Company registration number 02618642 (England and Wales)
B & P FABRICATIONS (LEICESTER) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
B & P FABRICATIONS (LEICESTER) LIMITED
COMPANY INFORMATION
Directors
Mr Christopher Fenwick
Mr David Sankey
Mr Phillip Wilson
Mrs Alison Healy
Mr Paul Miller
Company number
02618642
Registered office
6 Euston Street
Freemens Common
Leicester
LE2 7ST
Auditor
Mayfield & Co.
2 Merus Court
Meridian Business Park
Leicester
LE19 1RJ
B & P FABRICATIONS (LEICESTER) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 21
B & P FABRICATIONS (LEICESTER) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Principal Activities

The principal activity of B&P Fabrications (“B&P”) continues to be the manufacture and supply of light & medium duty fabrications to the yellow goods, power generation and heating systems sectors. Operating from two well invested sites, covering approximately 10,000 square metres, the business undertakes projects for Global OEMs, as well as independent companies, with long term trading relationships developed based on B&P’s technical capability and consistent delivery of well-engineered, best value, defect free components.

Business Review

The year to 30 June 2024 saw the business return to pre-covid trading levels with some destocking and cost control by OEM’s reducing sales volumes. Several key projects were either delayed or cancelled on a national scale, including HS2, and several planned new product launches were deferred.

B&P continues to be an integral supply chain partner to its blue-chip OEM customer base, supporting them globally via export to a variety of destinations including Europe, The United States, India and China. The shareholders have responded to the reduced order volumes from existing customers by increasing business development efforts. This has paid dividends, with a new significant customer won, and a building pipeline of opportunities.

The business demonstrated the agility of its cost base and proactive management, to flex costs with demand and record another year of strong profitability, with an operating profit of £758,000 achieved. Cash generation continued to be strong, with the Term Loan facility used to support the Management Buy-out now fully repaid.

Future Developments

The business is optimistic for the future, with good demand both from existing and new customers expected to return in 2025. Though the operations are well invested the business will continue to invest for the future, both in terms of its operations & systems, with a capital investment of c.£250,000 planned in the next 12 months.

Business development is extremely busy with new customers in new sectors such as vehicle electrification and in existing sectors such as construction. There is a strong trend toward “local for local”, with customers rejecting complex global supply chains to ensure cost effective, high quality localised supply.

Using our flexible manufacturing systems to re-shore problem elements of a customer’s supply chain, we have supported customers in transitioning to new projects or facilities, hence reducing risk and adding flexibility and quality. We have also seen further demand from customers to support in design-for-manufacture, cost down and VA/VE in 2024 and we will continue to invest in systems to shorten lead times and improve design.

Principal Risks and Uncertainties

The business considers its principal risks to be as follows:

Macroeconomic: The business is exposed to macroeconomic conditions, which may cause short term challenges, through the knock-on effect to customers supply chains and commodity prices. This has the potential to curb demand periodically. Comfort is taken from our longstanding relationships with global OEM’s who are well placed to manage through economic cycles.

Customer loss: The business has long-standing, multi-year contracted relationships with its core customers. Revenue from core customers is spread across many components and B&P’s technical capability would be difficult to replicate. The Company operational performance is proactively monitored against customer performance scorecards, with benchmarks outperformed.

Commodity supply and price risk: Steel is the core input cost of the business. The business proactively manages supply risk through relationships with multiple stockholders, with supply regularly re-tendered. Customer agreements have price adjustment mechanisms to manage commodity price risks.

B & P FABRICATIONS (LEICESTER) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

On behalf of the board

Mr Christopher Fenwick
Director
8 January 2025
B & P FABRICATIONS (LEICESTER) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of the manufacture and supply of light & medium duty fabrications to the yellow goods, power generation and heating systems sectors.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £375,397. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Christopher Fenwick
Mr David Sankey
Mr Phillip Wilson
Mrs Alison Healy
Mr Paul Miller
Auditor

Mayfield & Co. are deemed to be re-appointed in accordance with an elective resolution made under section 386 of the Companies Act 1985 which continues in force under the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out within the company's strategic report the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Christopher Fenwick
Director
8 January 2025
B & P FABRICATIONS (LEICESTER) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period.

