Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
Envoy (`Envoy Capital Management Limited` or the `Envoy group`) is an investor and trading group; with growing interests in the industrials, manufacturing and engineering sectors. Envoy seeks to use its capital and skills to partner with owner managed businesses, to create market leading platforms of scale.
Since Envoy & Partners Limited is an intermediate holding company within the Envoy group, there is no trade through the company level accounts other than dividends received and paid. The business review therefore covers the trading platform results for the financial year.
During the year and for the full financial year under review, Envoy supported a portfolio of four growth platforms; Langfields; Modutec; GQS; and Accord. Envoy also held a majority stake in Ross-Shire Engineering Limited (`RSE`) until July 2023. Since this date, and following the disposal of its majority stake, Envoy has continued supporting RSE through a minority investment. All five platforms enjoyed organic growth, with some being enhanced further via strategic acquisition. The £189m (2023 - £221.5m) of group sales reported in the Envoy Capital Management Limited (`ECM`) accounts for the year to 31 March 2024 (period to 31 March 2023) continues to represent growth across all the trading platforms. Included in the group sales number was £84m of sales generated by the RSE group, which now form part of the discontinued operations of the group following the disposal and re-investment as an associate company. RSE continued to grow as the UK’s trusted clean water technology company developing market leading products and solutions for purifying drinking water, recycling waste water and cleaning water in industrial processes. Their continued growth and reputation in the market resulted in their most successful period of trading through FY24 which contributed significantly to the group results. Langfields provides pressure equipment and high integrity components for the clean and emerging energy markets. In April 2023, Langfields Group Limited invested a majority stake in JGC Engineering and Technical Services Limited, a multi-disciplined engineering business headquartered in Scotland. This acquisition has contributed to the turnover and EBITDA reported in these financial statements. Modutec provide technical solutions to enhance the wellbeing and safety of offshore workers in hazardous environments – across marine, energy and defence industries. GQS supports independent utility developers to manage quality assurance on their capital projects, in order to reduce technical and commercial risk. A changing energy landscape towards offshore wind and liquified gas has led to growth for GQS during the financial period. Accord Business Solutions Limited continues to emerge as a new platform within the Envoy portfolio. Based in the UK, Accord provide Technical Support, Consultancy and Development services to industrial SME’s to unlock growth potential in their businesses.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Market and economic risk
It has been a strategy of the group to place key emphasis on expanding its market and client base to reduce the risk of over concentration. Furthermore, the group continues to work both domestically and internationally to hedge against geographical risks. Financial and commercial risk is prioritised through a conservative approach to debt. In the ECM group, ongoing trading and growth liquidity are key to the ongoing success of the business, therefore robust measures are taken to ensure best practice throughout the group. Foreign exchange as a result of international operations is continually monitored to ensure the impact of currency swings is reduced wherever possible.
Envoy Capital Management Limited and Envoy & Partners Limited operate as an investor and therefore the main financial key performance indicator is return on investments. This is monitored through ability of the portfolio companies to generate cash, as well as increasing the net worth of the individual businesses via a sustained and balanced approach to growth.
Within the portfolio companies, Health, Safety, Quality & Environmental standards are crucial to the protection and development of the business. Increasingly, the focus is on sustainable energy and reducing carbon outputs. Management within all the companies are committed to all of these areas and adhere to ISO 9001, 14001 and 45001 across a number of the portfolio companies. The group also places emphasis on working with its clients to aid their own net zero targets, by offering innovative solutions across the ESG landscape. Talent acquisition, retention and development underpins the success of all companies within the group. The board and management invest heavily in apprenticeship and graduate schemes, technical training, and leadership development. Such initiatives fit within a structured approach to organisation development and the KPIs in this field are closely linked to business performance. The group continues to monitor its financial performance and working capital closely. Capital to execute projects, support seasonal trading, CAPEX and acquisitions are vital for the continued growth and development of the group. This is a key KPI metric for all senior management, along with a suite of financial and commercial metrics established to ensure the group maintains a strong balance sheet.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The directors consider, both individually and collectively, that they have acted in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the year.
When making these decisions the directors have given regard to:
∙The likely consequences of any decisions on the long-term;
∙The interests of the company's employees;
∙The need to foster the group's business relationships with suppliers, customers, and others;
∙The impact of the company's operations on the community and environment;
∙The desirability of the group maintaining a reputation for high standards of business conduct; and
∙The need to act fairly between shareholders of the company.
The Board considers and discusses information from across the organisation to help it understand the impact of the company's operations, and the interests and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance.
As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the director to comply with their legal duty under section 172 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
The profit for the year, after taxation, amounted to £1,026k (2023 - £58,311k).
Dividends of £1.30m were paid during the year (2023 - £25.96m).
