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Registration number: 12473811

Sudbury Dry Lining Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

Sudbury Dry Lining Group Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditor's Report

4 to 7

Consolidated Profit and Loss Account and Statement of Retained Earnings

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Cash Flows

11

Notes to the Financial Statements

12 to 27

 

Sudbury Dry Lining Group Limited

Company Information

Directors

Mr C P Duffy

Mr P Duffy

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Auditors

Xeinadin Audit Limited
Chartered Accountants
Statutory Auditors8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

 

Sudbury Dry Lining Group Limited

Strategic Report for the Year Ended 30 April 2024

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

Principal activity

The principal activity of the group is that of a parent holding company and plastering contractor.

Fair review of the business

The directors are pleased that the group has continued to perform well in the financial year ending April 2024. As in previous years, the market remains extremely competitive with continued pressure on margins. Having recognized this, the group continues to take a cautious approach to the projects they have undertaken in order to ensure profitability.

The outlook for the year ahead is positive with multiple projects already secured, and the directors are anticipating a continued increase in levels of turnover and profits for the coming year. This is expected to be achieved through actively looking for new clients and projects, whilst continuing to maintain good working relationships with existing key clients, which will feed through to a growth in turnover.

The industry has been effected by recent changes in fire safety legislation which has had a knock on effect of delaying the start of some projects. This may impact the group’s future pipeline of work, but the directors consider that with contracts already secured, the group is on course to see healthy growth in the financial year ending April 2025.

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

Financial KPIs

Unit

2024

2023

Turnover

£

16,184,611

14,341,640

Gross Profit

£

3,575,135

2,157,025

Gross Profit %

%

22

15

Administration Expenses

£

1,437,569

1,304,528

Operating Profit/(Loss)

£

2,137,898

852,497

Profit/(Loss) for the Financial Year

£

1,567,801

589,390

Principal risks and uncertainties

The directors understand the need to manage the risks to the group and continue to monitor trading performance on a regular basis and consider the following matters to be the principal risks and uncertainties.

In relation to the key financial risks on price, credit, liquidity, and cash flow, the directors have familiarised themselves with the concepts of these risks and have assessed that at this time there is no significant exposure to the group.

The directors will continue to improve the group’s processes and explore other areas for expansion. The directors will continue to monitor the group’s activities to address any significant risks that do arise to ensure these are minimised to the maximum possible extent.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Dry Lining Group 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 C P Duffy

Mr P Duffy

Statement of directors' responsibilities

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

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable 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 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.

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.

Reappointment of auditors

The auditors Xeinadin Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Dry Lining Group Limited

Independent Auditor's Report to the Members of Sudbury Dry Lining Group Limited

Opinion

We have audited the financial statements of Sudbury Dry Lining Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, 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.

We have nothing to report in this regard.

 

Sudbury Dry Lining Group Limited

Independent Auditor's Report to the Members of Sudbury Dry Lining Group Limited

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 3], 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 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.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Sudbury Dry Lining Group Limited

Independent Auditor's Report to the Members of Sudbury Dry Lining Group Limited

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

 

Sudbury Dry Lining Group Limited

Independent Auditor's Report to the Members of Sudbury Dry Lining Group 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 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.

......................................
Andrew Thomas (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
Chartered Accountants
Statutory Auditors
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

30 January 2025

 

Sudbury Dry Lining Group Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

16,184,611

14,341,640

Cost of sales

 

(12,609,476)

(12,184,615)

Gross profit

 

3,575,135

2,157,025

Administrative expenses

 

(1,437,569)

(1,304,528)

Other operating income

332

-

Operating profit

5

2,137,898

852,497

Income from other fixed asset investments

 

51,751

2,822

Other interest receivable and similar income

6

95,233

12,136

 

146,984

14,958

Profit before tax

 

2,284,882

867,455

Taxation

10

(717,081)

(278,065)

Profit for the financial year

 

1,567,801

589,390

Profit/(loss) attributable to:

 

Owners of the company

 

1,567,801

589,390

Retained earnings brought forward

 

141,520

(357,870)

Dividends paid

 

(86,900)

(90,000)

Retained earnings carried forward

 

1,622,421

141,520

 

Sudbury Dry Lining Group Limited

(Registration number: 12473811)
Consolidated Balance Sheet as at 30 April 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Intangible assets

11

 

3,271,496

 

3,830,007

Tangible assets

12

 

236,001

 

106,809

Other financial assets

14

 

652,105

 

600,354

   

4,159,602

 

4,537,170

Current assets

   

 

Debtors

15

5,476,992

 

3,100,239

 

Cash at bank and in hand

 

4,413,119

 

3,231,779

 

 

9,890,111

 

6,332,018

 

Creditors: Amounts falling due within one year

17

(4,396,600)

 

(1,540,901)

 

Net current assets

   

5,493,511

 

