Company registration number 14229170 (England and Wales)
CARPET & LATEX HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CARPET & LATEX HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr M D Greenhalgh
Mrs J M Greenhalgh
Mr S Fitzgerald
Company number
14229170
Registered office
Unit 35
Bradley Fold Trading Estate
Bradley Fold Road
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
CARPET & LATEX HOLDINGS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 16
CARPET & LATEX HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Principal activities
The principal activity of the company is that of a holding company. At the year end the company held shares in two subsidiary undertakings being:
Carpet and Latex International Limited - provides formulated water based latex compounds for the textile and floor coverings sector.
Latex Compounds Limited - management consultancy activities. This company did not trade in the year.
Review of the business
Dividends and management fee income are received from Carpet and Latex International Limited and these are the only sources of income for the company.
The balance sheet is predominantly made up of the cost of investments and intercompany balances.
Principal risks and uncertainties
There are several potential risks and uncertainties within Carpet and Latex International Limited, which, in turn could have a material impact on the dividends paid to Carpet & Latex Holdings Ltd.
These risks include the following:
Macro-economics - BOE base rate restrictions & Inflation control continue to adversely impact consumer confidence with direct implications on core business.
Supply logistics - Upstream supplier consolidations leading to extended lead times and intermittent raw material outages.
World affairs – Ukraine, Gazza, Suez.
Key performance indicators
The directors look at the trading results of Carpet and Latex International Limited to assess performance, as this will have an impact on the dividends paid to Carpet & Latex Holdings Ltd.
Mr M D Greenhalgh
Director
25 November 2024
CARPET & LATEX HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M D Greenhalgh
Mrs J M Greenhalgh
Mr S Fitzgerald
Auditor
The auditor, Barlow Andrews LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr M D Greenhalgh
Director
25 November 2024
CARPET & LATEX HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors are responsible 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; 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.
CARPET & LATEX HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARPET & LATEX HOLDINGS LTD
- 4 -
Opinion
We have audited the financial statements of Carpet & Latex Holdings Ltd (the 'company') for the year ended 31 July 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 July 2024 and of its 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.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CARPET & LATEX HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARPET & LATEX HOLDINGS LTD
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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;
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 and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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.
CARPET & LATEX HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARPET & LATEX HOLDINGS LTD
- 6 -
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 and 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; and
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Alison Cornes
Senior Statutory Auditor
For and on behalf of Barlow Andrews LLP
25 November 2024
Chartered Accountants
Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
CARPET & LATEX HOLDINGS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
Year
Period
ended
ended
31 July
31 July
2024
2023
Notes
£
£
Turnover
3
32,658
-
Administrative expenses
(10,000)
Operating profit
22,658
-
Interest receivable and similar income
5
1,000,000
500,000
Interest payable and similar expenses
6
(22,658)
Profit before taxation
1,000,000
500,000
Tax on profit
7
Profit for the financial year
1,000,000
500,000
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There is no comprehensive income for the period. The total comprehensive income is the profit for the financial period shown above.
CARPET & LATEX HOLDINGS LTD
BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
9
5,929,170
5,929,170
Current assets
-
-
Creditors: amounts falling due within one year
11
(2,981,023)
(2,808,303)
Net current liabilities
(2,981,023)
(2,808,303)
Total assets less current liabilities
2,948,147
3,120,867
Creditors: amounts falling due after more than one year
12
(67,797)
(240,517)
Net assets
2,880,350
2,880,350
Capital and reserves
Called up share capital
14
1,000
1,000
Share premium account
15
2,879,350
2,879,350
Total equity
2,880,350
2,880,350
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
Mr M D Greenhalgh
Director
Company registration number 14229170 (England and Wales)
CARPET & LATEX HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 12 July 2022
-
Period ended 31 July 2023:
Profit and total comprehensive income
-
-
500,000
500,000
Issue of share capital
14
1,000
2,879,350
-
2,880,350
Dividends
8
-
-
(500,000)
(500,000)
Balance at 31 July 2023
1,000
2,879,350
2,880,350
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
1,000,000
1,000,000
Dividends
8
-
-
(1,000,000)
(1,000,000)
Balance at 31 July 2024
1,000
2,879,350
2,880,350
CARPET & LATEX HOLDINGS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
17
184,806
2,652,840
Interest paid
(22,658)
Net cash inflow from operating activities
162,148
2,652,840
Investing activities
Purchase of subsidiaries
(3,048,820)
Dividends received
1,000,000
500,000
Net cash generated from/(used in) investing activities
1,000,000
(2,548,820)
Financing activities
Proceeds from new bank loans
500,000
Repayment of bank loans
(162,148)
(104,020)
Dividends paid
(1,000,000)
(500,000)
Net cash used in financing activities
(1,162,148)
(104,020)
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
CARPET & LATEX HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
1
Accounting policies
Company information
Carpet & Latex Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 35, Bradley Fold Trading Estate, Bradley Fold Road, Bolton.
