REGISTERED NUMBER: 09194022 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
BLUE DIAMOND PUMPS LTD |
REGISTERED NUMBER: 09194022 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
BLUE DIAMOND PUMPS LTD |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
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 Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
BLUE DIAMOND PUMPS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Jamesons House |
Compton Way |
Witney |
OX28 3AB |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
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 Group is engaged in the development, manufacture and distribution of vacuum pumps and compressors worldwide and can provide both off the shelf units and adapted units designed by the inhouse Research and Development team. |
There have been no changes in the Group's activities in the year under review. The directors are not aware, at the date of this report, of any likely major changes in the Group's activities in the next year. |
The Group has maintained a healthy level of sales as a result of the continued investment in new product development and exploiting commercial opportunities created by its new inventions in pump technology. |
It is felt that this is a satisfactory result as the Group continues to grow and become stronger in both profitability and asset value. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk and uncertainties facing the Group are : |
Competitive risks |
The Group is subject to competitive risks. The Group's strength is managing these risks to diversify its sales into new geographical markets, to closely monitor major competitors within the markets that it trades in and to seek competitive advantage from continuous innovation and product development within the sector. |
Political and legislative risk |
The Group is subject to political and legislative risks. The Group's strength in managing these risks is demonstrated by its ability to successfully diversify sales into new markets. This diversification mitigates the risk to the Group of any change in legislation for any single market or political uncertainty. |
Credit risk |
This principally relates to trade receivables which are short-term and without undue concentration. They are subject to a strong credit control process in order to mitigate credit risk. |
Conflict in Ukraine |
It is expected that the conflict in Ukraine, which commenced in February 2022, will not have an impact on the Group's financial results. Sales to Ukraine, Belarus and Russia represent less than 0.0% (2023: 0.0%) of the Group's revenue. |
Inflationary pressures |
The directors continue to monitor closely the impact of the current inflationary pressures in the economy and have taken steps to mitigate the main pressures arising. |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
KEY PERFORMANCE INDICATORS |
During the year, the Group's key financial and other performance indicators were as follows: |
2024 | 2023 | Change |
£ | £ | % |
Turnover | 20,328 | 24,158 | -15.85 |
Operating profit | 5,291 | 2,862 | 84.87 |
EBITDA | 5,884 | 3,433 | 71.39 |
Cash | 17,304 | 12,058 | 43.51 |
Net Assets | 20,416 | 15,459 | 32.06 |
Average number of employees | 95 | 97 | -2.06 |
The Group had another strong year of sales and profit growth. Despite continued downward market price pressures, gross profit margins remained stable at 56.46% (2023: 43.27%) due mainly to lean manufacturing methods, better stock control and a well-balanced sales mix. |
STRATEGY |
The Group continues to re-invest all profits into improving its' business, increasing production efficiency, financing continued Research and Development into new products and pumping technologies and investing into Patents to protect its' Intellectual Property. |
ON BEHALF OF THE BOARD: |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
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 manufacture of pumps and compressors. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
AUDITORS |
The auditors, Jamesons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLUE DIAMOND PUMPS LTD |
Opinion |
We have audited the financial statements of Blue Diamond Pumps Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLUE DIAMOND PUMPS LTD |
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 four, 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 |
BLUE DIAMOND PUMPS 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. |
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 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 discussion with directors and informed management and from our commercial knowledge and experience of the industry; |
" 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 Companies Act 2006, taxation legislation, employment legislation and health and safety legislation; |
" We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing documentation during the audit; and |
" Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance during 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 enquires 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: |
