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Sage Accounts Production Advanced 2023 - FRS102_2023
61,986
253,620
30,000
30,000
8,968,523
218,052
435,232
8,751,343
5,649,251
731,708
384,448
5,996,511
2,754,832
3,319,272
250,000
250,000
250,000
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COMPANY REGISTRATION NUMBER:
05517733
Clugston Distribution Services Limited |
|
Clugston Distribution Services Limited |
|
Year ended 29 March 2024
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
6 |
|
|
Statement of income and retained earnings |
10 |
|
|
Statement of financial position |
11 |
|
|
Notes to the financial statements |
12 |
|
|
Clugston Distribution Services Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr A W Clugston |
|
AJWG Limited |
|
|
Registered office |
Brigg Road |
|
Scunthorpe |
|
England |
|
DN16 1BB |
|
|
Auditor |
Versant Associates LLP |
|
Chartered accountants & statutory auditor |
|
The Old Mill, |
|
9 Soar Lane |
|
Leicester |
|
LE3 5DE |
|
|
Clugston Distribution Services Limited |
|
Year ended 29 March 2024
The directors present their annual report and financial statements for the period ended 29 March 2024 Fair review of the business The company has returned to profit in the year posting a profit before tax of £102,328 following a loss before tax of £354,442 in 2023. This is despite turnover falling to £21.3m (2023: £22.5m) as tough conditions in the haulage industry continue. After tax there was a loss of £61,986 (2023: £253,620 loss). The management have a strategy to build on the diversity of our fleet and this has allowed the Company to maintain performance in a receding market. The Company will target investment and growth in our robust divisions whilst overseeing a reduction and rationalisation of fleet size in our divisions more sensitive to the current market conditions. The Company is always actively on the look out for opportunities to further diversify our product range and will both invest in new fleet or convert existing fleet to cover demand and opportunities in these new segments. These ambitions for the Company require a long term vision for future growth areas whilst maintaining a fleet which can be readily adapted to service new growth potential. The commercial vehicle maintenance division continues to build on its excellent reputation. It is a well diversified operation servicing both national and local customers for a wide range of vehicle types. The workforce is highly skilled and maintains this through continuing to invest in an apprenticeship scheme as part of our alliance with a global truck manufacturer. This ensures that the operation is able to continue to grow by producing our own skilled operators and fitters and able to meet the demand of our customers.
Principal risks and uncertainties As with any business we face risk and uncertainties every day. The careful management of risk, is therefore, important to the achievement of our strategic objectives and to sustain growth. The Company operates a system of internal controls and risk management to address these risks and uncertainties. The management of the Company measures progress through the review of Key Performance Indicators (KPIs) and other relevant management information which aligns to the strategic objectives as outlined above. These KPIs include but are not limited to; - Turnover - Cashflow - Weekly and monthly divisional performance reviews- Central overhead reviews The principal risks are reviewed by the management on an ongoing basis. Updates in terms of emerging risks or significant actions to be undertaken are addressed as and when required at senior management meetings. Management review specific strategic risks, (covering operational, financial, health and safety, and compliance) in monthly business review meetings. This approach is also taken in operational meetings within each business unit.
This report was approved by the board of directors on 3 December 2024 and signed on behalf of the board by:
Registered office: |
Brigg Road |
Scunthorpe |
England |
DN16 1BB |
|
Clugston Distribution Services Limited |
|
Year ended 29 March 2024
The directors present their report and the financial statements of the company for the year ended
29 March 2024
.
Principal activities
The principal activity of the company during the year was that of freight transport.
