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Registered Number:02079553













BINDER LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024











 
BINDER LIMITED
 

 
COMPANY INFORMATION


Directors
Mr W Binder 
Mr C W Binder 
Mr R J Binder 
Mr S Prendergast 
Mr E Binder 
Mrs J E Smith (appointed 1 May 2024)




Company secretary
Mr R J Binder



Registered number
02079553



Registered office
Progress Works
Old Ipswich Road

Claydon

Ipswich

Suffolk

IP6 0AG




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Lloyds Bank
13 Cornhill

Ipswich

Suffolk

IP1 1DG




Solicitors
Greene & Greene
80 Guildhall Street

Bury St Edmunds

Suffolk

IP33 1QB






 
BINDER LIMITED
 


CONTENTS



Pages
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income (including the profit or loss account)
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 28



 
BINDER LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Business review
 
The Company has had another successful year of trading, with an increase in turnover.  
The Company has continued to invest significantly in its motor fleet during the year to ensure it can continue to compete and keep up with demand.  
The financial position at year end was considered satisfactory by the directors of the Company to enter its operations for the following year.

Financial key performance indicators
 
The Company considers its key financial performance indicators to be growth in turnover, gross profit margin and profit before tax..
Turnover has increased by 9.0% to £12,567,288 (2023 - £11,529,629). The gross margin earned on it has increased to 37.3% (2023 - 32.4%).
Overall, the Company has made a profit before tax of £1,891,377 (2023 - £1,282,733). 

Principal risks and uncertainties
 
The key risks to the Company include, but are not limited to, compliance with legislative and regulatory requirements including environmental and litigation failures, business continuity and actions of customers, suppliers and competitors.
New entrants to the market:
The Company ensures that through investment in plant and new technology, it remains competitively situated within the market place.
Financial instruments:
The Company's principal financial instruments are trade debtors and trade creditors arising directly from operations. The Company ensures that there is sufficient liquid resources to meet its liabilities and trade debtors are managed through regular review to ensure the cash flow risk is reduced to an acceptable level.
Liquidity and cash flow risk: 
The Company manages its cash requirements in order to ensure sufficient liquid resources are maintained to meet the operating needs of the business.
Interest rate risk:
The Company has no significant exposure to interest rate risk.
Credit risk:
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding.  


- 1 -



 
BINDER LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


This report was approved by the board on 14 November 2024 and signed on its behalf.



Mrs J E Smith
Director


- 2 -



 
BINDER LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the Company during the year was the sale, installation and servicing of wastewater treatment plants.

Results and dividends

The profit for the year, after taxation, amounted to £1,413,217 (2023 - £1,044,979).

The particulars of dividends can be found in note 12.

Directors

The directors who served during the year were:

Mr W Binder 
Mr C W Binder 
Mr R J Binder 
Mr S Prendergast 
Mr E Binder 

The directors have professional indemnity insurance as part of a directors' and officers' professional indemnity insurance policy.


- 3 -



 
BINDER LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Future developments

The Company has continued to invest in the upgrade of its stock software system.
The Company has continued to invest in developments on the sewage works. 

Research and development activities

The Company remains committed to the ongoing development of a software system that will streamline business processes, drive automation and efficiencies and provide a scalable platform to support business strategy and growth.

Matters covered in the Strategic Report

Details of the Company's risk management objective and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, marged with Sumer Auditco Limited. Accordingly SB Audit LLP formally resgined as the Company's auditor with the directors duly appointing Sumer Auditco Limited to fill the vacancy arising. 
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 November 2024 and signed on its behalf.
 





Mrs J E Smith
Director


- 4 -



 
BINDER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BINDER LIMITED

Opinion


We have audited the financial statements of Binder Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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.



- 5 -



 
BINDER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BINDER LIMITED (CONTINUED)

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 ReportOur 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.


Opinion 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 set out on page 3, 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.



- 6 -



 
BINDER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BINDER LIMITED (CONTINUED)

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 from our general commercial experience and through discussions and enquiries of directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company.
The following laws and regulations were identified as being of significance to the Company:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law; and
• Those laws and regulations considered to have an indirect effect on the financial statements including waste carrier licence, waste disposal licence and operator licence regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing of journal entries, performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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.



- 7 -



 
BINDER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BINDER LIMITED (CONTINUED)

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 2006Our 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.





Steven Burgess (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

14 November 2024

- 8 -



 
BINDER LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,567,288
11,529,629

Cost of sales
  
(7,895,803)
(7,796,730)

Gross profit
  
4,671,485
3,732,899

Administrative expenses
  
(2,871,042)
(2,471,034)

Operating profit
 5 
1,800,443
1,261,865

Interest receivable and similar income
 9 
92,268
36,084

Interest payable and similar expenses
 10 
(1,333)
(15,216)

Profit before tax
  
1,891,378
1,282,733

Tax on profit
 11 
(478,190)
(237,754)

Profit for the financial year
  
1,413,188
1,044,979

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.


