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REGISTERED NUMBER: 12754674 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

C W RUSSELL (HOLDINGS) LTD

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


C W RUSSELL (HOLDINGS) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: CW Russell
T J Russell





SECRETARY: Mrs EA Russell





REGISTERED OFFICE: 14-15 Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY





REGISTERED NUMBER: 12754674 (England and Wales)





AUDITORS: Momentum Taxation & Accountancy Limited
Statutory Auditor
Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The company specialises in haulage and plant operations.

The turnover for the period increased to £15.81m (2023 - £13.87m) . This was in line with the directors' expectations.
Gross profit however decreased from £4.0m in 2023 to £3.8m this year. This was mainly due to an increase in direct staff costs. These are the largest cost to the business in the year and were 21.8% of turnover (2023 - 19.7%). An increase in staff numbers and inflationary rises account for this rise.

The Profit after tax and dividends for the year was £0.5m (2023 - £1.0m).

The company has continued to invest in its fleet, fixed asset additions in the year being £1.8m.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties for the group centre around the factors facing the haulage industry and the economy as a whole. The directors and senior team undertake regular reviews to ensure that appropriate policies and procedures are in place with adequate controls to mitigate against such risks.
The group is exposed to commodity price risk, in particular to movements in fuel prices. The group seeks to manage its exposure by continuously reviewing costs and identifying cost effective suppliers to meet the business' needs. As a result of this, exposure to price increases is being managed.
Interest rate increases could potentially have an influence on the business though this is mitigated through the use of fixed rate agreements where appropriate.
The group's key focus is to provide fairly priced services using a skilled and reliable workforce.

KEY PERFORMANCE INDICATORS
The summary below shows the key performance indicators that the directors use to review the financial performance of the business:

2024 2023
Turnover £15.81m £13.87m
Gross margin as a % of sales 24.0% 28.5%
Operating profit as a % of sales 5.7% 9.5%
Net assets £6.10m £5.60m

The directors undertake regular reviews of the performance of the company including weekly productivity reviews, weekly management meetings at which existing and future workloads are considered as well as cost analysis and asset reviews.


C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

FUTURE PLANS
The directors are always looking at opportunities to expand the business and open further income streams. They aim to maintain long term relationships with their customers and create opportunities for their employees to develop and achieve their potential.

ON BEHALF OF THE BOARD:





CW Russell - Director


27 January 2025

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of haulage and plant operations.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 21,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

CW Russell
T J Russell

FINANCIAL INSTRUMENTS
Objectives and policies
The company finances its activities with a combination of finance leases and hire purchase contracts, cash and short term deposits Other financial assets and liabilities such as trade debtors and trade creditors arise directly from the company's operating activities.

Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits.

Credit risk
Investments of cash surpluses are made through banks approved by the board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.


C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Momentum Taxation & Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





CW Russell - Director


27 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
C W RUSSELL (HOLDINGS) LTD


Opinion
We have audited the financial statements of C W Russell (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
C W RUSSELL (HOLDINGS) LTD


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
C W RUSSELL (HOLDINGS) LTD


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

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

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our audit procedures were designed to respond to risks of material misstatement in the financial statements,recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the more remote that the non-compliances (eg with laws and regulations) are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
C W RUSSELL (HOLDINGS) LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Cartwright FCCA (Senior Statutory Auditor)
for and on behalf of Momentum Taxation & Accountancy Limited
Statutory Auditor
Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY

27 January 2025

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

TURNOVER 15,806,214 13,873,454

Cost of sales 12,007,726 9,921,470
GROSS PROFIT 3,798,488 3,951,984

Distribution costs - 4,079
Administrative expenses 2,900,624 2,642,232
2,900,624 2,646,311
897,864 1,305,673

Other operating income 20,030 -
OPERATING PROFIT 4 917,894 1,305,673

Interest receivable and similar income 74 2,272
917,968 1,307,945

Interest payable and similar expenses 5 265,207 265,991
PROFIT BEFORE TAXATION 652,761 1,041,954

Tax on profit 6 91,505 100,038
PROFIT FOR THE FINANCIAL YEAR 561,256 941,916
Profit attributable to:
Owners of the parent 561,256 941,916

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 561,256 941,916


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

561,256
Prior year adjustment (1,249,834 )
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

(307,918

)

Total comprehensive income attributable to:
Owners of the parent 561,256 (307,918 )

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 8,378,655 8,663,753
Investments 11 - -
8,378,655 8,663,753

CURRENT ASSETS
Stocks 12 172,840 210,000
Debtors 13 4,481,347 3,836,579
Cash at bank 435,710 336,309
5,089,897 4,382,888
CREDITORS
Amounts falling due within one year 14 4,087,139 3,404,234
NET CURRENT ASSETS 1,002,758 978,654
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,381,413

