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Registered number: 05031424
Meirion Davies & Co. Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—17
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
Review of the Business
We aim to present a fair review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business, and is written in the context of the risks and uncertainties we face.
Turnover has decreased by 5% to £13.5 million compared with £14.2 million in 2023. The gross profit margin has reduced by 7% since the previous year, resulting in operating profits of £1.5 million compared with £2.4 million in 2023. This is due mainly to last year's turbulence in the prices of feeds and fertiliser, which gave sales and gross profit a one-off temporary uplift. Despite the decrease in turnover and gross profit compared to last year both are still significantly higher than their pre-Covid levels. Operating profit at £1.5 million although lower than last year is still much higher than pre-Covid levels.
Overheads have reduced by £63k compared with last year due mainly to lower repair/maintenance costs.
The balance sheet continues to present a very solid position, with net assets increasing from £7.1 miliion to £7.9 million.
The directors would like to thank all employees for their commitment and hard work over the last 12 months.
Principal Risks and Uncertainties
The business environment in which the company operates continues to be very challenging.
A major overhaul of farming subsidies in Wales has been delayed until 2026 which has created great uncertainty for farmers in Wales. The risks to farming in Wales are caused initially by uncertainty and then potentially by the changes themselves to those subsidies when they are announced.
On behalf of the board
Mr Robert Davies
Director
17/12/2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of Agricultural Retailing.
Future Developments
Although trading conditions in the current climate remain challenging, the directors continue to investigate opportunities to grow the business and extend the range of services offered.
Directors
The directors who held office during the year were as follows:
Mr Hywel Davies
Mr Robert Davies
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are 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 Directors' 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.
Page 2
Page 3
Independent Auditors
The auditors, Richard Williams & Co, 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
Mr Robert Davies
Director
17/12/2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Meirion Davies & Co. 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" )United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. 
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
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 Report of the Directors.
We have nothing to report in respect of the following matters where 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 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 2—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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditor's 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: 
Assessing the design and implementation of controlss which management has in place, to prevent and detect fraud.
Challenging the assumptions and judgemenmt made by management where significant accounting estimates were made, such as the useful economic lives of assets and residual values.
Assessing the extent of compliance with relevant laws and regulation as part of our procedures on the related financial statement.
In assessing the potential risk of material misstatement, we obtained an understanding of the company's operations.
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 Report of the Auditors.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 Williams (Senior Statutory Auditor)
for and on behalf of Richard Williams & Co , Statutory Auditor
17/12/2024
Page 5
Page 6
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 13,524,503 14,241,324
Cost of sales (11,194,184 ) (10,805,272 )
GROSS PROFIT 2,330,319 3,436,052
Administrative expenses (1,071,432 ) (1,185,640 )
Other operating income 232,366 159,413
OPERATING PROFIT 4 1,491,253 2,409,825
Profit on disposal of fixed assets 8,397 7,832
Other interest receivable and similar income 9 14,953 3,375
Interest payable and similar charges 10 (14,783 ) (16,692 )
PROFIT BEFORE TAXATION 1,499,820 2,404,340
Tax on Profit 11 (370,442 ) (472,993 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,129,378 1,931,347
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 1,129,378 1,931,347
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,129,378 1,931,347
Page 7
Page 8
Balance Sheet
Registered number: 05031424
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 2,931,421 2,997,764
2,931,421 2,997,764
CURRENT ASSETS
Stocks 14 3,192,458 2,901,931
Debtors 15 2,649,068 2,365,525
Cash at bank and in hand 916,030 1,000,309
6,757,556 6,267,765
Creditors: Amounts Falling Due Within One Year 16 (1,696,559 ) (1,918,265 )
NET CURRENT ASSETS (LIABILITIES) 5,060,997 4,349,500
TOTAL ASSETS LESS CURRENT LIABILITIES 7,992,418 7,347,264
Creditors: Amounts Falling Due After More Than One Year 17 - (169,865 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (32,508 ) (56,167 )
NET ASSETS 7,959,910 7,121,232
CAPITAL AND RESERVES
Called up share capital 21 62 62
Other reserves (1,105,475 ) (1,105,475 )
Profit and Loss Account 9,065,323 8,226,645
SHAREHOLDERS' FUNDS 7,959,910 7,121,232
On behalf of the board
Mr Robert Davies
Director
17/12/2024
The notes on pages 11 to 17 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Other reserves Profit and Loss Account Total
£ £ £ £
As at 1 April 2022 62 (1,105,495 ) 6,502,648 5,397,215
Profit for the year and total comprehensive income - - 1,931,347 1,931,347
Dividends paid - - (207,350) (207,350)
Movements in other reserves - 20 - 20
As at 31 March 2023 and 1 April 2023 62 (1,105,475 ) 8,226,645 7,121,232
Profit for the year and total comprehensive income - - 1,129,378 1,129,378
Dividends paid - - (290,700) (290,700)
As at 31 March 2024 62 (1,105,475 ) 9,065,323 7,959,910
Page 9
Page 10
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 874,699 2,242,355
Interest paid (14,783 ) (16,692 )
