REGISTERED NUMBER: 02029052 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
A & F SPRINKLERS LIMITED |
REGISTERED NUMBER: 02029052 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
A & F SPRINKLERS LIMITED |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
A & F SPRINKLERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
12 Market Street |
Hebden Bridge |
West Yorkshire |
HX7 6AD |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31st March 2024. |
The principal activity of the companies continues to be that of: |
A&F Sprinklers Limited - Designers and Installers of fire sprinkler protection systems, along with the maintenance and servicing of them. |
A&F Sprinklers (Ireland) Limited - Installation of fire sprinklers. |
Fire-Mech Fixings Limited - Manufacturers of bespoke bracketry and supply of components for fire sprinklers and other mechanical applications. |
REVIEW OF BUSINESS |
The last years turnover was lower than forecasted. However, the profit was significantly higher. This was a key focus and was done by carrying out full reviews of departments, supply chain and internal procedures. |
Whilst our core business is warehousing and logistics, we have made strategic decisions in terms of different sectors we are engaging with. |
The order book is growing and we have guaranteed main contracts jobs already secured into late 2025. Our other departments have many returning customers and works on-going and guaranteed for the medium to long term. |
The five month group management accounts are showing Turnover of £21.1m with an EBITDA of £2.9m. |
As ever, we are regularly monitoring our financial performance and being fluid in our decision making which has undoubtedly allowed us to continue improve and regularly analyse the business. |
The prospects remain very encouraging. |
KEY PERFORMANCE INDICATORS |
The company's key performance indicators during the year were as follows: |
2024 | 2023 | Change |
Turnover | £39.7m | £45.9m | (£6.2m | ) |
Gross Profit | £16.9m | £16.4m | (£0.5m | ) |
Gross Profit Margin | 42.5% | 35.7% | 6.8 |
EBITDA | £3.7m | £3.3m | £0.4m |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks facing the company are the competitive environment in which the Company trades, but efforts are made to stay abridge of the industry and to react in a specific way when and if required. |
FINANCIAL RISK MANAGEMENT |
The company's operations expose it to a variety of financial risks that include the effects of credit risk, including that with cash and deposits. Customers are continually credit checked through our in-house processes. |
We also closely monitor the business via internal KPI's, such as gross profit, supplier performance and project cost reviews, which are reported and discussed in the directors meetings along with current developments and financial reports. |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
EMPLOYEE INVOLVEMENT |
The group keeps its employees up to date on the matters relevant to them via regular staff meetings. |
The training and development of the staff is also important to the group. All staff are given an induction when they start and their training needs are assessed and reviewed throughout the period. |
ON BEHALF OF THE BOARD: |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024. |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
A Ordinary £1 | - | £140.13 |
D Ordinary £1 | - | £308.83454 |
The total distribution of dividends for the year ended 31st March 2024 will be £ 2,662,631 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
AUDITORS |
The auditors, Cresswells Accountants (UK) Limited Chartered Accountants and Statutory Auditors will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
A & F SPRINKLERS LIMITED |
Opinion |
We have audited the financial statements of A & F Sprinklers Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st 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 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 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
A & F SPRINKLERS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 directors either intend 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following: |