" Reviewed the financial statements and records 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 any 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; |
enquiring of management as to actual and potential litigation and claims; and |
" Reviewing correspondence with HMRC and other applicable sources. |
There are inherent limitations in our audit procedures described above. The 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquire of the directors and informed management and the inspection of regulatory and legal correspondence if any. |
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation and there is therefore 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. |
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 |
BLUE DIAMOND PUMPS 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Jamesons House |
Compton Way |
Witney |
OX28 3AB |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 20,328,035 | 24,158,045 |
Cost of sales | 8,850,112 | 13,703,826 |
GROSS PROFIT | 11,477,923 | 10,454,219 |
Administrative expenses | 6,860,054 | 8,569,573 |
4,617,869 | 1,884,646 |
Other operating income | 673,120 | 976,613 |
OPERATING PROFIT | 5 | 5,290,989 | 2,861,259 |
Interest receivable and similar income | 586,625 | 223,906 |
5,877,614 | 3,085,165 |
Interest payable and similar expenses | 6 | 15,696 | 16,534 |
PROFIT BEFORE TAXATION | 5,861,918 | 3,068,631 |
Tax on profit | 7 | 905,250 | 231,531 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,956,668 | 2,837,100 |
Profit attributable to: |
Owners of the parent | 3,974,300 | 2,274,115 |
Non-controlling interests | 982,368 | 562,985 |
4,956,668 | 2,837,100 |
Total comprehensive income attributable to: |
Owners of the parent | 3,974,300 | 2,274,115 |
Non-controlling interests | 982,368 | 562,985 |
4,956,668 | 2,837,100 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 576,149 | 770,968 |
Tangible assets | 10 | 2,398,008 | 2,343,773 |
Investments | 11 | 10,050 | 10,050 |
2,984,207 | 3,124,791 |
CURRENT ASSETS |
Stocks | 12 | 3,396,712 | 3,948,200 |
Debtors | 13 | 5,527,486 | 5,542,681 |
Cash at bank and in hand | 17,304,062 | 12,058,001 |
26,228,260 | 21,548,882 |
CREDITORS |
Amounts falling due within one year | 14 | 8,547,367 | 9,001,752 |
NET CURRENT ASSETS | 17,680,893 | 12,547,130 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 20,665,100 | 15,671,921 |
PROVISIONS FOR LIABILITIES | 15 | 249,045 | 212,534 |
NET ASSETS | 20,416,055 | 15,459,387 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 1,276 | 1,276 |
Share premium | 17 | 3,258,381 | 3,258,381 |
Other reserves | 17 | 447,233 | 447,233 |
Share options reserve | 17 | 2,180,572 | 2,180,572 |
Retained earnings | 17 | 9,277,670 | 5,303,370 |
SHAREHOLDERS' FUNDS | 15,165,132 | 11,190,832 |
NON-CONTROLLING INTERESTS | 5,250,923 | 4,268,555 |
TOTAL EQUITY | 20,416,055 | 15,459,387 |
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by: |
W E Shepherd - Director |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Other reserves | 17 |
Share options reserve | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 62,728 | 67,436 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Share | Other |
capital | earnings | premium | reserves |
£ | £ | £ | £ |
Balance at 1 May 2022 | 1,206 | 3,029,255 | 3,258,381 | 447,233 |
Changes in equity |
Issue of share capital | 70 | - | - | - |
Total comprehensive income | - | 2,274,115 | - | - |
Balance at 30 April 2023 | 1,276 | 5,303,370 | 3,258,381 | 447,233 |
Changes in equity |
Total comprehensive income | - | 3,974,300 | - | - |
Balance at 30 April 2024 | 1,276 | 9,277,670 | 3,258,381 | 447,233 |
Share |
options | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | - | 6,736,075 | 3,705,570 | 10,441,645 |
Changes in equity |
Issue of share capital | - | 70 | - | 70 |
Total comprehensive income | - | 2,274,115 | 562,985 | 2,837,100 |
Share options issued | 2,180,572 | 2,180,572 | - | 2,180,572 |
Balance at 30 April 2023 | 2,180,572 | 11,190,832 | 4,268,555 | 15,459,387 |
Changes in equity |
Total comprehensive income | - | 3,974,300 | 982,368 | 4,956,668 |
Balance at 30 April 2024 | 2,180,572 | 15,165,132 | 5,250,923 | 20,416,055 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
Share |
Other | options | Total |
reserves | reserve | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income |
Share options issued | - | 2,180,572 | 2,180,572 |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income |
Balance at 30 April 2024 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 6,316,274 | 1,152,850 |
Interest paid | (15,696 | ) | (16,534 | ) |
Tax paid | (647,997 | ) | (538,984 | ) |
Net cash from operating activities | 5,652,581 | 597,332 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (200 | ) |
Purchase of tangible fixed assets | (483,182 | ) | (233,784 | ) |
Sale of tangible fixed assets | 29,854 | 8,544 |
Interest received | 586,625 | 223,906 |
Net cash from investing activities | 133,297 | (1,534 | ) |
Cash flows from financing activities |
