Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292024-02-2922023-03-01Holding companyfalsefalse2truefalse 06452779 2023-03-01 2024-02-29 06452779 2024-02-29 06452779 2022-03-01 2023-02-28 06452779 2023-02-28 06452779 2022-03-01 06452779 2 2023-03-01 2024-02-29 06452779 d:Director1 2023-03-01 2024-02-29 06452779 d:Director2 2023-03-01 2024-02-29 06452779 d:RegisteredOffice 2023-03-01 2024-02-29 06452779 e:Buildings 2023-03-01 2024-02-29 06452779 e:PlantMachinery 2023-03-01 2024-02-29 06452779 e:MotorVehicles 2023-03-01 2024-02-29 06452779 e:FurnitureFittings 2023-03-01 2024-02-29 06452779 e:FreeholdInvestmentProperty 2024-02-29 06452779 e:FreeholdInvestmentProperty 2023-02-28 06452779 e:FreeholdInvestmentProperty 2 2023-03-01 2024-02-29 06452779 e:CurrentFinancialInstruments 2024-02-29 06452779 e:CurrentFinancialInstruments 2023-02-28 06452779 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 06452779 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 06452779 e:ShareCapital 2023-03-01 2024-02-29 06452779 e:ShareCapital 2024-02-29 06452779 e:ShareCapital 2022-03-01 2023-02-28 06452779 e:ShareCapital 2023-02-28 06452779 e:ShareCapital 2022-03-01 06452779 e:OtherMiscellaneousReserve 2023-03-01 2024-02-29 06452779 e:OtherMiscellaneousReserve 2024-02-29 06452779 e:OtherMiscellaneousReserve 2 2023-03-01 2024-02-29 06452779 e:OtherMiscellaneousReserve 2022-03-01 2023-02-28 06452779 e:OtherMiscellaneousReserve 2023-02-28 06452779 e:OtherMiscellaneousReserve 2022-03-01 06452779 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 06452779 e:RetainedEarningsAccumulatedLosses 2024-02-29 06452779 e:RetainedEarningsAccumulatedLosses 2 2023-03-01 2024-02-29 06452779 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 06452779 e:RetainedEarningsAccumulatedLosses 2023-02-28 06452779 e:RetainedEarningsAccumulatedLosses 2022-03-01 06452779 e:AcceleratedTaxDepreciationDeferredTax 2024-02-29 06452779 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 06452779 d:OrdinaryShareClass1 2023-03-01 2024-02-29 06452779 d:OrdinaryShareClass1 2024-02-29 06452779 d:OrdinaryShareClass1 2023-02-28 06452779 d:OrdinaryShareClass2 2023-03-01 2024-02-29 06452779 d:OrdinaryShareClass2 2024-02-29 06452779 d:OrdinaryShareClass2 2023-02-28 06452779 d:OrdinaryShareClass3 2023-03-01 2024-02-29 06452779 d:OrdinaryShareClass3 2024-02-29 06452779 d:OrdinaryShareClass3 2023-02-28 06452779 d:OrdinaryShareClass4 2023-03-01 2024-02-29 06452779 d:OrdinaryShareClass4 2024-02-29 06452779 d:OrdinaryShareClass4 2023-02-28 06452779 d:FRS102 2023-03-01 2024-02-29 06452779 d:Audited 2023-03-01 2024-02-29 06452779 d:FullAccounts 2023-03-01 2024-02-29 06452779 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06452779 e:Subsidiary1 2023-03-01 2024-02-29 06452779 e:Subsidiary1 1 2023-03-01 2024-02-29 06452779 e:Subsidiary2 2023-03-01 2024-02-29 06452779 e:Subsidiary2 1 2023-03-01 2024-02-29 06452779 e:Subsidiary3 2023-03-01 2024-02-29 06452779 e:Subsidiary3 1 2023-03-01 2024-02-29 06452779 e:HirePurchaseContracts e:WithinOneYear 2024-02-29 06452779 e:HirePurchaseContracts e:WithinOneYear 2023-02-28 06452779 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-02-29 06452779 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-02-28 06452779 d:Consolidated 2024-02-29 06452779 d:ConsolidatedGroupCompanyAccounts 2023-03-01 2024-02-29 06452779 2 2023-03-01 2024-02-29 06452779 6 2023-03-01 2024-02-29 06452779 e:ShareCapital 2 2023-03-01 2024-02-29 06452779 f:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number 06452779