- | we obtained an understanding of the legal and regulatory frameworks applicable to the Group and the sector in which it operates. We determined the following laws and regulations were most significant: The Companies Act 2006, FRS 102 and Health and Safety Act. |
- | we obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making inquiries to the management. |
- | we assessed the susceptibility of the Group's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the audit team included: |
- | identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud. |
- | understanding how those charged with governance considered and addressed the potential of override of controls or other inappropriate influence over the financial reporting process. |
- | challenging assumptions and judgements made by management in its significant accounting estimates. |
- | identifying and testing journal entries. |
- | assessing the extent of compliance with the relevant laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
A & F SPRINKLERS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
12 Market Street |
Hebden Bridge |
West Yorkshire |
HX7 6AD |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 39,732,501 | 45,929,083 |
Cost of sales | 22,853,828 | 29,518,063 |
GROSS PROFIT | 16,878,673 | 16,411,020 |
Administrative expenses | 13,541,824 | 13,672,112 |
3,336,849 | 2,738,908 |
Other operating income | 30,428 | 27,659 |
OPERATING PROFIT | 5 | 3,367,277 | 2,766,567 |
Interest receivable and similar income | 14,268 | 12,831 |
3,381,545 | 2,779,398 |
Interest payable and similar expenses | 6 | 30,883 | 9,449 |
PROFIT BEFORE TAXATION | 3,350,662 | 2,769,949 |
Tax on profit | 7 | 733,781 | 575,162 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,585,003 | 2,142,525 |
Non-controlling interests | 31,878 | 52,262 |
2,616,881 | 2,194,787 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,616,881 | 2,194,787 |
OTHER COMPREHENSIVE INCOME |
Minority Interest dividend | 152,475 | - |
Income tax relating to other comprehensive income | - | - |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 152,475 | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,769,356 | 2,194,787 |
Total comprehensive income attributable to: |
Owners of the parent | 2,737,478 | 2,142,525 |
Non-controlling interests | 31,878 | 52,262 |
2,769,356 | 2,194,787 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
CONSOLIDATED BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 1,694,167 | 1,027,172 |
Investments | 11 | - | - |
1,694,167 | 1,027,172 |
CURRENT ASSETS |
Stocks | 12 | 2,510,167 | 2,261,725 |
Debtors | 13 | 9,042,178 | 10,067,445 |
Cash at bank and in hand | 2,072,589 | 899,882 |
13,624,934 | 13,229,052 |
CREDITORS |
Amounts falling due within one year | 14 | 8,773,808 | 7,957,552 |
NET CURRENT ASSETS | 4,851,126 | 5,271,500 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,545,293 | 6,298,672 |
CREDITORS |
Amounts falling due after more than one year | 15 | (340,462 | ) | (120,027 | ) |
PROVISIONS FOR LIABILITIES | 19 | (298,055 | ) | (181,119 | ) |
NET ASSETS | 5,906,776 | 5,997,526 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 11,130 | 11,130 |
Share premium | 21 | 147,953 | 147,953 |
Retained earnings | 21 | 5,740,996 | 5,666,149 |
SHAREHOLDERS' FUNDS | 5,900,079 | 5,825,232 |
NON-CONTROLLING INTERESTS | 22 | 6,697 | 172,294 |
TOTAL EQUITY | 5,906,776 | 5,997,526 |
The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2024 and were signed on its behalf by: |
D L Parker - Director |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
COMPANY BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 19 | ( | ) | ( | ) |
NET ASSETS | 3,721,653 | 4,196,850 |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS | 3,721,653 | 4,196,850 |
Company's profit for the financial year | 2,187,434 | 1,620,239 |
The financial statements were approved by the Board of Directors and authorised for issue on |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1st April 2022 | 10,018 | 10,003,554 | 27,845 |
Changes in equity |
Issue of share capital | 1,112 | - | 120,108 |
Dividends | - | (6,479,930 | ) | - |
Total comprehensive income | - | 2,142,525 | - |
Balance at 31st March 2023 | 11,130 | 5,666,149 | 147,953 |
Changes in equity |
Dividends | - | (2,662,631 | ) | - |
Total comprehensive income | - | 2,737,478 | - |
Balance at 31st March 2024 | 11,130 | 5,740,996 | 147,953 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1st April 2022 | 10,041,417 | 120,032 | 10,161,449 |
