Company registration number 01008405 (England and Wales)
NON STANDARD SOCKET SCREW LIMITED
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
NON STANDARD SOCKET SCREW LIMITED
COMPANY INFORMATION
DIRECTORS
Mr M White
Mrs C White
Mrs A White
Miss A White
Mr T White
Mr B Brown
(Appointed 6 November 2023)
Mr S Johnson
(Appointed 6 November 2023)
SECRETARY
Mr B Brown
COMPANY NUMBER
01008405
REGISTERED OFFICE
358/364 Farm Street
Hockley
Birmingham
B19 2TZ
AUDITOR
JW Hinks LLP
Chartered Accountants
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
NON STANDARD SOCKET SCREW LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 30
NON STANDARD SOCKET SCREW LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

 

Like many manufacturing companies, the business has once again faced significant challenges that are largely outside its control. Supply chain issues related to the Covid pandemic continued to ease, only to be replaced by delays and costs caused by uncertainties in the Red Sea. Reporting issues emanating from Russian sanctions have been replaced by carbon reporting requirements. To this end, the business has made significant investment in a net zero plan together with a reporting framework to allow carbon reporting on our operations. We hope that these investments will allow us to remain competitive in the international market moving forward. Once again, the business has relied upon the knowledge, experience, and hard work of its staff to produce positive results in a challenging market environment.

 

Post balance sheet, the company has made further investments in cutting edge machinery to reduce our carbon footprint. A new more efficient compressor, additional thread roller and large diameter CNC machine have been commissioned in the first half of the 2024-25 year end.

 

Financial key performance indicators

 

Management considers the key performance indicators to be turnover, gross margin and profit before tax. Turnover for the year fell by just over 9%, gross margin increased from 22% to 23% and profit before tax has decreased by c.£59k.

 

Principal risks and uncertainties

 

Supply chain risk

The company, like all manufacturers, is dependent on global supply chains for raw materials and finished goods held for resale. Continued armed conflict in Ukraine and now also now in the Middle East will continue to stretch supply chains. This will increase uncertainty in supply time, transportation costs together with commodity prices into the medium term. The company mitigates this risk with a diversified supply chain.

 

Exchange rate risk

Although the company’s principal reporting currency is GBP, it purchases goods from some suppliers using USD and is, as such, exposed to an exchange rate risk. The company attempts to mitigate this risk through advance purchasing of USD.

 

Economic risk

Many of the markets that the company operates within continue to show fundamental weaknesses. Persistent inflation and accompanying high interest rates are exacerbating pre-existing issues. The business remains confident that its strong financial position, lack of gearing and diversity of markets will insulate it from the worst of issues to come.

REVIEW OF THE BUSINESS

On behalf of the board

Mr M White
DIRECTOR
25 October 2024
NON STANDARD SOCKET SCREW LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company and group continued to be that of the manufacture and distribution of socket screws, nuts, bolts, plugs and allied products.

RESULTS AND DIVIDENDS

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M White
Mrs C White
Mrs A White
Miss A White
Mr T White
Mr B Brown
(Appointed 6 November 2023)
Mr S Johnson
(Appointed 6 November 2023)
Mr P Glover
(Resigned 6 November 2023)
AUDITOR

JW Hinks LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr M White
DIRECTOR
25 October 2024
NON STANDARD SOCKET SCREW LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors are responsible for preparing the Annual 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NON STANDARD SOCKET SCREW LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NON STANDARD SOCKET SCREW LIMITED
- 4 -
OPINION

We have audited the financial statements of Non Standard Socket Screw Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of our audit:

NON STANDARD SOCKET SCREW LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NON STANDARD SOCKET SCREW LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.

Specific areas considered were as follows:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all irregularities including those leading to material misstatements in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards.

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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

NON STANDARD SOCKET SCREW LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NON STANDARD SOCKET SCREW LIMITED
- 6 -
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.