BLACKS INDUSTRIES LIMITED





FINANCIAL STATEMENTS





 29 FEBRUARY 2024
























 
BLACKS INDUSTRIES LIMITED
 

COMPANY INFORMATION


Directors
Mr A Vilarrubi 
Mr J M Greenbaum 




Registered number
06452779



Registered office
Rudgate
Walton

Thorp Arch

Wetherby

West Yorkshire

LS237AU




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

Third Floor

10 South Parade

Leeds

LS1 5QS





 
BLACKS INDUSTRIES LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10 - 11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13 - 14
Company Statement of Changes in Equity
15 - 16
Consolidated Statement of Cash Flows
17 - 18
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 37


 
BLACKS INDUSTRIES LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
The directors have pleasure in presenting this report and the financial statements for the year ended 29 February 2024.

Business review
 
The Group continued its principal activity as a designer, manufacturer, and installer of visual merchandising displays for the retail sector.
As with the prior financial year, the Directors noted a profit for the year. This has resulted from the continued growth of their client base.
The Group continuously monitors the potential political risks associated with exporting to countries across the globe where applicable.

Principal risks and uncertainties
 
The Group operates in the UK and worldwide.  The Group manages the risks inherent in its activities. The company seeks to mitigate exposure to all forms of risk, both external, internal and where practical.
The retail sector continues to be a challenging sector to operate in.  This risk is minimised by continued growth of our client base as well as looking at other diversification options.
Global, Political and Economic conditions
The Group has a customer base in countries within Europe and worldwide.  With the ongoing Brexit process this presents risks in continuing to work with our European customers.  This is being monitored closely in order to minimise risk.
Also, it is exposed in every country it operates; the diverse nature of the activities of the Group and customers help mitigate this risk and the effects of any adverse changes.
Foreign Exchange
The Group is exposed to both transaction risk (where services are provided in one currency and sold in another) and translation risk (where non UK businesses are translated into differing sterling values depending on the exchange rate at the time). Transaction risks are mitigated by dealing with the same currency (sourcing services in the same currency as the sale) where possible. Translation risk remains and is accepted as part of the strategic decision of the company to operate in foreign countries.
Credit
The Group is exposed to credit risk in relation to customers, banks and insurers. Strict credit control procedures take into account identified risks relating to customers.
Brexit
The directors are aware of the risks and uncertainties surrounding the UK’s withdrawal from the European Union. Whilst the company has limited exposure to the direct uncertainty created by in respect of the various risks mentioned, the directors are aware that any future plans may be subject to unforeseen circumstances outside of the director’s control. The Group has therefore implemented policies that maintained a strong balance sheet to minimise these risks and allow the continuing operational capabilities of the business.

Page 1

 
BLACKS INDUSTRIES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Financial key performance indicators
 
The directors have identified turnover and profit before tax as the major key performance indicators of the Group.
Turnover for the year was £9,162,093 which represents an increase of 0.75% from the previous year.
Profit before tax for the year was £906,825 which represents a increase of £271,092 from the previous year.


This report was approved by the board on 27 November 2024 and signed on its behalf.



Mr A Vilarrubi
Director

Page 2

 
BLACKS INDUSTRIES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,112,553 (2023 - £1,452,077).

Dividends of £611,985 (2023: £262,873) have been paid during the year. 

Directors

The directors who served during the year were:

Mr A Vilarrubi 
Mr J M Greenbaum 

Future developments

The directors are not expecting to make any significant changes in the nature of the business in the near future.

Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Page 3

 
BLACKS INDUSTRIES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mr A Vilarrubi
Director

Date: 27 November 2024

Page 4

 
BLACKS INDUSTRIES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKS INDUSTRIES LIMITED
 

Opinion


We have audited the financial statements of Blacks Industries Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


Prior year not audited


During the prior year, the company was not subject to audit, therefore the prior year figures were not audited. 


Conclusions relating to going concern


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


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


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


Page 5

 
BLACKS INDUSTRIES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKS INDUSTRIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BLACKS INDUSTRIES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKS INDUSTRIES LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the industry. The applicable laws and regulations we identified were Companies Act 2006 and tax legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the entity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
      regulations.

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities 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
Page 7

 
BLACKS INDUSTRIES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKS INDUSTRIES LIMITED (CONTINUED)


Auditors' 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 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 Auditors' 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.





Matthew Osbourne (Senior Statutory Auditor)
  
for and on behalf of
Armstrong Watson Audit Limited
 
Chartered Accountants & Statutory Auditors
  
Leeds

27 November 2024
Page 8

 
BLACKS INDUSTRIES LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,162,093
9,093,484

Cost of sales
  
(4,475,808)
(5,164,670)

Gross profit
  
4,686,285
3,928,814

Distribution costs
  
(654,781)
(665,697)

Administrative expenses
  
(3,041,314)
(2,589,963)

Other operating income
 5 
349
5,143

Operating profit
  
990,539
678,297

Interest receivable and similar income
 10 
21,555
14,419

Interest payable and similar expenses
 11 
(84,855)
(55,983)

Profit before tax
  
927,239
636,733

Tax on profit
 12 
185,314
815,344

Profit for the financial year
  
1,112,553
1,452,077

Profit for the year attributable to:
  

Owners of the parent company
  
(1,112,553)
(1,452,077)

  
(1,112,553)
(1,452,077)

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

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

The notes on pages 19 to 37 form part of these financial statements.

Page 9

 
BLACKS INDUSTRIES LIMITED
REGISTERED NUMBER: 06452779

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
Unaudited 28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
-

Tangible assets
 15 
2,642,213
2,085,280

  
2,642,213
2,085,280

Current assets
  

Stocks
  
110,886
268,088

Debtors: amounts falling due within one year
 19 
3,116,694
2,650,425

Cash at bank and in hand
 20 
71,190
110,618

  
3,298,770
3,029,131

Creditors: amounts falling due within one year
  
(1,879,610)
(1,790,054)

Net current assets
  
 
 
1,419,160
 
 
1,239,077

Total assets less current liabilities
  
4,061,373
3,324,357

Creditors: amounts falling due after more than one year
  
(432,410)
(271,867)

Provisions for liabilities
  

Deferred tax
 25 
(226,580)
(150,675)

  
 
 
(226,580)
 
 
(150,675)

Net assets
  
3,402,383
2,901,815

Page 10

 
BLACKS INDUSTRIES LIMITED
REGISTERED NUMBER: 06452779

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

29 February
Unaudited 28 February
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 26 
150,000
150,000

Profit and loss account
 27 
3,252,383
2,751,815

  
3,402,383
2,901,815


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.


Mr A Vilarrubi
Director

The notes on pages 19 to 37 form part of these financial statements.

