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COMPANY REGISTRATION NUMBER: 03913878
Automotive Trim Developments Limited
Financial Statements
31 January 2024
Automotive Trim Developments Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
Automotive Trim Developments Limited
Strategic Report
Year ended 31 January 2024
The Directors of Automotive Trim Developments Limited ("ATD") present their Strategic Report together with the audited financial statements for the year ending 31 January 2024. Principal Activities and Review of the Business The principal activity of the company in the year under review was that of the design, development and manufacture of automotive seating and interiors . Turnover increased by 66% year on year, up from £12.9m to £21.4m. Gross margin decreased from 31.8% last year to 29.3% this year. Net profit for the year of £1.6m was up from £657k the previous year in-line with the increase in turnover. Sales are forecast to remain constant during 2025F dependent on customer building in-line with their forecast schedules. ATD acquired the sole remaining volume UK flock manufacturer, Qualplast (1991) Ltd, in November 2023, ostensibly to secure the supply of onshore flocked parts for the UK automotive industry. Principal Risks and Uncertainties ATD has encountered some disruption caused by both customer and supplier insolvencies due to the tough economic conditions and global challenges within the automotive industry. ATD has had to support a few key suppliers in order to sustain scheduled customer deliveries. Despite customers not producing in-line with their 2024 forecasts, ATD is expecting to maintain its budgeted turnover for 2024/25 due to new business opportunities arising since the beginning of the year. Health, Safety and Wellbeing Employees are central to ATD's performance and the business provides an inclusive and safe working environment in order to nurture individual talent. Corporate Social Responsibility ATD is an equal opportunities employer and will not discriminate against race, ethnic or national origin, religion or sexual orientation. As a vertically integrated design and manufacturing company, skilled personnel are the core resource. Training is provided and personnel encouraged to develop themselves at every opportunity. Environment ATD has a continual reduction plan to reduce waste through material efficiencies, and continues to develop sustainable products in order to reduce the impact of petrochemical based plastics. Key Performance Indicators ATD uses gross margin by project to monitor profitability, acid test ratio to measure risk to cash flows and a wide range of Quality Assurance metrics in order to comply with the demands of the automotive industry.
This report was approved by the board of directors on 24 October 2024 and signed on behalf of the board by:
B. Townsend
Director
Automotive Trim Developments Limited
Directors' Report
Year ended 31 January 2024
The directors present their report and the financial statements of the group for the year ended 31 January 2024 .
Directors
The directors who served the company during the year were as follows:
B. Townsend
J. Sandford
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 32 to the financial statements.
Qualifying indemnity provision
Qualifying third party indemnity provisions were in force during the year, for the benefit of one or more directors (of the group).
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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). 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 group and the company and 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 judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 24 October 2024 and signed on behalf of the board by:
B. Townsend
Director
Automotive Trim Developments Limited
Independent Auditor's Report to the Members of Automotive Trim Developments Limited
Year ended 31 January 2024
Opinion
We have audited the financial statements of Automotive Trim Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 January 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; - 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 auditor's 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation. We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following: 1. An understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework, including a review of legal and professional nominal codes. 2. Obtaining an understanding of the company's policies and procedures and how the company has complied with these, through discussions and sample testing. 3. An understanding of the company's risk assessment process, including the risk of fraud. 4. Performing audit work over the risk of management override of controls, including testing of journal entries for appropriateness. Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:/ /www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Pearson
(Senior Statutory Auditor)
For and on behalf of
Edwards Pearson & White (Audit) Limited
Chartered Certified Accountants & statutory auditor
8 Jury Street
Warwick
CV34 4EW
24 October 2024
Automotive Trim Developments Limited
Consolidated Statement of Comprehensive Income
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
4
21,441,018
12,874,495
Cost of sales
15,152,267
8,779,403
------------
------------
Gross profit
6,288,751
4,095,092
Administrative expenses
4,478,200
3,313,784
Other operating income
5
10,295
7,924
-----------
-----------
Operating profit
6
1,820,846
789,232
Other interest receivable and similar income
10
877
106
Interest payable and similar expenses
11
202,316
132,184
-----------
-----------
Profit before taxation
1,619,407
657,154
Tax on profit
12
251,808
135,325
-----------
--------
Profit for the financial year
1,367,599
521,829
-----------
--------
Tax relating to components of other comprehensive income
6,835
-----------
--------
Total comprehensive income for the year
1,367,599
528,664
-----------
--------
All the activities of the group are from continuing operations.