4,791,117

Total assets less current liabilities

   

9,653,113

 

9,328,287

Creditors: Amounts falling due after more than one year

17

 

(3,000,000)

 

(3,742,180)

Provisions for liabilities

18

 

(30,592)

 

(444,487)

Net assets

   

6,622,521

 

5,141,620

Capital and reserves

   

 

Called up share capital

20

200

 

200

 

Merger relief reserve

4,999,900

 

4,999,900

 

Retained earnings

1,622,421

 

141,520

 

Equity attributable to owners of the company

 

6,622,521

 

5,141,620

 

Shareholders' funds

   

6,622,521

 

5,141,620

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Dry Lining Group Limited

(Registration number: 12473811)
Balance Sheet as at 30 April 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Intangible assets

11

 

4,354,167

 

4,904,167

Tangible assets

12

 

253,560

 

100,813

Investments

13

 

500,000

 

1,700,000

   

5,107,727

 

6,704,980

Current assets

   

 

Debtors

15

6,550,666

 

2,677,728

 

Cash at bank and in hand

 

2,586,315

 

2,000,485

 

 

9,136,981

 

4,678,213

 

Creditors: Amounts falling due within one year

17

(3,450,881)

 

(1,340,910)

 

Net current assets

   

5,686,100

 

3,337,303

Total assets less current liabilities

   

10,793,827

 

10,042,283

Creditors: Amounts falling due after more than one year

17

 

(3,000,000)

 

(3,742,180)

Provisions for liabilities

18

 

(34,982)

 

-

Net assets

   

7,758,845

 

6,300,103

Capital and reserves

   

 

Called up share capital

20

200

 

200

 

Retained earnings

7,758,645

 

6,299,903

 

Shareholders' funds

   

7,758,845

 

6,300,103

The company made a profit after tax for the financial year of £1,545,642 (2023 - profit of £518,994).

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Dry Lining Group 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

 

1,567,801

589,390

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

583,476

579,041

(Profit)/loss on disposal of tangible assets

4

(6,576)

9,533

Finance income

6

(95,233)

(12,136)

Corporation tax expense

10

717,081

278,065

(Gain)/loss on changes in fair value of investments

 

(51,751)

(2,822)

 

2,714,798

1,441,071

Working capital adjustments

 

Increase in trade debtors

15

(2,545,358)

(611,978)

Increase in trade creditors

17

2,110,655

98,534

(Decrease)/increase in provisions

18

(443,000)

74,000

Cash generated from operations

 

1,837,095

1,001,627

Corporation tax (paid)/received

10

(516,507)

1,360

Net cash flow from operating activities

 

1,320,588

1,002,987

Cash flows from investing activities

 

Interest received

95,233

12,136

Acquisitions of tangible assets

(181,107)

(3,425)

Proceeds from sale of tangible assets

 

33,526

-

Purchase of subsidiaries (net of cash acquired)

 

-

(1,000,000)

Net cash flows from investing activities

 

(52,348)

(991,289)

Cash flows from financing activities

 

Dividends paid

(86,900)

(90,000)

Net increase/(decrease) in cash and cash equivalents

 

1,181,340

(78,302)

Cash and cash equivalents at 1 May

 

3,231,779

3,310,081

Cash and cash equivalents at 30 April

 

4,413,119

3,231,779

 

Sudbury Dry Lining Group 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 and Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

The principal place of business is:
College House
17 King Edwards Road
Ruislip
Middlesex
HA4 7AE

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 presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of disclosure exemptions in FRS 102 1.12 relating to Section 7 Statement of Cash Flows.

The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with group undertakings that are wholly owned by the group.

Basis of consolidation

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

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 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

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

Revenue recognition

Turnover comprises the fair value of the consideration received for the 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 by reference to the stage of completion of the contract activity at the balance sheet date. Revenue for works certified but not yet invoiced is recognised as accrued income.

Tax

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

The current income tax charge is calculated on the basis of 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.

 

Sudbury Dry Lining Group Limited

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

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

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

15% reducing balance

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

10% straight line

Investments

Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

 

Sudbury Dry Lining Group Limited

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

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 services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect amounts due according to the original terms of the receivables.

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 at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Provisions for legal claims and actions are recognised at the best estimate of the expected outflow to settle the company's liability.

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.

Share capital

Ordinary shares are classified as equity.

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.

