Company registration number 00391242 (England and Wales)
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
COMPANY INFORMATION
Directors
J P Lindsay
D Lindsay
(Appointed 24 April 2024)
Secretary
D Lindsay
Company number
00391242
Registered office
Newmet House
2 Rue de St. Lawrence
Waltham Abbey
Essex
EN9 1PF
Auditor
Thickbroom Coventry
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP
Business address
Newmet House
2 Rue de St. Lawrence
Waltham Abbey
Essex
EN9 1PF
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
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
Company statement of cash flows
14
Notes to the financial statements
15 - 30
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of a holding company and of the group continued to be that of merchants and agents. The group also manufactures and supplies technical materials including silicones, other polymeric materials, adhesives and carbon carbon composites to the aerospace and other industries.

Review of the business

The group exhibited strong growth across its main businesses in the year, due to increased demand, new applications, and other factors. The growth is expected to slow in the year to 31 May 2025 with turnover likely to be similar to the year to 31 May 2024.

Principal risks and uncertainties

The principal risks and uncertainties facing the group are:

-    Customer demand and competition

-    Supply Chain uncertainty

-    Currency Risk

Where appropriate, these risks are mitigated by significant holding of stock and holding of currency. In addition we aim to have supply agreements with key customers.

Key performance indicators

Group turnover increased by 42% from £13,098,793 in 2023 to £18,591,187.

Gross profit increased by 38% from £5,002,155 to £6,923,823 and profit before tax by 47% from £1,297,258 to £1,904,522.

The group balance sheet remained strong with substantial cash resources remaining after the acquisition of new premises during the year.

Other information and explanations

The group has acquired a building in Harlow which is being refurbished. This will house the NewMet Limited activities from mid 2025. This re-location will give the company room to expand and should allow efficiency to improve.

On behalf of the board

J P Lindsay
Director
10 January 2025
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £143,167. 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:

J P Lindsay
D Lindsay
(Appointed 24 April 2024)
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
J P Lindsay
Director
10 January 2025
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

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.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NEW METALS AND CHEMICALS (HOLDINGS) LTD.
- 4 -
Opinion

We have audited the financial statements of New Metals and Chemicals (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group profit and loss account, 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, the company 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:

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEW METALS AND CHEMICALS (HOLDINGS) LTD.
- 5 -
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.

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which the company operates. We determined that the following laws and regulations were most significant; the Companies Act 2006 and UK corporate taxation laws.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:

- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and

- assessing the extent of compliance with the relevant laws and regulations.

We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEW METALS AND CHEMICALS (HOLDINGS) LTD.
- 6 -

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.

Iain McMurray ACA
For and on behalf of
10 January 2025
Thickbroom Coventry
Chartered Accountants
Statutory Auditor
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
18,591,187
13,098,793
Cost of sales
(11,667,364)
(8,096,638)
Gross profit
6,923,823
5,002,155
Distribution costs
(146,952)
(129,631)
Administrative expenses
(4,880,395)
(3,563,468)
Other operating income
6,000
6,000
Operating profit
4
1,902,476
1,315,056
Interest receivable and similar income
6
16,119
11,028
Interest payable and similar expenses
7
(28,582)
(10,830)
Amounts written off investments
8
23,145
(17,996)
Profit before taxation
1,913,158
1,297,258
Tax on profit
9
(529,617)
(166,652)
Profit for the financial year
1,383,541
1,130,606
Profit for the financial year is all attributable to the owners of the parent company.
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
£
£
Profit for the year
1,383,541
1,130,606
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,383,541
1,130,606
Total comprehensive income for the year is all attributable to the owners of the parent company.
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,474,253
1,080,526
Investments
12
430,820
399,366
5,905,073
1,479,892
Current assets
Stocks
14
2,427,206
2,247,943
Debtors
15
2,838,136
2,032,170
Cash at bank and in hand
2,442,140
3,251,492
7,707,482
7,531,605
Creditors: amounts falling due within one year
16
(2,808,506)
(1,967,711)
Net current assets
4,898,976
5,563,894
Total assets less current liabilities
10,804,049
7,043,786
Creditors: amounts falling due after more than one year
17
(2,487,858)
-
Provisions for liabilities
Deferred tax liability
19
32,031
-
0
(32,031)
-
Net assets
8,284,160
7,043,786
Capital and reserves
Called up share capital
20
100,117
100,117
Share premium account
171,273
171,273
Revaluation reserve
120,830
120,830
Capital redemption reserve
20,000
20,000
Other reserves
30,207
30,207
Profit and loss reserves
7,841,733
6,601,359
Total equity
8,284,160
7,043,786