JAMES CRUSE ACA, FCCA, BSC (ECON) HONS
FOR AND ON BEHALF OF
JW HINKS LLP
Chartered Accountants
Statutory Auditor
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
25 October 2024
NON STANDARD SOCKET SCREW LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
TURNOVER
3
9,556,218
10,566,025
Cost of sales
(7,316,108)
(8,206,794)
GROSS PROFIT
2,240,110
2,359,231
Administrative expenses
(1,625,561)
(1,609,194)
Other operating income
2,000
2,000
OPERATING PROFIT
4
616,549
752,037
Interest receivable and similar income
8
91,643
15,116
PROFIT BEFORE TAXATION
708,192
767,153
Tax on profit
9
(183,883)
(150,580)
PROFIT FOR THE FINANCIAL YEAR
524,309
616,573
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
NON STANDARD SOCKET SCREW LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
10
2,484,292
2,479,810
CURRENT ASSETS
Stocks
13
1,674,683
1,917,808
Debtors
14
2,290,876
2,313,478
Cash at bank and in hand
3,047,017
2,498,600
7,012,576
6,729,886
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
15
(809,568)
(1,064,600)
NET CURRENT ASSETS
6,203,008
5,665,286
TOTAL ASSETS LESS CURRENT LIABILITIES
8,687,300
8,145,096
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
16
(80,675)
(82,675)
PROVISIONS FOR LIABILITIES
Provisions
17
110,019
107,500
Deferred tax liability
18
297,204
279,828
(407,223)
(387,328)
NET ASSETS
8,199,402
7,675,093
CAPITAL AND RESERVES
Called up share capital
21
100
100
Profit and loss reserves
8,199,302
7,674,993
TOTAL EQUITY
8,199,402
7,675,093
The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
25 October 2024
Mr M White
Mr B Brown
DIRECTOR
DIRECTOR
Company registration number 01008405 (England and Wales)
NON STANDARD SOCKET SCREW LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
10
2,470,070
2,465,505
Investments
11
50,002
50,002
2,520,072
2,515,507
CURRENT ASSETS
Stocks
13
1,338,944
1,478,494
Debtors
14
1,962,486
1,974,210
Cash at bank and in hand
2,612,111
1,909,488
5,913,541
5,362,192
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
15
(920,775)
(874,084)
NET CURRENT ASSETS
4,992,766
4,488,108
TOTAL ASSETS LESS CURRENT LIABILITIES
7,512,838
7,003,615
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
16
(80,675)
(82,675)
PROVISIONS FOR LIABILITIES
Provisions
17
110,019
107,500
Deferred tax liability
18
293,995
276,737
(404,014)
(384,237)
NET ASSETS
7,028,149
6,536,703
CAPITAL AND RESERVES
Called up share capital
21
100
100
Profit and loss reserves
7,028,049
6,536,603
TOTAL EQUITY
7,028,149
6,536,703

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £491,446 (2023 - £481,796 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
25 October 2024
Mr M White
Mr B Brown
DIRECTOR
DIRECTOR
Company registration number 01008405 (England and Wales)
NON STANDARD SOCKET SCREW LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
BALANCE AT 1 MAY 2022
100
7,058,420
7,058,520
YEAR ENDED 30 APRIL 2023:
Profit and total comprehensive income
-
616,573
616,573
BALANCE AT 30 APRIL 2023
100
7,674,993
7,675,093
YEAR ENDED 30 APRIL 2024:
Profit and total comprehensive income
-
524,309
524,309
BALANCE AT 30 APRIL 2024
100
8,199,302
8,199,402
NON STANDARD SOCKET SCREW LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
BALANCE AT 1 MAY 2022
100
6,054,807
6,054,907
YEAR ENDED 30 APRIL 2023:
Profit and total comprehensive income for the year
-
481,796
481,796
BALANCE AT 30 APRIL 2023
100
6,536,603
6,536,703
YEAR ENDED 30 APRIL 2024:
Profit and total comprehensive income
-
491,446
491,446
BALANCE AT 30 APRIL 2024
100
7,028,049
7,028,149
NON STANDARD SOCKET SCREW LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
26
746,868
1,377,884
Income taxes refunded/(paid)
2,235
(258,471)
NET CASH INFLOW FROM OPERATING ACTIVITIES
749,103
1,119,413
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(308,831)
(520,585)
Proceeds from disposal of tangible fixed assets
16,502
86,301
Interest received
91,643
15,116
NET CASH USED IN INVESTING ACTIVITIES
(200,686)
(419,168)
NET INCREASE IN CASH AND CASH EQUIVALENTS
548,417
700,245
Cash and cash equivalents at beginning of year
2,498,600
1,798,355
CASH AND CASH EQUIVALENTS AT END OF YEAR
3,047,017
2,498,600
NON STANDARD SOCKET SCREW LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
27
867,232
1,244,796
Income taxes refunded/(paid)
33,398
(233,283)
NET CASH INFLOW FROM OPERATING ACTIVITIES
900,630
1,011,513
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(306,152)
(516,561)
Proceeds from disposal of tangible fixed assets
16,502
86,301
Interest received
91,643
15,116
NET CASH USED IN INVESTING ACTIVITIES
(198,007)
(415,144)
NET INCREASE IN CASH AND CASH EQUIVALENTS
702,623
596,369
Cash and cash equivalents at beginning of year
1,909,488
1,313,119
CASH AND CASH EQUIVALENTS AT END OF YEAR
2,612,111
1,909,488
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION

Non Standard Socket Screw Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Non Standard Socket Screw Limited and all of its subsidiaries.

