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COMPANY REGISTRATION NUMBER: 1724650
F.D.L. Packaging Limited
Financial Statements
31 March 2024
F.D.L. Packaging Limited
Financial Statements
Year ended 31st March 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
F.D.L. Packaging Limited
Strategic Report
Year ended 31st March 2024
The directors present their strategic report of the company for the year ended 31 March 2024.
Review of the business
The company has had a successful year despite the ongoing challenges of a competitive marketplace and continuing inflationary cost increases. The company has started to benefit from its investment in a new warehouse which has resulted in a significant reduction in outside storage costs. During the year the company commenced plans to develop a site adjacent to its current premises. This development will create additional storage facilities which will provide further efficiencies and cost savings in the storage and distribution of its products. The company has continued to expand its customer base during the financial year which has contributed to a higher demand for the company's products resulting in an increased level of turnover. The directors anticipate further increased levels of demand for the company's products from both new and existing customers during this current financial year.
Results
The company made a pre-tax profit of £963,222 (2023: £1,426,088) for the year from a turnover of £16,240,554 (2023: £15,756,994). At 31 March 2024 the company had net assets of £3,631,922 (2023: £3,032,294).
Principal risks and uncertainties
The principal risks and uncertainties facing the company relate to uncertainties in the general economic climate in the UK and the world as a whole. In order to minimise some of the risks of the above to the company, the directors will continue to invest significantly in further warehouse facilities in order to both create and maintain high levels of efficiency in the storage and distribution of its products.
Performance monitoring
The delivery of the company's strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the company's operations. The directors consider the following Key Performance Indicators as appropriate measures for the delivery of its corporate strategy. Financial Definition Sales Revenue Growth in sales revenue and strength of the company's market position. Operating Profit The continued growth of operating profits which allow the company to continue to invest in its facilities.
This report was approved by the board of directors on 4th October 2024 and signed on behalf of the board by:
R.C. Atherton
Director
Registered office:
Abbeyway South
Vista Road
Haydock
St.Helens
WA11 ORW
F.D.L. Packaging Limited
Directors' Report
Year ended 31st March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Principal activities
The principal activity of the company during the year was the marketing and supply of packaging materials.
Directors
The directors who served the company during the year were as follows:
F.K. Cunniffe
S.G. Cunniffe
R.C. Atherton
R. Douse
D.V. Scotting
Dividends
Dividends of £90,000 (2023: £226,000) were declared during the year.
Future developments
The company intends to make further investment in its storage and distribution facilities as part of its rolling capital investment programme. This will enhance the manufacturing capacity of the company and will allow it to maintain the efficient level of service provided to customers.
Financial instruments
The directors consider that the company only has limited exposure to the various aspects of financial risk and it does not enter into any non basic contracts as there is no requirement for this within its trade. The company's revenue is invoiced in sterling and all its operational costs arise within the United Kingdom.
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 company and the profit or loss of the company 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. Statement of disclosure to 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 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 company's auditor is aware of that information.
This report was approved by the board of directors on 4 October 2024 and signed on behalf of the board by:
R.C. Atherton
Director
Registered office:
Abbeyway South
Vista Road
Haydock
St.Helens
WA11 ORW
F.D.L. Packaging Limited
Independent Auditor's Report to the Members of F.D.L. Packaging Limited
Year ended 31st March 2024
Opinion
We have audited the financial statements of F.D.L. Packaging Limited (the 'company') for the year ended 31st March 2024 which comprise the statement of income and retained earnings, statement of financial position, 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 company's affairs as at 31st March 2024 and of its 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 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 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 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, or returns adequate for our audit have not been received from branches not visited by us; or - the 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 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 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. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: - obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; - inquired of management and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures. The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions recorded in the year to determine whether revenue had been recorded correctly. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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.
Stuart Whitehead FCA
(Senior Statutory Auditor)
For and on behalf of
Edwards Veeder LLP
Chartered Accountants & statutory auditor
Alex House
260-268 Chapel Street
Salford
M3 5JZ
24 October 2024
F.D.L. Packaging Limited
Statement of Income and Retained Earnings
Year ended 31st March 2024
2024
2023
Note
£
£
Turnover
4
16,240,554
15,756,994
Cost of sales
12,026,080
11,656,577
-------------
-------------
Gross profit
4,214,474
4,100,417
Administrative expenses
3,303,785
2,817,037
Other operating income
5
86,947
134,682
------------
------------
Operating profit
6
997,636
1,418,062
Other interest receivable and similar income
10
12,657
8,026
Interest payable and similar expenses
11
47,071
------------
------------
Profit before taxation
963,222
1,426,088
Tax on profit
12
273,594
287,715
---------
------------
Profit for the financial year and total comprehensive income
689,628
1,138,373
---------
------------
Dividends paid and payable
13
( 90,000)
( 226,000)
Retained earnings at the start of the year
3,032,134
2,119,761
------------
------------
Retained earnings at the end of the year
3,631,762
3,032,134
------------
------------
All the activities of the company are from continuing operations.