Page 11

 
BLACKS INDUSTRIES LIMITED
REGISTERED NUMBER: 06452779

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
3,436,614
3,436,614

Investment Property
 17 
2,100,000
2,000,000

  
5,536,614
5,436,614

Current assets
  

Cash at bank and in hand
 20 
649
111

  
649
111

Creditors: amounts falling due within one year
 21 
(1,931,310)
(2,081,461)

Net current liabilities
  
 
 
(1,930,661)
 
 
(2,081,350)

Total assets less current liabilities
  
3,605,953
3,355,264

  

Provisions for liabilities
  

Deferred taxation
 25 
(99,630)
(75,719)

  
 
 
(99,630)
 
 
(75,719)

Net assets
  
3,506,323
3,279,545


Capital and reserves
  

Called up share capital 
 26 
150,000
150,000

Other reserves
  
528,280
428,280

Profit and loss account brought forward
  
2,701,265
2,588,006

Profit for the year
  
838,763
376,132

Other changes in the profit and loss account

  

(711,985)
(262,873)

Profit and loss account carried forward
  
2,828,043
2,701,265

  
3,506,323
3,279,545


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.


Mr A Vilarrubi
Director

The notes on pages 19 to 37 form part of these financial statements.

Page 12

 
BLACKS INDUSTRIES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 March 2023
150,000
2,751,815
2,901,815
2,901,815


Comprehensive income for the year

Profit for the year

-
1,112,553
1,112,553
1,112,553


Contributions by and distributions to owners

Dividends: Equity capital
-
(611,985)
(611,985)
(611,985)


Total transactions with owners
-
(611,985)
(611,985)
(611,985)


At 29 February 2024
150,000
3,252,383
3,402,383
3,402,383


The notes on pages 19 to 37 form part of these financial statements.

Page 13

 
BLACKS INDUSTRIES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 March 2022
150,000
1,562,611
1,712,611
1,712,611


Comprehensive income for the year

Profit for the year

-
1,452,077
1,452,077
1,452,077
Total comprehensive income for the year
-
1,452,077
1,452,077
1,452,077


Contributions by and distributions to owners

Dividends: Equity capital
-
(262,873)
(262,873)
(262,873)


Total transactions with owners
-
(262,873)
(262,873)
(262,873)


At 28 February 2023
150,000
2,751,815
2,901,815
2,901,815


The notes on pages 19 to 37 form part of these financial statements.

Page 14

 
BLACKS INDUSTRIES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 March 2023
150,000
428,280
2,701,265
3,279,545


Comprehensive income for the year

Profit for the year

-
-
838,763
838,763


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
838,763
838,763


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(611,985)
(611,985)

Transfer between reserves
-
100,000
(100,000)
-


Total transactions with owners
-
100,000
(711,985)
(611,985)


At 29 February 2024
150,000
528,280
2,828,043
3,506,323


The notes on pages 19 to 37 form part of these financial statements.

Page 15

 
BLACKS INDUSTRIES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 March 2022
150,000
428,280
2,588,006
3,166,286


Comprehensive income for the year

Profit for the year

-
-
376,132
376,132


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
376,132
376,132


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(262,873)
(262,873)


Total transactions with owners
-
-
(262,873)
(262,873)


At 28 February 2023
150,000
428,280
2,701,265
3,279,545


The notes on pages 19 to 37 form part of these financial statements.

Page 16

 
BLACKS INDUSTRIES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
Unaudited 28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,112,553
1,452,077

Adjustments for:

Depreciation of tangible assets
242,489
149,953

Loss on disposal of tangible assets
29,752
-

Interest paid
84,855
55,983

Interest received
(21,555)
(14,419)

Taxation charge
(185,314)
(815,344)

Decrease in stocks
157,202
117,309

(Increase) in debtors
(466,269)
(401,448)

(Decrease) in creditors
(47,929)
(168,716)

Corporation tax received
348,128
813,662

Net cash generated from operating activities

1,253,912
1,189,057

Cash flows from investing activities

Purchase of tangible fixed assets
(839,230)
(97,333)

Sale of tangible fixed assets
10,055
-

Interest received
21,555
14,419

HP interest paid
(22,156)
(12,045)

Net cash from investing activities

(829,776)
(94,959)

Cash flows from financing activities

Repayment of loans
(177,265)
(213,071)

New leases
641,655
69,609

Repayment of leases
(242,787)
(86,491)

Dividends paid
(611,985)
(262,873)

