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Registration number: 02808339

Avon Material Supplies Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

Avon Material Supplies Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 22

 

Avon Material Supplies Limited

Company Information

Directors

Mr K Hawkins

Mr S Mariner

Mr J Howarth

Mrs J Leach

Company secretary

Mrs L A Mariner

Registered office

Unit 26-28 Thorne Way
Woolsbridge Industrial Estate
Three Legged Cross
Wimborne
Dorset
BH21 6FB

Auditors

Ward Goodman Audit Services Limited
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

 

Avon Material Supplies Limited

Strategic Report for the Year Ended 30 April 2024

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

Principal activity

The principal activity of the company is aggregate sales and haulage.

Fair review of the business

The company continues to perform strongly, expanding its customer base whilst maintaining margins, leading to both improved turnover and profitability this year. Turnover rose to £17,546,271 this year, an increase of £687,529 from 2023. Profit before tax also increased this year, up by £167,761 to £573,980.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Gross Profit

%

16

17

Net Profit before tax

%

3

2

Principal risks and uncertainties

To some extent, the company will always be exposed to fluctuations in the economy however continued development of its customer base helps to mitigate this risk.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

.........................................
Mr I Mariner
Chairman

 

Avon Material Supplies Limited

Directors' Report for the Year Ended 30 April 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mr K Hawkins

Mr I Mariner - Chairman

Mr S Mariner

Mr J Howarth

Mrs J Leach

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

.........................................
Mr I Mariner
Chairman

 

Avon Material Supplies Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Avon Material Supplies Limited

Independent Auditor's Report to the Members of Avon Material Supplies Limited

Opinion

We have audited the financial statements of Avon Material Supplies Limited (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 30 April 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 auditor 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.

The company was exempt from audit in the prior period therefore the comparative financial statements are unaudited.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Avon Material Supplies Limited

Independent Auditor's Report to the Members of Avon Material Supplies Limited

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

we obtained an understanding of the legal and regularity frameworks applicable to the company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code 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 company's management. We corroborated our inquiries through our review of board minutes and papers provided by the company's management.

 

Avon Material Supplies Limited

Independent Auditor's Report to the Members of Avon Material Supplies Limited

we assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:

 

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 any journal entries posted with unusual account combinations; and

 

assessing the extent of compliance with relevant laws and regulations.

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

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.

......................................
Ian Rodd BSc FCA FCCA (Senior Statutory Auditor)
For and on behalf of Ward Goodman Audit Services Limited

4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

22 January 2025

 

Avon Material Supplies Limited

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

17,546,271

16,858,741

Cost of sales

 

(14,769,838)

(14,070,452)

Gross profit

 

2,776,433

2,788,289

Administrative expenses

 

(2,437,566)

(2,363,189)

Other operating income

213,243

-

Operating profit

4

552,110

425,100

Other interest receivable and similar income

5

33,979

8,721

Interest payable and similar expenses

6

(12,109)

(27,602)

   

21,870

(18,881)

Profit before tax

 

573,980

406,219

Tax on profit

10

51,695

116

Profit for the financial year

 

625,675

406,335

The company has no recognised gains or losses for the year other than the results above.

 

Avon Material Supplies Limited

(Registration number: 02808339)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

30,917

-

Tangible assets

12

5,637

12,113

 

36,554

12,113

Current assets

 

Stocks

13

41,175

32,105

Debtors

14

6,104,209

4,025,411

Cash at bank and in hand

 

1,508,225

2,080,637

 

7,653,609

6,138,153

Creditors: Amounts falling due within one year

16

(3,843,037)

(2,754,796)

Net current assets

 

3,810,572

3,383,357

Total assets less current liabilities

 

3,847,126

3,395,470

Creditors: Amounts falling due after more than one year

16

(39,172)

(139,172)

Provisions for liabilities

17

(1,409)

(3,028)

Net assets

 

3,806,545

3,253,270

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

3,796,545

3,243,270

Shareholders' funds

 

3,806,545

3,253,270

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

.........................................
Mr I Mariner
Chairman

 

Avon Material Supplies Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Retained earnings
£

Total
£

At 1 May 2023

10,000

3,243,270

3,253,270

Profit for the year

-

625,675

625,675

Dividends

-

(72,400)

(72,400)

At 30 April 2024

10,000

3,796,545

3,806,545

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

10,000

2,891,335

2,901,335

Profit for the year

-

406,335

406,335

Dividends

-

(54,400)

(54,400)

At 30 April 2023

10,000

3,243,270

3,253,270

 

Avon Material Supplies Limited

Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

625,675

406,335

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

11,185

7,456

Finance income

5

(33,979)

(8,721)

Finance costs

6

12,109

27,602

Income tax expense

10

(51,695)

(116)

 

563,295

432,556

Working capital adjustments

 

Increase in stocks

13

(9,070)

(32,105)

(Increase)/decrease in trade debtors

14

(2,078,798)

251,477

Increase in trade creditors

16

1,088,241

274,460

Cash generated from operations

 

(436,332)

926,388

Income taxes received

10

50,076

206

Net cash flow from operating activities

 

(386,256)

926,594

Cash flows from investing activities

 

Interest received

5

33,979

8,721

Acquisitions of tangible assets

(625)

(4,111)

Acquisition of intangible assets

11

(35,000)

-

Net cash flows from investing activities

 

(1,646)

4,610

Cash flows from financing activities

 

Interest paid

6

(12,109)

(27,602)

Proceeds from bank borrowing draw downs

 

(100,001)

(84,502)

Dividends paid

22

(72,400)

(54,400)

Net cash flows from financing activities

 

(184,510)

(166,504)

Net (decrease)/increase in cash and cash equivalents

 

(572,412)

764,700

Cash and cash equivalents at 1 May

 