1.1
ACCOUNTING CONVENTION

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
BUSINESS COMBINATIONS

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
BASIS OF CONSOLIDATION

The consolidated group financial statements consist of the financial statements of the parent company Non Standard Socket Screw Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
TURNOVER

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% - 25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
FIXED ASSET INVESTMENTS

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 17 -
1.10
CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
FINANCIAL INSTRUMENTS

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.12
EQUITY INSTRUMENTS

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 19 -
1.14
PROVISIONS

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
LEASES

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
GOVERNMENT GRANTS

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
FOREIGN EXCHANGE

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
3
TURNOVER AND OTHER REVENUE
2024
2023
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Manufacture and distribution of socket screws, nuts, bolts, plugs and allied products
9,556,218
10,566,025
2024
2023
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
8,105,774
8,670,878
Europe
1,244,719
1,692,083
Rest of World
205,725
203,064
9,556,218
10,566,025
2024
2023
£
£
OTHER REVENUE
Interest income
91,643
15,116
Grants received
2,000
2,000
4
OPERATING PROFIT
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
9,632
(7,035)
Government grants
(2,000)
(2,000)
Depreciation of owned tangible fixed assets
272,430
253,975
Loss on disposal of tangible fixed assets
15,417
470
Operating lease charges
87,309
73,988
5
AUDITOR'S REMUNERATION
2024
2023
Fees payable to the company's auditor and associates:
£
£
FOR AUDIT SERVICES
Audit of the financial statements of the group and company
12,000
12,870
Audit of the financial statements of the company's subsidiaries
6,000
6,515
18,000
19,385
FOR OTHER SERVICES
Audit-related assurance services
15,437
5,505
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
6
EMPLOYEES

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
33
33
33
33
Sales and administration
54
59
38
42
Total
87
92
71
75

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,157,599
3,201,891
2,688,928
2,756,866
Social security costs
333,662
356,497
289,697
315,568
Pension costs
125,153
110,412
115,213
100,855
3,616,414
3,668,800
3,093,838
3,173,289
7
DIRECTORS' REMUNERATION
2024
2023
£
£
Remuneration for qualifying services
529,378
525,650
Company pension contributions to defined contribution schemes
53,206
39,899
582,584
565,549

