Company registration number 11196353 (England and Wales)
ACDPS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ACDPS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr Christopher Fenwick
Mrs Alison Healy
Mr Paul Miller
Mr David Sankey
Mr Phillip Wilson
Company number
11196353
Registered office
1 George Street
Wolverhampton
WV2 4DG
Auditor
Mayfield & Co.
2 Merus Court
Meridian Business Park
Leicester
LE19 1RJ
ACDPS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
ACDPS HOLDINGS 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.

ACDPS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

On behalf of the board

Mr Christopher Fenwick
Director
8 January 2025
ACDPS HOLDINGS 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 is a holding company and the group is 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 further 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
Mrs Alison Healy
Mr Paul Miller
Mr David Sankey
Mr Phillip Wilson
Auditor

Mayfield & Co. are deemed to be 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.

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 auditor of the company 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 auditor of the company 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
ACDPS HOLDINGS 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ACDPS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACDPS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of ACDPS Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 group's and parent 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:

ACDPS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACDPS HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent 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 parent 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.

ACDPS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACDPS HOLDINGS LIMITED
- 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
ACDPS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
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
(3,115,230)
(2,813,703)
Operating profit
4
335,753
1,024,355
Interest receivable and similar income
6
853
41
Interest payable and similar expenses
7
(202,540)
(181,553)
Profit before taxation
134,066
842,843
Tax on profit
8
(115,593)
(336,630)
Profit for the financial year
24
18,473
506,213
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ACDPS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
1,723,152
2,172,670
Tangible assets
11
1,752,693
1,761,931
3,475,845
3,934,601
Current assets
Stocks
14
758,162
792,015
Debtors
15
2,348,763
2,839,925
Cash at bank and in hand
250,065
74,039
3,356,990
3,705,979
Creditors: amounts falling due within one year
16
(4,476,802)
(4,933,453)
Net current liabilities
(1,119,812)
(1,227,474)
Total assets less current liabilities
2,356,033
2,707,127
Creditors: amounts falling due after more than one year
17
(799,919)
(810,438)
Provisions for liabilities
Deferred tax liability
20
345,393
329,044
(345,393)
(329,044)
Net assets
1,210,721
1,567,645
Capital and reserves
Called up share capital
22
9,230
9,230
Capital redemption reserve
23
770
770
Profit and loss reserves
24
1,200,721
1,557,645
Total equity
1,210,721
1,567,645

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

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:
08 January 2025
Mr Christopher Fenwick
Director
Company registration number 11196353 (England and Wales)
ACDPS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
8,182,631
8,182,631
Current assets
Debtors
15
-
0
9,230
Cash at bank and in hand
10,048
10,048
10,048
19,278
Creditors: amounts falling due within one year
16
(8,179,217)
(7,970,122)
Net current liabilities
(8,169,169)
(7,950,844)
Total assets less current liabilities
13,462
231,787
Creditors: amounts falling due after more than one year
17
-
(218,325)
Net assets
13,462
13,462
Capital and reserves
Called up share capital
22
9,230
9,230
Capital redemption reserve
23
770
770
Profit and loss reserves
24
3,462
3,462
Total equity
13,462
13,462

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £375,397 (2023 - £305,884 profit).

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:
08 January 2025
Mr Christopher Fenwick
Director
Company registration number 11196353 (England and Wales)
ACDPS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
9,230
770
1,357,316
1,367,316
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
506,213
506,213
Dividends
9
-
-
(305,884)
(305,884)
Balance at 30 June 2023
9,230
770
1,557,645
1,567,645
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
18,473
18,473
Dividends
9
-
-
(375,397)
(375,397)
Balance at 30 June 2024
9,230
770
1,200,721
1,210,721
ACDPS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
9,230
770
3,462
13,462
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
305,884
305,884
Dividends
9
-
-
(305,884)
(305,884)
Balance at 30 June 2023
9,230
770
3,462
13,462
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
375,397
375,397
Dividends
9
-
-
(375,397)
(375,397)
Balance at 30 June 2024
9,230
770
3,462
13,462
ACDPS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,977,376
1,844,744
Interest paid
(202,540)
(181,553)
Income taxes paid
(72,789)
(241,638)
Net cash inflow from operating activities
1,702,047
1,421,553
Investing activities
Purchase of tangible fixed assets
(547,644)
(169,229)
Proceeds from disposal of tangible fixed assets
30,667
-
Interest received
853
41
Net cash used in investing activities
(516,124)
(169,188)
Financing activities
Repayment of bank loans
(888,725)
(853,139)
Payment of finance leases obligations
254,225
(176,818)
Dividends paid to equity shareholders
(375,397)
(305,884)
Net cash used in financing activities
(1,009,897)
(1,335,841)
Net increase/(decrease) in cash and cash equivalents
176,026
(83,476)
Cash and cash equivalents at beginning of year
74,039
157,515
Cash and cash equivalents at end of year
250,065
74,039
ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

ACDPS Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 George Street, Wolverhampton, WV2 4DG.

 

The group consists of ACDPS Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“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.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company ACDPS Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.4
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, settlement discounts and volume rebates.

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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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 equipment
10% - 33% on cost
Fixtures and fittings
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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
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.

1.10
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.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

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 group 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.

ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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 group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.14
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.

1.15
Retirement benefits

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

1.16
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.

ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -

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 leased asset are consumed.

1.17
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 group’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

The total turnover of the company for the year has been derived from its principal activity.