 

Sudbury Dry Lining Group Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Financial instruments are recognised at amortised cost with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3

Turnover

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

2024
£

2023
£

Sales

16,184,611

14,341,640

4

Other gains and losses

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

2024
£

2023
£

Gain/(loss) on disposal of tangible fixed assets

6,576

(9,533)

Gain/(loss) on changes in fair value of investments

51,751

2,822

58,327

(6,711)

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

24,965

20,530

Amortisation expense

558,511

558,511

(Profit)/loss on disposal of property, plant and equipment

(6,576)

9,533

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

88,338

996

Other finance income

6,895

11,140

95,233

12,136

 

Sudbury Dry Lining Group Limited

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

7

Staff costs

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

2024
£

2023
£

Wages and salaries

354,641

356,580

Social security costs

38,398

39,336

Pension costs, defined contribution scheme

16,708

17,548

409,747

413,464

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

2024
No.

2023
No.

Management and administration

6

7

Directors

2

2

8

9

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

14,671

8,928

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

16,500

15,000


 

 

Sudbury Dry Lining Group Limited

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

10

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

687,976

272,720

Deferred taxation

Arising from origination and reversal of timing differences

29,105

5,345

Tax expense in the income statement

717,081

278,065

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,284,882

867,455

Corporation tax at standard rate

571,221

169,154

Tax increase/(decrease) from effect of capital allowances and depreciation

197

(184)

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

145,663

108,869

Deferred tax expense relating to changes in tax rates or laws

-

226

Total tax charge

717,081

278,065

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

30,592

-

30,592

2023

Asset
£

Liability
£

Accelerated capital allowances

-

1,487

-

1,487

 

Sudbury Dry Lining Group Limited

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

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

34,982

-

34,982

2023

Asset
£

Liability
£

Accelerated capital allowances

12

-

12

-

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

5,585,109

5,585,109

At 30 April 2024

5,585,109

5,585,109

Amortisation

At 1 May 2023

1,755,102

1,755,102

Amortisation charge

558,511

558,511

At 30 April 2024

2,313,613

2,313,613

Carrying amount

At 30 April 2024

3,271,496

3,271,496

At 30 April 2023

3,830,007

3,830,007

Amortisation of intangible fixed assets is included in administrative expenses.

 

Sudbury Dry Lining Group Limited

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

Company

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

5,500,000

5,500,000

At 30 April 2024

5,500,000

5,500,000

Amortisation

At 1 May 2023

595,833

595,833

Amortisation charge

550,000

550,000

At 30 April 2024

1,145,833

1,145,833

Carrying amount

At 30 April 2024

4,354,167

4,354,167

At 30 April 2023

4,904,167

4,904,167

Amortisation of intangible fixed assets is included in administrative expenses.

12

Tangible assets

Group

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

30,669

49,138

118,091

197,898

Additions

69,170

5,397

106,540

181,107

Disposals

(2,060)

(3,275)

(47,115)

(52,450)

At 30 April 2024

97,779

51,260

177,516

326,555

Depreciation

At 1 May 2023

18,853

22,656

49,580

91,089

Charge for the year

3,589

4,107

17,269

24,965

Eliminated on disposal

(1,283)

(2,420)

(21,797)

(25,500)

At 30 April 2024

21,159

24,343

45,052

90,554

Carrying amount

At 30 April 2024

76,620

26,917

132,464

236,001

At 30 April 2023

11,816

26,482

68,511

106,809

Restriction on title and pledged as security

Tangible fixed assets with a carrying amount of £236,001 (2023 - £106,809) have been pledged as security for other creditors.

 

Sudbury Dry Lining Group Limited

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

Company

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

37,057

83,047

-

120,104

Additions

69,170

5,397

106,540

181,107

Disposals

(2,866)

(3,153)

-

(6,019)

At 30 April 2024

103,361

85,291

106,540

295,192

Depreciation

At 1 May 2023

5,952

13,339

-

19,291

Charge for the year

6,482

10,591

6,992

24,065

Eliminated on disposal

(821)

(903)

-

(1,724)

At 30 April 2024

11,613

23,027

6,992

41,632

Carrying amount

At 30 April 2024

91,748

62,264

99,548

253,560

At 30 April 2023

31,105

69,708

-

100,813

Restriction on title and pledged as security

Tangible fixed asset with a carrying amount of £253,560 (2023 - £100,813) have been pledged as security for other creditors.

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

500,000

1,700,000

Subsidiaries

£

Cost or valuation

At 1 May 2023

10,075,100

At 30 April 2024

10,075,100

Provision

At 1 May 2023

8,375,100

Impairment of investment

1,200,000

At 30 April 2024

9,575,100

Carrying amount

At 30 April 2024

500,000

At 30 April 2023

1,700,000

 

Sudbury Dry Lining Group Limited

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

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

Sudbury Plastering Services Limited

England & Wales

Ordinary Shares

100%

100%

Subsidiary undertakings

Sudbury Plastering Services Limited

The principal activity of Sudbury Plastering Services Limited is plastering services.