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
126,096
84,282
Company pension contributions to defined contribution schemes
37,725
37,725
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
8
INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
INTEREST INCOME
Interest on bank deposits
86,429
15,116
Other interest income
5,214
-
Total income
91,643
15,116
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
86,429
15,116
9
TAXATION
2024
2023
£
£
CURRENT TAX
UK corporation tax on profits for the current period
173,119
82,139
Adjustments in respect of prior periods
(6,612)
-
0
Total current tax
166,507
82,139
DEFERRED TAX
Origination and reversal of timing differences
17,376
68,441
Total tax charge
183,883
150,580
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
TAXATION
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
708,192
767,153
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
177,048
149,518
Tax effect of expenses that are not deductible in determining taxable profit
576
881
Tax effect of income not taxable in determining taxable profit
-
0
(390)
Adjustments in respect of prior years
-
0
6,047
Permanent capital allowances in excess of depreciation
(3,261)
(13,596)
Other non-reversing timing differences
-
0
(6,957)
Under/(over) provided in prior years
(6,612)
-
0
Tax at marginal rate
(1,244)
-
0
Remeasurement of deferred tax for changes in tax rates
-
0
15,077
Deferred tax movement
17,376
-
0
Taxation charge
183,883
150,580
10
TANGIBLE FIXED ASSETS
GROUP
Freehold land
Plant and
Fixtures and
Motor
and buildings
equipment
fittings
vehicles
Total
£
£
£
£
£
COST
At 1 May 2023
1,638,161
2,853,590
623,564
282,572
5,397,887
Additions
-
0
224,162
55,649
29,020
308,831
Disposals
-
0
(26,090)
(336,706)
(40,000)
(402,796)
At 30 April 2024
1,638,161
3,051,662
342,507
271,592
5,303,922
DEPRECIATION AND IMPAIRMENT
At 1 May 2023
542,216
1,724,004
513,532
138,325
2,918,077
Depreciation charged in the year
32,763
173,700
23,876
42,091
272,430
Eliminated in respect of disposals
-
0
(23,694)
(314,037)
(33,146)
(370,877)
At 30 April 2024
574,979
1,874,010
223,371
147,270
2,819,630
CARRYING AMOUNT
At 30 April 2024
1,063,182
1,177,652
119,136
124,322
2,484,292
At 30 April 2023
1,095,945
1,129,586
110,032
144,247
2,479,810
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
TANGIBLE FIXED ASSETS
(Continued)
- 24 -
COMPANY
Freehold land
Plant and
Fixtures and
Motor
and buildings
equipment
fittings
vehicles
Total
£
£
£
£
£
COST
At 1 May 2023
1,638,161
2,853,590
587,446
282,572
5,361,769
Additions
-
0
224,162
52,970
29,020
306,152
Disposals
-
0
(26,090)
(331,795)
(40,000)
(397,885)
At 30 April 2024
1,638,161
3,051,662
308,621
271,592
5,270,036
DEPRECIATION AND IMPAIRMENT
At 1 May 2023
542,216
1,724,004
491,719
138,325
2,896,264
Depreciation charged in the year
32,763
173,700
21,114
42,091
269,668
Eliminated in respect of disposals
-
0
(23,694)
(309,126)
(33,146)
(365,966)
At 30 April 2024
574,979
1,874,010
203,707
147,270
2,799,966
CARRYING AMOUNT
At 30 April 2024
1,063,182
1,177,652
104,914
124,322
2,470,070
At 30 April 2023
1,095,945
1,129,586
95,727
144,247
2,465,505
11
FIXED ASSET INVESTMENTS
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
50,002
50,002
MOVEMENTS IN FIXED ASSET INVESTMENTS
COMPANY
Shares in subsidiaries
£
COST OR VALUATION
At 1 May 2023 and 30 April 2024
50,002
CARRYING AMOUNT
At 30 April 2024
50,002
At 30 April 2023
50,002
12
SUBSIDIARIES

Details of the company's subsidiaries at 30 April 2024 are as follows:

NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
SUBSIDIARIES
(Continued)
- 25 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Woods and Hughes (Bolts and Screws) Limited
England
Distribution of socket screws, nuts, bolts, plugs and allied products
Ordinary
100.00
Taylor Embex Fasteners Limited
England
Dormant
Ordinary
99.90
Titanium & Special Alloys Limited
England
Dormant
Ordinary
100.00

The address of the registered office of the subsidiary companies is 358/364 Farm Street, Hockley, Birmingham, B19 2TZ.

13
STOCKS
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
63,184
57,482
63,184
57,482
Finished goods and goods for resale
1,611,499
1,860,326
1,275,760
1,421,012
1,674,683
1,917,808
1,338,944
1,478,494

The difference between purchase price or production cost of stocks and their replacement cost is not material.

 

An impairment charge of £16,689 (2023: £129,129) was recognised in the consolidated statement of comprehensive income for the year in respect of slow-moving and obsolete stock,

 

An impairment charge of £11,107 (2023: £106,273) was recognised in the parent statement of comprehensive income for the year in respect of slow-moving and obsolete stock.