- 9 -



 
BINDER LIMITED
REGISTERED NUMBER:02079553


BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
120,055
146,233

Tangible assets
 14 
2,886,433
2,396,429

  
3,006,488
2,542,662

Current assets
  

Stocks
 15 
680,619
660,926

Debtors
 16 
2,319,435
1,981,579

Cash at bank and in hand
 17 
3,643,680
3,299,235

  
6,643,734
5,941,740

Creditors: amounts falling due within one year
 18 
(2,309,805)
(1,996,186)

Net current assets
  
 
 
4,333,929
 
 
3,945,554

Total assets less current liabilities
  
7,340,417
6,488,216

Provisions for liabilities
  

Deferred tax
 19 
(481,700)
(342,687)

Net assets
  
6,858,717
6,145,529


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
 21 
6,858,617
6,145,429

  
6,858,717
6,145,529


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 November 2024.




Mrs J E Smith
Director

The notes on pages 14 to 28 form part of these financial statements.


- 10 -



 
BINDER LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
100
5,500,450
5,500,550



Profit for the year
-
1,044,979
1,044,979

Dividends: Equity capital
-
(400,000)
(400,000)


At 1 May 2023
100
6,145,429
6,145,529



Profit for the year
-
1,413,188
1,413,188

Dividends: Equity capital
-
(700,000)
(700,000)


At 30 April 2024
100
6,858,617
6,858,717


The notes on pages 14 to 28 form part of these financial statements.


- 11 -



 
BINDER LIMITED
 


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,413,188
1,044,979

Adjustments for:

Amortisation of intangible assets
77,189
81,937

Depreciation of tangible assets
579,104
447,112

(Profit)/Loss on disposal of tangible assets
(18,977)
17,211

Interest paid
1,333
15,216

Interest received
(92,268)
(36,084)

Taxation charge
478,190
237,754

(Increase) in stocks
(19,693)
(102,763)

(Increase) in debtors
(337,856)
(163,645)

Increase in creditors
120,935
12,281

Corporation tax (paid)
(146,493)
(17,743)

Net cash generated from operating activities

2,054,652
1,536,255


Cash flows from investing activities

Purchase of intangible fixed assets
(51,011)
(62,866)

Purchase of tangible fixed assets
(1,089,131)
(769,143)

Sale of tangible fixed assets
39,000
14,819

Interest received
92,268
36,084

Net cash from investing activities

(1,008,874)
(781,106)

Cash flows from financing activities

Dividends paid
(700,000)
(400,000)

Interest paid
(1,333)
(15,216)

Net cash used in financing activities
(701,333)
(415,216)

Net increase in cash and cash equivalents
344,445
339,933

Cash and cash equivalents at beginning of year
3,299,235
2,959,302

Cash and cash equivalents at the end of year
3,643,680
3,299,235


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,643,680
3,299,235


The notes on pages 14 to 28 form part of these financial statements.


- 12 -



 
BINDER LIMITED
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

3,299,235

344,445

3,643,680

Debt due within 1 year

(400,000)

-

(400,000)


2,899,235
344,445
3,243,680

The notes on pages 14 to 28 form part of these financial statements.


- 13 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Binder Limited (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales. The address of the registered office is Progress Works, Claydon, Ipswich, Suffolk, IP6 0AG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling, which is the functional currency of the Company, and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are drawn up on a going concern basis.
The directors have made enquiries and reviewed forecasts and believe that the Company is in a strong position to continue to trade and meet its liabilities as they fall due for a period of 12 months from the approval of these financial statements. 

  
2.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover in respect of services and construction are recognised over the period to which the service relates. 
Turnover in respect to sales of goods is recognised upon delivery.

  
2.4

Intangible assets

Software
Capitalised development expenditure relates to expenses incurred in the development of a software system for internal use. The amortisation period in respect of the capitalised development expenditure is on a straight line basis over 4 years.
 


- 14 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the reducing balance or straight line methods.
Land is not depreciated. Depreciation is provided on the following basis:
Freehold property   - 2% to 5% straight line
Plant and machinery   - 15% to 25% reducing balance
Motor vehicles    - 25 to 33% reducing balance
Office equipment   - 15% reducing balance
Computer equipment   - 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.