14

Other financial assets

Group

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

600,354

600,354

Fair value adjustments

51,751

51,751

At 30 April 2024

652,105

652,105

Carrying amount

At 30 April 2024

652,105

652,105

At 30 April 2023

600,354

600,354

 

Sudbury Dry Lining Group Limited

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

15

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

248,911

531,174

246,732

378,876

Amounts owed by group undertakings

24

-

-

1,132,574

204,531

Other debtors

 

554,400

379,318

538,579

161,604

Prepayments

 

103,321

64,014

62,609

42,914

Accrued income

 

4,570,172

1,956,940

4,570,172

1,889,791

Deferred tax assets

10

-

-

-

12

Corporation tax

10

188

168,793

-

-

 

5,476,992

3,100,239

6,550,666

2,677,728

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

4,413,119

3,231,779

2,586,315

2,000,485

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,208,488

1,077,307

2,165,798

936,430

Social security and other taxes

 

139,278

50,167

139,278

46,490

Outstanding defined contribution pension costs

 

1,284

1,387

1,284

1,387

Other creditors

 

753,235

130,338

751,439

129,318

Accruals

 

1,082,139

72,390

180,906

17,973

Corporation tax

10

212,176

209,312

212,176

209,312

 

4,396,600

1,540,901

3,450,881

1,340,910

Due after one year

 

Other creditors

 

3,000,000

3,742,180

3,000,000

3,742,180

Other creditors of £3,720,224 (2023 - £3,742,180) are secured by a fixed and floating charge over the company's assets, and guaranteed by other group companies.

 

Sudbury Dry Lining Group Limited

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

18

Provisions for liabilities

Group

Deferred tax
£

Contract provisions
£

Total
£

At 1 May 2023

1,487

443,000

444,487

Increase (decrease) in existing provisions

29,105

(443,000)

(413,895)

At 30 April 2024

30,592

-

30,592

Deferred tax is provided on taxable temporary differences between taxable profits and profits reported in the financial statements. The resulting outflows are expected to fall due after 1 year.

Contract provisions include costs of rectification and remedial works to meet contractual terms, and for potential claims against work completed by the group. Due to the nature of contract provisions, the timing of any potential future outflows in respect of these liabilities is uncertain.

Company

Deferred tax
£

Total
£

At 1 May 2023

-

-

Increase (decrease) in existing provisions

34,982

34,982

At 30 April 2024

34,982

34,982

Deferred tax is provided on taxable temporary differences between taxable profits and profits reported in the financial statements. The resulting outflows are expected to fall due after 1 year.

19

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 £16,708 (2023 - £17,548).

Contributions totalling £1,284 (2023 - £1,387) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       
 

Sudbury Dry Lining Group Limited

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

21

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

40,577

38,309

Later than one year and not later than five years

85,729

28,038

126,306

66,347

The amount of non-cancellable operating lease payments recognised as an expense during the year was £42,844 (2023 - £37,966).

Company

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

34,232

34,232

Later than one year and not later than five years

75,875

14,107

110,107

48,339

The amount of non-cancellable operating lease payments recognised as an expense during the year was £34,232 (2023 - £26,821).

22

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £434.50 (2023 - £450.00) per ordinary share

 

86,900

 

90,000

         

23

Contingent liabilities

Group

Provision has been made for the directors' best estimate of known legal claims and actions relating to the company. The company takes legal advice as to the likelihood of success of claims and actions, and no provision is made where the directors consider, based on that advice, that the action is unlikely to succeed, or that the company cannot make a sufficiently reliable estimate of the potential obligation.

 

Sudbury Dry Lining Group Limited

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

24

Related party transactions

Group

Key management personnel

Key management personnel consists of the group's directors.

Summary of transactions with key management

The group has provided a guarantee of £6,424 (2023 - 12,615) in respect of financial commitments of key management personnel.
 

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Loans to directors (interest free and repayable on demand)

-

60,978

(60,978)

-

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Loans to directors (interest free and repayable on demand)

-

1,288

(1,288)

-

Dividends paid to directors

2024
£

2023
£

Dividends paid to directors

86,900

90,000

 

 

Summary of transactions with other related parties

Other related parties consist of a company under common control and spouses of directors.
The group has loans to other related parties. Loans are interest free and repayable on demand.
During the prior year, part of the loans were written down as a bad debt expense.

 

Sudbury Dry Lining Group Limited

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

Income and receivables from related parties

2024

Other related parties
£

Amounts receivable from related party

11,193

2023

Other related parties
£

Expenses recognised as bad debt

3,061

Amounts receivable from related party

200,193

Expenditure with and payables to related parties

2024

Key management
£

Other related parties
£

Amounts payable to related party

1,891,327

1,860,112

2023

Key management
£

Other related parties
£

Amounts payable to related party

2,000,407

1,871,090

Company

Income and receivables from related parties

2024

Subsidiary
£

Amounts receivable from related party

1,132,574

2023

Subsidiary
£

Amounts receivable from related party

204,531

25

Parent and ultimate parent undertaking

The ultimate controlling party is Mr C Duffy.