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Registered number: 04710777
Avenir Roofing Limited
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Strategic Report 1
Director's Report 2
Independent Auditor's Report 3—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12—17
Page 1
Strategic Report
The director presents his strategic report for the year ended 31 March 2024.
Review of the Business
2023 was another busy year for Avenir Roofing Ltd.
Demand from customers for our product remains strong based on its quality, competitive pricing and popularity with end users.
In order to retain our reputation as true specialists, we have maintained our focus on only supplying EPDM and have resisted the temptation to diversify our offering.
Principal Risks and Uncertainties
Given the nature of the business, the principal risks and uncertainties are economic and operational.
Economic
Despite an overall sense of an impending downturn during the year it was business as usual for us.
Square metreage of material supplied is up, though this is not reflected in increased turnover as it has coincided with us reducing prices to remain competitive.  
Operational
We consolidated our 3 warehouses into 1 and not only has this improved overall efficiency and reduced waste it has also greatly improved team morale.
Financial key performance indicators
The key performance indicators that the board monitor with regard to financial performance are as follows:
2024
2023
£
£
Turnover
13,935,797
15,037,142
Gross Profit
5,016,063
4,260,091
Gross Profit Margin
36%
28%
The directors will aim to continue to enhance performance by making use of KPI’s, in addition to monitoring non-financial matters including health and safety, staff retention, and customer service.
On behalf of the board
J P Swift
Director
7th November 2024
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of the wholesale of rubber roofing and related materials.
Directors
The director who held office during the year were as follows:
J P Swift
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Lancasters (Accountants) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
J P Swift
Director
7th November 2024
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Avenir Roofing Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit/(loss) 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 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 director's 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 entity's ability to continue as a going concern for a period of at least 12 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 director is 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.
Page 3
Page 4
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 Director's 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 or returns; or
  • certain disclosures of director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director 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 director is 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 our procedures are capable of detecting irregularities, including fraud is detailed below: 
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
  • Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 4
Page 5
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 that 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.
Richard V Griggs (Senior Statutory Auditor)
for and on behalf of Lancasters (Accountants) Limited , Statutory Auditor
7th November 2024
Lancasters (Accountants) Limited
Chartered Accountants & Registered Auditor
Manor Courtyard
Aston Sandford
Bucks
HP17 8JB
Page 5
Page 6
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 13,935,797 15,037,142
Cost of sales (8,919,734 ) (10,777,051 )
GROSS PROFIT 5,016,063 4,260,091
Administrative expenses (1,914,629 ) (1,693,089 )
OPERATING PROFIT 4 3,101,434 2,567,002
Profit on disposal of fixed assets 4,638 9,149
Other interest receivable and similar income 9 226,693 22,461
Interest payable and similar charges 10 - (1,915 )
PROFIT BEFORE TAXATION 3,332,765 2,596,697
Tax on Profit 11 (807,183 ) (477,505 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,525,582 2,119,192
The notes on pages 11 to 17 form part of these financial statements.
Page 6
Page 7
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 2,525,582 2,119,192
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,525,582 2,119,192
Page 7
Page 8
Balance Sheet
Registered number: 04710777
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 310,835 265,822
310,835 265,822
CURRENT ASSETS
Stocks 14 1,483,763 3,362,214
Debtors 15 1,537,072 1,873,015
Cash at bank and in hand 7,179,692 4,223,846
10,200,527 9,459,075
Creditors: Amounts Falling Due Within One Year 16 (1,084,034 ) (1,872,021 )
NET CURRENT ASSETS (LIABILITIES) 9,116,493 7,587,054
TOTAL ASSETS LESS CURRENT LIABILITIES 9,427,328 7,852,876
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (10,205 ) (26,008 )
NET ASSETS 9,417,123 7,826,868
CAPITAL AND RESERVES
Called up share capital 19 100 100
Profit and Loss Account 9,417,023 7,826,768
SHAREHOLDERS' FUNDS 9,417,123 7,826,868
On behalf of the board
J P Swift
Director
7th November 2024
The notes on pages 11 to 17 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 100 5,750,776 5,750,876
Profit for the year and total comprehensive income - 2,119,192 2,119,192
Dividends paid - (43,200) (43,200)
As at 31 March 2023 and 1 April 2023 100 7,826,768 7,826,868
Profit for the year and total comprehensive income - 2,525,582 2,525,582
Dividends paid - (935,327) (935,327)
As at 31 March 2024 100 9,417,023 9,417,123
Page 9
Page 10
Cash Flow Statement
