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REGISTERED NUMBER: 00973101 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 July 2024

for

Fowle & Co Limited

Fowle & Co Limited (Registered number: 00973101)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Financial Statements 13


Fowle & Co Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: A Fowle
N Fowle
Mrs E M Fowle
Mrs B J Fowle
M E Fowle
E N Fowle
S E I Fowle





SECRETARY: A Fowle





REGISTERED OFFICE: Tremlon House
Menzies Road
Hastings
East Sussex
TN38 9BQ





REGISTERED NUMBER: 00973101 (England and Wales)





AUDITORS: Deeks Evans Audit Services Limited
Registered Auditors
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU

Fowle & Co Limited (Registered number: 00973101)

Strategic Report
for the Year Ended 31 July 2024

The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and it's position at the year end. Our review is consistent with the size and non-complex nature of our business and is in the context of the risks and uncertainties we face.

Looking back on the summary of trading to July 2023 I remarked that steel prices had fallen by over £400 per tonne this year they fell again. This time by around £200 per tonne, so the poor old steel market passed another year in the doldrums on price, and also on demand.
It is of course easier to make money trading steel in a rising market, however we made a further £821,000 net, pretax profit in this difficult year. Our cash balances remained high, it's a precaution to have high cash balances in our market with it's wild swings in price, and of course with those cash balances we have been able on occasion to purchase some steel with immediate payment when some suppliers needed the money. In addition, of course, these balances give comfort to our credit insurers that we can always meet their clients' payment terms. That's important in a year that has seen one large steel stockist go into receivership, a company that formerly had been very successful over a long period. Currently there are several other stockists being watched carefully, having made losses as a result of these falling steel prices.
Our associate company Steelco Uk Ltd also traded well and made £988,000 net, pre tax profit so our group made £1.8 million combined, which is satisfactory given the weak trading environment.
Our two companies remain in a strong position, our bank owes us money on our deposit accounts totalling over £14 million and we have no other borrowing and when we need to purchase any new capital equipment we can negotiate good terms using our cash in hand , not being in thrall, as most of our competitors are, to their banks and factoring companies.


Key performance indicators
2024 2023
£ £
Turnover (including sales to Steelco (UK) Limited of
£20,877,915(2023:£23,630,976)

50,132,487


56,035,486
Net profit before interest and taxation 953,911 1,225,295

PRINCIPAL RISKS AND UNCERTAINTIES
As before the risks and uncertainties relate primarily to the volatility of steel prices. We are constantly monitoring the market subscribing to a number of market guides , talking to our suppliers and closely following economic trends to gauge which way the market is heading.

SECTION 172(1) STATEMENT
The director's duty primarily is to promote the success of the company for the benefit of its shareholders and its staff.

The directors are aware of their duty under section 172 and take into consideration the following key areas: -

a) the likely consequences of any decision in the long term .
b) the interests of the company employees.
c)the need to foster the company's relationships with suppliers, customers and others .
d)the impact of the company's operations on the community and environment.
e) the desirability of the company maintaining a reputation for high standards of business conduct.
f) the need to act fairly as between members of the company.

ON BEHALF OF THE BOARD:





A Fowle - Director


16 January 2025

Fowle & Co Limited (Registered number: 00973101)

Report of the Directors
for the Year Ended 31 July 2024

The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of steel stockholders and processors and traders in steel.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 was £272,000 (2023 - £172,000) in respect of A ordinary shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

A Fowle
N Fowle
Mrs E M Fowle
Mrs B J Fowle
M E Fowle
E N Fowle
S E I Fowle

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Fowle & Co Limited (Registered number: 00973101)

Report of the Directors
for the Year Ended 31 July 2024


AUDITORS
The auditors, Deeks Evans Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




A Fowle - Director


16 January 2025

Report of the Independent Auditors to the Members of
Fowle & Co Limited

Opinion
We have audited the financial statements of Fowle & Co Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement 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 July 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors 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 Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Fowle & Co Limited


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

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

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:

We identified areas of laws and regulations that could reasonably be expected to have a material affect on the financial statements from our understanding of the company and its industry, through verbal and written communications with the directors and other management and through inspection of the company's regulatory and legal correspondence.

We discussed with directors and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to the audit team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential affect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including the company's constitution, relevant reporting standards, company law, tax legislation and distributable profits legislation. We have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material affect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arsing from litigations. We have identified the following areas as those most likely to have such an affect: employment legislation, health and safety legislation, trade legislation, data protection legislation and anti-bribery and corruption legislation.

