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Registration number: 08179185

Avon Material Supplies (Holdings) Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

Avon Material Supplies (Holdings) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 31

 

Avon Material Supplies (Holdings) Limited

Company Information

Directors

Mr I Mariner

Mr J Howarth

Mr S Mariner

Mrs Leach

Registered office

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

Accountants

Elysium Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

Auditors

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

 

Avon Material Supplies (Holdings) Limited

Strategic Report for the Year Ended 30 April 2024

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

In preparing the strategic report, the directors have complied with s414 Companies Act 2006.

Principal activity

The principal activity of the group is that of a holding company for a trading group.The group's activity is aggregate sales and haulage.

Fair review of the business

The Board's strategy of diversification of its core activities has resulted in another year of strong performance both in terms of improved turnover and profitability. Group turnover increased from £16,912,880 to £18,117,308 this year. Group profit before tax also rose from £281,321 to £793,541.

Despite increases in operational costs which are being felt across the industry, the Board plans to continue to expand its customer base and expects to yield further growth into 2025 and beyond.



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

Financial KPIs

Unit

2024

2023

Gross Profit

%

24

25

Net Profit before tax

%

4

2

Principal risks and uncertainties

The group will always be exposed to fluctuations in the economy and also be vulnerable to fuel price increases. However a continued development in the customer base together with the investment in new vehicles, helps to mitigate these potential risks.

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

.........................................
Mr I Mariner
Director

 

Avon Material Supplies (Holdings) Limited

Directors' Report for the Year Ended 30 April 2024

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

Directors of the group

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

Mr I Mariner

Mr J Howarth

Mr S Mariner

Mrs Leach

Dividends
Dividends totalling £72,400 were paid on the company's Ordinary A,B,C and D shares during the year. The directors do not recommend payment of further dividends.

Financial instruments

Objectives and policies

The group mitigates its main commercial risks by continuing its customer base development.

Price risk, credit risk, liquidity risk and cash flow risk

The group continues to have positive cashflow which facilitates the required future investment. In the opinion of the directors there are no significant risks to the group.

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

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

.........................................
Mr I Mariner
Director

 

Avon Material Supplies (Holdings) 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 group and the company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Avon Material Supplies (Holdings) Limited

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

Opinion

We have audited the financial statements of Avon Material Supplies (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 group's and the parent company's 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 auditor 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 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 group'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 (Holdings) Limited

Independent Auditor's Report to the Members of Avon Material Supplies (Holdings) 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 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 regulatory frameworks applicable to the group and the sector in which it operates. We determined the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws.

 

Avon Material Supplies (Holdings) Limited

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

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

we assessed the susceptibility of the group'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 judgments 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 the 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 (Holdings) Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

18,117,308

16,912,880

Cost of sales

 

(13,709,570)

(12,610,762)

Gross profit

 

4,407,738

4,302,118

Administrative expenses

 

(3,558,052)

(3,949,797)

Operating profit

5

849,686

352,321

Other interest receivable and similar income

6

50,160

12,046

Interest payable and similar expenses

7

(106,304)

(83,046)

   

(56,144)

(71,000)

Profit before tax

 

793,542

281,321

Tax on profit

11

(80,639)

(153,713)

Profit for the financial year

 

712,903

127,608

Profit/(loss) attributable to:

 

Owners of the company

 

712,903

127,608

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

 

Avon Material Supplies (Holdings) Limited

(Registration number: 08179185)
Consolidated Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

544,250

-

Tangible assets

13

4,339,814

3,837,831

Investments

14

50

50

 

4,884,114

3,837,881

Current assets

 

Stocks

15

75,182

32,105

Debtors

16

5,402,419

4,218,590

Cash at bank and in hand

 

2,244,270

2,800,634

 

7,721,871

7,051,329

Creditors: Amounts falling due within one year

18

(5,249,256)

(4,104,572)

Net current assets

 

2,472,615

2,946,757

Total assets less current liabilities

 

7,356,729

6,784,638

Creditors: Amounts falling due after more than one year

18

(1,551,619)

(1,751,422)

Provisions for liabilities

19

(602,840)

(471,449)

Net assets

 

5,202,270

4,561,767

Capital and reserves

 

Called up share capital

21

300

300

Retained earnings

5,201,970

4,561,467

Equity attributable to owners of the company

 

5,202,270

4,561,767

Shareholders' funds

 

5,202,270

4,561,767

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

.........................................
Mr I Mariner
Director

 

Avon Material Supplies (Holdings) Limited

(Registration number: 08179185)
Company Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

14

10,350

10,250

Current assets

 

Cash at bank and in hand

 

551

603

Creditors: Amounts falling due within one year

18

(603,748)

(604,323)

Net current liabilities

 

(603,197)

(603,720)

Net liabilities

 

(592,847)

(593,470)

Capital and reserves

 

Called up share capital

21

300

300

Retained earnings

(593,147)

(593,770)

Shareholders' deficit

 

(592,847)

(593,470)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account as part of these financial statements. The company made a profit after tax for the financial year of £73,024 (2023 - loss of £562,055).