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 4,816,110 2,613,638
Interest paid - (1,915 )
Tax paid (685,283 ) (678,474 )
Net cash generated from operating activities 4,130,827 1,933,249
Cash flows from investing activities
Purchase of tangible assets (164,862 ) (178,243 )
Proceeds from disposal of tangible assets 45,375 24,000
Interest received 226,693 22,461
Net cash generated from/(used in) investing activities 107,206 (131,782 )
Cash flows from financing activities
Equity dividends paid (935,327 ) (43,200 )
Amount withdrawn by directors - (39,456)
Net cash used in financing activities (935,327 ) (82,656 )
Increase in cash and cash equivalents 3,302,706 1,718,811
Cash and cash equivalents at beginning of year 2 4,223,846 2,560,412
Foreign exchange losses on cash and cash equivalents (346,860 ) (55,377 )
Cash and cash equivalents at end of year 2 7,179,692 4,223,846
Page 10
Page 11
Notes to the Cash Flow Statement
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 2,525,582 2,119,192
Adjustments for:
Tax on profit 807,183 477,505
Interest expense - 1,915
Interest income (226,693 ) (22,461 )
Depreciation of tangible assets 79,111 63,723
Profit on disposal of tangible assets (4,638) (9,149)
Foreign exchange losses 346,861 55,380
Movements in working capital:
Decrease in stocks 1,878,451 234,391
Decrease/(increase) in trade and other debtors 335,943 (139,672 )
Decrease in trade and other creditors (925,690 ) (167,186 )
Net cash generated from operations 4,816,110 2,613,638
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 7,179,692 4,223,846
3. Analysis of changes in net funds
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 4,223,846 2,955,846 7,179,692
Page 11
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Notes to the Financial Statements
1. General Information
Avenir Roofing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04710777 . The registered office is Unit 6 Hillbottom Road, Sands Industrial Estate, High Wycombe, Bucks, HP12 4HS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amorisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful like cannot be made, the useful life shall not exceed ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Straight Line
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 12
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 13,935,797 15,037,142
13,935,797 15,037,142
4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 15,179 (38,740)
Depreciation of tangible fixed assets 79,111 63,723
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 10,500 8,500
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 756,203 777,274
Social security costs 69,404 71,782
Other pension costs 124,051 11,885
949,658 860,941
7. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2023: 26)
23 26
8. Director's remuneration
2024 2023
£ £
Emoluments 12,480 9,000
Company contributions to money purchase pension schemes 110,000 -
122,480 9,000
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 226,693 22,461
10. Interest Payable and Similar Charges
2024 2023
£ £
Other interest charges - 1,915
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 822,986 473,473
Deferred Tax
Deferred taxation (15,803 ) 4,032
Total tax charge for the period 807,183 477,505
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
...CONTINUED
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2024 2023
£ £
Profit before tax 3,332,765 2,596,697
Tax on profit at 25% (UK standard rate) 833,191 493,372
Capital allowances (10,205 ) (19,899 )
Short term timing differences (15,803 ) 4,032
Total tax charge for the period 807,183 477,505
12. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 39,000 46,000 85,000
As at 31 March 2024 39,000 46,000 85,000
Amortisation
As at 1 April 2023 39,000 46,000 85,000
As at 31 March 2024 39,000 46,000 85,000
Net Book Value
As at 31 March 2024 - - -
As at 1 April 2023 - - -
13. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 80,057 134,304 310,483 55,957 580,801
Additions 10,008 24,406 102,457 27,991 164,862
Disposals - - (78,375 ) - (78,375 )
As at 31 March 2024 90,065 158,710 334,565 83,948 667,288
Depreciation
As at 1 April 2023 80,057 84,065 115,197 35,660 314,979
Provided during the period 200 16,458 51,797 10,657 79,112
Disposals - - (37,638 ) - (37,638 )
As at 31 March 2024 80,257 100,523 129,356 46,317 356,453
Net Book Value
As at 31 March 2024 9,808 58,187 205,209 37,631 310,835
As at 1 April 2023 - 50,239 195,286 20,297 265,822
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14. Stocks
2024 2023
£ £
Stock and Goods in transit 1,483,763 3,362,214
15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,458,977 1,804,254
Other debtors 78,095 68,761
1,537,072 1,873,015
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 575,231 1,317,216
Other creditors 21,150 23,669
Corporation tax 322,986 185,283
Taxation and social security 149,467 330,653
Accruals and deferred income 15,200 15,200
1,084,034 1,872,021
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 10,205 26,008
18. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 26,008 26,008
Deferred taxation (15,803 ) (15,803 )
Balance at 31 March 2024 10,205 10,205
19. Share Capital
2024 2023
Allotted, called up and fully paid £ £
80 Ordinary Shares of £ 1.00 each 80 100
20 Ordinary B shares of £ 1.00 each 20 -
100 100
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20. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 242,941 211,107
Later than one year and not later than five years 782,418 290,370
1,025,359 501,477
21. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 935,327 43,200
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