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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
|
Officers and Professional Advisers |
The board of directors |
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Registered office |
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Wales |
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Auditor |
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Chartered Certified Accountants & Statutory Auditor |
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Axis 15, Axis Court |
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Mallard Way |
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Riverside Business Park |
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Swansea |
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SA7 0AJ |
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Strategic Report |
2024 | 2023 | ||
£ | £ | ||
Turnover | 13,496,264 | 10,257,426 | |
Gross Profit % | 42 | 42 | |
Net Profit | 3,799,431 | 3,605,336 | |
|
Directors' Report |
Mr D M Davies
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Certified Accountants & Statutory Auditor |
Axis 15, Axis Court |
Mallard Way |
Riverside Business Park |
Swansea |
SA7 0AJ |
|
Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
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Cost of sales |
(
|
(
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------------- |
------------- |
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Gross profit |
|
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Administrative expenses |
(
|
(
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit |
6 |
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Interest payable and similar expenses |
10 |
(
|
(
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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
11 |
(
|
(
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------------ |
------------ |
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Profit for the financial year and total comprehensive income |
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|
------------ |
------------ |
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Consolidated Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Negative goodwill |
13 |
– |
(
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Tangible assets |
14 |
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------------- |
------------- |
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Stocks |
16 |
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Debtors |
17 |
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Cash at bank and in hand |
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------------ |
------------ |
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Creditors: amounts falling due within one year |
18 |
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------------ |
------------ |
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Net current assets |
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------------- |
------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
19 |
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Taxation including deferred tax |
21 |
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
24 |
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Profit and loss account |
25 |
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------------- |
------------- |
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Shareholders funds |
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------------- |
------------- |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Tangible assets |
14 |
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Investments |
15 |
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--------- |
--------- |
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Debtors |
17 |
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Cash at bank and in hand |
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– |
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------------- |
------------ |
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------------- |
------------ |
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Net current assets |
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------------- |
------------ |
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Total assets less current liabilities |
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------------- |
------------ |
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Called up share capital |
24 |
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Profit and loss account |
25 |
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------------- |
------------ |
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Shareholders funds |
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------------- |
------------ |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
||
At 1 April 2022 |
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Profit for the year |
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||
--------- |
------------- |
------------- |
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Total comprehensive income for the year |
– |
|
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Dividends paid and payable |
12 |
– |
(
|
(
|
--------- |
------------- |
------------- |
||
Total investments by and distributions to owners |
– |
(
|
(
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|
At 31 March 2023 |
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Profit for the year |
|
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||
--------- |
------------- |
------------- |
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Total comprehensive income for the year |
– |
|
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Dividends paid and payable |
12 |
– |
(
|
(
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---- |
--------- |
--------- |
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Total investments by and distributions to owners |
– |
(
|
(
|
|
--------- |
------------- |
------------- |
||
At 31 March 2024 |
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|
|
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--------- |
------------- |
------------- |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 April 2022 |
|
|
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Profit for the year |
|
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||
--------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
|
|
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Dividends paid and payable |
12 |
– |
(
|
(
|
--------- |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
(
|
(
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|
At 31 March 2023 |
|
|
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|
Profit for the year |