Directors
The directors who served the company during the year were as follows:
Mr A W Clugston |
|
AJWG Limited |
|
|
|
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 the profit or loss of the company for that period. In preparing these 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; - 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
3 December 2024
and signed on behalf of the board by:
Registered office: |
Brigg Road |
Scunthorpe |
England |
DN16 1BB |
|
Clugston Distribution Services Limited |
|
Independent Auditor's Report to the Members of
Clugston Distribution Services Limited |
|
Year ended 29 March 2024
Opinion
We have audited the financial statements of Clugston Distribution Services Limited (the 'company') for the year ended 29 March 2024 which comprise the statement of income and retained earnings, statement of financial position 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, 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 29 March 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management with regard to actual and potential fraud and non-compliance with laws and regulations; - Reviewing legal correspondence and correspondence with regard to potential fraud and non compliance with laws and regulations; - Understanding and evaluating the company's internal controls; - Testing of journal entries that were deemed unusual; - Assessing financial statement disclosures, and testing to supporting documentation, for compliance with applicable laws and regulations. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Illingsworth |
(Senior Statutory Auditor) |
|
For and on behalf of |
Versant Associates LLP |
Chartered accountants & statutory auditor |
The Old Mill, |
9 Soar Lane |
Leicester |
LE3 5DE |
|
3 December 2024
Clugston Distribution Services Limited |
|
Statement of Income and Retained Earnings |
|
Year ended 29 March 2024
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
Note |
£ |
£ |
Turnover |
4 |
21,327,047 |
22,516,697 |
|
|
|
|
Cost of sales |
17,858,698 |
19,359,322 |
|
------------- |
------------- |
Gross profit |
3,468,349 |
3,157,375 |
|
|
|
Administrative expenses |
3,211,031 |
3,145,761 |
|
|
------------ |
------------ |
Operating profit |
5 |
257,318 |
11,614 |
|
|
|
|
Interest payable and similar expenses |
9 |
154,990 |
366,056 |
|
------------ |
------------ |
Profit/(loss) before taxation |
102,328 |
(
354,442) |
|
|
|
|
Tax on profit/(loss) |
10 |
164,314 |
(
100,822) |
|
--------- |
--------- |
Loss for the financial year and total comprehensive income |
(
61,986) |
(
253,620) |
|
--------- |
--------- |
|
|
|
|
Retained earnings at the start of the year |
862,641 |
1,116,261 |
|
--------- |
------------ |
Retained earnings at the end of the year |
800,655 |
862,641 |
|
--------- |
------------ |
|
|
|
All the activities of the company are from continuing operations.
Clugston Distribution Services Limited |
|
Statement of Financial Position |
|
29 March 2024
Fixed assets
Tangible assets |
12 |
2,754,832 |
3,319,272 |
Investments |
13 |
– |
250,000 |
|
------------ |
------------ |
|
2,754,832 |
3,569,272 |
|
|
|
|
Current assets
Stocks |
14 |
202,578 |
323,660 |
Debtors |
15 |
7,048,354 |
7,189,377 |
Cash at bank and in hand |
201,205 |
784,040 |
|
------------ |
------------ |
|
7,452,137 |
8,297,077 |
|
|
|
|
Creditors: amounts falling due within one year |
16 |
6,889,051 |
8,178,272 |
|
------------ |
------------ |
Net current assets |
563,086 |
118,805 |
|
------------ |
------------ |
Total assets less current liabilities |
3,317,918 |
3,688,077 |
|
|
|
|
Creditors: amounts falling due after more than one year |
17 |
517,263 |
825,436 |
|
------------ |
------------ |
Net assets |
2,800,655 |
2,862,641 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
21 |
2,000,000 |
2,000,000 |
Profit and loss account |
800,655 |
862,641 |
|
------------ |
------------ |
Shareholders funds |
2,800,655 |
2,862,641 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
3 December 2024
, and are signed on behalf of the board by:
Company registration number:
05517733
Clugston Distribution Services Limited |
|
Notes to the Financial Statements |
|
Year ended 29 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brigg Road, Scunthorpe, DN16 1BB, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of
AJWG Limited
which can be obtained from it's registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or the period of the revision and future periods where the revision affects both current and future periods. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Useful life of tangible fixed assets Tangible fixed assets (note 12) are depreciated over their useful economic lives taking into account residual values where appropriate. The expected lives of the assets and residual values are assessed annually and may depend on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value reassessments consider future market conditions, the remaining life of the assets and projected disposal values.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from contracts for the provision of services is recognised when the service has been completed. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
Written off in year of aquisition |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
Rendering of services |
21,327,047 |
22,516,697 |
|
------------- |
------------- |
|
|
|
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
United Kingdom |
21,073,143 |
22,065,508 |
Overseas sales |
|
|
|
------------- |
------------- |
|
21,327,047 |
22,516,697 |
|
------------- |
------------- |
|
|
|
5.
