REGISTERED NUMBER: 02440888 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Automint Limited |
REGISTERED NUMBER: 02440888 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Automint Limited |
Automint Limited (Registered number: 02440888) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Statement of Directors' Responsibilities | 5 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Company Cash Flow Statement | 16 |
Notes to the Cash Flow Statements | 17 |
Notes to the Consolidated Financial Statements | 19 |
Automint Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
and Statutory Auditors |
Abacus House |
Pennine Business Park |
Longbow Close |
Huddersfield |
West Yorkshire |
HD2 1GQ |
Automint Limited (Registered number: 02440888) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
The directors present the strategic report for the year ended 30 April 2024. |
This report is intended to provide useful information to our stakeholders and to assess the company’s strategies. The strategic report contains certain forward looking statements made by the directors in good faith based on the information available. |
REVIEW OF BUSINESS |
Automint provides a premium service, selling high quality suspension and steering components into the commercial vehicle market. The company aims to generate profits/ benefits for all its stakeholders through its economic success and through obtaining sustainable growth. |
Automint provides high quality products and services to our customers by securing and maintaining good quality supply lines, retaining, training, and developing staff, maintaining our corporate reputation, placing extensive resources into research and development, and continually maintaining and improving our internal systems to keep up with legislative, regulatory and customer requirements. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Effective risk management is very important in helping the directors to deliver our purpose, strategy, and commitment to all stakeholders. We do this by identifying, prioritising, monitoring, managing, or mitigating all material risks which allows us to make risk informed decisions and respond to any opportunities or threats that may arise. These risks include: |
CREDIT RISK |
Offering credit facilities to our customers is a very important selling tool but this can lead to default risks. We mitigate these risks by continually monitoring credit ratings, payment trends and credit limits. The company’s exposure to this risk is relatively low due to the number and quality of customers we deal with, and the individual credit facilities offered in relation to overall turnover. |
LIQUIDITY RISK |
The directors manage this risk by having a healthy and well managed cash flow. This allows Automint to take advantage of any opportunities that arise whilst being able to meet all its current and long term obligations. |
COMPETITIVE RISK |
The company competes in a very competitive market. Although competition is high Automint aims to maintain and increase its customer base and sales by offering a premium service, selling quality products at a competitive price. |
INFLATION AND RISING COSTS |
Wage inflation, increase in domestic costs (Utility bills, rent etc), transport costs, and the price of raw materials has shown arise in our operation costs. These may inevitably lead to an increase in selling price in the future, but it is a risk that also affects all our competitors. |
Automint Limited (Registered number: 02440888) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
BUSINESS PERFORMANCE AND POSITION |
The board uses various KPIs throughout the financial year to assess Automint ’s progress against our objectives and strategies, to monitor risks and measure development and performance. So me of those KPIs include: |
2024 | 2023 |
Turnover | 13,214,864 | 11,316,652 |
Gross Profit | 3,842,487 | 3,378,392 |
Net Assets | 7,532,847 | 7,044,001 |
Turnover rose by 16.8% during the financial year, while gross profit only increased by 13.7% year on year. This was mainly due to the rise in buying costs, transportation costs and wages costs. The balance sheet has strengthened with net assets increasing from £7,044,001 in 2023 to £7,532,847 in 2024 showing an increase of 6.9% overall. |
ON BEHALF OF THE BOARD: |
23 January 2025 |