1.1
Reporting period
The financial statements have been prepared for the year to 31 July 2024. The prior period was a long period, from the date of incorporation, being 12 July 2022, to 31 July 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received for services provided in the normal course of business.
Revenue from the sale of services is recognised when the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
CARPET & LATEX HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 12 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including bank loans, loans to fellow group companies and directors' loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CARPET & LATEX HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2
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 the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Management fees
32,658
-
2024
2023
£
£
Other revenue
Dividends received
1,000,000
500,000
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
3
3
5
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
1,000,000
500,000
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
22,658
-
CARPET & LATEX HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
7
Taxation
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,000,000
500,000
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
250,000
95,000
Tax effect of income not taxable in determining taxable profit
(250,000)
(95,000)
Taxation charge for the year
-
-
8
Dividends
2024
2023
£
£
Final paid
1,000,000
500,000
9
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
10
5,929,170
5,929,170
10
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Carpet and Latex International Limited
Bradley Fold Trading Estate, Bolton
Provides formulated water based latex compounds for the textile and floor coverings sector
Ordinary
100.00
Latex Compounds Limited
Bradley Fold Trading Estate, Bolton
Management consultancy activities other than financial management.
Ordinary
100.00
CARPET & LATEX HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Subsidiaries
(Continued)
- 15 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Carpet and Latex International Limited
3,765,091
1,549,964
Latex Compounds Limited
40,718
(2,136)
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
13
166,035
155,463
Amounts owed to group undertakings
1,718,454
2,152,840
Other creditors
1,089,445
500,000
Accruals and deferred income
7,089
2,981,023
2,808,303
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
13
67,797
240,517
13
Loans
2024
2023
£
£
Bank loans
233,832
395,980
Payable within one year
166,035
155,463
Payable after one year
67,797
240,517
Borrowings of £500,000 were obtained from The Royal Bank of Scotland in November 2022 and are repayable over a term of 36 months in equal instalments. The interest is charged at a fixed rate of 6.86% and is payable quarterly.
The bank loan is secured by a debenture over all the assets of the company's trading subsidiary, Carpet and Latex International Limited.
CARPET & LATEX HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
650
650
650
650
Ordinary A shares of £1 each
350
350
350
350
1,000
1,000
1,000
1,000
The holders of the Ordinary shares and Ordinary A shares have full rights regarding voting, payment of dividends and distributions.
15
Share premium account
The share premium reserve represents the premium paid for newly issued shares above their nominal value.
16
Directors' transactions
Dividends totalling £1,000,000 (2023: £500,000) were paid in the year in respect of shares held by the company's directors.
At the year end the company owed the directors £1,089,445 (2023: £500,000). The loans are unsecured, interest free and no fixed terms for repayment.
17
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,000,000
500,000
Adjustments for:
Finance costs
22,658
Investment income
(1,000,000)
(500,000)
Movements in working capital:
Increase in creditors
162,148
2,652,840
Cash generated from operations
184,806
2,652,840
18
Analysis of changes in net debt
1 August 2023
Cash flows
31 July 2024
£
£
£
Borrowings excluding overdrafts
(395,980)
162,148
(233,832)
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