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

.........................................
Mr I Mariner
Director

 

Avon Material Supplies (Holdings) Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 May 2023

300

4,561,467

4,561,767

4,561,767

Profit for the year

-

712,903

712,903

712,903

Dividends

-

(72,400)

(72,400)

(72,400)

At 30 April 2024

300

5,201,970

5,202,270

5,202,270

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 May 2022

300

4,488,259

4,488,559

4,488,559

Profit for the year

-

127,608

127,608

127,608

Dividends

-

(54,400)

(54,400)

(54,400)

At 30 April 2023

300

4,561,467

4,561,767

4,561,767

 

Avon Material Supplies (Holdings) Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 May 2023

300

(593,771)

(593,471)

Profit for the year

-

73,024

73,024

Dividends

-

(72,400)

(72,400)

At 30 April 2024

300

(593,147)

(592,847)

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

300

22,685

22,985

Loss for the year

-

(562,055)

(562,055)

Dividends

-

(54,400)

(54,400)

At 30 April 2023

300

(593,770)

(593,470)

 

Avon Material Supplies (Holdings) Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

712,903

127,608

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,251,592

1,060,124

Profit on disposal of tangible assets

4

(283,960)

(191,365)

Loss from disposals of investments

4

-

619,338

Finance income

6

(50,160)

(12,046)

Finance costs

7

106,304

83,046

Income tax expense

11

80,639

153,713

 

1,817,318

1,840,418

Working capital adjustments

 

Increase in stocks

15

(43,077)

(32,105)

(Increase)/decrease in trade debtors

16

(1,183,829)

446,438

Increase in trade creditors

18

1,181,071

345,663

Cash generated from operations

 

1,771,483

2,600,414

Income taxes received

11

50,075

20,020

Net cash flow from operating activities

 

1,821,558

2,620,434

Cash flows from investing activities

 

Interest received

50,160

12,046

Acquisitions of tangible assets

(1,832,331)

(1,622,428)

Proceeds from sale of tangible assets

 

403,465

190,381

Acquisition of intangible assets

12

(585,000)

-

Acquisition of investments in joint ventures and associates

14

-

(50)

Proceeds from disposal of investments in joint ventures and associates

 

-

(619,338)

Proceeds from disposal of financial investments other than trading investments

 

-

264,081

Net cash flows from investing activities

 

(1,963,706)

(1,775,308)

Cash flows from financing activities

 

Interest paid

7

(106,304)

(83,046)

Proceeds from bank borrowing draw downs

 

(99,999)

(84,502)

Payments to finance lease creditors

 

(135,513)

214,048

Dividends paid

(72,400)

(54,400)

Net cash flows from financing activities

 

(414,216)

(7,900)

Net (decrease)/increase in cash and cash equivalents

 

(556,364)

837,226

Cash and cash equivalents at 1 May

 

2,800,634

1,963,408

Cash and cash equivalents at 30 April

 

2,244,270

2,800,634

 

Avon Material Supplies (Holdings) 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:
Canford Recycling Centre
Arena Way
Magna Road
Wimborne
Dorset
BH21 3BW

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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 £.

 

Avon Material Supplies (Holdings) Limited

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

Judgements and key sources of estimation uncertainty
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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

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.

 

Avon Material Supplies (Holdings) Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and office equipment

3 years straight line

Fixtures & fittings

20% on cost

Plant & machinery

20% on cost

Motor vehicles

20% on cost

Improvements to property

20% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

 

Avon Material Supplies (Holdings) Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Investments in joint ventures
A joint venture is an activity that is controlled jointly by the group and one or more other investors under a contractual arrangement. The group has an investment in a joint venture established in a separate legal entity (a jointly controlled entity).

Investments in joint ventures are recognised at cost less impairment.

 

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.

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 group 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 group 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.