Changes in equity |
Issue of share capital | 121,220 | - | 121,220 |
Dividends | (6,479,930 | ) | - | (6,479,930 | ) |
Total comprehensive income | 2,142,525 | 52,262 | 2,194,787 |
Balance at 31st March 2023 | 5,825,232 | 172,294 | 5,997,526 |
Changes in equity |
Dividends | (2,662,631 | ) | (197,475 | ) | (2,860,106 | ) |
Total comprehensive income | 2,737,478 | 31,878 | 2,769,356 |
Balance at 31st March 2024 | 5,900,079 | 6,697 | 5,906,776 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( | ) | - | ( | ) |
Total comprehensive income | - | - |
Balance at 31st March 2023 | 11,130 | 4,037,767 | 147,953 | 4,196,850 |
Changes in equity |
Dividends | - | ( | ) | - | ( | ) |
Total comprehensive income | - | - |
Balance at 31st March 2024 | 11,130 | 3,562,570 | 147,953 | 3,721,653 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,385,236 | 2,334,753 |
Interest paid | (12,438 | ) | - |
Interest element of hire purchase payments paid | (18,445 | ) | (9,449 | ) |
Tax paid | (742,294 | ) | (397,857 | ) |
Net cash from operating activities | 4,612,059 | 1,927,447 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (877,242 | ) | (247,319 | ) |
Sale of tangible fixed assets | 102,501 | 15,833 |
Interest received | 14,268 | 12,831 |
Net cash from investing activities | (760,473 | ) | (218,655 | ) |
Cash flows from financing activities |
New loans in year | 200,000 | - |
Loan repayments in year | (28,308 | ) | - |
Capital repayments in year | (142,940 | ) | (156,617 | ) |
Amount introduced by directors | - | 1,662,037 |
Amount withdrawn by directors | - | (131,183 | ) |
Share issue | - | 121,220 |
Subsidiary minority Interest dividend | (45,000 | ) | - |
Equity dividends paid | (2,662,631 | ) | (6,479,930 | ) |
Net cash from financing activities | (2,678,879 | ) | (4,984,473 | ) |
Increase/(decrease) in cash and cash equivalents | 1,172,707 | (3,275,681 | ) |
Cash and cash equivalents at beginning of year | 2 | 899,882 | 4,175,563 |
Cash and cash equivalents at end of year | 2 | 2,072,589 | 899,882 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 3,350,662 | 2,769,949 |
Depreciation charges | 378,231 | 545,090 |
Profit on disposal of fixed assets | (23,937 | ) | (15,833 | ) |
Government grants | (2,080 | ) | (2,080 | ) |
Finance costs | 30,883 | 9,449 |
Finance income | (14,268 | ) | (12,831 | ) |
3,719,491 | 3,293,744 |
Increase in stocks | (248,442 | ) | (766,799 | ) |
Decrease/(increase) in trade and other debtors | 1,270,495 | (944,469 | ) |
Increase in trade and other creditors | 643,692 | 752,277 |
Cash generated from operations | 5,385,236 | 2,334,753 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,072,589 | 899,882 |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 899,882 | 4,175,563 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.4.23 | Cash flow | changes | At 31.3.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 899,882 | 1,172,707 | 2,072,589 |
899,882 | 1,172,707 | 2,072,589 |
Debt |
Finance leases | (230,852 | ) | 142,940 | - | (334,459 | ) |
Debts falling due |
within 1 year | - | (41,104 | ) | - | (41,104 | ) |
Debts falling due |
after 1 year | - | (130,587 | ) | - | (130,587 | ) |
(230,852 | ) | (28,751 | ) | - | (506,150 | ) |
Total | 669,030 | 1,143,956 | - | 1,566,439 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
A & F Sprinklers Limited is a |
The functional and the presentation currency for the company is considered to be Pound Sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements have been prepared using round pounds only. |
In respect of one of the subsidiary undertakings, the functional and presentation currency is the euro (€). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
the consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over 10 years from the year of acquisition. The results of companies acquired or disposed of are included in the group consolidated income statement after or up to the date that control passes respectively. As a consolidated group income statement is published, a separate income statement for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
