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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:

J M Stansfield


Mrs L K Stansfield


D L Parker


J O Whitlock


M H Parkinson


N O'Connor







SECRETARY:

Mrs L K Stansfield







REGISTERED OFFICE:

Unit 4, Gorrels Way


Trans-Pennine Trading Estate


Rochdale


Lancashire


OL11 2PX







REGISTERED NUMBER:

02029052 (England and Wales)







AUDITORS:

Cresswells Accountants (UK) Limited


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:






D L Parker - Director



23rd October 2024


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.


J M Stansfield

Mrs L K Stansfield

D L Parker

J O Whitlock

M H Parkinson

N O'Connor


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:





D L Parker - Director



23rd October 2024


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.





Sarah Helliwell BFP ACA FCCA FMAAT (Senior Statutory Auditor)

for and on behalf of Cresswells Accountants (UK) Limited

Chartered Accountants

and Statutory Auditors

12 Market Street

Hebden Bridge

West Yorkshire

HX7 6AD


23rd October 2024


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

2,616,881


2,194,787



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

1,043,907


715,744



Investments

11

1,171


1,171



1,045,078


716,915




CURRENT ASSETS

Debtors

13

6,793,567


8,552,943



Cash at bank

1,863,622


817,380



8,657,189


9,370,323



CREDITORS

Amounts falling due within one year

14

5,788,947


5,708,728



NET CURRENT ASSETS

2,868,242


3,661,595



TOTAL ASSETS LESS CURRENT

LIABILITIES

3,913,320


4,378,510




CREDITORS

Amounts falling due after more than

one year

15

(42,238

)

(61,643

)



PROVISIONS FOR LIABILITIES

19

(149,429

)

(120,017

)


NET ASSETS

3,721,653


4,196,850




CAPITAL AND RESERVES

Called up share capital

20

11,130


11,130



Share premium

21

147,953


147,953



Retained earnings

21

3,562,570


4,037,767



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 23rd October 2024 and were signed on its behalf by:






D L Parker - Director



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

10,018


8,839,958


27,845


8,877,821




Changes in equity

Issue of share capital

1,112


-


120,108


121,220



Dividends

-


(6,422,430

)

-


(6,422,430

)


Total comprehensive income

-


1,620,239


-


1,620,239



Balance at 31st March 2023

11,130


4,037,767


147,953


4,196,850




Changes in equity

Dividends

-


(2,662,631

)

-


(2,662,631

)


Total comprehensive income

-


2,187,434


-


2,187,434



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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.



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


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



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


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Improvements to property

-

over 10 years


Plant and machinery

-

over 7 years


Fixtures and fittings

-

over 5 years


Motor vehicles

-

over 5 years


Computer equipment

-

over 4 years


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



160


161





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

199,839


1,151,358


78,992




Additions

585,045


-


3,985




Disposals

(13,213

)

(371,598

)

-




At 31st March 2024

771,671


779,760


82,977




DEPRECIATION


At 1st April 2023

90,178


844,283


57,233




Charge for year

34,204


127,913


7,283




Eliminated on disposal

(2,211

)

(323,556

)

-




At 31st March 2024

122,171


648,640


64,516




NET BOOK VALUE


At 31st March 2024

649,500


131,120


18,461




At 31st March 2023

109,661


307,075


21,759




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

374,270


102,751


1,907,210




Additions

65,660


-


654,690




Disposals

(37,195

)

(10,250

)

(432,256

)



At 31st March 2024

402,735


92,501


2,129,644




DEPRECIATION


At 1st April 2023

142,656


57,116


1,191,466




Charge for year

77,727


20,356


267,483




Eliminated on disposal

(37,195

)

(10,250

)

(373,212

)



At 31st March 2024

183,188


67,222


1,085,737




NET BOOK VALUE


At 31st March 2024

219,547


25,279


1,043,907




At 31st March 2023

231,614


45,635


715,744





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


200,234


735,557




Disposals

(97,230

)

-


(97,230

)



Transfer to ownership

(292,248

)

-


(292,248

)



At 31st March 2024

145,845


200,234


346,079




DEPRECIATION


At 1st April 2023

276,970


68,965


345,935




Charge for year

75,317


39,531


114,848




Eliminated on disposal

(90,979

)

-


(90,979

)



Transfer to ownership

(243,540

)

-


(243,540

)



At 31st March 2024

17,768


108,496


126,264




NET BOOK VALUE


At 31st March 2024

128,077


91,738


219,815




At 31st March 2023

258,353


131,269


389,622




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

1,171




NET BOOK VALUE


At 31st March 2024

1,171




At 31st March 2023

1,171





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries



A & F Sprinklers (Ireland) Limited


Registered office: 27 Cork Road Midleton Cork Ireland


Nature of business: Installation of sprinklers


%


Class of shares:

holding



Ordinary

100.00


2024

2023


£   

£   



Aggregate capital and reserves

216,112


27,795




Profit/(loss) for the year

1,109,251


(678

)




Fire-Mech Fixings Limited


Registered office:


Nature of business: Components


%


Class of shares:

holding



Ordinary

91.00


2024

2023


£   

£   



Aggregate capital and reserves

2,088,526


1,779,217




Profit for the year

354,209


580,685





A & F Sprinklers Services Ltd


Registered office:


Nature of business: Servicing of sprinkler systems


%


Class of shares:

holding



Ordinary

100.00


2024

2023


£   

£   



Aggregate capital and reserves

(915

)

(915

)



Loss for the year

-


(1,230

)




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


3,236,558


2,854,589




Amounts owed by group undertakings

230,658


-


-


132,148




Amounts recoverable on contract

2,121,349


4,154,920


2,121,349


4,154,920




Other debtors

54,714


144,729


42,204


2,830




Tax

14,653


82


-


-




VAT

-


32,414


-


113,353




Prepayments and accrued income

920,236


963,210


805,999


893,898



8,454,721


9,666,240


6,206,110


8,151,738





Amounts falling due after more than

one year:



Trade debtors

587,457


401,205


587,457


401,205





Aggregate amounts

9,042,178


10,067,445


6,793,567


8,552,943




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


54,316


82,638




Trade creditors

5,983,348


5,223,326


3,973,995


3,950,547




Amounts owed to group undertakings

230,658


-


231,743


22,936




Tax

296,112


406,990


179,765


300,920




Social security and other taxes

234,654


250,480


204,660


222,828




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


1,074,638


1,128,859




Deferred government grants

2,080


2,080


-


-



8,773,808


7,957,552


5,788,947


5,708,728




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


42,238


61,643




Deferred government grants

2,387


4,467


-


-



340,462


120,027


42,238


61,643




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

60,048


88,989




Between one and five years

46,943


67,966



106,991


156,955





Finance charges repayable:


Within one year

5,732


6,351




Between one and five years

4,705


6,323



10,437


12,674





Net obligations repayable:


Within one year

54,316


82,638




Between one and five years

42,238


61,643



96,554


144,281





Company


Non-cancellable

operating leases


2024

2023


£   

£   



Within one year

151,946


191,186




Between one and five years

150,951


112,923



302,897


304,109




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


96,554


144,281





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


149,429


120,017





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

120,017




Provided during year

29,412




Balance at 31st March 2024

149,429




20.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



1,339

A Ordinary

£1

1,339


1,339




665

F Ordinary

£1

665


665




8,014

D Ordinary

£1

8,014


8,014




556

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

4,037,767


147,953


4,185,720




Profit for the year

2,187,434


2,187,434




Dividends

(2,662,631

)

(2,662,631

)



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.