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REGISTERED NUMBER: 13628398 (England and Wales)




STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

MARRILL (POWYS) LIMITED

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


MARRILL (POWYS) LIMITED

COMPANY INFORMATION
for the year ended 31 August 2024







DIRECTOR: J F Phillips





REGISTERED OFFICE: Waterman Road
Red Lane
Coventry
West Midlands
CV6 5TP





REGISTERED NUMBER: 13628398 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

STRATEGIC REPORT
for the year ended 31 August 2024

The director presents his strategic report for the year ended 31 August 2024.

REVIEW OF BUSINESS
The Company posted a Net Profit for the year ended 31 August 2024 of £0.8m and EBITD of £1.5m.

The Director considers this as a good performance considering the unprecedented cost inflation and the continued decline of UK automotive vehicle volumes

The Company's turnover remained at £14m.

JLR F-Type production finished in Dec 2023, these sales have been replaced by new off-highway contracts, but the Group's sales were reduced during the launch period of this replacement business.

UK automotive vehicle volumes remain at 80% of historic levels. This is likely to continue in the medium term as the industry continues to develop cheaper electric vehicles. Whilst automotive volumes stagnate, off highway volumes remain buoyant.

In November 2023, automotive serial production accounted for 40% of sales. In Nov 2025, it will represent 15%. Turnover will be maintained, with high added value business replacing the reduced automotive volumes.

New business awarded includes; a £4m pa off-highway contract to supply pressed and assembled painted cab doors, a £1.5m pa vertical farming contract, fuel tank shells for JLR after market.

The Powys facility continued to supply JLR after-market assembly production, primarily Defender and Discovery models. This business continued to perform well and is forecast to increase further in 2025 as F-Type and F-Pace are added to the after-market sales portfolio. This has been augmented with £5m of new off highway door assemblies.

The Company is now excellently positioned to continue winning new business contracts. The Group's capabilities include; in-house press tooling design and manufacture, 40 presses over 3 sites, a 2,500 tonne press (one of the largest in UK), 6 Trumpf laser cutting cells, Plasma Robot cutting, robot hemming, robot welding and an EDP paint line.

Marrill has faced the challenge of increasing labour costs and energy costs. Working with suppliers and customers, Marrill has mitigated the impact of these cost increases.

The Group has recruited, developed and trained a new commercial team which will optimise new business growth opportunities, facilitated by the Group's world class operational KPIs.

The outlook for 2025 is encouraging with Powys forecasting sales to increase by 10-15% over the next three years.

The increased profits, together with reduced investment and gearing will see cash availability continue to improve. The Company's cash headroom is currently in excess of £1m.

Key performance indicators
The company uses a wide range of key performance indicators to monitor and measure both plant's
performance to ensure that its customers' expectations are achieved. The KPI data is monitored daily ensuring that its customers' expectations are achieved.


MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

STRATEGIC REPORT
for the year ended 31 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Inflation and overseas conflicts are the most notable uncertainties.

Marrill will reduce the impact of material inflation by continuing to use its purchasing leverage to secure the best price. The UK is seeing evidence of improvement in labour supply, this should ease wage pressure. Marrill benefit from commodity price fluctuation agreements with all its customers.

Marrill use local steel and aluminium stockists, mitigating supply risk for its main components.

ON BEHALF OF THE BOARD:





J F Phillips - Director


6 January 2025

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

REPORT OF THE DIRECTOR
for the year ended 31 August 2024

The director presents his report with the financial statements of the company for the year ended 31 August 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £ 170,500 .

DIRECTOR
J F Phillips held office during the whole of the period from 1 September 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J F Phillips - Director


6 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARRILL (POWYS) LIMITED

Opinion
We have audited the financial statements of Marrill (Powys) Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 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 company's affairs as at 31 August 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARRILL (POWYS) LIMITED


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 Director.

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 and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARRILL (POWYS) LIMITED


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 a Report of the Auditors 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:

Our approach to designing audit procedures by tailoring and directing testing to aid and support the determined level of risk. In response, the procedures we perform to determine the level of risk include:
- reference to history and experience of the Entity; and
- enquiry of management, including obtaining and reviewing supporting documentation concerning the Entity's procedures relating to:
- identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance; and
- detection and response to risk of fraud and whether they were aware of any actual or suspected instances of fraud; and
- assessment of the controls and processes that the Entity has in place to mitigate risk.

Our assessments included the identification of the following potential areas for fraud:
- management override of control; and
- revenue recognition, particularly in respect of delivery of services

These procedures, and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
- critically assessed the appropriateness and testing the application of the revenue and cost recognition policies; and
- testing the appropriateness of accounting estimates, journals and other adjustments made in the preparation of the financial statements; and
- reviewing the Entity's accounting policies for non-compliance with relevant standards; and
- making enquiries of management and reviewing correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations.

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override internal controls. There are inherent limitations in the audit procedures performed.

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 Report of the Auditors.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARRILL (POWYS) LIMITED


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.