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

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.

B & P FABRICATIONS (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF B & P FABRICATIONS (LEICESTER) LIMITED
- 5 -
Opinion

We have audited the financial statements of B & P Fabrications (Leicester) Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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:

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 contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

B & P FABRICATIONS (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF B & P FABRICATIONS (LEICESTER) LIMITED (CONTINUED)
- 6 -
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:

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

B & P FABRICATIONS (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF B & P FABRICATIONS (LEICESTER) LIMITED (CONTINUED)
- 7 -

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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.

Thomas Mayfield BA FCA (Senior Statutory Auditor)
For and on behalf of Mayfield & Co., Statutory Auditor
Chartered Accountants
2 Merus Court
Meridian Business Park
Leicester
LE19 1RJ
8 January 2025
B & P FABRICATIONS (LEICESTER) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,832,132
15,031,183
Cost of sales
(8,381,149)
(11,193,125)
Gross profit
3,450,983
3,838,058
Administrative expenses
(2,692,833)
(2,426,963)
Operating profit
4
758,150
1,411,095
Interest receivable and similar income
7
853
41
Interest payable and similar expenses
8
(175,419)
(118,775)
Profit before taxation
583,584
1,292,361
Tax on profit
9
(115,593)
(336,630)
Profit for the financial year
467,991
955,731
Retained earnings brought forward
7,559,144
6,909,297
Dividends
10
(375,397)
(305,884)
Retained earnings carried forward
7,651,738
7,559,144

The profit and loss account has been prepared on the basis that all operations are continuing operations.

B & P FABRICATIONS (LEICESTER) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,752,693
1,761,931
Current assets
Stocks
12
758,162
792,015
Debtors
13
10,310,241
9,912,678
Cash at bank and in hand
240,017
63,991
11,308,420
10,768,684
Creditors: amounts falling due within one year
14
(4,259,063)
(4,045,314)
Net current assets
7,049,357
6,723,370
Total assets less current liabilities
8,802,050
8,485,301
Creditors: amounts falling due after more than one year
15
(799,919)
(592,113)
Provisions for liabilities
Deferred tax liability
17
345,393
329,044
(345,393)
(329,044)
Net assets
7,656,738
7,564,144
Capital and reserves
Called up share capital
19
5,000
5,000
Profit and loss reserves
7,651,738
7,559,144
Total equity
7,656,738
7,564,144

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
Mr Christopher Fenwick
Director
Company registration number 02618642 (England and Wales)
B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information

B & P Fabrications (Leicester) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Euston Street, Freemens Common, Leicester, LE2 7ST.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of ACDPS Holdings Limited. These consolidated financial statements are available from its registered office, 1 George Street, Wolverhampton, WV2 4DG.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% - 33% on cost
Fixtures, fittings & equipment
20% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each reporting date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Company contributions to defined contribution plans for the benefit of employee's are expensed as they become payable.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Engineering
11,832,132
15,031,183
2024
2023
£
£
Turnover analysed by geographical market
UK
8,876,510
10,929,530
Europe
2,531,057
3,862,887
Rest of World
424,565
238,766
11,832,132
15,031,183
B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 15 -
2024
2023
£
£
Other revenue
Interest income
853
41
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
42,171
47,911
Fees payable to the company's auditor for the audit of the company's financial statements
15,500
13,000
Depreciation of owned tangible fixed assets
276,007
356,875
Depreciation of tangible fixed assets held under finance leases
271,063
196,067
Profit on disposal of tangible fixed assets
(20,855)
-
Operating lease charges
424,141
363,091
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors and office staff
17
14
Production staff
108
121
Total
125
135