Automotive Trim Developments Limited
Consolidated Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
182,476
Tangible assets
15
4,216,852
4,278,828
Investments
16
65,798
50,000
-----------
-----------
4,465,126
4,328,828
Current assets
Stocks
17
2,152,000
1,726,604
Debtors
18
5,790,152
4,117,659
Cash at bank and in hand
115,610
174
-----------
-----------
8,057,762
5,844,437
Prepayments and accrued income
173,682
136,669
Creditors: amounts falling due within one year
20
5,165,288
3,919,748
-----------
-----------
Net current assets
3,066,156
2,061,358
-----------
-----------
Total assets less current liabilities
7,531,282
6,390,186
Creditors: amounts falling due after more than one year
21
1,617,699
1,690,206
Provisions
23
620,235
650,070
Accruals and deferred income
100,338
74,499
-----------
-----------
Net assets
5,193,010
3,975,411
-----------
-----------
Capital and reserves
Called up share capital
27
100
100
Revaluation reserve
28
816,080
816,080
Profit and loss account
28
4,376,830
3,159,231
-----------
-----------
Shareholders funds
5,193,010
3,975,411
-----------
-----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
B. Townsend
Director
Company registration number: 03913878
Automotive Trim Developments Limited
Company Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
4,165,727
4,278,828
Investments
16
415,798
50,000
-----------
-----------
4,581,525
4,328,828
Current assets
Stocks
17
2,109,969
1,726,604
Debtors
18
5,555,557
4,117,659
Cash at bank and in hand
99,459
174
-----------
-----------
7,764,985
5,844,437
Prepayments and accrued income
169,852
136,669
Creditors: amounts falling due within one year
20
4,932,185
3,919,748
-----------
-----------
Net current assets
3,002,652
2,061,358
-----------
-----------
Total assets less current liabilities
7,584,177
6,390,186
Creditors: amounts falling due after more than one year
21
1,617,699
1,690,206
Provisions
23
618,924
650,070
Accruals and deferred income
100,338
74,499
-----------
-----------
Net assets
5,247,216
3,975,411
-----------
-----------
Capital and reserves
Called up share capital
27
100
100
Revaluation reserve
28
816,080
816,080
Profit and loss account
28
4,431,036
3,159,231
-----------
-----------
Shareholders funds
5,247,216
3,975,411
-----------
-----------
The profit for the financial year of the parent company was £ 1,421,805 (2023: £ 521,829 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
B. Townsend
Director
Company registration number: 03913878
Automotive Trim Developments Limited
Consolidated Statement of Changes in Equity
Year ended 31 January 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 February 2022
100
922,995
2,673,652
3,596,747
Profit for the year
521,829
521,829
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
(113,750)
113,750
Tax relating to components of other comprehensive income
12
6,835
6,835
----
--------
-----------
-----------
Total comprehensive income for the year
( 106,915)
635,579
528,664
Dividends paid and payable
13
( 150,000)
( 150,000)
----
--------
-----------
-----------
Total investments by and distributions to owners
( 150,000)
( 150,000)
At 31 January 2023
100
816,080
3,159,231
3,975,411
Profit for the year
1,367,599
1,367,599
----
--------
-----------
-----------
Total comprehensive income for the year
1,367,599
1,367,599
Dividends paid and payable
13
( 150,000)
( 150,000)
----
----
--------
--------
Total investments by and distributions to owners
( 150,000)
( 150,000)
----
--------
-----------
-----------
At 31 January 2024
100
816,080
4,376,830
5,193,010
----
--------
-----------
-----------
Automotive Trim Developments Limited
Company Statement of Changes in Equity
Year ended 31 January 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 February 2022
100
922,995
2,673,652
3,596,747
Profit for the year
521,829
521,829
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
(113,750)
113,750
Tax relating to components of other comprehensive income
12
6,835
6,835
----
--------
-----------
-----------
Total comprehensive income for the year
( 106,915)
635,579
528,664
Dividends paid and payable
13
( 150,000)
( 150,000)
----
--------
-----------
-----------
Total investments by and distributions to owners
( 150,000)
( 150,000)
At 31 January 2023
100
816,080
3,159,231
3,975,411
Profit for the year
1,421,805
1,421,805
----
--------
-----------
-----------
Total comprehensive income for the year
1,421,805
1,421,805
Dividends paid and payable
13
( 150,000)
( 150,000)
----
----
--------
--------
Total investments by and distributions to owners
( 150,000)
( 150,000)
----
--------
-----------
-----------
At 31 January 2024
100
816,080
4,431,036
5,247,216
----
--------
-----------
-----------
Automotive Trim Developments Limited
Consolidated Statement of Cash Flows
Year ended 31 January 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
1,367,599
521,829
Adjustments for:
Depreciation of tangible assets
528,054
495,415
Amortisation of intangible assets
20,275
Government grant income
( 3,110)
( 4,815)
Other interest receivable and similar income
( 877)
( 106)
Interest payable and similar expenses
202,316
132,184
Gains on disposal of tangible assets
( 39,588)
Tax on profit
251,808
135,325
Accrued expenses
25,839
62,675
Changes in:
Stocks
( 425,396)
( 1,009,209)
Trade and other debtors
( 1,709,506)
( 1,179,093)
Trade and other creditors
963,767
695,052
-----------
-----------
Cash generated from operations
1,220,769
( 190,331)
Interest paid
( 202,316)
( 132,184)