 

Avon Material Supplies (Holdings) Limited

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

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 group's Turnover for the year from continuing operations is as follows:

 

Avon Material Supplies (Holdings) Limited

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

2024
£

2023
£

Sale of goods

18,117,308

16,909,320

Interest received

-

3,560

18,117,308

16,912,880

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

283,960

191,365

Loss from disposals of investments

-

(619,338)

283,960

(427,973)

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,210,842

1,060,124

Amortisation expense

40,750

-

Operating lease expense - plant and machinery

3,216

8,800

Profit on disposal of property, plant and equipment

(283,960)

(191,365)

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

50,160

12,046

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

12,085

27,581

Interest on obligations under finance leases and hire purchase contracts

94,195

55,444

Interest expense on other finance liabilities

24

21

106,304

83,046

 

Avon Material Supplies (Holdings) Limited

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

8

Staff costs

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

2024
£

2023
£

Wages and salaries

2,836,047

2,389,912

Social security costs

313,078

269,691

Pension costs, defined contribution scheme

70,983

118,151

Other employee expense

41,855

29,192

3,261,963

2,806,946

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

2024
No.

2023
No.

Administration and support

27

28

Other departments

47

33

74

61

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

246,190

255,273

Contributions paid to money purchase schemes

21,000

40,000

267,190

295,273

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

13,000

13,750


 

11

Taxation

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

 

Avon Material Supplies (Holdings) Limited

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

2024
£

2023
£

Current taxation

UK corporation tax

(50,752)

(21,372)

Deferred taxation

Arising from origination and reversal of timing differences

131,391

175,085

Tax expense in the income statement

80,639

153,713

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

793,542

281,321

Corporation tax at standard rate

198,386

53,451

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

26,585

11,964

Utilisation of tax losses

(275,722)

(86,787)

Tax increase from effect of capital allowances and depreciation

131,390

175,085

Total tax charge

80,639

153,713

 

Avon Material Supplies (Holdings) Limited

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

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

150,000

150,000

Additions acquired separately

585,000

585,000

At 30 April 2024

735,000

735,000

Amortisation

At 1 May 2023

150,000

150,000

Amortisation charge

40,750

40,750

At 30 April 2024

190,750

190,750

Carrying amount

At 30 April 2024

544,250

544,250

13

Tangible assets

Group

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

31,864

1,272,804

85,401

5,544,809

Additions

6,500

708,312

6,675

1,110,844

Disposals

-

(73,450)

-

(1,011,062)

At 30 April 2024

38,364

1,907,666

92,076

5,644,591

Depreciation

At 1 May 2023

28,986

448,218

63,102

2,556,742

Charge for the year

1,919

218,468

14,973

975,482

Eliminated on disposal

-

(73,450)

-

(891,557)

At 30 April 2024

30,905

593,236

78,075

2,640,667

Carrying amount

At 30 April 2024

7,459

1,314,430

14,001

3,003,924

At 30 April 2023

2,878

824,586

22,299

2,988,068

 

Avon Material Supplies (Holdings) Limited

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

Total
£

Cost or valuation

At 1 May 2023

6,934,878

Additions

1,832,331

Disposals

(1,084,512)

At 30 April 2024

7,682,697

Depreciation

At 1 May 2023

3,097,048

Charge for the year

1,210,842

Eliminated on disposal

(965,007)

At 30 April 2024

3,342,883

Carrying amount

At 30 April 2024

4,339,814

At 30 April 2023

3,837,831

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

2,898,778

2,907,371

Plant and machinery

332,033

380,086

3,230,811

3,287,457

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

10,300

10,200

Investments in joint ventures

50

50

10,350

10,250

 

Avon Material Supplies (Holdings) Limited

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

Subsidiaries

£

Cost or valuation

At 1 May 2023

10,200

Additions

100

At 30 April 2024

10,300

Carrying amount

At 30 April 2024

10,300

At 30 April 2023

10,200

Joint ventures

£

Cost

At 1 May 2023

50

Provision

Carrying amount

At 30 April 2024

50

At 30 April 2023

50

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Avon Material Supplies Limited

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

Ordinary £1

100%

100%

Avon Material Supplies (Plant Hire) Limited

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

Ordinary £1

100%

100%

Avon Material Supplies (Transport) Limited

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

Ordinary £1

100%

100%

 

Avon Material Supplies (Holdings) Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

AMS (Doonans) Ltd

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

Ordinary £1 shares

100%

0%

Joint ventures

Waste & Aggregate Management Ltd

Energy Control Centre
Arena Way
Wimborne
Dorset
BH21 3BW

Ordinary £1

50%

50%

Subsidiary undertakings

Avon Material Supplies Limited

The principal activity of Avon Material Supplies Limited is sales and haulage . The profit for the financial period of Avon Material Supplies Limited was £625,675 and the aggregate amount of Capital and reserves at the end of the period was £3,806,545.

Avon Material Supplies (Plant Hire) Limited

The principal activity of Avon Material Supplies (Plant Hire) Limited is plant hire. The profit for the financial period of Avon Material Supplies (Plant Hire) Limited was £454,470 and the aggregate amount of Capital and reserves at the end of the period was £2,071,981.

Avon Material Supplies (Transport) Limited

The principal activity of Avon Material Supplies (Transport) Limited is collection and transport of materials. The loss for the financial period of Avon Material Supplies (Transport) Limited was £294,556 and the aggregate amount of Capital and reserves at the end of the period was £100.