F.D.L. Packaging Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
14
1,098,928
1,022,495
Investments
15
301,500
301,500
------------
------------
1,400,428
1,323,995
Current assets
Stocks
16
627,204
619,787
Debtors
17
4,199,791
4,170,365
Cash at bank and in hand
1,748,732
395,777
------------
------------
6,575,727
5,185,929
Creditors: amounts falling due within one year
18
3,704,379
3,463,209
------------
------------
Net current assets
2,871,348
1,722,720
------------
------------
Total assets less current liabilities
4,271,776
3,046,715
Creditors: amounts falling due after more than one year
19
623,384
Provisions
Taxation including deferred tax
20
16,470
14,421
------------
------------
Net assets
3,631,922
3,032,294
------------
------------
Capital and reserves
Called up share capital
23
160
160
Profit and loss account
24
3,631,762
3,032,134
------------
------------
Shareholders funds
3,631,922
3,032,294
------------
------------
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 4 October 2024 , and are signed on behalf of the board by:
S.G. Cunniffe
D.V. Scotting
Director
Director
Company registration number: 1724650
F.D.L. Packaging Limited
Statement of Cash Flows
Year ended 31st March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
689,628
1,138,373
Adjustments for:
Depreciation of tangible assets
12,815
9,502
Other interest receivable and similar income
( 12,657)
( 8,026)
Interest payable and similar expenses
47,071
Tax on profit
273,594
287,715
Accrued expenses
35,736
75,091
Changes in:
Stocks
( 7,417)
( 148,641)
Trade and other debtors
( 29,426)
( 1,225,816)
Trade and other creditors
177,724
271,986
------------
------------
Cash generated from operations
1,187,068
400,184
Interest paid
( 47,071)
Interest received
12,657
8,026
Tax paid
( 271,545)
( 279,309)
------------
---------
Net cash from operating activities
881,109
128,901
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 89,248)
( 740,711)
------------
---------
Net cash used in investing activities
( 89,248)
( 740,711)
------------
---------
Cash flows from financing activities
Proceeds from borrowings
651,094
Dividends paid
( 90,000)
( 226,000)
------------
---------
Net cash from/(used in) financing activities
561,094
( 226,000)
------------
---------
Net increase/(decrease) in cash and cash equivalents
1,352,955
( 837,810)
Cash and cash equivalents at beginning of year
395,777
1,233,587
------------
------------
Cash and cash equivalents at end of year
1,748,732
395,777
------------
------------
F.D.L. Packaging Limited
Notes to the Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbeyway South, Vista Road, Haydock, St.Helens, WA11 ORW.
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 entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful life of fixed assets In making decisions regarding the depreciation of non current assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to profit and loss in each year. The carrying amount of depreciation at the end of 31st March 2024 is £120,022 (2023: £107,207).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
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.
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.
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. No depreciation has been charged on long leasehold property in the current year as it is considered that the residual value is not less than its carrying value. Depreciation is charged on a straight line basis on short leasehold property over the term of the lease.
Leasehold Land and Buildings
-
Straight line over the term of the lease
Plant and Machinery
-
10% reducing balance
Fixtures and Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Investments in associates
Investments in associates are accounted for in accordance with the cost model and are 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 are 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.
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.