Interest paid
(62,699)
(43,938)

Net cash used in financing activities
(453,081)
(536,764)

Net (decrease)/increase in cash and cash equivalents
(28,945)
557,334

Cash and cash equivalents at beginning of year
100,134
(457,200)

Cash and cash equivalents at the end of year
71,189
100,134


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
71,189
110,618

Bank overdrafts
-
(10,484)

71,189
100,134

Page 17

 
BLACKS INDUSTRIES LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 29 FEBRUARY 2024




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

110,618

(39,429)

71,189

Bank overdrafts

(10,484)

10,484

-

Debt due after 1 year

(230,070)

143,015

(87,055)

Debt due within 1 year

(218,503)

(150,770)

(369,273)

Finance leases

(118,431)

(398,868)

(517,299)


(466,870)
(435,568)
(902,438)

The notes on pages 19 to 37 form part of these financial statements.

Page 18

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Blacks Industries Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rudgate, Walton, Wetherby, West Yorkshire, LS23 7AU. 

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 March 2014.

 
2.3

Going concern

The financial statements have been prepared on the basis that the company will continue to receive support from the directors, shareholders and related parties.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 19

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 20

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined
Page 21

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.10
Current and deferred taxation (continued)

using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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 a straight line or a reducing balance basis. .

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line (excluding land)
Plant and machinery
-
7 years straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
3 years to 7 years 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 profit or loss.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.15

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.16

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.

 
2.17

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Financial instruments

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

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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as
Page 23

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 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.

 
2.20

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.

Page 24

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Judgments 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 judgments and estimates have been made
include:
Trade creditors and accruals - Judgement has to be made in providing for costs which relate to revenue from sales which have been invoiced and recognised in these financial statements.


4.


Turnover

Analysis of turnover by country of destination:

2024
Unaudited 2023
£
£

United Kingdom
7,473,816
6,837,101

Rest of the world
1,688,277
2,256,383

9,162,093
9,093,484



5.


Other operating income

2024
Unaudited 2023
£
£

Sundry income
349
5,143

349
5,143



6.


Operating profit

The operating profit is stated after charging:

2024
Unaudited 2023
£
£

Exchange differences
8,376
61,555

Other operating lease rentals
85,619
58,790

Page 25

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
Unaudited 2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,500
-

Preparation of financial statements
2,250
-

Taxation services
2,250
-


8.


Employees

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


Group
29 February
Group
28 February
2024
2023
£
£


Wages and salaries
2,372,763
2,072,111

Social security costs
146,907
137,128

Cost of defined contribution scheme
28,997
24,819

2,548,667
2,234,058


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Employees
62
56
-
-

64
58
2
2


9.


Directors' remuneration

2024
Unauidted 2023
£
£

Directors' emoluments
17,568
17,568

17,568
17,568


Page 26

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Interest receivable

2024
Unaudited 2023
£
£


Other interest receivable
21,555
14,419

21,555
14,419


11.


Interest payable and similar expenses

2024
Unaudited 2023
£
£


Bank interest payable
26,541
25,562

Other loan interest payable
36,158
18,376

Finance leases and hire purchase contracts
22,156
12,045

84,855
55,983


12.


Taxation


2024
Unaudited 2023
£
£

Corporation tax


Current tax on profits for the year
185,795
125,431

Adjustments in respect of previous periods
(447,014)
(957,059)


(261,219)
(831,628)


Total current tax
(261,219)
(831,628)

Deferred tax


Origination and reversal of timing differences
75,905
16,284

Total deferred tax
75,905
16,284


Tax on profit
(185,314)
(815,344)
Page 27

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
927,239
636,733


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
231,810
120,979

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,707
2,044

Adjustments to tax charge in respect of prior periods
(447,014)
(957,059)

Other differences leading to an increase (decrease) in the tax charge
28,183
18,692

Total tax charge for the year
(185,314)
(815,344)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

29 February
Unaudited 28 February
2024
2023
£
£


Dividends in accounting year
611,985
262,873

611,985
262,873

Page 28

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Intangible assets

Group and Company







Goodwill

£



Cost


At 1 March 2023
1,981,796



At 29 February 2024

1,981,796



Amortisation


At 1 March 2023
1,981,796



At 29 February 2024

1,981,796



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 29

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

15.


