S2NMA
 


90% of S4NFA

101% of S3NFA
 

During the year, the Company made contributions to the directors personal pension plans. 
The number of directors who qualify is 1 (2023 - 1). Contributions paid in respect of the directors in aggregate is £7,920 (2023 - £7,920), of which £7,920 (2023 - £7,920) relates to the highest paid director.





Page 17

 
HENRY DIAPER & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
119,532
114,903

Later than 1 year and not later than 5 years
32,738
51,245

152,270
166,148


12.


Controlling party

The company is controlled by its directors.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 16 October 2024 by E Roberts (Senior statutory auditor) on behalf of Langtons Professional Services Limited.

 
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