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
2024
2023
£
£
Other revenue
Interest income
853
41
ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
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 group's auditor for the audit of the group's financial statements
1,200
1,000
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)
-
Amortisation of intangible assets
449,518
449,518
Operating lease charges
424,141
363,091
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors and office staff
17
14
5
5
Production staff
108
121
-
-
Total
125
135
5
5

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,644,869
4,020,908
-
0
-
0
Social security costs
313,361
356,448
-
-
Pension costs
62,749
73,456
-
0
-
0
4,020,979
4,450,812
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1
41
Other interest income
852
-
Total income
853
41
ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
27,121
62,778
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
-
Total finance costs
202,540
181,553
8
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

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
134,066
842,843
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
33,517
172,783
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
Amortisation on assets not qualifying for tax allowances
112,379
92,151
Other non-reversing timing differences
-
0
(64)
Taxation charge
115,593
336,630
ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
375,397
305,884
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
4,495,180
Amortisation and impairment
At 1 July 2023
2,322,510
Amortisation charged for the year
449,518
At 30 June 2024
2,772,028
Carrying amount
At 30 June 2024
1,723,152
At 30 June 2023
2,172,670
The company had no other intangible fixed assets at 30 June 2024 or 30 June 2023.
Goodwill mentioned above relates to the fixed asset investment in the subsidiary disclosed at note 12.

 

ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
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 company had no tangible fixed assets at 30 June 2024 or 30 June 2023.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
1,280,730
1,048,158
-
0
-
0
Fixtures and fittings
32,313
45,238
-
0
-
0
Motor vehicles
24,743
-
0
-
0
-
0
1,337,786
1,093,396
-
-
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
8,182,631
8,182,631
ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
8,182,631
Carrying amount
At 30 June 2024
8,182,631
At 30 June 2023
8,182,631
13
Subsidiaries
Name of undertaking
Address
Class of
% Held
shares held
Direct
B & P Fabrications (Leicester) Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
6 Euston Street, Leicester, LE2 7ST
14
Stocks
Group
Company
2024
2023
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
-
0
-
0
758,162
792,015
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,216,841
2,704,874
-
0
-
0
Other debtors
1,837
9,530
-
0
9,230
Prepayments and accrued income
130,085
125,521
-
0
-
0
2,348,763
2,839,925
-
9,230
ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
217,739
888,139
217,739
888,139
Obligations under finance leases
19
206,817
160,398
-
0
-
0
Trade creditors
1,640,178
2,220,079
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
7,961,478
7,081,983
Corporation tax payable
345,615
319,160
-
0
-
0
Other taxation and social security
252,270
229,073
-
-
Other creditors
1,489,673
970,436
-
0
-
0
Accruals and deferred income
324,510
146,168
-
0
-
0
4,476,802
4,933,453
8,179,217
7,970,122

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.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
218,325
-
0
218,325
Obligations under finance leases
19
799,919
592,113
-
0
-
0
799,919
810,438
-
218,325
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
217,739
1,106,464
217,739
1,106,464
Payable within one year
217,739
888,139
217,739
888,139
Payable after one year
-
0
218,325
-
0
218,325

The bank loan is secured by fixed and floating charges on the assets of the group.

A Universal Multilateral Guarantee has been given by ACDPS Holdings Limited and B & P Fabrications (Leicester) Limited.

 

ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
206,817
160,398
-
0
-
0
In two to five years
704,615
592,113
-
0
-
0
In over five years
95,304
-
0
-
0
-
0
1,006,736
752,511
-
-

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

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
345,393
329,044
The company has no deferred tax assets or liabilities.
Group
Company
2024
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
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,749
73,456
ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Retirement benefit schemes
(Continued)
- 26 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
3,078
3,078
3,078
3,078
B Ordinary shares of £1 each
1,538
1,538
1,538
1,538
C Ordinary shares of £1 each
1,538
1,538
1,538
1,538
D Ordinary shares of £1 each
1,538
1,538
1,538
1,538
E Ordinary shares of £1 each
1,538
1,538
1,538
1,538
9,230
9,230
9,230
9,230

Each share has full rights in the company with respect to voting, dividends and distributions and are ranked pari passu.

23
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
770
770
770
770
24
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
1,557,645
1,357,316
3,462
3,462
Profit for the year
18,473
506,213
375,397
305,884
Dividends
(375,397)
(305,884)
(375,397)
(305,884)
At the end of the year
1,200,721
1,557,645
3,462
3,462
ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
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
-
-
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
440,214
-
-
27
Directors' transactions

Dividends totalling £375,397 (2023 - £305,884) were paid in the year in respect of shares held by the company's directors.

ACDPS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
28
Cash generated from group operations
2024
2023
£
£
Profit after taxation
18,473
506,213
Adjustments for:
Taxation charged
115,593
336,630
Finance costs
202,540
181,553
Investment income
(853)
(41)
Gain on disposal of tangible fixed assets
(20,855)
-
Amortisation and impairment of intangible assets
449,518
449,518
Depreciation and impairment of tangible fixed assets
547,070
552,942
Movements in working capital:
Decrease in stocks
33,853
255,522
Decrease in debtors
491,162
161,776
Increase/(decrease) in creditors
140,875
(599,369)
Cash generated from operations
1,977,376
1,844,744
29
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
74,039
176,026
250,065
Borrowings excluding overdrafts
(1,106,464)
888,725
(217,739)
Obligations under finance leases
(752,511)
(254,225)
(1,006,736)
(1,784,936)
810,526
(974,410)
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