Operating profit
Operating profit or loss is stated after charging/crediting:
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
Depreciation of tangible assets |
731,708 |
776,138 |
Gains on disposal of tangible assets |
(
50,215) |
(
18,495) |
Impairment of trade debtors |
(21,950) |
(1,904) |
|
--------- |
--------- |
|
|
|
6.
Auditor's remuneration
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
24,527 |
40,650 |
|
-------- |
-------- |
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
Distribution staff |
129 |
145 |
Administrative staff |
53 |
35 |
|
---- |
---- |
|
182 |
180 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
Wages and salaries |
7,804,222 |
7,550,684 |
Social security costs |
879,354 |
920,116 |
Other pension costs |
202,233 |
195,523 |
|
------------ |
------------ |
|
8,885,809 |
8,666,323 |
|
------------ |
------------ |
|
|
|
8.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
Remuneration |
125,000 |
243,833 |
|
--------- |
--------- |
|
|
|
Remuneration of the highest paid director in respect of qualifying services:
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
Aggregate remuneration |
125,000 |
243,833 |
|
--------- |
--------- |
|
|
|
9.
Interest payable and similar expenses
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
Interest on banks loans and overdrafts |
35,480 |
152,347 |
Interest on obligations under finance leases and hire purchase contracts |
119,510 |
213,709 |
|
--------- |
--------- |
|
154,990 |
366,056 |
|
--------- |
--------- |
|
|
|
10.
Tax on profit/(loss)
Major components of tax expense/(income)
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
164,314 |
(
100,822) |
|
--------- |
--------- |
Tax on profit/(loss) |
164,314 |
(
100,822) |
|
--------- |
--------- |
|
|
|
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2023: lower than) the
standard rate of corporation tax in the UK
of
25
% (2023:
25
%).
|
|
Period from |
|
Year to |
3 Apr 22 to |
|
29 Mar 24 |
29 Mar 23 |
|
£ |
£ |
Profit/(loss) on ordinary activities before taxation |
102,328 |
(
354,442) |
|
--------- |
--------- |
Profit/(loss) on ordinary activities by rate of tax |
25,582 |
(
88,611) |
Effect of expenses not deductible for tax purposes |
5,984 |
62,684 |
Effect of capital allowances and depreciation |
31,563 |
(
74,895) |
Utilisation of tax losses |
(
63,129) |
– |
Movement in deferred tax |
|
– |
|
--------- |
--------- |
Tax on profit/(loss) |
164,314 |
(
100,822) |
|
--------- |
--------- |
|
|
|
11.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 30 March 2023 and 29 March 2024 |
30,000 |
|
-------- |
Amortisation |
|
At 30 March 2023 and 29 March 2024 |
30,000 |
|
-------- |
Carrying amount |
|
At 29 March 2024 |
– |
|
-------- |
At 29 March 2023 |
– |
|
-------- |
|
|
12.
Tangible assets
|
Plant and machinery |
|
£ |
Cost |
|
At 30 March 2023 |
8,968,523 |
Additions |
218,052 |
Disposals |
(
435,232) |
|
------------ |
At 29 March 2024 |
8,751,343 |
|
------------ |
Depreciation |
|
At 30 March 2023 |
5,649,251 |
Charge for the year |
731,708 |
Disposals |
(
384,448) |
|
------------ |
At 29 March 2024 |
5,996,511 |
|
------------ |
Carrying amount |
|
At 29 March 2024 |
2,754,832 |
|
------------ |
At 29 March 2023 |
3,319,272 |
|
------------ |
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery |
|
£ |
At 29 March 2024 |
1,599,383 |
|
------------ |
At 29 March 2023 |
1,847,336 |
|
------------ |
|
|
13.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 30 March 2023 |
250,000 |
Disposals |
(
250,000) |
|
--------- |
At 29 March 2024 |
– |
|
--------- |
Impairment |
|
At 30 March 2023 and 29 March 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 29 March 2024 |
– |
|
--------- |
At 29 March 2023 |
250,000 |
|
--------- |
|
|
14.