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,644,869
4,020,908
Social security costs
313,361
356,448
Pension costs
62,749
73,456
4,020,979
4,450,812
B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
115,287
113,943
Company pension contributions to defined contribution schemes
518
360
115,805
114,303

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 5).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1
41
Other interest income
852
-
0
Total income
853
41
8
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
108,470
80,833
Interest on finance leases and hire purchase contracts
60,769
37,942
Other interest
6,180
-
0
175,419
118,775
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
130,003
319,160
Adjustments in respect of prior periods
(30,759)
(5,880)
Total current tax
99,244
313,280
Deferred tax
Origination and reversal of timing differences
16,349
23,350
Total tax charge
115,593
336,630
B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 17 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
583,584
1,292,361
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
145,896
264,934
Tax effect of expenses that are not deductible in determining taxable profit
456
317
Adjustments in respect of prior years
(30,759)
(5,880)
Permanent capital allowances in excess of depreciation
-
0
77,323
Other non-reversing timing differences
-
0
(64)
Taxation charge for the year
115,593
336,630
10
Dividends
2024
2023
£
£
Interim paid
375,397
305,884
B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
6,893,154
321,042
78,533
7,292,729
Additions
516,238
953
30,453
547,644
Disposals
(465,000)
-
0
(31,399)
(496,399)
At 30 June 2024
6,944,392
321,995
77,587
7,343,974
Depreciation and impairment
At 1 July 2023
5,210,287
259,042
61,469
5,530,798
Depreciation charged in the year
520,486
17,249
9,335
547,070
Eliminated in respect of disposals
(465,000)
-
0
(21,587)
(486,587)
At 30 June 2024
5,265,773
276,291
49,217
5,591,281
Carrying amount
At 30 June 2024
1,678,619
45,704
28,370
1,752,693
At 30 June 2023
1,682,867
62,000
17,064
1,761,931

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
1,280,730
1,048,158
Fixtures, fittings & equipment
32,313
45,238
Motor vehicles
24,743
-
0
1,337,786
1,093,396
12
Stocks
2024
2023
£
£
Raw materials and consumables
181,176
134,711
Work in progress
160,092
178,957
Finished goods and goods for resale
416,894
478,347
758,162
792,015
B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,216,841
2,704,874
Amounts owed by group undertakings
7,961,478
7,081,983
Other debtors
1,837
300
Prepayments and accrued income
130,085
125,521
10,310,241
9,912,678
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under hire purchase agreements
16
206,817
160,398
Trade creditors
1,640,178
2,220,079
Corporation tax
345,615
319,160
Other taxation and social security
252,270
229,073
Other creditors
1,489,673
970,436
Accruals and deferred income
324,510
146,168
4,259,063
4,045,314

Included within other creditors is £1,489,673 (2023: £970,436) relating to invoice financing balances. These items are secured on the debts to which they relate.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under hire purchase agreements
16
799,919
592,113
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
206,817
160,398
In two to five years
704,615
592,113
In over five years
95,304
-
0
1,006,736
752,511
B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Finance lease obligations
(Continued)
- 20 -

The finance lease obligations are secured on the assets to which they relate.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
345,393
329,044
2024
Movements in the year:
£
Liability at 1 July 2023
329,044
Charge to profit or loss
16,349
Liability at 30 June 2024
345,393
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,749
73,456

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
2,500
2,500
2,500
2,500
Ordinary B shares of £1 each
2,500
2,500
2,500
2,500
5,000
5,000
5,000
5,000

Both classes of share capital carry full voting and equity rights and are ranked pari passu in all matters.

B & P FABRICATIONS (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
469,570
454,099
Between two and five years
1,439,143
1,608,200
In over five years
385,000
615,000
2,293,713
2,677,299
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
440,214
22
Ultimate controlling party

The parent of the company is ACDPS Holdings Limited. The registered office is 1 George Street, Wolverhampton, WV2 4DG.

 

 

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