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 10 January 2025 and are signed on its behalf by:
10 January 2025
J P Lindsay
Director
Company registration number 00391242 (England and Wales)
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
775,669
744,215
Current assets
Debtors
15
591,383
357,333
Cash at bank and in hand
60,463
366,563
651,846
723,896
Creditors: amounts falling due within one year
16
(114,889)
(195,157)
Net current assets
536,957
528,739
Net assets
1,312,626
1,272,954
Capital and reserves
Called up share capital
20
100,117
100,117
Share premium account
171,273
171,273
Capital redemption reserve
20,000
20,000
Profit and loss reserves
1,021,236
981,564
Total equity
1,312,626
1,272,954

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 £182,840 (2023 - £15,611 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 10 January 2025 and are signed on its behalf by:
10 January 2025
J P Lindsay
Director
Company registration number 00391242 (England and Wales)
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
Balance at 1 June 2022
100,117
171,273
120,830
20,000
30,207
5,613,920
6,056,347
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
-
-
1,130,606
1,130,606
Dividends
10
-
-
-
-
-
(143,167)
(143,167)
Balance at 31 May 2023
100,117
171,273
120,830
20,000
30,207
6,601,359
7,043,786
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
-
-
1,383,541
1,383,541
Dividends
10
-
-
-
-
-
(143,167)
(143,167)
Balance at 31 May 2024
100,117
171,273
120,830
20,000
30,207
7,841,733
8,284,160
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
100,117
171,273
20,000
1,109,120
1,400,510
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
15,611
15,611
Dividends
10
-
-
-
(143,167)
(143,167)
Balance at 31 May 2023
100,117
171,273
20,000
981,564
1,272,954
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
182,839
182,839
Dividends
10
-
-
-
(143,167)
(143,167)
Balance at 31 May 2024
100,117
171,273
20,000
1,021,236
1,312,626
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,734,417
99,070
Interest paid
(28,582)
(10,830)
Income taxes paid
(257,540)
(53,371)
Net cash inflow from operating activities
1,448,295
34,869
Investing activities
Purchase of tangible fixed assets
(4,526,290)
(155,168)
Proceeds from disposal of tangible fixed assets
-
415,675
Proceeds from disposal of investments
(8,309)
2,575
Interest received
7,400
2,845
Dividends received
6,105
8,183
Other income received from investments
2,614
-
0
Net cash (used in)/generated from investing activities
(4,518,480)
274,110
Financing activities
Repayment of borrowings
(121,000)
-
Bank loans
2,525,000
-
Dividends paid to equity shareholders
(143,167)
(143,167)
Net cash generated from/(used in) financing activities
2,260,833
(143,167)
Net (decrease)/increase in cash and cash equivalents
(809,352)
165,812
Cash and cash equivalents at beginning of year
3,251,492
3,085,680
Cash and cash equivalents at end of year
2,442,140
3,251,492
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(23,121)
184,941
Interest paid
(12,921)
(10,356)
Income taxes paid
(6,301)
(16,425)
Net cash (outflow)/inflow from operating activities
(42,343)
158,160
Investing activities
Proceeds from disposal of investments
(8,309)
2,575
Dividends received
6,105
8,183
Income received from investments
2,614
-
0
Net cash generated from investing activities
410
10,758
Financing activities
Repayment of borrowings
(121,000)
-
Dividends paid to equity shareholders
(143,167)
(143,167)
Net cash used in financing activities
(264,167)
(143,167)
Net (decrease)/increase in cash and cash equivalents
(306,100)
25,751
Cash and cash equivalents at beginning of year
366,563
340,812
Cash and cash equivalents at end of year
60,463
366,563
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
1
Accounting policies
Company information

New Metals and Chemicals (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of New Metals and Chemicals (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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company New Metals and Chemicals (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 31 May 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
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.