International Standards on UK Auditing UK limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud we have performed the following specific procedures in addition to those already noted:
- Discussions with management including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud;
- identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account
combinations, journal entries crediting cash or any revenue account and journal entries posted by senior
management;
- performing analytical procedures to identify unexpected movements in account balances which may be
indicative of fraud; and
- ensuring testing undertaken on transactions and the balance sheet includes a number of items selected on a
random basis.

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
Fowle & Co 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.




Richard Young (Senior Statutory Auditor)
for and on behalf of Deeks Evans Audit Services Limited
Registered Auditors
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU

16 January 2025

Fowle & Co Limited (Registered number: 00973101)

Income Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 50,132,487 56,035,486

Cost of sales (46,540,000 ) (51,712,543 )
GROSS PROFIT 3,592,487 4,322,943

Distribution costs (1,260,916 ) (1,207,048 )
Administrative expenses (2,057,007 ) (2,155,066 )
274,564 960,829

Other operating income 81,778 48,126
OPERATING PROFIT 4 356,342 1,008,955

Interest receivable & similar income 597,569 216,340
953,911 1,225,295

Interest payable and similar expenses 5 (131,957 ) (233,785 )
PROFIT BEFORE TAXATION 821,954 991,510

Tax on profit 6 (206,379 ) (370,016 )
PROFIT FOR THE FINANCIAL YEAR 615,575 621,494

Fowle & Co Limited (Registered number: 00973101)

Other Comprehensive Income
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 615,575 621,494


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property - 310,733
Income tax relating to other comprehensive
income

-

-

OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

310,733
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

615,575

932,227

Fowle & Co Limited (Registered number: 00973101)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,695,937 3,918,401
Investments 9 602,000 602,000
4,297,937 4,520,401

CURRENT ASSETS
Stocks 10 5,859,384 4,749,094
Debtors 11 8,483,084 9,467,229
Cash at bank and in hand 14,002,011 12,744,777
28,344,479 26,961,100
CREDITORS
Amounts falling due within one year 12 14,984,786 14,035,446
NET CURRENT ASSETS 13,359,693 12,925,654
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,657,630

17,446,055

CREDITORS
Amounts falling due after more than one
year

13

(26,667

)

(86,667

)

PROVISIONS FOR LIABILITIES 17 (635,200 ) (707,200 )
NET ASSETS 16,995,763 16,652,188

CAPITAL & RESERVES
Called up share capital 18 500,000 500,000
Revaluation reserve 780,795 795,238
Retained earnings 15,714,968 15,356,950
SHAREHOLDERS' FUNDS 16,995,763 16,652,188

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





N Fowle - Director


Fowle & Co Limited (Registered number: 00973101)

Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 500,000 14,896,837 495,124 15,891,961

Changes in equity
Total comprehensive income - 625,693 306,534 932,227
Dividends - (172,000 ) - (172,000 )
Transfer between reserves - 6,420 (6,420 ) -
Balance at 31 July 2023 500,000 15,356,950 795,238 16,652,188

Changes in equity
Total comprehensive income - 615,575 - 615,575
Dividends - (272,000 ) - (272,000 )
Transfer between reserves - 14,443 (14,443 ) -
Balance at 31 July 2024 500,000 15,714,968 780,795 16,995,763

Fowle & Co Limited (Registered number: 00973101)

Cash Flow Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 21 1,053,694 7,838,605
Interest paid (131,957 ) (233,785 )
Tax paid (107,876 ) (938,749 )
Taxation refund 32,158 45,259
Net cash from operating activities 846,019 6,711,330

Cash flows from investing activities
Purchase of tangible fixed assets (174,284 ) (1,183,852 )
Sale of tangible fixed assets - 237,000
Interest received 597,569 216,340
Net cash from investing activities 423,285 (730,512 )

Cash flows from financing activities
Loan repayments in year (93,334 ) (145,000 )
Amount withdrawn by directors (1,994,252 ) (1,322,964 )
Related party loan 2,347,516 -
Equity dividends paid (272,000 ) (172,000 )
Net cash from financing activities (12,070 ) (1,639,964 )

Increase in cash and cash equivalents 1,257,234 4,340,854
Cash and cash equivalents at beginning
of year

22

12,744,777

8,403,923

Cash and cash equivalents at end of
year

22

14,002,011

12,744,777

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Fowle & Co 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 as modified by the revaluation of certain assets.

The financial statements have been prepared in accordance with applicable accounting standards.