Stocks
|
2024 |
2023 |
|
£ |
£ |
Raw materials and consumables |
202,578 |
323,660 |
|
--------- |
--------- |
|
|
|
15.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
4,540,587 |
4,397,128 |
Amounts owed by group undertakings |
1,590,354 |
1,791,440 |
Deferred tax asset |
190,803 |
355,117 |
Prepayments and accrued income |
653,201 |
597,692 |
Other debtors |
73,409 |
48,000 |
|
------------ |
------------ |
|
7,048,354 |
7,189,377 |
|
------------ |
------------ |
|
|
|
16.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
9,896 |
9,626 |
Trade creditors |
1,619,502 |
2,179,829 |
Amounts owed to group undertakings |
– |
200,000 |
Accruals and deferred income |
237,441 |
215,405 |
Social security and other taxes |
1,711,247 |
2,149,124 |
Obligations under finance leases and hire purchase contracts |
537,243 |
644,589 |
Other creditors |
2,773,722 |
2,779,699 |
|
------------ |
------------ |
|
6,889,051 |
8,178,272 |
|
------------ |
------------ |
|
|
|
Obligations under finance leases and hire purchase contracts are secured by the related assets.
Included within other creditors is an invoice discounting facility of £2,638,797 (2023: £2,413,668) which is secured over assets of the company.
17.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
15,864 |
26,005 |
Obligations under finance leases and hire purchase contracts |
501,399 |
799,431 |
|
--------- |
--------- |
|
517,263 |
825,436 |
|
--------- |
--------- |
|
|
|
Obligations under finance leases and hire purchase contracts are secured by the related assets.
18.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
606,459 |
670,030 |
Later than 1 year and not later than 5 years |
536,085 |
956,240 |
|
------------ |
------------ |
|
1,142,544 |
1,626,270 |
Less: future finance charges |
(
103,902) |
(
182,250) |
|
------------ |
------------ |
Present value of minimum lease payments |
1,038,642 |
1,444,020 |
|
------------ |
------------ |
|
|
|
19.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in debtors (note 15) |
190,803 |
355,117 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Accelerated capital allowances |
(
261,035) |
(
159,881) |
Unused tax losses |
451,838 |
514,998 |
|
--------- |
--------- |
|
190,803 |
355,117 |
|
--------- |
--------- |
|
|
|
20.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
202,233
(2023: £
195,523
).
21.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
22.
Financial commitments, guarantees and contingent liabilities
There is a charge in favour of
AJWG Limited
dated 24 January 2020 secured by a fixed and floating charge over the assets of the company.
There is a charge in favour of Bibby Financial Services Ltd dated 24 January 2020 secured by a fixed and floating charge over all fixed plant and machinery of the company containing a negative pledge.
23.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
1,406,134 |
330,608 |
Later than 1 year and not later than 5 years |
2,806,044 |
4,094,255 |
|
------------ |
------------ |
|
4,212,178 |
4,424,863 |
|
------------ |
------------ |
|
|
|
24.
Related party transactions
During the year the company paid management charges of £207,800 (2023: £108,000) to a company related by virtue of common control. The company has taken advantage of the exemption available in accordance with FRS 102 Section 1.12(e) 'Related party disclosures' not to disclose transactions entered into between two or more members of the same group, as the company is a wholly owned subsidiary of the group to which it is a party to the transactions.
25.
Controlling party
The immediate and ultimate parent company is AJWG Limited, which is incorporated in England & Wales, and is also the controlling party through share ownership. The registered office and place of business of AJWG Limited is The Old Rectory, High Street, Fillingham, Gainsborough, England. DN21 5BS AJWG Limited is also the smallest and largest group for which consolidated financial statements including
Clugston Distribution Services Limited
are prepared. The consolidated financial statements of AJWG Limited are available from Companies House, Crown Way, Cardiff. CF14 3UZ. The directors consider there is no ultimate controlling party.