Financial statements of the foreign subsidiaries which are included in the group consolidated financial statements where the function currency is other than Sterling, are translated using the current rate method, in which the balance sheet amounts are translated to the reporting currency using the exchange rate prevailing on the balance sheet date, while income statement amounts are translated using the period's average exchange rates. |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported tor assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
(i) Valuation of long term contracts |
The directors undertake a review, on a contract-by-contract basis, by reference to the stage of completion when the stage of completion, cost incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
The directors determine the need for provisions against ongoing long term contracts by reference to the stage of completeness of the contract and the expected future costs to complete the contract, assessed on a contract-by-contract basis. |
(ii) Useful economic lives of tangible assets |
The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(iii) Stock provisions |
In determining the need for the impairment of stock the directors have made significant judgements as to the saleability of the stock that is being held in the company, together with the costs to complete and make that sale. |
(iv) Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the age ink profile of debtors and historical experience. |
Turnover |
Turnover is recognised at the fair value of 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, settlements and volume rebates. |
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, cost incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
Full provision is made for losses on all contracts in the year in which the loss is first foreseen. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Grants received under the Business Growth Programme are initially recorded as deferred government grants and then credited to the profit and loss account over the useful economic life of the asset to which they relate. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
The company and group have chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. |
The company and group have no 'Other financial assets'. |
Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control ot the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, here the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
The company and group have no 'Other financial liabilities'. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Installation of sprinklers | 21,763,552 | 26,642,905 |
Service and maintenance | 10,714,256 | 12,429,779 |
Manufacture of components | 7,254,693 | 6,856,399 |
39,732,501 | 45,929,083 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 36,740,042 | 45,929,083 |
Europe | 2,992,459 | - |
39,732,501 | 45,929,083 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,806,879 | 6,764,973 |
Social security costs | 751,579 | 790,278 |
Other pension costs | 277,607 | 257,854 |
7,836,065 | 7,813,105 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 6 | 6 |
Administrative | 53 | 53 |
Production | 101 | 102 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 624,955 | 569,082 |
Directors' pension contributions to money purchase schemes | 119,867 | 114,394 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 6 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 191,500 | 186,390 |
Pension contributions to money purchase schemes | 16,850 | 14,554 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 1,790,903 | 2,080,449 |
Other operating leases | 850,629 | 603,554 |
Depreciation - owned assets | 214,699 | 447,965 |
Depreciation - assets on hire purchase contracts | 163,531 | 97,125 |
Profit on disposal of fixed assets | (23,937 | ) | (15,833 | ) |
Auditors' remuneration | 33,962 | 30,050 |
Foreign exchange differences | 1,769 | 14,351 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 12,438 | - |
Hire purchase | 18,445 | 9,449 |
30,883 | 9,449 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 616,845 | 532,015 |
Deferred tax | 116,936 | 43,147 |
Tax on profit | 733,781 | 575,162 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 3,350,662 | 2,769,949 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) | 837,666 | 526,290 |
Effects of: |
Expenses not deductible for tax purposes | 33,054 | 4,237 |