|
|
||
--------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
12 |
– |
(
|
(
|
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
--------- |
------------- |
------------- |
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At 31 March 2024 |
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|
|
|
--------- |
------------- |
------------- |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
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Adjustments for: |
||
Depreciation of tangible assets |
|
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Amortisation of intangible assets |
(
|
(
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Interest payable and similar expenses |
|
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Loss/(gains) on disposal of tangible assets |
|
(
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Tax on profit |
|
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Accrued (income)/expenses |
(
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Changes in: |
||
Stocks |
|
(
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Trade and other debtors |
(
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Trade and other creditors |
|
(
|
------------ |
------------ |
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Cash generated from operations |
|
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Interest paid |
(
|
(
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------------ |
------------ |
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Net cash from operating activities |
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|
------------ |
------------ |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
|
|
------------ |
------------ |
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Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
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Proceeds from borrowings |
(
|
(
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Payments of finance lease liabilities |
(
|
(
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Dividends paid |
(
|
(
|
------------ |
------------ |
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Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
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Net decrease in cash and cash equivalents |
(
|
(
|
Cash and cash equivalents at beginning of year |
2,985,483 |
3,652,562 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
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Notes to the Financial Statements |
Goodwill |
- |
|
|
Freehold property |
- |
|
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Plant & Machinery |
- |
|
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Fixtures & Fittings |
- |
|
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Motor Vehicles |
- |
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Cranes & Equipment |
- |
10
% straight line |
|
2024 |
2023 |
|
£ |
£ |
|
Crane hire |
|
|
------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Other operating income |
|
|
------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Amortisation of intangible assets |
(
|
(
|
Depreciation of tangible assets |
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
Impairment of trade debtors |
1,005 |
(281,418) |
Operating lease rentals |
|
|
Foreign exchange differences |
(
|
|
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
------- |
-------- |
|
|
|
|
------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
– |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Origination and reversal of timing differences |
|
|
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Effect of expenses not deductible for tax purposes |
(
|
(
|
Effect of capital allowances and depreciation |
(
|
(
|
Utilisation of tax losses |
(
|
|
Deferred tax |
810,024 |
460,662 |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
--------- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
(
|
------------ |
|
Amortisation |
|
At 1 April 2023 |
(
|
Charge for the year |
(
|
------------ |
|
At 31 March 2024 |
(
|
------------ |
|
Carrying amount |
|
At 31 March 2024 |
– |
------------ |
|
At 31 March 2023 |
(
|
------------ |
|
Group |
Freehold buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Apr 2023 |
|
|
|
|
24,903,282 |
|
Additions |
– |
|
|
|
3,291,645 |
|
Disposals |
– |
(
|
(
|
(
|
– |
(
|
--------- |
--------- |
--------- |
------------ |
------------- |
------------- |
|
At 31 Mar 2024 |
|
|
|
|
28,194,927 |
|
--------- |
--------- |
--------- |
------------ |
------------- |
------------- |
|
Depreciation |
||||||
At 1 Apr 2023 |
|
|
|
|
7,173,388 |
|
Charge for the year |
|
|
|
|
797,260 |
|
Disposals |
– |
– |
(
|
(
|
– |
(
|
--------- |
--------- |
--------- |
------------ |
------------- |
------------- |
|
At 31 Mar 2024 |
|
|
|
|
7,970,648 |
|
--------- |
--------- |
--------- |
------------ |
------------- |
------------- |
|
Carrying amount |
||||||
At 31 Mar 2024 |
|
|
|
|
20,224,279 |
|
--------- |
--------- |
--------- |
------------ |
------------- |
------------- |
|
At 31 Mar 2023 |
|
|
|
|
17,729,894 |
|
--------- |
--------- |
--------- |
------------ |
------------- |
------------- |
|
Company |
Freehold buildings |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
--------- |
|
Depreciation |
|
At 1 April 2023 |
|
Charge for the year |
|
--------- |
|
At 31 March 2024 |
|
--------- |
|
Carrying amount |
|
At 31 March 2024 |
|
--------- |
|
At 31 March 2023 |
|
--------- |
|
2024 | 2023 | ||
£ | £ | ||
Freehold | 391,656 | 399,815 | |
--------- | --------- | ||
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
--------- |
|
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
--------- |
|
Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
|
--------- |
|
At 31 March 2023 |
|
--------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
– |
– |
Directors loan account |
|
|
|
|
Other debtors |
|
|
– |
– |
------------ |
------------ |
------------- |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------- |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
|
– |
– |
Trade creditors |
|
|
– |
– |
Accruals and deferred income |
|
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 April 2023 |
|
Additions |
|
------------ |
|
At 31 March 2024 |
|
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
155,102 |
|
155,102 |
|
|
1 |
|
1 |
--------- |
--------- |
--------- |
--------- |
|
|
155,103 |
|
155,103 |
|
--------- |
--------- |
--------- |
--------- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(1,695,162) |
|
Debt due within one year |
(1,244,802) |
(25,205) |
(1,270,007) |
Debt due after one year |
(3,431,029) |
(779,611) |
(4,210,640) |
------------ |
------------ |
------------ |
|
(
|
(
|
(
|
|
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
------- |
-------- |
---- |
---- |
|
|
Notes to the Financial Statements (continued) |
2024 | 2023 | ||
£ | £ | ||
rent paid | – | 22,500 | |