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.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
16,240,554
15,756,994
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
64,621
64,816
Commission receivable
22,326
13,976
Management charges receivable
55,890
--------
---------
86,947
134,682
--------
---------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
12,815
9,502
Impairment of trade debtors
3,486
3,859
--------
-------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
9,850
9,500
-------
-------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
13
13
Management staff
4
4
----
----
17
17
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,657,140
1,346,361
Social security costs
274,266
226,589
Other pension costs
120,834
106,951
------------
------------
2,052,240
1,679,901
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
994,125
779,534
Company contributions to defined contribution pension plans
65,417
55,577
------------
---------
1,059,542
835,111
------------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
4
4
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
513,738
420,587
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
12,657
8,026
--------
-------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
47,071
--------
----
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
271,545
279,309
Deferred tax:
Origination and reversal of timing differences
2,049
8,406
---------
---------
Tax on profit
273,594
287,715
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
963,222
1,426,088
---------
------------
Profit on ordinary activities by rate of tax
240,805
270,957
Effect of expenses not deductible for tax purposes
31,244
13,796
Effect of capital allowances and depreciation
( 504)
( 5,444)
Increase/(decrease) of deferred tax provision
2,049
8,406
---------
------------
Tax on profit
273,594
287,715
---------
------------
13. Dividends
2024
2023
£
£
Dividends proposed before the year end and recognised as a liability
90,000
226,000
--------
---------
14. Tangible assets
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st April 2023
1,020,375
102,529
3,482
3,316
1,129,702
Additions
74,428
14,820
89,248
------------
---------
--------
-------
------------
At 31st March 2024
1,094,803
102,529
18,302
3,316
1,218,950
------------
---------
--------
-------
------------
Depreciation
At 1st April 2023
55,620
45,542
2,977
3,068
107,207
Charge for the year
6,180
5,699
911
25
12,815
------------
---------
--------
-------
------------
At 31st March 2024
61,800
51,241
3,888
3,093
120,022
------------
---------
--------
-------
------------
Carrying amount
At 31st March 2024
1,033,003
51,288
14,414
223
1,098,928
------------
---------
--------
-------
------------
At 31st March 2023
964,755
56,987
505
248
1,022,495
------------
---------
--------
-------
------------
15. Investments
Shares in Associate Undertaking
£
Cost
At 1st April 2023 and 31st March 2024
301,500
---------
Impairment
At 1st April 2023 and 31st March 2024
---------
Carrying amount
At 31st March 2024
301,500
---------
At 31st March 2023
301,500
---------
16. Stocks
2024
2023
£
£
Raw materials and consumables
627,204
619,787
---------
---------
17. Debtors
2024
2023
£
£
Trade debtors
2,793,520
2,726,016
Prepayments and accrued income
29,772
10,511
Other debtors
1,376,499
1,433,838
------------
------------
4,199,791
4,170,365
------------
------------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,710
Trade creditors
2,290,588
2,456,875
Accruals and deferred income
226,859
191,123
Social security and other taxes
637,564
626,665
Other creditors
521,658
188,546
------------
------------
3,704,379
3,463,209
------------
------------
National Westminster Bank PLC holds a charge over the assets of the company for all monies owed by the company.
19. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
623,384
---------
----
National Westminster Bank PLC holds a charge over the assets of the company for all monies owed by the company.
Included within creditors: amounts falling due after more than one year is an amount of £490,734 (2023: £Nil) in respect of liabilities payable by instalments which fall due for payment after more than five years from the reporting date.
20. Provisions
Deferred tax (note 21)
£
At 1st April 2023
14,421
Additions
2,049
--------
At 31st March 2024
16,470
--------
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 20)
16,470
14,421
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
16,470
14,421
--------
--------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 55,417 (2023: £ 51,374 ).
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
A Ordinary shares of £ 1 each
60
60
60
60
----
----
----
----
160
160
160
160
----
----
----
----
The Ordinary shares of £1 each are not redeemable and entitle the shareholders to vote, receive dividends and participate in a capital distribution. The A Ordinary shares of £1 each are not redeemable and entitle the shareholders to receive dividends. They do not entitle the shareholder to vote or participate in a capital distribution.
24. Reserves
Profit and loss reserve: The profit and loss reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
395,777
1,352,955
1,748,732
Debt due within one year
(27,710)
(27,710)
Debt due after one year
(623,384)
(623,384)
---------
------------
------------
395,777
701,861
1,097,638
---------
------------
------------
26. Related party transactions
At 31 March 2024 the company was owed £1,376,439 (2023: £1,433,778) from companies related by common ownership and control. Income during the year amounted to £47,000 (2023: £47,000) made up of £47,000 received for rent (2023: £47,000). At 31 March 2024 the company owed £405,226 (2023: £156,114) to companies related by common ownership and control. Expenses during the year amounted to £531,372 (2023: £469,688) made up of £90,000 paid for rent (2023: £60,000)and £441,372 for purchase of goods (2023: £409,688).
27. Controlling party
The company was under the control of S.G.Cunniffe throughout the current and previous year. S.G.Cunniffe is the managing director and majority shareholder.