2,080,637

1,315,937

Cash and cash equivalents at 30 April

 

1,508,225

2,080,637

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 26-28 Thorne Way
Woolsbridge Industrial Estate
Three Legged Cross
Wimborne
Dorset
BH21 6FB

The principal place of business is:
Unit 26-28 Thorne Way
Woolsbridge Industrial Estate
Three Legged Cross
Wimborne
Dorset
BH21 6FB

These financial statements were authorised for issue by the Board on 22 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors believe that no material judgements or estimates have been used within the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Government grants

Grants of a revenue nature are recognised in income in the period the related costs are incurred and for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of UK tax rates and laws.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line over 3 years

Fixtures and fittings

Straight line over 4 years

Goodwill

Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

17,546,271

16,858,741

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

7,101

7,456

Amortisation expense

4,084

-

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

33,979

8,721

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

12,085

27,581

Interest expense on other finance liabilities

24

21

12,109

27,602

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Wages and salaries

1,217,108

1,119,500

Social security costs

142,551

131,733

Pension costs, defined contribution scheme

41,713

94,226

Other employee expense

36,565

27,402

1,437,937

1,372,861

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

27

28

27

28

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

246,191

255,272

Contributions paid to money purchase schemes

21,000

40,000

267,191

295,272

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

13,000

13,750


 

10

Taxation

Tax charged/(credited) in the profit and loss account

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Current taxation

UK corporation tax

(50,076)

(206)

Deferred taxation

Arising from origination and reversal of timing differences

(1,619)

90

Tax receipt in the income statement

(51,695)

(116)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

573,980

406,219

Corporation tax at standard rate

143,495

101,555

Adjustments in respect of prior periods - R&D claims

(50,076)

-

Tax increase from effect of capital allowances and depreciation

757

639

Effect of expense not deductible in determining taxable profit (tax loss)

26,585

15,743

Tax decrease arising from group relief

(172,456)

(118,053)

Total tax credit

(51,695)

(116)

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

11

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

150,000

150,000

Additions acquired separately

35,000

35,000

At 30 April 2024

185,000

185,000

Amortisation

At 1 May 2023

150,000

150,000

Amortisation charge

4,083

4,083

At 30 April 2024

154,083

154,083

Carrying amount

At 30 April 2024

30,917

30,917

12

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

91,700

91,700

Additions

625

625

At 30 April 2024

92,325

92,325

Depreciation

At 1 May 2023

79,587

79,587

Charge for the year

7,101

7,101

At 30 April 2024

86,688

86,688

Carrying amount

At 30 April 2024

5,637

5,637

At 30 April 2023

12,113

12,113

13

Stocks

2024
£

2023
£

Other inventories

41,175

32,105

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

14

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

4,759,535

3,915,956

Amounts owed by related parties

23

1,234,556

-

Other debtors

 

64,048

22,716

Prepayments

 

46,070

86,739

   

6,104,209

4,025,411

15

Cash and cash equivalents

2024
£

2023
£

Cash at bank

1,224,808

1,282,870

Short-term deposits

283,417

797,767

1,508,225

2,080,637

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

20

100,000

100,000

Trade creditors

 

3,245,237

2,105,412

Amounts due to related parties

23

9,554

103,272

Social security and other taxes

 

359,285

328,660

Outstanding defined contribution pension costs

 

8,000

-

Accruals

 

120,961

117,452

 

3,843,037

2,754,796

Due after one year

 

Loans and borrowings

20

39,172

139,172

17

Deferred tax and other provisions

Deferred tax
£

At 1 May 2023

3,028

Increase (decrease) in existing provisions

(1,619)

At 30 April 2024

1,409

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £41,713 (2023 - £94,226).

Contributions totalling £8,000 (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

       

20

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

39,172

139,172

Current loans and borrowings

2024
£

2023
£

Bank borrowings

100,000

100,000

Bank borrowings

Bank loan is denominated in sterling with a nominal interest rate of 4.32% fixed rate%, and the final instalment is due on 31 August 2025. The carrying amount at year end is £139,172 (2023 - £239,172).

National Westminster Bank Plc hold a debenture dated 28/11/19 to secure all bank borrowings.

21

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Not later than one year

60,000

45,250

The amount of non-cancellable operating lease payments recognised as an expense during the year was £60,000 (2023 - £45,250).

22

Dividends

Interim dividends paid

 

2024
£

2023
£

Interim dividend of £7.24 (2023 - £5.44) per each Ordinary share

72,400

54,400

     

23

Related party transactions

Parent and subsidiary transactions:

The company is a qualifying entity for the purposes of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', being a member of a group where the parent of that group prepares publicly available consolidated financial statements. The company has therefore taken advantage of exemptions from disclosure of related party transactions with its parent company and fellow wholly owned subsidiaries.

Other related parties and transactions:

During the year the company traded at preferential rates with an entity in which three of the directors of this company are also directors. The company made sales of £1,095,155 (2023: £1,421,773) to this entity and purchased £4,495,235 (2023: £3,778,907) worth of goods and materials from this entity. At the year-end there was a debtor balance of £463,272 (2023: £323,951) and a creditor balance of £2,055,338 (2023: £721,086) with this entity.

During the year transactions took place between the company and Waste & Aggregate Management Ltd, a company in which the parent company holds a 50% share. Services costing £16,182 (2023: £66,548) were purchased from this entity.

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr I Mariner

Loan to company

(25,359)

66,210

(50,404)

(9,553)

 

Avon Material Supplies Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr I Mariner

Loan to company

(14,000)

39,041

(50,400)

(25,359)

24

Parent and ultimate parent undertaking

The company's immediate parent is Avon Material Supplies (Holdings) Limited, incorporated in England.