1.5
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.

 

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.

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:

Freehold land and buildings
2%
Leasehold land and buildings
2% or lease period
Plant and equipment
20%
Fixtures and fittings
25%
Motor vehicles
20% or 25%

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.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
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.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -

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.

1.9
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

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.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
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.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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 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.

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.

 

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.

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.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
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.

 

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. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Leases

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
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
2024
2023
£
£
Turnover analysed by geographical market
UK
10,084,646
7,154,300
Europe
6,270,563
4,228,537
Rest of World
2,235,978
1,715,956
18,591,187
13,098,793
2024
2023
£
£
Other revenue
Interest income
10,014
2,845
Dividends received
6,105
8,183
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
132,563
145,363
Profit on disposal of tangible fixed assets
-
(361,508)
Operating lease charges
250,707
45,500
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
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
48
45
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,152,375
2,560,513
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
7,400
2,845
Other income from investments
Dividends received
6,105
8,183
Gains on financial instruments measured at fair value through profit or loss
2,614
-
0
Total income
16,119
11,028
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,400
2,845
Interest on financial assets measured at fair value through profit or loss
2,614
-
0
Dividends from financial assets measured at fair value through profit or loss
6,105
8,183
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
15,661
474
Other finance costs:
Other interest
12,921
10,356
Total finance costs
28,582
10,830
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
8
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
36,297
(2,584)
Other gains/(losses)
Loss on disposal of financial assets held at fair value through profit or loss
(13,152)
(15,412)
23,145
(17,996)
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
360,771
159,446
Adjustments in respect of prior periods
(33,502)
(50,962)
Total UK current tax
327,269
108,484
Foreign current tax on profits for the current period
170,317
58,168
Total current tax
497,586
166,652
Deferred tax
Origination and reversal of timing differences
32,031
-
0
Total tax charge
529,617
166,652
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Taxation
(Continued)
- 24 -