Amount withdrawn by directors | (539,817 | ) | (4,183,580 | ) |
Share issue | - | 70 |
EMI options exercised | - | 2,180,572 |
Net cash from financing activities | (539,817 | ) | (2,002,938 | ) |
Increase/(decrease) in cash and cash equivalents | 5,246,061 | (1,407,140 | ) |
Cash and cash equivalents at beginning of year | 2 | 12,058,001 | 13,465,141 |
Cash and cash equivalents at end of year | 2 | 17,304,062 | 12,058,001 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
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 | 5,861,918 | 3,068,631 |
Depreciation charges | 600,479 | 575,950 |
Profit on disposal of fixed assets | (7,920 | ) | (3,899 | ) |
Finance costs | 15,696 | 16,534 |
Finance income | (586,625 | ) | (223,906 | ) |
5,883,548 | 3,433,310 |
Decrease/(increase) in stocks | 551,488 | (825,848 | ) |
Decrease/(increase) in trade and other debtors | 20,939 | (2,880,530 | ) |
(Decrease)/increase in trade and other creditors | (139,701 | ) | 1,425,918 |
Cash generated from operations | 6,316,274 | 1,152,850 |
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 | 17,304,062 | 12,058,001 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 12,058,001 | 13,465,141 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 12,058,001 | 5,246,061 | 17,304,062 |
12,058,001 | 5,246,061 | 17,304,062 |
Total | 12,058,001 | 5,246,061 | 17,304,062 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Blue Diamond Pumps Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 " The Financial Reporting Standard applicable tin the UK and Republic of Ireland" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention. |
The financial statements hae been prepared on a going concern basis. The Group's business activities, together with principal risks and uncertainties are set out in the Strategic Report and the Group has considered a period of at least 12 months from the date of approval of these financial statements. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and it's subsidiary undertakings. Intra group sales, profits and balance sheet amounts are eliminated fully on consolidation. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. It is considered that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Warranty Provision |
Historical warranty spend data is collated across all models and used to estimate future warranty spend based upon the balance of warranty period remaining. |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is stated net of VAT and any discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. |
Goodwill |
Goodwill represents the excess cost of acquisition over the fair value of the separable net assets of the businesses acquired. |
Intangible assets |
Patents and licences are being amortised evenly over their useful life ranging between 8, 10 and 25 years. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
The tangible fixed assets are initially recognised and measured at cost and subsequently measured by annually reviewing their net book values. |
Stocks |
Stock is valued at the lower of cost and net realisable value. Cost is determine on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The Group operates three schemes as follows: a) Staff scheme whereby contributions are paid into a separate pension fund independent of the company. Contributions are charged to the profit and loss account when paid. b) Self administered scheme for existing full-time controlling directors with contributions being charged to the profit and loss account when paid. c) Group pensions paid to directors who have reached retirement age and funded out of the normal income of the company. |
Employee benefit trusts |
The Group has established a trust for the benefit of employees, former employees and certain of their dependents. Monies contributed to this trust are held by independent trustees and managed at their discretion. Subsequent to making a contribution to the trust the company neither has nor seeks to exercise any control over the trustees decisions in applying funds to benefit employees and consequently in the opinion of the directors the provisions of Urgent Issues Task Force Abstract 13 do not apply to it. |
3. | TURNOVER |
The turnover and profit before tax are attributable to the one principal activity of the group. |
An analysis by geographical market is not considered to be applicable for the years ended 30 April 2023 and 30 April 2024. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,387,452 | 6,368,471 |
Social security costs | 57,306 | 57,272 |
Other pension costs | 222,055 | 203,904 |
4,666,813 | 6,629,647 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Charles Austen Pumps Limited | 67 | 69 |
Uniclip Limited | 28 | 28 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 88,000 | 88,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 407,013 | 381,120 |
Profit on disposal of fixed assets | (7,920 | ) | (3,899 | ) |
Goodwill amortisation | 194,191 | 194,191 |
Patents and licences amortisation | 628 | 639 |
Auditors' remuneration | 21,952 | 24,362 |