Automint Limited (Registered number: 02440888) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company and group continued to be that of the supply of vehicle spares. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2024 will be £ 485,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
MEDIUM-SIZED COMPANIES EXEMPTION |
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium sized companies exemption. |
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. |
ON BEHALF OF THE BOARD: |
Automint Limited (Registered number: 02440888) |
Statement of Directors' Responsibilities |
for the Year Ended 30 April 2024 |
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Automint Limited |
Opinion |
We have audited the financial statements of Automint Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Automint Limited |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 five, 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 group's and 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 group or the parent 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: |
Using our general commercial and sector experience and through discussions with the directors we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error. |
We examined the company's regulatory and legal correspondence and discussed with the directors any known or suspected instances of fraud or non-compliance with laws and regulations. |
We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements. |
There are inherent limitations in the audit procedures described above and the further removed we are from the non-compliance with laws and regulations in respect of events and transactions reflected in the financial statements, the less likely we would become aware of identifying issues. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve the deliberate concealment, for example, through forgery or intentional misrepresentation, or through collusion. |
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 |
Automint 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. |
for and on behalf of |
and Statutory Auditors |
Abacus House |
Pennine Business Park |
Longbow Close |
Huddersfield |
West Yorkshire |
HD2 1GQ |
Automint Limited (Registered number: 02440888) |
Consolidated Income Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 | 13,214,864 | 11,316,652 |
Cost of sales | 9,372,377 | 7,938,260 |
GROSS PROFIT | 3,842,487 | 3,378,392 |
Distribution costs | 548,838 | 545,427 |
Administrative expenses | 2,067,221 | 1,799,745 |
2,616,059 | 2,345,172 |
1,226,428 | 1,033,220 |
Other operating income | 1,774 | 1,156 |
OPERATING PROFIT | 6 | 1,228,202 | 1,034,376 |
Income from shares in group undertakings | 53,085 | 33,853 |
Interest receivable and similar income | 8 | 32,805 | 3,907 |
85,890 | 37,760 |
PROFIT BEFORE TAXATION | 1,314,092 | 1,072,136 |
Tax on profit | 9 | 340,246 | 217,082 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 989,474 | 865,878 |
Non-controlling interests | (15,628 | ) | (10,824 | ) |
973,846 | 855,054 |
Automint Limited (Registered number: 02440888) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 973,846 | 855,054 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
973,846 |
855,054 |
Total comprehensive income attributable to: |
Owners of the parent | 989,449 | 865,878 |
Non-controlling interests | (15,603 | ) | (10,824 | ) |
973,846 | 855,054 |
Automint Limited (Registered number: 02440888) |
Consolidated Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 | 511,753 | 481,390 |
Investments | 13 | - | - |
511,753 | 481,390 |
CURRENT ASSETS |
Stocks | 14 | 3,439,190 | 2,962,586 |
Debtors | 15 | 4,438,487 | 3,927,313 |
Cash at bank and in hand | 1,300,464 | 1,566,958 |
9,178,141 | 8,456,857 |
CREDITORS |
Amounts falling due within one year | 16 | 1,949,796 | 1,706,570 |
NET CURRENT ASSETS | 7,228,345 | 6,750,287 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,740,098 |
7,231,677 |
PROVISIONS FOR LIABILITIES | 18 | 207,251 | 187,676 |
NET ASSETS | 7,532,847 | 7,044,001 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 17,000 | 17,000 |
Retained earnings | 20 | 7,542,822 | 7,038,348 |
SHAREHOLDERS' FUNDS | 7,559,822 | 7,055,348 |
NON-CONTROLLING INTERESTS | (26,975 | ) | (11,347 | ) |
TOTAL EQUITY | 7,532,847 | 7,044,001 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by: |
Mr P E Rawnsley - Director |