Interest received
877
106
Tax (paid)/received
( 296,250)
177,388
-----------
--------
Net cash from/(used in) operating activities
723,080
( 145,021)
-----------
--------
Cash flows from investing activities
Purchase of tangible assets
( 411,301)
( 1,527,880)
Proceeds from sale of tangible assets
397,500
Acquisition of subsidiaries
( 258,719)
-----------
-----------
Net cash used in investing activities
( 670,020)
( 1,130,380)
-----------
-----------
Cash flows from financing activities
Proceeds from borrowings
137,952
6,774
Government grant income
3,110
4,815
Payments of finance lease liabilities
( 75,826)
788,505
Dividends paid
( 150,000)
( 150,000)
-----------
-----------
Net cash (used in)/from financing activities
( 84,764)
650,094
-----------
-----------
Net decrease in cash and cash equivalents
( 31,704)
( 625,307)
Cash and cash equivalents at beginning of year
(941,585)
(316,278)
--------
--------
Cash and cash equivalents at end of year
19
( 973,289)
( 941,585)
--------
--------
Automotive Trim Developments Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private limited company limited by shares, incorporated, registered and trading in England and Wales. The registered office and the principal place of business address is Unit 1, Priory Mill, Charter Avenue, Coventry, England, CV4 8AF. The company's registration number is 03913878 .
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Automotive Trim Developments Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. Automotive Trim Developments Limited acquired 100% of the share capital of Qualplast (1991) Limited during the year with control passing over on 1 November 2023. These consolidated financial statements include the transactions of Qualplast (1991) Limited only from the date control passed. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities other than: - Land and Buildings Professional valuations have been undertaken periodically, in the interim the directors have assessed the fair value of the land and buildings based on the information available to them.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line on buildings
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
50% straight line
Computer equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates are accounted for in accordance with the cost model whereby the investment is recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial Liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Business combinations
Business combinations are accounted for using the purchase method. The cost of a business combination is measured as the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination. Where control is achieved in stages, the cost of the business combination is the aggregate of the fair values of the assets given, liabilities incurred or assumed, and equity instruments issued at the date of each transaction in the series. Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date providing it is probable and can be measured reliably. Where it is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration is treated as an adjustment to the cost of the combination. If such expected future events do not occur, or the estimate needs to be revised, the cost of the business combination is adjusted accordingly. The unwinding of any discounting is recognised as a finance cost in profit or loss in the period it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
21,441,018
12,874,495
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
3,110
4,815
Other operating income
7,185
3,109
-------
------
10,295
7,924
-------
------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
20,275
Depreciation of tangible assets
528,054
495,415
Gains on disposal of tangible assets
( 39,588)
Impairment of trade debtors
487,008
75,813
Foreign exchange differences
10,223
7,019
Research and development expense
476,183
737,566
Other operating lease rentals
171,362
212,132
--------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
7,000
6,700
------
------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
122
92
Administrative staff
29
29
Management staff
2
2
----
----
153
123
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
4,841,593
3,827,941
Social security costs
474,882
385,831
Other pension costs
211,960
153,288
-----------
-----------
5,528,435
4,367,060
-----------
-----------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
188,931
198,859
Company contributions to defined contribution pension plans
120,000
80,000
--------
--------
308,931
278,859
--------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
----
----
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
877
106
----
----
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
84,148
60,191
Interest on obligations under finance leases and hire purchase contracts
44,791
33,348
Other interest payable and similar charges
73,377
38,645
--------
--------
202,316
132,184
--------
--------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense/(income)
295,887
( 92,449)
Adjustments in respect of prior periods
363
( 84,939)
--------
--------
Total current tax
296,250
( 177,388)
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 44,442)
312,713
--------
--------
Tax on profit
251,808
135,325
--------
--------
On 3 March 2021, the Chancellor of the Exchequer announced that the corporation tax rate would increase to a maximum of 25% from 1 April 2023. This was substantively enacted on 24 May 2021.