Significant judgements and estimates
Estimates and assumptions concerning the future and judgements are made by the management in the preparation of the financial statements. They affect the application of the Company's accounting policies, reported amounts of assets, liabilities, income and expenses and disclosures made. They are assessed on an going concern basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable in the period of revision and future periods, in case the revision also effects future periods.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Turnover is recognised when the significant risks and rewards are transferred to the buyer, which is when they have accepted physical delivery and control of the goods. No revenue is recognised if there are significant uncertainties regarding the recovery of the amount due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on valuation
Short leasehold - over the period of the lease
Plant & machinery - 5% and 20% reducing balance
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance, 12.5% on cost and Straight line over 6 years
Computer equipment - 25% on cost

Freehold land and buildings were revalued in 2023 and the associated deferred tax has been recognised in the financial statements.

Freehold land is not depreciated.

Stocks
Raw materials and consumables are valued at the lower of cost and estimated selling price less costs to complete and sell. Finished goods which have been delivered to customers but not invoiced, are valued at the lower of cost, processing and delivery, and estimated selling price.

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.


Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 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.

Investments in associated entities
Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet 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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,044,353 1,992,654
Social security costs 241,455 240,951
Other pension costs 37,643 37,100
2,323,451 2,270,705

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

Office and management 14 13
Production 17 17
Sales and distribution 13 13
44 43

2024 2023
£    £   
Directors' remuneration 558,855 390,269
Directors' pension contributions to money purchase schemes 5,215 3,234

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 7 7

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 149,672 84,317
Pension contributions to money purchase schemes 1,321 660

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 128,672 118,115
Depreciation - owned assets 396,748 381,699
Loss on disposal of fixed assets - 103,923
Auditors' remuneration 13,500 19,925
Foreign exchange differences - (18 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 653 1
Loan interest 131,304 233,784
131,957 233,785

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 278,379 716

Deferred tax (72,000 ) 369,300
Tax on profit 206,379 370,016

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. TAXATION - continued

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 821,954 991,510
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.180%)

205,489

190,172

Effects of:
Expenses not deductible for tax purposes 897 1,002
Adjustments to tax charge in respect of previous periods - (2,717 )
Super deduction capital allowance - (42,079 )
Deferred tax origination of timing difference - 59,039
Deferred tax overprovision in previous year - (3,400 )
Deferred tax changes in tax rate - 167,972
Rounding (7 ) 27
Total tax charge 206,379 370,016

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 July 2024.

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property 310,733 - 310,733

7. DIVIDENDS
2024 2023
£    £   
A ordinary shares shares of 25p each
Interim 272,000 172,000

8. TANGIBLE FIXED ASSETS
Freehold Short Plant &
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 August 2023 970,000 47,111 2,792,928
Additions - 164,374 2,407
At 31 July 2024 970,000 211,485 2,795,335
DEPRECIATION
At 1 August 2023 7,067 10,491 1,377,539
Charge for year 16,960 4,473 89,669
At 31 July 2024 24,027 14,964 1,467,208
NET BOOK VALUE
At 31 July 2024 945,973 196,521 1,328,127
At 31 July 2023 962,933 36,620 1,415,389

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. TANGIBLE FIXED ASSETS - continued

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2023 563,659 1,870,734 70,202 6,314,634
Additions 598 - 6,905 174,284
At 31 July 2024 564,257 1,870,734 77,107 6,488,918
DEPRECIATION
At 1 August 2023 435,013 510,324 55,799 2,396,233
Charge for year 19,334 259,240 7,072 396,748
At 31 July 2024 454,347 769,564 62,871 2,792,981
NET BOOK VALUE
At 31 July 2024 109,910 1,101,170 14,236 3,695,937
At 31 July 2023 128,646 1,360,410 14,403 3,918,401

Included in cost or valuation of land and buildings is freehold land of £ 50,000 (2023 - £ 50,000 ) which is not depreciated.

Cost or valuation at 31 July 2024 is represented by:

Freehold Short Plant &
property leasehold machinery
£    £    £   
Valuation in 1999 - - 43,985
Valuation in 2011 218,928 - -
Valuation in 2021 279,717 - -
Valuation in 2023 295,000 - -
Cost 176,355 211,485 2,751,350
970,000 211,485 2,795,335

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
Valuation in 1999 - - - 43,985
Valuation in 2011 - - - 218,928
Valuation in 2021 - - - 279,717
Valuation in 2023 - - - 295,000
Cost 564,257 1,870,734 77,107 5,651,288
564,257 1,870,734 77,107 6,488,918

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 176,355 176,355
Aggregate depreciation 58,069 54,920

Value of land in freehold land and buildings 50,000 50,000

Freehold land and buildings were valued on an open market basis on 3 April 2023 by qualified independent chartered surveyors .