9,642,407

CREDITORS
Amounts falling due after more than
one year

15

(2,207,081

)

(3,096,552

)

PROVISIONS FOR LIABILITIES 18 (1,062,900 ) (974,679 )
NET ASSETS 6,111,432 5,571,176

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

CONSOLIDATED BALANCE SHEET - continued
30 APRIL 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 6,111,332 5,571,076
SHAREHOLDERS' FUNDS 6,111,432 5,571,176


The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





CW Russell - Director


C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 100 100
100 100

CURRENT ASSETS
Debtors 13 8,824 (12,000 )
Cash at bank 10,656 10,752
19,480 (1,248 )
CREDITORS
Amounts falling due within one year 14 10,697 10,697
NET CURRENT ASSETS/(LIABILITIES) 8,783 (11,945 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,883

(11,845

)

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 8,783 (11,945 )
SHAREHOLDERS' FUNDS 8,883 (11,845 )

Company's profit for the financial year 41,728 111,055

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





CW Russell - Director


C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 100 6,001,994 6,002,094
Prior year adjustment - (1,249,834 ) (1,249,834 )
As restated 100 4,752,160 4,752,260

Changes in equity
Dividends - (123,000 ) (123,000 )
Total comprehensive income - 941,916 941,916
Balance at 30 April 2023 100 5,571,076 5,571,176

Changes in equity
Dividends - (21,000 ) (21,000 )
Total comprehensive income - 561,256 561,256
Balance at 30 April 2024 100 6,111,332 6,111,432

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 100 - 100

Changes in equity
Dividends - (123,000 ) (123,000 )
Total comprehensive income - 111,055 111,055
Balance at 30 April 2023 100 (11,945 ) (11,845 )

Changes in equity
Dividends - (21,000 ) (21,000 )
Total comprehensive income - 41,728 41,728
Balance at 30 April 2024 100 8,783 8,883

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,763,407 2,846,874
Interest paid (14,366 ) (615 )
Interest element of hire purchase
payments paid

(250,841

)

(265,376

)
Tax paid (3,270 ) 66,085
Net cash from operating activities 2,494,930 2,646,968

Cash flows from investing activities
Purchase of tangible fixed assets (495,728 ) (3,154,738 )
Sale of tangible fixed assets 314,256 761,348
Interest received 74 2,272
Net cash from investing activities (181,398 ) (2,391,118 )

Cash flows from financing activities
Loan repayments in year - (100,000 )
Capital repayments in year (2,236,941 ) (276,294 )
Amount introduced by directors 107,041 219,590
Amount withdrawn by directors (63,231 ) (278,155 )
Equity dividends paid (21,000 ) (123,000 )
Net cash from financing activities (2,214,131 ) (557,859 )

Increase/(decrease) in cash and cash equivalents 99,401 (302,009 )
Cash and cash equivalents at beginning
of year

2

336,309

638,318

Cash and cash equivalents at end of
year

2

435,710

336,309

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 652,761 1,041,954
Depreciation charges 1,619,037 1,737,912
Loss/(profit) on disposal of fixed assets 166,508 (93,152 )
Amounts recoverable on contracts 72,589 41,900
Finance costs 265,207 265,991
Finance income (74 ) (2,272 )
2,776,028 2,992,333
Decrease/(increase) in stocks 37,160 (155,500 )
(Increase)/decrease in trade and other debtors (761,167 ) 490,964
Increase/(decrease) in trade and other creditors 711,386 (480,923 )
Cash generated from operations 2,763,407 2,846,874

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 435,710 336,309
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 336,309 638,318


C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/5/23 Cash flow changes At 30/4/24
£    £    £    £   
Net cash
Cash at bank 336,309 99,401 435,710
336,309 99,401 435,710
Debt
Finance leases (4,990,308 ) 2,236,941 - (4,072,342 )
(4,990,308 ) 2,236,941 - (4,072,342 )
Total (4,653,999 ) 2,336,342 - (3,636,632 )

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

C W Russell (Holdings) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Significant judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of tangible assets
Determine whether there are indicators of impairment of tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual balances are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programs are taken into account.

Valuation of trade debtors
Determine trade debtors are accurately provided for. Factors taken into consideration include confirmation that outstanding balances are recoverable, and amounts represent bona fide sales.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and asset impairment
Estimates included within these financial statements include depreciation and asset impairment (for example provisions against debtors.) None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,240,518 2,622,746
Social security costs 340,751 271,965
Other pension costs 53,164 46,343
3,634,433 2,941,054

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Administration 5 4
Production 60 55
67 61

The average number of employees by undertakings that were proportionately consolidated during the year was 67 (2023 - 61 ) .