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
1,913,158
1,297,258
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
478,290
259,452
Tax effect of expenses that are not deductible in determining taxable profit
4,127
304
Tax effect of income not taxable in determining taxable profit
(2)
(1,784)
Gains not taxable
(9,074)
(14,300)
Tax effect of utilisation of tax losses not previously recognised
-
0
(28,028)
Unutilised tax losses carried forward
3,288
-
0
Change in unrecognised deferred tax assets
-
0
(16,136)
Adjustments in respect of prior years
(33,502)
(50,962)
Depreciation on assets not qualifying for tax allowances
5,723
3,996
Amortisation on assets not qualifying for tax allowances
-
0
517
Effect of overseas tax rates
34,097
13,699
Deferred tax adjustments in respect of prior years
48,360
-
0
Tax at marginal rate
(164)
(106)
Dividend income
(1,526)
-
Taxation charge
529,617
166,652
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
143,167
143,167
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
546,741
521,387
2,865,488
162,747
46,144
4,142,507
Additions
4,471,451
-
0
24,894
8,950
20,995
4,526,290
Disposals
-
0
-
0
-
0
-
0
(8,519)
(8,519)
At 31 May 2024
5,018,192
521,387
2,890,382
171,697
58,620
8,660,278
Depreciation and impairment
At 1 June 2023
108,690
358,836
2,417,220
161,818
15,417
3,061,981
Depreciation charged in the year
16,882
6,011
97,288
2,233
10,149
132,563
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(8,519)
(8,519)
At 31 May 2024
125,572
364,847
2,514,508
164,051
17,047
3,186,025
Carrying amount
At 31 May 2024
4,892,620
156,540
375,874
7,646
41,573
5,474,253
At 31 May 2023
438,051
162,551
448,268
929
30,727
1,080,526
The company had no tangible fixed assets at 31 May 2024 or 31 May 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
344,849
344,849
Listed investments
430,820
399,366
430,820
399,366
430,820
399,366
775,669
744,215
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 June 2023
399,366
Additions
58,303
Valuation changes
36,297
Disposals
(63,146)
At 31 May 2024
430,820
Carrying amount
At 31 May 2024
430,820
At 31 May 2023
399,366
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023
344,849
399,366
744,215
Additions
-
58,303
58,303
Valuation changes
-
36,297
36,297
Disposals
-
(63,146)
(63,146)
At 31 May 2024
344,849
430,820
775,669
Carrying amount
At 31 May 2024
344,849
430,820
775,669
At 31 May 2023
344,849
399,366
744,215
13
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Newmet Limited
England & Wales
Ordinary
100.00
Newmet Properties Ltd.
England & Wales
Ordinary
100.00
Packstat Ltd.
England & Wales
Ordinary
100.00
NewMet GmbH
Germany
Ordinary
100.00
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,427,206
2,247,943
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,637,391
1,883,571
-
0
-
0
Amounts owed by group undertakings
-
-
573,236
334,497
Other debtors
184,098
131,641
18,147
22,836
Prepayments and accrued income
16,647
16,958
-
0
-
0
2,838,136
2,032,170
591,383
357,333
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
37,142
-
0
-
0
-
0
Other borrowings
18
55,000
176,000
55,000
176,000
Trade creditors
1,626,914
1,096,092
-
0
-
0
Corporation tax payable
427,541
187,495
51,197
6,301
Other taxation and social security
104,635
120,883
-
-
Other creditors
779
1,131
-
0
-
0
Accruals and deferred income
556,495
386,110
8,692
12,856
2,808,506
1,967,711
114,889
195,157
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
2,487,858
-
0
-
0
-
0
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,525,000
-
0
-
0
-
0
Other loans
55,000
176,000
55,000
176,000
2,580,000
176,000
55,000
176,000
Payable within one year
92,142
176,000
55,000
176,000
Payable after one year
2,487,858
-
0
-
0
-
0

The long-term loan is secured by a fixed charge over freehold property.

The loan carries interest at 2% above base rate and is repayable by monthly instalments and a final payment in May, 2029

19
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
47,031
-
Expenses allowable in following period.
(15,000)
-
32,031
-
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 June 2023
-
-
Charge to profit or loss
32,031
-
Liability at 31 May 2024
32,031
-

The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances less allowance for expenditure allowable in the next period.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,117
100,117
100,117
100,117
21
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
132,140
123,740
-
-
Between two and five years
120,550
244,290
-
-
252,690
368,030
-
-
22
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,383,541
1,130,606
Adjustments for:
Taxation charged
529,617
166,652
Finance costs
28,582
10,830
Investment income
(16,119)
(11,028)
Gain on disposal of tangible fixed assets
-
(361,508)
Depreciation and impairment of tangible fixed assets
132,562
145,364
Other gains and losses
(23,145)
17,996
Movements in working capital:
Increase in stocks
(179,264)
(944,824)
Increase in debtors
(805,966)
(392,814)
Increase in creditors
684,609
337,796
Cash generated from operations
1,734,417
99,070
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 30 -
23
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
182,839
15,611
Adjustments for:
Taxation charged
51,197
6,301
Finance costs
12,921
10,356
Investment income
(8,719)
(8,183)
Other gains and losses
(23,145)
17,996
Movements in working capital:
(Increase)/decrease in debtors
(234,050)
138,347
(Decrease)/increase in creditors
(4,164)
4,513
Cash (absorbed by)/generated from operations
(23,121)
184,941
24
Analysis of changes in net funds/(debt) - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
3,251,492
(809,352)
2,442,140
Borrowings excluding overdrafts
(176,000)
(2,404,000)
(2,580,000)
3,075,492
(3,213,352)
(137,860)
25
Analysis of changes in net funds - company
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
366,563
(306,100)
60,463
Borrowings excluding overdrafts
(176,000)
121,000
(55,000)
190,563
(185,100)
5,463
2024-05-312023-06-01falseCCH SoftwareCCH Accounts Production 2024.200J P LindsayD LindsayD 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