Tangible fixed assets

Group








Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
2,102,470
844,464
55,856
233,912
3,236,702


Additions
-
275,136
502,119
61,974
839,229


Disposals
-
(75,395)
-
(16,242)
(91,637)



At 29 February 2024

2,102,470
1,044,205
557,975
279,644
3,984,294



Depreciation


At 1 March 2023
369,946
584,278
36,302
160,896
1,151,422


Charge for the year on owned assets
33,679
92,781
71,868
44,161
242,489


Disposals
-
(43,713)
-
(8,117)
(51,830)



At 29 February 2024

403,625
633,346
108,170
196,940
1,342,081



Net book value



At 29 February 2024
1,698,845
410,859
449,805
82,704
2,642,213



At 28 February 2023
1,732,524
260,186
19,554
73,016
2,085,280

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£
£



Plant and machinery
434,612
125,664

Motor vehicles
297,090
59,304

731,702
184,968

Page 30

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

16.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
3,436,614



At 29 February 2024
3,436,614





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Blacks Visual Merchandising Limited
Rudgate Walton, Thorp Arch, Wetherby, England, LS23 7AU
Designer, manufacturer, and installer of visual merchandising displays
Ordinary
100%
Blacks London Limited
Rudgate Walton, Thorp Arch, Wetherby, England, LS23 7AU
Dormant
Ordinary
100%
Blacks Visual Merchandising (Holdings) Limited
Rudgate Walton, Thorp Arch, Wetherby, England, LS23 7AU
Dormant
Ordinary
100%

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Blacks Visual Merchandising Limited
3,733,827
1,019,453

Blacks London Limited
2
-

Blacks Visual Merchandising (Holdings) Limited
100
-

Page 31

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


Investment property

Group





No investment property was held by the group. 



Company








Freehold investment property

£



Valuation


At 1 March 2023
2,000,000


Surplus on revaluation
100,000



At 29 February 2024
2,100,000

The 2024 valuations were made by directors, on an open market value for existing use basis.

The fair value of the investment property has been arrived at on the basis of a valuation in May 2024 by Sanderson Weatherall Real Estate & Business Valuers, who are not connected with the property. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors have considered the valuation and feel this represents the value at the current accounting year end. 


18.


Stocks

Group
29 February
Group
Unaudited 28 February
2024
2023
£
£

Raw materials and consumables
19,800
30,900

Work in progress
91,086
237,188

110,886
268,088


Page 32

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

19.


Debtors

Group
29 February
Group
Unaudited 28 February
2024
2023
£
£


Trade debtors
1,900,653
1,947,531

Other debtors
1,133,097
611,985

Prepayments and accrued income
82,944
90,909

3,116,694
2,650,425



20.


Cash and cash equivalents

Group
29 February
Group
Unaudited 28 February
Company
29 February
Company
Unaudited 28 February
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
71,190
110,618
649
111

Less: bank overdrafts
-
(10,484)
-
-

71,190
100,134
649
111



21.


Creditors: Amounts falling due within one year

Group
29 February
Group
Unaudited 28 February
Company
29 February
Company
Unaudited 28 February
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
10,484
-
-

Bank loans
134,836
169,086
-
-

Trade creditors
624,458
956,069
-
-

Bills of exchange
224,227
40,277
-
-

Amounts owed to group undertakings
-
-
1,855,917
2,054,916

Corporation tax
212,340
125,431
75,392
26,545

Other taxation and social security
182,014
230,549
-
-

Obligations under finance lease and hire purchase contracts
171,945
76,634
-
-

Other creditors
85,303
22,616
-
-

Accruals and deferred income
244,487
158,908
1
-

1,879,610
1,790,054
1,931,310
2,081,461


Page 33

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

22.