2024 2023
£    £   
Directors' remuneration 108,730 108,680

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 387,704 430,301
Depreciation - assets on hire purchase contracts 1,231,333 1,307,609
Loss/(profit) on disposal of fixed assets 166,508 (93,152 )
Auditors' remuneration 13,125 12,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 615
HMRC interest 935 -
Loan 13,431 -
Hire purchase 250,841 265,376
265,207 265,991

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 14 -
Adjustment to prior years tax 3,270 (104,577 )
Total current tax 3,284 (104,577 )

Deferred tax 88,221 204,615
Tax on profit 91,505 100,038

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. DIVIDENDS
2024 2023
£    £   
Final 21,000 123,000

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 32,000
AMORTISATION
At 1 May 2023
and 30 April 2024 32,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 May 2023 400,000 44,785 6,168,162
Additions 12,343 - 1,801,769
Disposals - - (531,349 )
At 30 April 2024 412,343 44,785 7,438,582
DEPRECIATION
At 1 May 2023 - 3,583 1,807,914
Charge for year - 896 873,249
Eliminated on disposal - - (190,994 )
At 30 April 2024 - 4,479 2,490,169
NET BOOK VALUE
At 30 April 2024 412,343 40,306 4,948,413
At 30 April 2023 400,000 41,202 4,360,248

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 5,737,519 9,511 12,359,977
Additions - 591 1,814,703
Disposals (210,980 ) - (742,329 )
At 30 April 2024 5,526,539 10,102 13,432,351
DEPRECIATION
At 1 May 2023 1,875,821 8,906 3,696,224
Charge for year 744,258 634 1,619,037
Eliminated on disposal (70,571 ) - (261,565 )
At 30 April 2024 2,549,508 9,540 5,053,696
NET BOOK VALUE
At 30 April 2024 2,977,031 562 8,378,655
At 30 April 2023 3,861,698 605 8,663,753

Included in cost of land and buildings is freehold land of £412,343 (2023 - £400,000) which is not depreciated.

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 5,063,910 4,017,433 9,081,343
Additions 1,280,513 - 1,280,513
Disposals (413,750 ) - (413,750 )
At 30 April 2024 5,930,673 4,017,433 9,948,106
DEPRECIATION
At 1 May 2023 1,462,386 1,329,249 2,791,635
Charge for year 693,696 537,637 1,231,333
Eliminated on disposal (156,355 ) - (156,355 )
At 30 April 2024 1,999,727 1,866,886 3,866,613
NET BOOK VALUE
At 30 April 2024 3,930,946 2,150,547 6,081,493
At 30 April 2023 3,601,524 2,688,184 6,289,708

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 100
NET BOOK VALUE
At 30 April 2024 100
At 30 April 2023 100


C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. STOCKS

Group
2024 2023
£    £   
Stocks 172,840 210,000

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,108,383 3,231,030 - -
Amounts recoverable on contract 3,311 75,900 - -
Other debtors 59,221 115,297 - -
Intercompany account - - 8,824 (12,000 )
Directors' loan accounts 96,978 140,788 - -
VAT 63,676 177,048 - -
Prepayments 149,778 96,516 - -
4,481,347 3,836,579 8,824 (12,000 )

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 1,865,261 1,893,756 - -
Trade creditors 1,879,150 1,359,034 1 1
Tax 14 - - -
Social security and other taxes 172,645 64,808 - -
Pension creditor 6,181 5,943 - -
Other creditors 13,063 10,696 10,696 10,696
Accrued expenses 150,825 69,997 - -
4,087,139 3,404,234 10,697 10,697

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 2,207,081 3,096,552

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,865,261 1,893,756
Between one and five years 2,207,081 3,096,552
4,072,342 4,990,308

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 4,072,342 4,990,308

Hire purchase contracts are secured on the assets to which they relate.

Barclays Bank Uk Plc hold the following security:-

A debenture on the banks standard form dated 07/04/2014.

A limited guarantee given by the director Mr CW Russell for £25,000 dated 23/08/2018.

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 1,062,900 974,679

C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 May 2023 974,679
Charge to Income Statement during year 88,221
Balance at 30 April 2024 1,062,900

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100

20. RESERVES

Group
Retained
earnings
£   

At 1 May 2023 5,571,076
Profit for the year 561,256
Dividends (21,000 )
At 30 April 2024 6,111,332


C W RUSSELL (HOLDINGS) LTD (REGISTERED NUMBER: 12754674)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
CW Russell
Balance outstanding at start of year 140,788 82,223
Amounts advanced 63,231 278,155
Amounts repaid (107,041 ) (219,590 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 96,978 140,788

22. ULTIMATE CONTROLLING PARTY

The controlling party is CW Russell.

The ultimate controlling party is CW Russell.