Change in rate | - | 45,870 |
Tax losses carried forward | - | (1,235 | ) |
difference in subsidiary tax rate | (136,939 | ) | - |
Total tax charge | 733,781 | 575,162 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Minority Interest dividend | 152,475 | - | 152,475 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
A Ordinary shares of £1 each |
Interim | 187,631 | 143,705 |
F Ordinary shares of £1 each |
Interim | - | 86,225 |
D Ordinary shares of £1 each |
Interim | 2,475,000 | 6,250,000 |
2,662,631 | 6,479,930 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1st April 2023 | 250,287 | 1,379,188 | 119,869 |
Additions | 590,324 | 407,463 | 29,147 |
Disposals | (26,995 | ) | (409,527 | ) | (356 | ) |
At 31st March 2024 | 813,616 | 1,377,124 | 148,660 |
DEPRECIATION |
At 1st April 2023 | 95,269 | 956,256 | 71,968 |
Charge for year | 40,865 | 188,965 | 17,878 |
Eliminated on disposal | (6,678 | ) | (351,281 | ) | (355 | ) |
At 31st March 2024 | 129,456 | 793,940 | 89,491 |
NET BOOK VALUE |
At 31st March 2024 | 684,160 | 583,184 | 59,169 |
At 31st March 2023 | 155,018 | 422,932 | 47,901 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2023 | 533,869 | 102,751 | 2,385,964 |
Additions | 96,855 | - | 1,123,789 |
Disposals | (37,195 | ) | (10,250 | ) | (484,323 | ) |
At 31st March 2024 | 593,529 | 92,501 | 3,025,430 |
DEPRECIATION |
At 1st April 2023 | 178,183 | 57,116 | 1,358,792 |
Charge for year | 110,166 | 20,356 | 378,230 |
Eliminated on disposal | (37,195 | ) | (10,250 | ) | (405,759 | ) |
At 31st March 2024 | 251,154 | 67,222 | 1,331,263 |
NET BOOK VALUE |
At 31st March 2024 | 342,375 | 25,279 | 1,694,167 |
At 31st March 2023 | 355,686 | 45,635 | 1,027,172 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st April 2023 | 535,323 | 335,925 | 871,248 |
Additions | 201,086 | - | 201,086 |
Disposals | (97,230 | ) | - | (97,230 | ) |
Transfer to ownership | (292,248 | ) | - | (292,248 | ) |
At 31st March 2024 | 346,931 | 335,925 | 682,856 |
DEPRECIATION |
At 1st April 2023 | 276,970 | 99,748 | 376,718 |
Charge for year | 96,862 | 66,669 | 163,531 |
Eliminated on disposal | (90,979 | ) | - | (90,979 | ) |
Transfer to ownership | (243,540 | ) | - | (243,540 | ) |
At 31st March 2024 | 39,313 | 166,417 | 205,730 |
NET BOOK VALUE |
At 31st March 2024 | 307,618 | 169,508 | 477,126 |
At 31st March 2023 | 258,353 | 236,177 | 494,530 |
Company |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( | ) | ( | ) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( | ) | ( | ) | ( | ) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) | ( | ) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
Disposals | ( | ) | ( | ) |
Transfer to ownership | (292,248 | ) | - | (292,248 | ) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
Transfer to ownership | (243,540 | ) | - | (243,540 | ) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 27 Cork Road Midleton Cork Ireland |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( | ) |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( | ) | ( | ) |
Loss for the year | ( | ) |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 2,071,550 | 2,261,725 |
Work-in-progress | 438,617 | - |
2,510,167 | 2,261,725 |
13. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 5,113,111 | 4,370,885 |
Amounts owed by group undertakings | 230,658 | - |
Amounts recoverable on contract | 2,121,349 | 4,154,920 |
Other debtors | 54,714 | 144,729 |
Tax | 14,653 | 82 |
VAT | - | 32,414 |
Prepayments and accrued income | 920,236 | 963,210 |
8,454,721 | 9,666,240 |
Amounts falling due after more than | one year: |
Trade debtors | 587,457 | 401,205 |
Aggregate amounts | 9,042,178 | 10,067,445 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 41,104 | - |
Hire purchase contracts (see note 17) | 126,971 | 115,292 |
Trade creditors | 5,983,348 | 5,223,326 |
Amounts owed to group undertakings | 230,658 | - |
Tax | 296,112 | 406,990 |
Social security and other taxes | 234,654 | 250,480 |
VAT | 59,043 | - | 69,830 | - |
Other creditors | 9,428 | 5,017 |
Invoice financing | 593,692 | 804,460 | - | - |
Accrued expenses | 1,196,718 | 1,149,907 |
Deferred government grants | 2,080 | 2,080 |
8,773,808 | 7,957,552 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 130,587 | - |
Hire purchase contracts (see note 17) | 207,488 | 115,560 |