Auditors' remuneration for non audit work | 11,055 | 12,651 |
Foreign exchange differences | (597,303 | ) | (944,381 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Corporation tax interest | 3,826 | 3,590 |
Loan interest | 11,870 | 12,944 |
15,696 | 16,534 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
7. | 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 | 873,130 | 292,293 |
provision | - | (92,613 | ) |
Total current tax | 873,130 | 199,680 |
Deferred tax | 32,120 | 31,851 |
Tax on profit | 905,250 | 231,531 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 5,861,918 | 3,068,631 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.493 %) |
1,465,480 |
598,168 |
Effects of: |
Expenses not deductible for tax purposes | (246,769 | ) | (69,313 | ) |
Capital allowances in excess of depreciation | (19,128 | ) | - |
Depreciation in excess of capital allowances | - | 19,860 |
Adjustments to tax charge in respect of previous periods | - | (92,613 | ) |
R&D enhanced expenditure | (375,000 | ) | (292,395 | ) |
Deferred tax | 32,119 | 31,851 |
Amortisation of goodwill | 48,548 | 35,973 |
Total tax charge | 905,250 | 231,531 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
and 30 April 2024 | 1,941,914 | 13,249 | 1,955,163 |
AMORTISATION |
At 1 May 2023 | 1,175,255 | 8,940 | 1,184,195 |
Amortisation for year | 194,191 | 628 | 194,819 |
At 30 April 2024 | 1,369,446 | 9,568 | 1,379,014 |
NET BOOK VALUE |
At 30 April 2024 | 572,468 | 3,681 | 576,149 |
At 30 April 2023 | 766,659 | 4,309 | 770,968 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 May 2023 | 1,918,685 | 55,079 | 2,525,154 |
Additions | - | - | 356,385 |
Disposals | - | - | (90,355 | ) |
At 30 April 2024 | 1,918,685 | 55,079 | 2,791,184 |
DEPRECIATION |
At 1 May 2023 | 649,018 | 38,080 | 1,744,820 |
Charge for year | 39,279 | 2,340 | 252,397 |
Eliminated on disposal | - | - | (84,155 | ) |
At 30 April 2024 | 688,297 | 40,420 | 1,913,062 |
NET BOOK VALUE |
At 30 April 2024 | 1,230,388 | 14,659 | 878,122 |
At 30 April 2023 | 1,269,667 | 16,999 | 780,334 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 167,413 | 330,738 | 455,563 | 5,452,632 |
Additions | 6,845 | 106,632 | 13,320 | 483,182 |
Disposals | - | (56,314 | ) | (1,228 | ) | (147,897 | ) |
At 30 April 2024 | 174,258 | 381,056 | 467,655 | 5,787,917 |
DEPRECIATION |
At 1 May 2023 | 90,956 | 264,731 | 321,254 | 3,108,859 |
Charge for year | 30,187 | 32,599 | 50,211 | 407,013 |
Eliminated on disposal | - | (40,580 | ) | (1,228 | ) | (125,963 | ) |
At 30 April 2024 | 121,143 | 256,750 | 370,237 | 3,389,909 |
NET BOOK VALUE |
At 30 April 2024 | 53,115 | 124,306 | 97,418 | 2,398,008 |
At 30 April 2023 | 76,457 | 66,007 | 134,309 | 2,343,773 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 10,050 |
NET BOOK VALUE |
At 30 April 2024 | 10,050 |
At 30 April 2023 | 10,050 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Unlisted |
investments |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 100 Royston Road, Byfleet, KT14 7NY |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 100 Royston Road, Byfleet, KT14 7NY |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: 100 Royston Road, Byfleet, KT14 7NY |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: 22B Duxton Hill, Singapore 089605 |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
Registered office: Kiotoweg 743, 3047BG Rotterdam ,Netherlands |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 3,396,712 | 3,948,200 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 1,461,609 | 1,594,268 |
Other debtors | 3,589,133 | 3,536,521 |
Knight Racing Services Limited | 29,000 | 29,000 |
Prepayments | 447,744 | 382,892 |
5,527,486 | 5,542,681 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 3,040,874 | 3,065,477 |
Amounts owed to group undertakings | - | - |
Tax | 423,130 | 197,997 |
Social security and other taxes | 188,968 | 139,028 |
Other creditors | 493,257 | 483,639 |
Directors' loan accounts | 564,788 | 1,104,605 | 561,611 | 1,101,611 |
Accrued expenses | 3,836,350 | 4,011,006 |
8,547,367 | 9,001,752 |
15. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 249,045 | 212,534 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 212,534 |
Provided during year | 36,511 |
Balance at 30 April 2024 | 249,045 |
BLUE DIAMOND PUMPS LTD (REGISTERED NUMBER: 09194022) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,206 | 1,206 |
A Ordinary | £1 | 70 | 70 |
1,276 | 1,276 |
17. | RESERVES |
Group |
Share |
Retained | Share | Other | options |
earnings | premium | reserves | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 5,303,370 | 3,258,381 | 447,233 | 2,180,572 | 11,189,556 |
Profit for the year | 3,974,300 | 3,974,300 |
At 30 April 2024 | 9,277,670 | 3,258,381 | 447,233 | 2,180,572 | 15,163,856 |
Company |
Share |
Retained | Share | Other | options |
earnings | premium | reserves | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 6,090,468 |
Profit for the year |
At 30 April 2024 | 6,153,196 |
18. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is W E Shepherd. |