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £Nil (2023: £( 6,835 )).
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 24.03 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,619,407
657,154
-----------
--------
Profit on ordinary activities by rate of tax
405,366
124,859
Adjustment to tax charge in respect of prior periods
363
( 84,939)
Effect of expenses not deductible for tax purposes
82,472
14,445
Effect of capital allowances and depreciation
( 14,944)
45,311
Utilisation of tax losses
( 143,359)
3,650
Unused tax losses
113,408
Effect of research and development tax credits
( 78,090)
( 81,409)
-----------
--------
Tax on profit
251,808
135,325
-----------
--------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
150,000
150,000
--------
--------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 February 2023
Acquisitions through business combinations
202,751
--------
At 31 January 2024
202,751
--------
Amortisation
At 1 February 2023
Charge for the year
20,275
--------
At 31 January 2024
20,275
--------
Carrying amount
At 31 January 2024
182,476
--------
At 31 January 2023
--------
The company has no intangible assets.
15. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
2,573,267
3,410,979
46,575
6,030,821
Additions
385,672
25,629
411,301
Acquisitions through business combinations
54,191
586
54,777
-----------
-------
-----------
-------
----
-----------
At 31 Jan 2024
2,573,267
54,191
3,796,651
72,204
586
6,496,899
-----------
-------
-----------
-------
----
-----------
Depreciation
At 1 Feb 2023
161,128
1,544,290
46,575
1,751,993
Charge for the year
3,613
511,587
12,815
39
528,054
-----------
-------
-----------
-------
----
-----------
At 31 Jan 2024
161,128
3,613
2,055,877
59,390
39
2,280,047
-----------
-------
-----------
-------
----
-----------
Carrying amount
At 31 Jan 2024
2,412,139
50,578
1,740,774
12,814
547
4,216,852
-----------
-------
-----------
-------
----
-----------
At 31 Jan 2023
2,412,139
1,866,689
4,278,828
-----------
-------
-----------
-------
----
-----------
Company
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
2,573,267
3,410,979
46,575
6,030,821
Additions
385,672
25,629
411,301
-----------
-----------
-------
-----------
At 31 January 2024
2,573,267
3,796,651
72,204
6,442,122
-----------
-----------
-------
-----------
Depreciation
At 1 February 2023
161,128
1,544,290
46,575
1,751,993
Charge for the year
511,587
12,815
524,402
-----------
-----------
-------
-----------
At 31 January 2024
161,128
2,055,877
59,390
2,276,395
-----------
-----------
-------
-----------
Carrying amount
At 31 January 2024
2,412,139
1,740,774
12,814
4,165,727
-----------
-----------
-------
-----------
At 31 January 2023
2,412,139
1,866,689
4,278,828
-----------
-----------
-------
-----------
Land and buildings comprise freehold property, the carrying amount of £2,412,139 (2023: £2,412,139) is all held as security formally charged to the Bank. Included in land and buildings is land of £1,714,700 (2023: £1,714,700) which is not depreciated. The property was last revalued by the directors on an open market value for existing use in 2022. The directors do not consider there to be any material changes in fair value since that date. If the land and buildings had been accounted for under the historic cost accounting rules, the carrying value would be £1,386,390.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group and company
Fixtures and fittings
£
At 31 January 2024
1,201,250
-----------
At 31 January 2023
1,282,936
-----------
16. Investments
Group
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 February 2023
50,000
50,000
Additions
15,798
15,798
-------
-------
-------
At 31 January 2024
15,798
50,000
65,798
-------
-------
-------
Impairment
At 1 February 2023 and 31 January 2024
-------
-------
-------
Carrying amount
At 31 January 2024
15,798
50,000
65,798
-------
-------
-------
At 31 January 2023
50,000
50,000
-------
-------
-------
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 February 2023
50,000
50,000
Additions
1,125,798
1,125,798
-----------
-------
-----------
At 31 January 2024
1,125,798
50,000
1,175,798
-----------
-------
-----------
Impairment
At 1 February 2023
Impairment losses
760,000
760,000
-----------
-------
-----------
At 31 January 2024
760,000
760,000
-----------
-------
-----------
Carrying amount
At 31 January 2024
365,798
50,000
415,798
-----------
-------
-----------
At 31 January 2023
50,000
50,000
-----------
-------
-----------
On 1 November 2023 the company acquired 100% of the issued share capital of Qualplast (1991) Limited. Qualplast (1991) Limited is registered in England and Wales (with company number 05650232) whose registered office is Qualplast House, Old Walsall Road, Great Barr, Birmingham, West Midlands, B42 1EA. The principle activity of the company is manufacturing within the car industry. The results of the company is included in the consolidated figures.