AMS (Doonans) Ltd

The principal activity of AMS (Doonans) Ltd is supply of concrete and aggregate services. The loss for the financial period of AMS (Doonans) Ltd was £73,308 and the aggregate amount of Capital and reserves at the end of the period was £(73,208).

Joint ventures

Waste & Aggregate Management Ltd

The principal activity of Waste & Aggregate Management Ltd is operation of gravel and sand pits.

On 9 May 2022 the parent company and Commercial Recycling Southern Limited formed a joint venture, Waste & Aggregate Management Ltd. On incorporation, both parties contributed £50 in exchange for 50% of the share capital.

Waste & Aggregate Management Ltd's profit or loss for the year to 30 April 2024 is immaterial.

 

Avon Material Supplies (Holdings) Limited

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

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

75,182

32,105

-

-

16

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

5,098,406

3,947,339

-

-

Other debtors

250,572

158,961

-

-

Prepayments

53,441

112,290

-

-

 

5,402,419

4,218,590

-

-

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

1,960,853

2,002,867

551

603

Short-term deposits

283,417

797,767

-

-

2,244,270

2,800,634

551

603

 

Avon Material Supplies (Holdings) Limited

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

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

1,157,624

1,193,334

-

-

Trade creditors

 

3,513,411

2,374,023

-

-

Amounts due to related parties

25

9,554

35,358

603,696

603,596

Social security and other taxes

 

431,648

363,457

-

-

Outstanding defined contribution pension costs

 

16,006

4,574

-

-

Other payables

 

52

12,011

52

50

Accruals

 

120,961

121,138

-

-

Income tax liability

11

-

677

-

677

 

5,249,256

4,104,572

603,748

604,323

Due after one year

 

Loans and borrowings

22

1,551,619

1,751,422

-

-

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 May 2023

471,449

471,449

Increase (decrease) in existing provisions

131,391

131,391

At 30 April 2024

602,840

602,840

 

Avon Material Supplies (Holdings) Limited

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

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £70,983 (2023 - £118,151).

Contributions totalling £16,006 (2023 - £4,574) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' of £1 each

120

120

120

120

Ordinary 'B' of £1 each

120

120

120

120

Ordinary 'C' of £1 each

30

30

30

30

Ordinary 'D' of £1 each

30

30

30

30

300

300

300

300

Rights, preferences and restrictions

The ordinary 'A', 'B', 'C' and 'D' shares carry equal voting rights and rights to profit and capital distribution.

 

Avon Material Supplies (Holdings) Limited

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

22

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

39,172

139,172

-

-

Hire purchase contracts

1,512,447

1,612,250

-

-

1,551,619

1,751,422

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

100,000

100,000

-

-

Hire purchase contracts

1,057,624

1,093,334

-

-

1,157,624

1,193,334

-

-

Group

Bank borrowings - Secured

Bank borrowings is denominated in sterling with a nominal interest rate of 4.32%%, 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.

Other borrowings
The carrying amount of Hire Purchase at the year end is £2,570,071 (2023: £2,705,584).

Hire purchase agreements are secured on the specific vehicles purchased. Loans are repayable over periods up to six years.

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

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).

 

Avon Material Supplies (Holdings) Limited

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

24

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £110.00 (2023 - £120.00) per each Ordinary 'A' share

13,200

13,200

Interim dividend of £476.67 (2023 - £120.00) per each Ordinary 'B' share

57,200

37,200

Interim dividend of £33.33 (2023 - £66.67) per each Ordinary 'C' share

1,000

2,000

Interim dividend of £33.33 (2023 - £66.67) per each Ordinary 'D' share

1,000

2,000

72,400

54,400

25

Related party transactions

Group

During the year the group traded at preferential rates with an entity in which three of the directors of the parent company are also directors. The group' subsidiaries made sales totalling £1,141,143 (2023: £1,450,217) to this entity and purchased £4,500,111 (2023: £3,779,654) worth of goods and materials from this entity. At the year-end the entity owed group companies £472,176 (2023: £327,653) and was owed £2,056,671 (2023: £721,860) by group companies.

Two of the parent company directors also received remuneration totalling £75,000 (2023: £73,709) from this entity during the year.

Transactions also took place between a subsidiary and Waste & Aggregate Management Ltd, an enity in which the parent company holds a 50% share. Services costing £16,182 (2023: £66,548) were charged by 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

(66,207)

50,400

9,552

-

-

-

-

25,359

(66,207)

50,400

9,552

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

14,000

(39,041)

50,400

25,359

 

Avon Material Supplies (Holdings) Limited

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

26

Ultimate controlling party

The ultimate controlling party is Mr I Mariner.