Creditors: Amounts falling due after more than one year

Group
29 February
Group
Unaudited 28 February
2024
2023
£
£

Bank loans
87,055
230,070

Net obligations under finance leases and hire purchase contracts
345,355
41,797

432,410
271,867


There are no balances repayable over five years. 


23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
Unaudited 28 February
2024
2023
£
£


Within one year
171,945
76,634

Between 1-5 years
345,355
41,797

517,300
118,431


24.


Financial instruments

Group
29 February
Group
28 February
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
71,189
110,618




Financial assets measured at fair value through profit or loss comprise...

Page 34

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

25.


Deferred taxation


Group







2024


£






At beginning of year
(150,675)


Charged to profit or loss
(75,905)



At end of year
(226,580)

Company






2024


£






At beginning of year
(75,719)


Charged to profit or loss
(23,911)



At end of year
(99,630)

Group
29 February
Group
Unaudited 28 February
Company
29 February
Company
Unaudited 28 February
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(226,580)
(150,675)
(99,630)
(75,719)

(226,580)
(150,675)
(99,630)
(75,719)

Page 35

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

26.


Share capital

29 February
28 February
2024
Unaudited 2023
£
£
Allotted, called up and fully paid



82,500 (2023 - 82,500) Ordinary A shares of £1.00 each
82,500
82,500
7,500 (2023 - 7,500) Ordinary B shares of £1.00 each
7,500
7,500
52,500 (2023 - 52,500) Ordinary C shares of £1.00 each
52,500
52,500
7,500 (2023 - 7,500) Ordinary D shares of £1.00 each
7,500
7,500

150,000

150,000



27.


Reserves

Other reserves

The other reserves represent the revaluation gains on the investment property.

Profit and loss account

The profit and loss reserves represent the retained realised profits of the company which have built up over time. 


28.


Contingent liabilities

There is a composite guarantee between this company and its subsidiaries. At 29 February 2024 total bank borrowings within the composite guarantee amounted to £221,891 (2023 - £409,640). 
As at the date of the approval of the financial statements, no default has occurred which would trigger the above liability, nor is one anticipated. As such, the directors consider that the fair value of the obligation is £nil, and as such there is no recognition of the liability on the balance sheet. 


29.


Pension commitments

The Group 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 £47,702 (2023 - £40,498). Contributions totalling £10,210 (2023 - £9,141) were payable to the fund at the balance sheet date and are included in creditors.

Page 36

 
BLACKS INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

30.


Commitments under operating leases

At 29 February 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
Unaudited 28 February
2024
2023
Group
£
£


Not later than 1 year
78,170
29,871

Later than 1 year and not later than 5 years
133,128
16,221

211,298
46,092


31.Other financial commitments

There is a composite guarantee between this company and Blacks Visual Merchandising Limited, the parent company and its subsidiaries. At 28 February 2024 total bank borrowings within the composite guarantee including those of this company disclosed above amounted to £221,891 (2023 - £409,640).


32.


Transactions with directors

Included within other debtors due within one year are loans owed by the directors;
At 29 February 2024 a balance of £1,333,097 (2023: £611,985) was owed by the directors. Interest of £Nil (2023 - £14,235) was charged in the year ended 28 February 2024 and the loans are repayable on demand. During the year ended 29 February 2024, advances of £1,133,097 (2023 - £649,335) were made to the directors and there were repayments of £611,985 (2023 - £262,873). 


33.


Related party transactions

The company has taken advantage of the disclosure exemptions in section 33 of FRS 102 "Related Parties Disclosure" not to present details of its transactions with group members which are wholly owned by this company. 


34.


Controlling party

Blacks Industries Limited is under the control of Mr A Vilarrubi and Mr J M Greenbaum


Page 37