The £50,000 investment comprises 13,500 ordinary shares in Luzzo Bespoke Limited (with company number 04193991) whose registered office is Claydons Barns, 11 Towcester Road, Whittlebury, NN12 8XU. This undertaking represents 45% of the total ordinary shares of Luzzo Bespoke Limited.
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Qualplast (1991) Limited
Ordinary
100
Associates
Luzzo Bespoke Limited
Ordinary
45
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,152,000
1,726,604
2,109,969
1,726,604
-----------
-----------
-----------
-----------
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
5,138,887
3,142,906
4,808,942
3,142,906
Amounts owed by group undertakings
95,350
Other debtors
651,265
974,753
651,265
974,753
-----------
-----------
-----------
-----------
5,790,152
4,117,659
5,555,557
4,117,659
-----------
-----------
-----------
-----------
The debtors above include the following amounts falling due after more than one year:
Group
Company
2024
2023
2024
2023
£
£
£
£
Other debtors
420,000
480,000
420,000
480,000
--------
--------
--------
--------
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
115,610
174
Bank overdrafts
( 1,088,899)
( 941,759)
-----------
--------
( 973,289)
( 941,585)
-----------
--------
20. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
1,147,208
979,760
1,147,208
979,760
Trade creditors
2,547,513
1,858,903
2,337,945
1,858,903
Social security and other taxes
865,598
572,457
843,353
572,457
Obligations under finance leases and hire purchase contracts
428,504
334,522
428,504
334,522
Director loan accounts
98,594
78,251
97,864
78,251
Other creditors
77,871
95,855
77,311
95,855
-----------
-----------
-----------
-----------
5,165,288
3,919,748
4,932,185
3,919,748
-----------
-----------
-----------
-----------
21. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
996,502
899,201
996,502
899,201
Obligations under finance leases and hire purchase contracts
621,197
791,005
621,197
791,005
-----------
-----------
-----------
-----------
1,617,699
1,690,206
1,617,699
1,690,206
-----------
-----------
-----------
-----------
Included within creditors: amounts falling due after more than one year is an amount of £674,352 (2023: £676,474) for the group and £674,352 (2023: £676,474) for the company in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within bank loans and overdrafts (current and non-current) is:
i) an amount of £905,049 (2023: £937,202) which is secured by a fixed charge on the property to which it relates, the loan is repayable in instalments, interest being charged at 2.8% above bank base rate.
ii) an amount of £1,088,899 (2023: £892,677) which is secured by a fixed and floating charge on the property and undertaking of the company.
iii) an amount of £149,762 (2023: £nil) which is not secured. The loan is repayable in instalments, interest being charged at 2.8% above bank base rate.
22. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
428,504
334,522
428,504
334,522
Later than 1 year and not later than 5 years
621,197
791,005
621,197
791,005
-----------
-----------
-----------
-----------
1,049,701
1,125,527
1,049,701
1,125,527
-----------
-----------
-----------
-----------
23. Provisions
Group
Deferred tax (note 24)
£
At 1 February 2023
650,070
Unused amounts reversed
( 44,442)
Acquisitions through business combinations
14,607
--------
At 31 January 2024
620,235
--------
Company
Deferred tax (note 24)
£
At 1 February 2023
650,070
Unused amounts reversed
( 31,146)
--------
At 31 January 2024
618,924
--------
24. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 23)
620,235
650,070
618,924
650,070
--------
--------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
410,565
440,400
409,254
440,400
Revaluation of tangible assets
209,670
209,670
209,670
209,670
--------
--------
--------
--------
620,235
650,070
618,924
650,070
--------
--------
--------
--------
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 91,960 (2023: £ 73,288 ).
26. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
3,110
4,815
3,110
4,815
------
------
------
------
27. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Each share has an equal right per share; to vote, in any ordinary share dividend declared and in the distribution of any surplus due to the ordinary shareholders on winding up.
28. Reserves
Called up share capital Share capital records the nominal value of shares in issue. Revaluation reserve The revaluation reserve represents non-distributable reserves which reflect unrealised gains and losses on land and buildings carried at fair value including deferred tax. Profit and loss account This represents cumulative profits and losses net of dividends paid.
29. Analysis of changes in net debt
At 1 Feb 2023
Cash flows
At 31 Jan 2024
£
£
£
Cash at bank and in hand
174
115,436
115,610
Bank overdrafts
(941,759)
(147,140)
(1,088,899)
Debt due within one year
(450,774)
(134,633)
(585,407)
Debt due after one year
(1,690,206)
72,507
(1,617,699)
-----------
--------
-----------
( 3,082,565)
( 93,830)
( 3,176,395)
-----------
--------
-----------
30. Business combinations
Acquisition of Qualplast (1991) Limited
On 1 November 2023 Automotive Trim Developments Limited acquired 100 % of the share capital of Qualplast (1991) Limited . In calculating goodwill arising on acquisition, the fair value of assets acquired has been assessed and adjustments from book value have been made where necessary.
The fair value of consideration paid in relation to the acquisition of Qualplast (1991) Limited is as follows:
£
Cash
1,110,000
-----------
The fair value of amounts recognised at the acquisition date in relation to Qualplast (1991) Limited are as follows:
Fair value
£
Tangible assets acquired
54,777
Stocks acquired
42,031
Trade debtors acquired
211,090
Other debtors acquired
9,573
Cash and cash equivalents acquired
770,558
Trade creditors assumed
( 133,636)
Other creditors assumed
( 32,537)
Provisions assumed
( 14,607)
--------
907,249
Goodwill on acquisition
202,751
-----------
1,110,000
-----------
The consolidated statement of comprehensive income for the financial year includes turnover of £ 227,660 and loss of £ 42,397 in respect of Qualplast (1991) Limited since the acquisition date.
Automotive Trim Developments Limited
Notes to the Financial Statements (continued)
Year ended 31 January 2024
31. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
203,697
155,644
163,697
155,644
Later than 1 year and not later than 5 years
615,301
472,134
465,301
472,134
Later than 5 years
190,433
266,833
190,433
266,833
-----------
--------
--------
--------
1,009,431
894,611
819,431
894,611
-----------
--------
--------
--------
32. Events after the end of the reporting period
On 23 October 2024 the company repurchased 15% of its issued share capital. The financial effect of this transaction was to reduce the issued share capital by £15 and the distributable reserves by £603,000.
33. Limitation of auditors liability
On the 17th January 2024 the company entered into a limitation of Auditor's liability with the auditor limiting the auditor's liability to a maximum of £1,500,000 (including interest).
34. Directors' advances, credits and guarantees
At the reporting date the directors loan account was in credit by £98,594 (2023: £78,251). There is no fixed term for repayment and no interest is charged.
35. Related party transactions
Group
The related parties of the group mirror that of the company.
Company
During the year the company entered into transactions with related parties (joint control). The nature, amounts and balances at the reporting period are shown in the table below. Loan amounts have agreed repayment schedules ranging from due within one year to due within more than one year. No guarantees or securities are given.
2024 2023
£ £
Sales 130,616 219,646
Purchases 247,645 62,818
Outstanding trade balances owed to entity (18,350) 57,745
Outstanding loan balances owed to entity 606,692 766,692
Sale of property 397,500
36. Controlling party
The company was under the control of B. Townsend and J. Sandford during the current and previous period.
37. Parent guarantee
Automotive Trim Developments Limited (with company number 03913878 ) has provided its subsidiary undertaking, Qualplast (1991) Limited (with company number 05650232) a guarantee dated 24 October 2024. Qualplast (1991) Limited as a result is exempt from the requirements of audit, under S479A of the Companies Act 2006, with regards to its individual financial statements.
The guarantee given has the effect that:
a) the parent undertaking guarantees all outstanding liabilities to which the subsidiary company is subject at the end of the financial year to which the guarantee relates, until they are satisfied in full, and
b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.