Tax paid (416,621 ) (165,236 )
Net cash generated from operating activities 443,295 2,060,427
Cash flows from investing activities
Purchase of tangible assets (75,938 ) (1,322,367 )
Proceeds from disposal of tangible assets 11,800 13,899
Interest received 14,953 3,375
Net cash used in investing activities (49,185 ) (1,305,093 )
Cash flows from financing activities
Equity dividends paid (290,700 ) (207,350 )
Repayment of bank borrowings - (211,413 )
Proceeds from new other loans - 169,865
Repayment of other loans (169,865) -
Amount introduced by directors - 18,868
Amount withdrawn by directors (17,824) -
Net cash used in financing activities (478,389 ) (230,030 )
(Decrease)/increase in cash and cash equivalents (84,279 ) 525,304
Cash and cash equivalents at beginning of year 2 1,000,309 475,005
Cash and cash equivalents at end of year 2 916,030 1,000,309
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,129,378 1,931,347
Adjustments for:
Tax on profit 370,442 472,993
Interest expense 14,783 16,692
Interest income (14,953 ) (3,375 )
Depreciation of tangible assets 138,878 123,712
Profit on disposal of tangible assets (8,397) (7,832)
Movements in working capital:
Increase in stocks (290,527 ) (402,681 )
(Increase)/decrease in trade and other debtors (283,711 ) 542,057
Decrease in trade and other creditors (181,194 ) (430,558 )
Net cash generated from operations 874,699 2,242,355
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 916,030 1,000,309
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 1,000,309 (84,279) 916,030
Debts falling due after more than one year (169,865) 169,865 -
830,444 85,586 916,030
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Notes to the Financial Statements
1. General Information
Meirion Davies & Co. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05031424 . The registered office is Colomendy Industrial Estate, Rhyl Road, Denbigh, Denbighshire, LL16 5TA.
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
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... 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:
Freehold 0%
Plant & Machinery 20% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
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.
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2.7. 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. Other Operating Income
2024 2023
£ £
Royalties and similar income 8,284 7,361
Rental income 63,266 28,992
Other operating income 160,816 123,060
232,366 159,413
4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 1,437 91,616
Depreciation of tangible fixed assets 138,878 123,712
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 7,900 8,300
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 506,279 450,227
Other pension costs 66,553 48,338
572,832 498,565
7. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2023: 20)
21 20
8. Directors' remuneration
2024 2023
£ £
Emoluments 24,000 24,199
Company contributions to defined benefit pension schemes 56,800 56,800
80,800 80,999
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 56800 56800
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 14,953 3,375
10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 9,454 14,927
Finance charges payable under finance leases and hire purchase contracts 5,317 1,749
Other finance charges 12 16
14,783 16,692
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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% 394,101 416,826
Deferred Tax
Deferred Taxation - Changes in tax rates - 24,651
Deferred Taxation - Origination and reversal of timing differences (23,659 ) 31,516
(23,659) 56,167
Total tax charge for the period 370,442 472,993
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:
2024 2023
£ £
Profit before tax 1,499,820 2,404,340
Tax on profit at 25% (UK standard rate) 374,955 456,824
Goodwill/depreciation not allowed for tax 32,621 22,018
Capital allowances (13,589 ) (62,016 )
Short term timing differences (23,545 ) 31,516
Difference in tax rates - 24,651
Total tax charge for the period 370,442 472,993
12. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 375,600
As at 31 March 2024 375,600
Amortisation
As at 1 April 2023 375,600
As at 31 March 2024 375,600
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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13. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 2,598,674 468,334 576,338 71,008 3,714,354
Additions 16,484 41,272 18,182 - 75,938
Disposals - (30,300 ) (56,430 ) - (86,730 )
As at 31 March 2024 2,615,158 479,306 538,090 71,008 3,703,562
Depreciation
As at 1 April 2023 - 319,448 326,134 71,008 716,590
Provided during the period - 56,391 82,487 - 138,878
Disposals - (30,300 ) (53,027 ) - (83,327 )
As at 31 March 2024 - 345,539 355,594 71,008 772,141
Net Book Value
As at 31 March 2024 2,615,158 133,767 182,496 - 2,931,421
As at 1 April 2023 2,598,674 148,886 250,204 - 2,997,764
14. Stocks
2024 2023
£ £
Finished goods 3,192,458 2,901,931
15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,641,977 2,358,266
Other debtors 7,091 7,091
Net wages - 168
2,649,068 2,365,525
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,136,458 1,284,693
Other creditors 104,353 121,909
Corporation tax 394,306 416,826
Taxation and social security 52,319 85,714
Accruals and deferred income 9,123 9,123
1,696,559 1,918,265
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17. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
HSBC Loan - 2 Lon Parcwr - 169,865
18. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due between one and five years:
Other loans - 169,865
19. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 32,508 56,167
20. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 56,167 56,167
Reversals (23,659 ) (23,659)
Balance at 31 March 2024 32,508 32,508
21. Share Capital
2024 2023
Allotted, called up and fully paid £ £
60 Ordinary Shares of £ 1.000 each 60 60
2 Ordinary B shares of £ 1.000 each 2 2
62 62
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £9,753 (2023: £-8,462).
At the balance sheet date contributions of £0 (2023: £1,529) were due to the fund and are included in creditors.
23. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 290,700 207,350
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