Mark Spafford ACA FCCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

7 January 2025

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

INCOME STATEMENT
for the year ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 13,960,302 14,034,560

Cost of sales 9,384,238 9,834,419
GROSS PROFIT 4,576,064 4,200,141

Administrative expenses 3,669,341 3,500,217
906,723 699,924

Other operating income 269,156 396,892
OPERATING PROFIT 4 1,175,879 1,096,816


Interest payable and similar expenses 5 156,413 142,703
PROFIT BEFORE TAXATION 1,019,466 954,113

Tax on profit 6 261,166 213,520
PROFIT FOR THE FINANCIAL YEAR 758,300 740,593

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

OTHER COMPREHENSIVE INCOME
for the year ended 31 August 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 758,300 740,593


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

758,300

740,593

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

BALANCE SHEET
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 54,652 76,513
Tangible assets 9 3,351,579 3,328,073
3,406,231 3,404,586

CURRENT ASSETS
Stocks 10 1,122,510 1,430,491
Debtors 11 1,906,657 3,009,668
Cash at bank and in hand 341,438 110,487
3,370,605 4,550,646
CREDITORS
Amounts falling due within one year 12 2,618,932 4,079,469
NET CURRENT ASSETS 751,673 471,177
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,157,904

3,875,763

CREDITORS
Amounts falling due after more than one
year

13

(1,363,131

)

(1,651,356

)

PROVISIONS FOR LIABILITIES 17 (822,542 ) (769,976 )

ACCRUALS AND DEFERRED INCOME 18 (560,000 ) (630,000 )
NET ASSETS 1,412,231 824,431

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,412,131 824,331
SHAREHOLDERS' FUNDS 1,412,231 824,431

The financial statements were approved by the director and authorised for issue on 6 January 2025 and were signed by:





J F Phillips - Director


MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 100 222,738 222,838

Changes in equity
Dividends - (139,000 ) (139,000 )
Total comprehensive income - 740,593 740,593
Balance at 31 August 2023 100 824,331 824,431

Changes in equity
Dividends - (170,500 ) (170,500 )
Total comprehensive income - 758,300 758,300
Balance at 31 August 2024 100 1,412,131 1,412,231

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Marrill (Powys) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Unexpired Term of Lease
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,583,050 3,418,365
Social security costs 302,656 287,770
Other pension costs 91,912 88,302
3,977,618 3,794,437

The average number of employees during the year was as follows:
2024 2023

Production and management 115 101

2024 2023
£    £   
Director's remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 65,648 60,816
Other operating leases 146,163 116,651
Depreciation - owned assets 228,012 188,408
Goodwill amortisation 21,861 16,396
Auditors' remuneration 9,975 7,948
Foreign exchange differences 844 8,499

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 156,413 142,703

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 261,166 213,520
Tax on profit 261,166 213,520

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,019,466 954,113
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

254,867

238,528

Effects of:
Capital allowances in excess of depreciation - (25,008 )
Depreciation in excess of capital allowances 6,299 -
Total tax charge 261,166 213,520

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1p each
Interim 170,500 139,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 109,305
AMORTISATION
At 1 September 2023 32,792
Amortisation for year 21,861
At 31 August 2024 54,653
NET BOOK VALUE
At 31 August 2024 54,652
At 31 August 2023 76,513

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 77,905 3,208,735 91,169 185,768 3,563,577
Additions - 197,249 - 54,269 251,518
At 31 August 2024 77,905 3,405,984 91,169 240,037 3,815,095
DEPRECIATION
At 1 September 2023 10,550 176,203 19,030 29,721 235,504
Charge for year 6,492 184,911 18,234 18,375 228,012
At 31 August 2024 17,042 361,114 37,264 48,096 463,516
NET BOOK VALUE
At 31 August 2024 60,863 3,044,870 53,905 191,941 3,351,579
At 31 August 2023 67,355 3,032,532 72,139 156,047 3,328,073

10. STOCKS
2024 2023
£    £   
Raw materials 883,912 1,172,558
Work-in-progress 238,598 257,933
1,122,510 1,430,491

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,740,896 2,870,638
Other debtors 10 (538 )
Prepayments and accrued income 165,751 139,568
1,906,657 3,009,668

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 210,969 589,060
Hire purchase contracts (see note 15) 116,222 109,629
Trade creditors 1,170,911 1,627,229
Amounts owed to group undertakings 53,860 574,044
Social security and other taxes 275,208 255,394
Other creditors 139,357 345,237
Accruals and deferred income 652,405 578,876
2,618,932 4,079,469

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 14) 864,174 1,108,891
Hire purchase contracts (see note 15) 498,957 542,465
1,363,131 1,651,356

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 210,969 160,804
Invoice discounting facility - 428,256
210,969 589,060

Amounts falling due between one and two years:
Other loans - 1-2 years 210,969 160,804

Amounts falling due between two and five years:
Other loans - 2-5 years 653,205 948,087

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 116,222 109,629
Between one and five years 498,957 542,465
615,179 652,094

Non-cancellable operating leases
2024 2023
£    £   
Within one year 201,374 233,783
Between one and five years 772,425 783,799
In more than five years 760,000 950,000
1,733,799 1,967,582

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 1,075,143 1,269,695

The assets of the company are secured by debentures in favour of DBW Investments (3) Limited, Lloyds Bank plc and Lloyds Bank Commercial Finance Limited. These debentures contain fixed and floating charges over all the property or undertaking of the company.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 592,303 535,022
Tax losses carried forward (43,778 ) (247,663 )
548,525 287,359

Other provisions
Other provisions 183,267 383,267
Provision for Dilapidations 90,750 99,350
274,017 482,617

Aggregate amounts 822,542 769,976

Deferred Other
tax provisions
£    £   
Balance at 1 September 2023 287,359 482,617
Provided during year 261,166 (208,600 )
Balance at 31 August 2024 548,525 274,017

18. ACCRUALS AND DEFERRED INCOME
2024 2023
£    £   
Deferred government grants 560,000 630,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9,000 Ordinary 1p 90 90
1,000 A Ordinary 1p 10 10
100 100

MARRILL (POWYS) LIMITED (REGISTERED NUMBER: 13628398)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

20. RESERVES
Retained
earnings
£   

At 1 September 2023 824,331
Profit for the year 758,300
Dividends (170,500 )
At 31 August 2024 1,412,131