The directors who served during the year were:
Cautious optimism has always been the approach of management, aware that business conditions could change at short notice.
The wider group continue to demonstrate an appetite for managed and controlled growth, with a number of acquisitions currently in planning or early execution phase at the balance sheet date.
The company adopts a policy of employee engagement, with management providing staff with updates on the parent company and also the wider Envoy group, via interactive feedback sessions. Management are also pioneering in providing projects personnel with detailed project financial metrics to drive project accountability and encourage feedback on delivery methods.
Furthermore, the company continues to run a number of diverse employee development courses, aimed at building leadership capacity from within the group, to provide infrastructure and capacity needed to support the growth ambitions of the group.
The supply chain within the wider Envoy Capital Management Limited group and parent company has been audited and verified against important criteria such as financial stability, anti-bribery, modern slavery and exploitation, safety, fair employment practices and environmental compliance. In addition, we are constantly reviewing our supply chain for compliance and will continue to support businesses local to each of the group’s worldwide locations that encourage fair employment of the disadvantaged and those that adopt fair ethical trading initiatives within the goods and services they supply to the group.
We strive to pay our suppliers on time, and maintain close relationships with them, providing support where it may be required. The Envoy Capital Management Limited group enjoy a strong relationship with our customer base, built up through our close working relationship over many years. We actively engage with our customers, not only to ensure the services and products we offer are in line with their requirements, but also to ensure high levels of Health and Safety are maintained for our people and to promote solutions which are innovative and environmentally friendly.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The Disability Discrimination Act defines 'disability' as a physical or mental impairment which has a substantial and long-term adverse effect on a person's ability to carry out their normal day-to-day activities. The act makes it unlawful for employees to discriminate against current or prospective workers who have a disability or who have had a disability in the past. When an employer treats a person with a disability less favourably than he treats other people and this cannot be justified then discrimination has taken place. The employer also has a duty to make a 'reasonable adjustment' in relation to the disabled person and failure to do so is again discrimination, if it cannot be justified.
The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
We fully recognise our responsibility to protect the environment and we have a strong environmental policy, objectives and guidelines in place which we review and update regularly. The company complies with all regulations covering the processing and disposal of toxic & non-toxic waste, and uses qualified licensed contractors for the collection and disposal of waste where appropriate. We make every effort to keep our neighbours in the local community safe from any potential harm caused by our activities by closely managing our emissions and waste.
In April 2024, Modutec Limited acquired a majority stake in Seaking Electrical Limited (`Seaking`), headquartered in England. Seaking provides hazardous area electrical services in the marine, defence, renewables and offshore sectors.
In November 2024, Langfields Group Limited acquired a majority shareholding in Premium Fabrications Limited (`PremFab`) based in Rochdale. PremFab specialise in high-end stainless steel fabrication and component manufacture to the pharmaceutical, food and beverage, petrochemical and nuclear industries.
The auditors, Anderson Anderson & Brown Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENVOY & PARTNERS LIMITED
We have audited the financial statements of Envoy & Partners Limited (the 'company') for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENVOY & PARTNERS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENVOY & PARTNERS LIMITED (CONTINUED)
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 Auditors' 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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in the contect was Taxation legislation plus the Companies Act 2006.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls to manipulate the company's key performance indicators to meet targets;
∙Timing and completeness of revenue recognition;
∙Management judgements applied in calculating provisions; and
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness;
∙Evaluating the business rationale of significant transactions outside the normal course of business;
∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
∙Enquiries of management about litigation and claims and inspection of relevant correspondence;
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations; and
∙Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENVOY & PARTNERS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
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BALANCE SHEET
AS AT 31 JANUARY 2024
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BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 27 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Envoy & Partners Limited (the `company`) is a private company limited by shares and is incorporated in the United Kingdom. The address of the registered office is First Floor Aurora House, 8 Inverness Campus, Inverness, IV2 5NA.
The principal activity of the company is as an investor and growth partner providing strategic and financial support to our portfolio companies.
2.Accounting policies
All amounts in the financial statements have been rounded to the nearest £1,000.
The directors, having made due and careful enquiry, are of the opinion that the company have adequate working capital to execute their operations for a period of at least 12 months following the date of approval of these financial statements. As noted in the post balance sheet events note, a new banking facility was entered into post year end as part of the change in ownership of the group. Management have prepared budgets and cashflow forecasts which are reviewed on a regular basis. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation the company plus wider group have adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Envoy Capital Management Limited as at 31 March 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense on profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £
In November 2024, Langfields Group Limited acquired a majority shareholding in Premium Fabrications Limited (`PremFab`) based in Rochdale. PremFab specialise in high-end stainless steel fabrication and component manufacture to the pharmaceutical, food and beverage, petrochemical and nuclear industries.
The immediate controlling party is
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