14
DEBTORS
Group
Company
2024
2023
2024
2023
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
£
£
Trade debtors
2,161,940
2,214,672
1,841,848
1,890,899
Corporation tax recoverable
-
0
26,786
-
0
26,786
Amounts owed by group undertakings
-
-
2,394
2,394
Other debtors
53,938
25,038
52,262
25,038
Prepayments and accrued income
74,998
46,982
65,982
29,093
2,290,876
2,313,478
1,962,486
1,974,210
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
15
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
270,057
333,661
193,166
256,784
Amounts owed to group undertakings
-
0
-
0
300,002
2
Corporation tax payable
173,119
31,163
163,862
-
0
Other taxation and social security
211,815
235,841
158,568
208,534
Deferred income
19
2,000
25,233
2,000
2,000
Other creditors
43,842
27,498
6,754
10,251
Accruals and deferred income
108,735
411,204
96,423
396,513
809,568
1,064,600
920,775
874,084
16
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Deferred income
19
80,675
82,675
80,675
82,675
17
PROVISIONS FOR LIABILITIES
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidation provision
110,019
107,500
110,019
107,500
Movements on provisions:
Dilapidation provision
GROUP
£
At 1 May 2023
107,500
Additional provisions in the year
10,000
Utilisation of provision
(7,481)
At 30 April 2024
110,019
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
PROVISIONS FOR LIABILITIES
(Continued)
- 27 -
Dilapidation provision
COMPANY
£
At 1 May 2023
107,500
Additional provisions in the year
10,000
Utilisation of provision
(7,481)
At 30 April 2024
110,019
18
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
GROUP
£
£
Accelerated capital allowances
297,204
279,828
Liabilities
Liabilities
2024
2023
COMPANY
£
£
Accelerated capital allowances
293,995
276,737
Group
Company
2024
2024
MOVEMENTS IN THE YEAR:
£
£
Liability at 1 May 2023
279,828
276,737
Charge to profit or loss
17,376
17,258
Liability at 30 April 2024
297,204
293,995
19
DEFERRED INCOME
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
82,675
107,908
82,675
84,675
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
DEFERRED INCOME
(Continued)
- 28 -

Deferred income is included in the financial statements as follows:

Current liabilities
2,000
25,233
2,000
2,000
Non-current liabilities
80,675
82,675
80,675
82,675
82,675
107,908
82,675
84,675
20
RETIREMENT BENEFIT SCHEMES
2024
2023
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
125,153
110,412

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
SHARE CAPITAL
GROUP AND COMPANY
2024
2023
2024
2023
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary of £1 each
100
100
100
100
22
OPERATING LEASE COMMITMENTS
LESSEE

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
80,960
-
80,960
-
Between two and five years
224,556
-
224,556
-
305,516
-
305,516
-
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
23
RELATED PARTY TRANSACTIONS
REMUNERATION OF KEY MANAGEMENT PERSONNEL

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
941,280
1,023,100
OTHER INFORMATION

The Company has taken advantage of the exemption in FRS102 (section 33) 'Related Party Disclosure' not to disclose transactions with other members of the Group.

24
DIRECTORS' TRANSACTIONS

During the year ended 30 April 2024 Non Standard Socket Screw Limited sold a motor car to a director for a total consideration of £2,000 (2023: £nil).

25
CONTROLLING PARTY

The ultimate controlling party during the year was Mr M White and Mrs C A White, directors and shareholders.

26
CASH GENERATED FROM GROUP OPERATIONS
2024
2023
£
£
Profit for the year after tax
524,309
616,573
ADJUSTMENTS FOR:
Taxation charged
183,883
150,580
Investment income
(91,643)
(15,116)
Loss on disposal of tangible fixed assets
15,417
470
Depreciation and impairment of tangible fixed assets
272,430
253,975
Increase in provisions
2,519
57,500
MOVEMENTS IN WORKING CAPITAL:
Decrease/(increase) in stocks
243,125
(247,518)
(Increase)/decrease in debtors
(4,184)
360,663
(Decrease)/increase in creditors
(373,755)
177,524
(Decrease)/increase in deferred income
(25,233)
23,233
CASH GENERATED FROM OPERATIONS
746,868
1,377,884
NON STANDARD SOCKET SCREW LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
27
CASH GENERATED FROM OPERATIONS - COMPANY
2024
2023
£
£
Profit for the year after tax
491,446
481,796
ADJUSTMENTS FOR:
Taxation charged
174,508
119,142
Investment income
(91,643)
(15,116)
Loss on disposal of tangible fixed assets
15,417
470
Depreciation and impairment of tangible fixed assets
269,668
250,927
Increase in provisions
2,519
57,500
MOVEMENTS IN WORKING CAPITAL:
Decrease/(increase) in stocks
139,550
(151,323)
(Increase)/decrease in debtors
(15,062)
299,981
(Decrease)/increase in creditors
(117,171)
201,419
Decrease in deferred income
(2,000)
-
CASH GENERATED FROM OPERATIONS
867,232
1,244,796
28
ANALYSIS OF CHANGES IN NET FUNDS - GROUP
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,498,600
548,417
3,047,017
29
ANALYSIS OF CHANGES IN NET FUNDS - COMPANY
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
1,909,488
702,623
2,612,111
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