Automint Limited (Registered number: 02440888) |
Company Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,036,157 | 898,350 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Automint Limited (Registered number: 02440888) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 May 2022 | 17,000 | 6,497,470 | 6,514,470 | (523 | ) | 6,513,947 |
Changes in equity |
Dividends | - | (325,000 | ) | (325,000 | ) | - | (325,000 | ) |
Total comprehensive income | - | 865,878 | 865,878 | (10,824 | ) | 855,054 |
Balance at 30 April 2023 | 17,000 | 7,038,348 | 7,055,348 | (11,347 | ) | 7,044,001 |
Changes in equity |
Dividends | - | (485,000 | ) | (485,000 | ) | - | (485,000 | ) |
Total comprehensive income | - | 989,474 | 989,474 | (15,603 | ) | 973,871 |
Balance at 30 April 2024 | 17,000 | 7,542,822 | 7,559,822 | (26,950 | ) | 7,532,872 |
Automint Limited (Registered number: 02440888) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
Automint Limited (Registered number: 02440888) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 546,851 | 1,036,253 |
Tax paid | (214,499 | ) | (276,669 | ) |
Net cash from operating activities | 332,352 | 759,584 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (208,030 | ) | (191,528 | ) |
Sale of tangible fixed assets | 74 | 13,281 |
Interest received | 32,805 | 3,907 |
Dividends received | 53,085 | 33,853 |
Net cash from investing activities | (122,066 | ) | (140,487 | ) |
Cash flows from financing activities |
Amount introduced by directors | 219,299 | - |
Amount withdrawn by directors | (211,079 | ) | - |
Equity dividends paid | (485,000 | ) | (325,000 | ) |
Net cash from financing activities | (476,780 | ) | (325,000 | ) |
(Decrease)/increase in cash and cash equivalents | (266,494 | ) | 294,097 |
Cash and cash equivalents at beginning of year |
2 |
1,566,958 |
1,272,861 |
Cash and cash equivalents at end of year | 2 | 1,300,464 | 1,566,958 |
Automint Limited (Registered number: 02440888) |
Company Cash Flow Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 219,299 | - |
Amount withdrawn by directors | (211,079 | ) | - |
Amounts received from group undertakings | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,236,919 |
Cash and cash equivalents at end of year | 2 | 1,259,186 | 1,507,071 |
Automint Limited (Registered number: 02440888) |
Notes to the Cash Flow Statements |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Profit before taxation | 1,314,092 | 1,072,136 |
Depreciation charges | 177,667 | 165,736 |
Profit on disposal of fixed assets | (74 | ) | (4,011 | ) |
Increase in provisions | 24,000 | 16,000 |
Finance income | (85,890 | ) | (37,760 | ) |
1,429,795 | 1,212,101 |
(Increase)/decrease in stocks | (476,604 | ) | 49,118 |
Increase in trade and other debtors | (511,174 | ) | (265,250 | ) |
Increase in trade and other creditors | 104,834 | 40,284 |
Cash generated from operations | 546,851 | 1,036,253 |
Company |
30.4.24 | 30.4.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Increase in provisions | 24,000 | 16,000 |
Finance income | (85,890 | ) | (37,760 | ) |
1,481,152 | 1,248,286 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Group | Company |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 | 30.4.24 | 1.5.23 |
£ | £ | £ | £ |
Cash and cash equivalents | 1,300,464 | 1,566,958 | 1,259,186 | 1,507,071 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 | 30.4.23 | 1.5.22 |
£ | £ | £ | £ |
Cash and cash equivalents | 1,566,958 | 1,272,861 | 1,507,071 | 1,236,919 |
Automint Limited (Registered number: 02440888) |
Notes to the Cash Flow Statements |
for the Year Ended 30 April 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Group |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,566,958 | (266,494 | ) | 1,300,464 |
1,566,958 | (266,494 | ) | 1,300,464 |
Total | 1,566,958 | (266,494 | ) | 1,300,464 |
Company |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,507,071 | (247,885 | ) | 1,259,186 |
1,507,071 | ( |
) | 1,259,186 |
Total | 1,507,071 | (247,885 | ) | 1,259,186 |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Automint Limited is a |
2. | ACCOUNTING POLICIES |
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 a mounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company |
Automint Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates |
All financial statements are made up to 30 April 2024 . Where necessary, adjustments ar e 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. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
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: |
Leasehold land and buildings | straight line over 5 years |
Plant and equipment | straight line over 3 - 5 years |
Fixtures and fittings | straight line over 5 years |
Computers | straight line over 3 years |
Motor vehicles | 25% - 49% reducing balance |
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. |
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 th e 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. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
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. |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
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. |
Provisions |
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account t he risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. |
When a provision i s measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | 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. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
30.4.24 | 30.4.23 |
£ | £ |
United Kingdom | 12,104,194 | 10,550,868 |
Europe | 1,075,622 | 734,238 |
Rest of the world | 35,048 | 31,546 |
13,214,864 | 11,316,652 |
5. | EMPLOYEES AND DIRECTORS |
30.4.24 | 30.4.23 |
£ | £ |
Wages and salaries | 1,764,314 | 1,590,027 |
Social security costs | 161,616 | 154,344 |
Other pension costs | 140,365 | 91,710 |
2,066,295 | 1,836,081 |
The average number of employees during the year was as follows: |
30.4.24 | 30.4.23 |
Administration staff | 27 | 27 |
Warehouse staff | 23 | 21 |
30.4.24 | 30.4.23 |
£ | £ |
Directors' remuneration | 339,675 | 265,821 |
Directors' pension contributions to money purchase schemes | 90,000 | 52,500 |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
Information regarding the highest paid director is as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Emoluments etc | 90,233 | 73,663 |
Pension contributions to money purchase schemes | 30,000 | 17,500 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.24 | 30.4.23 |
£ | £ |
Other operating leases | 562,658 | 499,475 |
Depreciation - owned assets | 177,667 | 165,736 |
Profit on disposal of fixed assets | (74 | ) | (4,011 | ) |
Foreign exchange differences | (24,486 | ) | 36,969 |
Research and development costs | 43,585 | - |
Government grants | (1,774 | ) | - |
7. | AUDITORS' REMUNERATION |
30.4.24 | 30.4.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
15,000 |
10,703 |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
30.4.24 | 30.4.23 |
£ | £ |
Deposit account interest | 22,468 | 3,907 |
Other interest received | 10,337 | - |
32,805 | 3,907 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Current tax: |
UK corporation tax | 344,671 | 235,198 |
Deferred tax | (4,425 | ) | (18,116 | ) |
Tax on profit | 340,246 | 217,082 |
UK corporation tax has been charged at 25 % . |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | 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: |
30.4.24 | 30.4.23 |
£ | £ |
Profit before tax | 1,314,092 | 1,072,136 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.500 %) |
328,523 |
209,067 |
Effects of: |
Expenses not deductible for tax purposes | 7,673 | 5,591 |
Unutilised tax losses carried forward | 15,578 | - |
Effect of change in corporation tax rate | - | (3,986 | ) |
Depreciation on assets not qualifying for tax allowances | 1,743 | 1,223 |
Other non-reversing timing differences | (13,271 | ) | - |
Other permanent differences | - | 3,076 |
Other short term timing differences | - | 2,111 |
Total tax charge | 340,246 | 217,082 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
30.4.24 | 30.4.23 |
£ | £ |
Final | 485,000 | 325,000 |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Improvements | Plant and | and |
to property | machinery | fittings |
£ | £ | £ |
COST |
At 1 May 2023 | 255,649 | 950,670 | 5,191 |
Additions | 4,693 | 72,666 | 605 |
Disposals | (1,300 | ) | (89,430 | ) | - |
At 30 April 2024 | 259,042 | 933,906 | 5,796 |
DEPRECIATION |
At 1 May 2023 | 171,390 | 616,972 | 3,722 |
Charge for year | 22,786 | 115,586 | 578 |
Eliminated on disposal | (1,300 | ) | (89,430 | ) | - |
At 30 April 2024 | 192,876 | 643,128 | 4,300 |
NET BOOK VALUE |