9. FIXED ASSET INVESTMENTS
Interest
in other
participating
interests
£   
COST
At 1 August 2023
and 31 July 2024 602,000
NET BOOK VALUE
At 31 July 2024 602,000
At 31 July 2023 602,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Steelco (UK) Limited
Registered office: Tremlon House, Menzies Road, Hastings, East Sussex, England, TN38 9BQ
Nature of business: Steel stock holding and shearing
%
Class of shares: holding
'B' Ordinary shares 100.00
8.75% preference shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 12,623,828 12,362,842
Profit for the year 740,986 1,108,659

10. STOCKS
2024 2023
£    £   
Raw materials 5,483,856 4,203,552
Finished goods 375,528 545,542
5,859,384 4,749,094

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,548,352 9,172,852
Other debtors 269,412 77,676
Prepayments & accrued income 665,320 216,701
8,483,084 9,467,229

Included in trade debtors are factored debts amounting to £7,505,787 (2023 - £8,629,007) made up as below. These debts are factored without recourse to the company for losses.

20242023
£   £   
Debtors factored without recourse
Gross debt7,497,4848,632,500
Non returnable proceeds8,303(3,493)
7,505,7878,629,007


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 60,000 93,334
Trade creditors 11,456,316 10,593,513
Amounts owed to group undertakings 2,347,516 -
Corporation tax 127,347 -
Social security & other taxes 65,915 395,546
Other creditors 16,087 34,386
Directors' current accounts 853,716 2,847,968
Accruals & deferred income 57,889 70,699
14,984,786 14,035,446

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 26,667 86,667

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 60,000 93,334

Amounts falling due between one and two years:
Other loans - 1-2 years 26,667 60,000

Amounts falling due between two and five years:
Other loans - 2-5 years - 26,667

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 147,988 100,433
Between one and five years 458,330 169,580
In more than five years 565,267 607,661
1,171,585 877,674

16. SECURED DEBTS

Loans were made in prior years by the Fowle Executive Pension Fund amounted to £86,667 (2023 - £180,000) at the year end. The loans are secured on freehold property owned by Fowle & Co Limited and freehold property owned by related company, Steelco (UK) Limited. Interest is charged at 3% above the base rate.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 635,200 707,200

Deferred
tax
£   
Balance at 1 August 2023 707,200
Accelerated capital allowances (72,000 )
Balance at 31 July 2024 635,200

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,200,000 A ordinary shares 25p 300,000 300,000
800,000 ordinary shares 25p 200,000 200,000
500,000 500,000

Voting rights and rights on winding up are the same for the A ordinary shares and the ordinary shares.

19. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 20,877,916 23,630,979
Purchases 112,068 204,211
Management charge income 78,000 48,000
Diesel and lorry rental income 183,763 194,232
Rent payable 86,278 77,000
Interest payable 10,983 15,780
Lorries bought from Steelco - 31,000
Amount due from related parties - Steelco (UK) Limited trade debtors - 477,142
Amount due to related parties - Steelco (UK) Limited 2,347,516 -
Amount due to related party - loans from Fowle Executive Pension Fund 86,667 180,000

Both Fowle & Co Limited and Steelco Limited are controlled by the directors A Fowle and N Fowle.

Fowle & Co Limited (Registered number: 00973101)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

20. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors A Fowle and N Fowle.

21. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 821,954 991,510
Depreciation charges 396,748 374,816
Loss on disposal of fixed assets - 103,923
Finance costs 131,957 233,785
Finance income (597,569 ) (216,340 )
753,090 1,487,694
(Increase)/decrease in stocks (1,110,290 ) 5,228,114
Decrease in trade and other debtors 908,829 4,558,040
Increase/(decrease) in trade and other creditors 502,065 (3,435,243 )
Cash generated from operations 1,053,694 7,838,605

22. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 14,002,011 12,744,777
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 12,744,777 8,403,923


23. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 12,744,777 1,257,234 14,002,011
12,744,777 1,257,234 14,002,011
Debt
Debts falling due within 1 year (93,334 ) 33,334 (60,000 )
Debts falling due after 1 year (86,667 ) 60,000 (26,667 )
(180,001 ) 93,334 (86,667 )
Total 12,564,776 1,350,568 13,915,344