- 15 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate

- 16 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


- 17 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be
  recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax
  allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.16

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


- 18 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
The useful economic life of tangible fixed assets is based on estimates made by the directors. These are reviewed annually for any revisions needed.
The amortisation period for development expenditure in respect of software is estimated to be over a straight line basis of 4 years. This is in accordance with FRS 102 section 18.2 which states that the life of an intangible asset should not exceed 10 years.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales from goods
3,477,096
3,223,068

Sales from services
9,090,192
8,306,561

12,567,288
11,529,629


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation of intangible fixed assets
77,189
81,937

Depreciation of tangible fixed assets
579,104
447,112

(Profit)/loss on disposal of fixed assets
(18,977)
17,211

Other operating lease rentals
7,107
6,188


6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
16,250
15,455

- 19 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,845,314
3,540,961

Social security costs
431,504
390,989

Cost of defined contribution scheme
163,675
331,208

4,440,493
4,263,158


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Direct staff
62
62



Management and administration
32
31

94
93


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
173,396
169,982

Company contributions to defined contribution pension schemes
28,437
203,156

201,833
373,138


During the year retirement benefits were accruing to 2 directors (2023 - 4) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
92,268
36,084


- 20 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
1,333
14,667

Other interest payable
-
549

1,333
15,216


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
339,177
146,493


Total current tax
339,177
146,493

Deferred tax


Origination and reversal of timing differences
139,013
91,261

Total deferred tax
139,013
91,261


Tax on profit
478,190
237,754

- 21 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,891,378
1,282,733


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
472,845
250,005

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,345
4,519

Other assets not qualifying for capital allowances
-
1,912

Change in rate of tax
-
(18,632)

Adjustments to tax charge in respect of prior periods
-
(50)

Total tax charge for the year
478,190
237,754


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid on equity shares
700,000
400,000


- 22 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Intangible assets




Software

£



Cost


At 1 May 2023
271,946


Additions
51,011



At 30 April 2024

322,957



Amortisation


At 1 May 2023
125,713


Charge for the year on owned assets
77,189



At 30 April 2024

202,902



Net book value



At 30 April 2024
120,055



At 30 April 2023
146,233




- 23 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
959,930
505,556
3,756,047
100,517
5,322,050


Additions
12,662
-
1,071,794
4,675
1,089,131


Disposals
-
-
(296,858)
-
(296,858)



At 30 April 2024

972,592
505,556
4,530,983
105,192
6,114,323



Depreciation


At 1 May 2023
83,412
429,387
2,340,175
72,647
2,925,621


Charge for the year on owned assets
9,940
11,628
547,563
9,973
579,104


Disposals
-
-
(276,835)
-
(276,835)



At 30 April 2024

93,352
441,015
2,610,903
82,620
3,227,890



Net book value



At 30 April 2024
879,240
64,541
1,920,080
22,572
2,886,433



At 30 April 2023
876,518
76,169
1,415,872
27,870
2,396,429


- 24 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
680,619
660,926

680,619
660,926



16.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
580,000
300,000

Due within one year

Trade debtors
1,190,970
1,337,341

Other debtors
150,136
83,934

Prepayments and accrued income
398,329
260,304

2,319,435
1,981,579



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,643,680
3,299,235



- 25 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
764,197
803,161

Corporation tax
339,177
146,493

Other taxation and social security
226,547
220,136

Other creditors
151,279
105,223

Accruals and deferred income
428,605
321,173

Share capital treated as debt
400,000
400,000

2,309,805
1,996,186


Details of the terms and conditions attached to the non-equity shares are made in note 20.


19.


Deferred taxation




2024
2023


£

£






At beginning of year
(342,687)
(251,426)


Charged to profit or loss
(139,013)
(91,261)



At end of year
(481,700)
(342,687)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(485,214)
(348,441)

Other short term timing differences
3,514
5,754

(481,700)
(342,687)


- 26 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



4,700 Ordinary A shares of £0.01 each
47
47
4,700 Ordinary B shares of £0.01 each
47
47
600 Ordinary C shares of £0.01 each
6
6

100

100

Each class of share carry their own right to participate in approved income distributions however otherwise rank pari-passu.

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



400,000 Redeemable preference shares of £1.00 each
400,000
400,000


There is no set date for the redemption of redeemable preference shares and no premium is payable on redemption. There is an obligation by the Company to redeem the shares of the holders for cash. The shares are entitled to a fixed cumulative preference dividend of 4%. 
The holders of the shares are entitled to receive notice to attend all general meetings but no right to vote. 


21.


Reserves

Profit and loss account

The profit and loss account represents the Company's accumulated profits which are available for distribution to shareholders.


22.


Capital commitments


At 30 April 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
221,850
697,602


- 27 -



 
BINDER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £163,675 (2023 - £331,208). Contributions totalling £27,285 (2023 - £22,638) were payable to the fund at the balance sheet date.


24.


Related party transactions

During the year, the Company paid dividends to the directors of £700,000 (2023 - £400,000) in respect of ordinary shares.
During the year, the Company paid dividends to a director of £1,333 (2023 - £14,667) in respect of redeemable preference shares classed as financial liabilities.
During the year, the Company paid wages to close family members of the directors of £48,068 (2023 - £45,459).
During the year, the Company made sales of £134,964 (2023 - £53,930) to a related partnership. At the year end, a balance of £30,860 (2023 - credit balance of £1,251) was outstanding and included within trade debtors.


25.


Controlling party

There is no single ultimate controlling party of the Company.


 

- 28 -