At 30 April 2024 | 66,166 | 290,778 | 1,496 |
At 30 April 2023 | 84,259 | 333,698 | 1,469 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 271,211 | - | 1,482,721 |
Additions | 129,088 | 978 | 208,030 |
Disposals | - | - | (90,730 | ) |
At 30 April 2024 | 400,299 | 978 | 1,600,021 |
DEPRECIATION |
At 1 May 2023 | 209,247 | - | 1,001,331 |
Charge for year | 38,669 | 48 | 177,667 |
Eliminated on disposal | - | - | (90,730 | ) |
At 30 April 2024 | 247,916 | 48 | 1,088,268 |
NET BOOK VALUE |
At 30 April 2024 | 152,383 | 930 | 511,753 |
At 30 April 2023 | 61,964 | - | 481,390 |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Improvements | Plant and | Motor | Computer |
to property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
The Buddy Bear Company Ltd |
Registered office: 11 Station Road, Bradley, Huddersfield, HD2 1US |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
On Air Suspension Ltd |
Registered office: Unit 6 Paslow Hall Farm Estate, King Street, High Ongar, Essex, CM5 9QZ |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 75.00 |
Automint ROI Ltd |
Registered office: Unit 7 Fieldhouse Park, Old Fieldhouse Lane, Huddersfield, West Yorkshire, HD2 1FA |
Nature of business: Subsidiary |
% |
Class of shares: | holding |
Ordinary | 100.00 |
14. | STOCKS |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Stocks | 2,952,793 | 2,545,369 |
Finished goods | 486,397 | 417,217 |
3,439,190 | 2,962,586 |
15. | DEBTORS |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,354,285 | 2,952,426 |
Other debtors | 4,650 | 100 |
Prepayments and accrued income | 318,043 | 213,278 |
3,676,978 | 3,165,804 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Other debtors | 761,509 | 761,509 |
761,509 | 761,509 |
Aggregate amounts | 4,438,487 | 3,927,313 |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Trade creditors | 893,918 | 757,368 |
Tax | 227,072 | 96,900 |
Social security and other tax | 41,708 | 36,773 |
VAT | 271,728 | 270,200 | 262,520 | 263,824 |
Directors' loan accounts | 133,867 | 125,647 | 133,967 | 125,747 |
Accruals and deferred income | 375,589 | 411,994 |
Deferred government grants | 5,914 | 7,688 |
1,949,796 | 1,706,570 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year | 413,593 | 344,235 |
Between one and five years | 1,359,734 | 1,308,111 |
In more than five years | 314,668 | 641,688 |
2,087,995 | 2,294,034 |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Deferred tax | 17,251 | 21,676 | 17,251 | 21,676 |
Other provisions |
Dilapidations | 190,000 | 166,000 | 190,000 | 166,000 |
Aggregate amounts | 207,251 | 187,676 | 207,251 | 187,676 |
Group |
Deferred |
tax | Dilapidations |
£ | £ |
Balance at 1 May 2023 | 21,676 | 166,000 |
Provided during year | - | 24,000 |
Credit to Income Statement during year | (4,425 | ) | - |
Balance at 30 April 2024 | 17,251 | 190,000 |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
18. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax | Dilapidations |
£ | £ |
Balance at 1 May 2023 |
Provided during year |
Credit to Income Statement during year | ( |
) |
Balance at 30 April 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 17,000 | 17,000 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 May 2023 | 7,038,348 |
Profit for the year | 989,474 |
Dividends | (485,000 | ) |
At 30 April 2024 | 7,542,822 |
Company |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 April 2024 |
21. | PENSION COMMITMENTS |
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes in the year was £140,365 (2023: £91,710). |
Automint Limited (Registered number: 02440888) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
22. | RELATED PARTY TRANSACTIONS |
The sales by Automint Limited to the group undertakings during the year amounted to £70,719 The transactions were completed at cost plus a charge to cover administration. Purchases from group undertakings by Automint Limited during the year amounted to £10,207 and were conducted on normal commercial terms. |
The amounts owed to Automint Limited at 30 April 2024 from group undertakings amounted to £1,174,412 which also includes loans made to such parties. |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr P E Rawnsley. |
24. | GOVERNMENT GRANTS |
Liabilities arising from government grants in the year amounted to £5,914 (2023: £7,688) for the group and £NIL (2023: £NIL) for the company. |