Deferred government grants | 2,387 | 4,467 |
340,462 | 120,027 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 41,104 | - |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 41,104 | - |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 89,483 | - |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year | 145,688 | 125,115 |
Between one and five years | 249,581 | 128,572 |
395,269 | 253,687 |
Finance charges repayable: |
Within one year | 18,717 | 9,823 |
Between one and five years | 42,093 | 13,012 |
60,810 | 22,835 |
Net obligations repayable: |
Within one year | 126,971 | 115,292 |
Between one and five years | 207,488 | 115,560 |
334,459 | 230,852 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
17. | LEASING AGREEMENTS - continued |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Company |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts | 334,459 | 230,852 | 96,554 | 144,281 |
Invoice financing | 593,692 | 804,460 | - | - |
Bank loan | 171,691 | - | - | - |
1,099,842 | 1,035,312 |
In respect of a subsidiary undertaking, the company's bankers Lloyds Bank have a fixed and floating charge over the assets of the company by way of debenture dated 4th July 2018. |
In respect of another subsidiary undertaking, the company's bankers Natwest have a fixed and floating charge over the assets of the company by way of debenture dated 26th April 2023. |
Obligations under hire purchase are secured against the assets to which they relate. |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 298,055 | 181,119 |
Group |
Deferred |
tax |
£ |
Balance at 1st April 2023 | 181,119 |
Provided during year | 116,936 |
Balance at 31st March 2024 | 298,055 |
Company |
Deferred |
tax |
£ |
Balance at 1st April 2023 |
Provided during year |
Balance at 31st March 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 1,339 | 1,339 |
F Ordinary | £1 | 665 | 665 |
D Ordinary | £1 | 8,014 | 8,014 |
B Ordinary | £1 | 556 | 556 |
556 | C Ordinary | £1 | 556 | 556 |
11,130 | 11,130 |
21. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st April 2023 | 5,666,149 | 147,953 | 5,814,102 |
Profit for the year | 2,585,003 | 2,585,003 |
Dividends | (2,662,631 | ) | (2,662,631 | ) |
Adj re minority dividends | 152,475 | - | 152,475 |
At 31st March 2024 | 5,740,996 | 147,953 | 5,888,949 |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
21. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st April 2023 |
Profit for the year |
Dividends | ( | ) | ( | ) |
At 31st March 2024 | 3,562,570 | 147,953 | 3,710,523 |
22. | NON-CONTROLLING INTERESTS |
The Minority Interest is the 9% of shares held in the subsidiary Fire-Mech Fixings Limited. |
23. | PENSION COMMITMENTS |
The Group contributes to the personal pension schemes of certain employees. The assets of these 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 £277,607 (2023: £257,854). |
24. | CONTINGENT LIABILITIES |
There are two debentures in favour of Nat West Bank PLC held by way of a legal mortgage over Unit 4 Trans Pennine Trading Estate, Gorrels Way, Castleton, a property in which A & F Sprinklers Limited hold the title to as a bare trustee. |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023: |
2024 | 2023 |
£ | £ |
J M Stansfield |
Balance outstanding at start of year | - | 1,662,037 |
Amounts repaid | - | (1,662,037 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Mrs L K Stansfield |
Balance outstanding at start of year | - | (9,963 | ) |
Amounts advanced | - | 9,963 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
26. | RELATED PARTY DISCLOSURES |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
The trading activity with the non wholly-owned subsidiary undertaking, Fire-Mech Fixings Limited are as follows: |
2024 | 2023 |
£ | £ |
Management charges receivable | 33,000 | 111,296 |
Purchase of goods and services | (2,027,199 | ) | (2,517,464 | ) |
There are two debentures in favour of Nat West Bank PLC held by way of a legal mortgage over Unit 4 Trans Pennine Trading Estate, Gorrels Way, Castleton, a property in which A & F Sprinklers Limited hold the title to as a trustee. |
The group's head office is owned by a SIPP in which one of its directors has an interest the rent paid was £133,286 (2023 60,500) |
27. | ULTIMATE CONTROLLING PARTY |
There is no one ultimate controlling party. |