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REGISTERED NUMBER: 04505714 (England and Wales)











GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

CAMPBELL & TATE LTD

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Group Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Consolidated Statement of Income and Retained
Earnings

9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 15


CAMPBELL & TATE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr J Campbell
Mr N Tate





SECRETARY: Mr J Campbell





REGISTERED OFFICE: 54 Thorpe Road
Norwich
Norfolk
NR1 1RY





REGISTERED NUMBER: 04505714 (England and Wales)





AUDITORS: BW Audit Ltd
54 Thorpe Road
Norwich
Norfolk
NR1 1RY

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS
The principal activity of the group is that of injection moulding, blow moulding and product design, development and prototyping.

Turnover for the year reduced by £1,203,135 to £9,436,211. However, gross profit only decreased by £257,232 to £3,578,381 with an overall margin of 37.9% (up from 36.1% in the prior year) reflecting improvements in efficiencies. The net profit before tax amounted to £1,444,693 with average employee numbers remaining at 59.

The Board acknowledge that it has continued to be a challenging trading period with pressures on costs including energy and labour. The company is working with several PCR suppliers to ensure it remains ahead of market trends.

The Board are very pleased with the continued progress that has been made particularly with the development of the management structure which further reinforces the company's future growth plans. The company has recently been awarded an "AA" rating for BRC.

PRINCIPAL RISKS AND UNCERTAINTIES
There continues to be a negative sentiment towards plastic packaging but alternative formats remain elusive and those that have come to market have a cost base which is not suited to the current economic climate. On this basis we do not see any noticeable downward trend in overall plastic usage but we will continue to monitor this and will adapt as necessary.

The main risks are around macro economic and political factors which have led to continued volatility in markets directly and indirectly affecting our sector. These include currency fluctuation, energy fluctuations and a continued subdued consumer demand. There remain cost pressures relating to wage and employment costs, packaging taxes (including EPR). These risks are monitored and measures taken where possible.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider the key performance indicators, which they use to monitor and manage the business effectively, are those that communicate the financial performance and strength of the group as a whole. These include turnover, gross profit, customer satisfaction, supplier performance and average employee numbers and are discussed in detail within the business review above.

ON BEHALF OF THE BOARD:





Mr J Campbell - Director


28 January 2025

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

DIVIDENDS
Dividends of £344,000 (2023 - £344,000) were declared and paid in the year.

RESULTS
The profit for the year, after taxation, amounted to £1,077,583 (2023 - £1,124,204).

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

Mr J Campbell
Mr N Tate

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company has entered into qualifying third party indemnity arrangements for the benefit of all its directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

MATTERS COVERED IN THE STRATEGIC REPORT
In accordance with section 414C (11) of the Companies Act 2006, information on exposure to risks and future developments is covered in the strategic report.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor are unaware: and

- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor are aware of that information.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, BW Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Campbell - Director


28 January 2025

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CAMPBELL & TATE LTD

Opinion
We have audited the financial statements of Campbell & Tate Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 31 May 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 Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CAMPBELL & TATE 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 Directors' Report.

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CAMPBELL & TATE 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the management and those charged with governance of the group.

Due to the field in which the group operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the group's ability to operate including health and safety; employment law, and compliance with various other regulations relevant to the operation of the group.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation or claims and fraud;

- Reviewing legal and professional fees for indicators of litigation;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Reviewing board minutes and any relevant correspondence with external authorities;

- Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;

- Challenging assumptions and judgments made by management in their significant accounting estimates;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions outside the normal course of business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CAMPBELL & TATE 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Joanne Fox BA FCA (Senior Statutory Auditor)
for and on behalf of BW Audit Ltd
54 Thorpe Road
Norwich
Norfolk
NR1 1RY

28 January 2025

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 9,436,211 10,639,346

Cost of sales 5,857,829 6,803,733
GROSS PROFIT 3,578,382 3,835,613

Distribution costs 642,675 646,302
Administrative expenses 1,519,261 1,550,305
2,161,936 2,196,607
OPERATING PROFIT 6 1,416,446 1,639,006

Interest receivable and similar income 47,438 6,693
Amounts written off investments 8 - (30,000 )
Interest payable and similar expenses 9 (19,191 ) (32,452 )
PROFIT BEFORE TAXATION 1,444,693 1,583,247

Tax on profit 10 367,110 459,043
PROFIT FOR THE FINANCIAL YEAR 1,077,583 1,124,204

Retained earnings at beginning of year 5,362,818 4,582,614

Dividends 12 (344,000 ) (344,000 )

RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

6,096,401

5,362,818

Profit attributable to:
Owners of the parent 1,077,583 1,124,204

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 2,856,042 3,337,095
Investments 14 1 1
2,856,043 3,337,096

CURRENT ASSETS
Stocks 15 1,087,783 1,087,930
Debtors 16 2,445,547 2,456,150
Cash at bank and in hand 2,594,930 1,646,534
6,128,260 5,190,614
CREDITORS
Amounts falling due within one year 17 2,264,909 2,199,632
NET CURRENT ASSETS 3,863,351 2,990,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,719,394

6,328,078

CREDITORS
Amounts falling due after more than one
year

18

(194,520

)

(430,095

)

PROVISIONS FOR LIABILITIES 22 (428,373 ) (535,065 )
NET ASSETS 6,096,501 5,362,918

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 24 6,096,401 5,362,818
SHAREHOLDERS' FUNDS 6,096,501 5,362,918

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr N Tate - Director


CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

COMPANY BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 255,049 260,846
Investments 14 2,290,374 2,290,374
2,545,423 2,551,220

CURRENT ASSETS
Debtors 16 748,901 296,612
Cash at bank 1,673,030 836,556
2,421,931 1,133,168
CREDITORS
Amounts falling due within one year 17 134,018 84,528
NET CURRENT ASSETS 2,287,913 1,048,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,833,336

3,599,860

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 24 4,833,236 3,599,760
SHAREHOLDERS' FUNDS 4,833,336 3,599,860

Company's profit for the financial year 1,577,476 710,130

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr N Tate - Director


CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,986,102 1,765,403
Tax paid (472,781 ) (128,541 )
Net cash from operating activities 1,513,321 1,636,862

Cash flows from investing activities
Purchase of tangible fixed assets (7,182 ) (310,179 )
Sale of tangible fixed assets - 41,250
Interest received 47,438 6,693
Net cash from investing activities 40,256 (262,236 )

Cash flows from financing activities
Loan repayments in year (19,172 ) (303,328 )
Repayments of HP and finance leases (215,306 ) (244,324 )
Amount withdrawn by directors (7,512 ) (5,226 )
Interest paid (2,398 ) (13,555 )
Interest paid on hire purchase (16,793 ) (18,897 )
Equity dividends paid (344,000 ) (344,000 )
Net cash from financing activities (605,181 ) (929,330 )

Increase in cash and cash equivalents 948,396 445,296
Cash and cash equivalents at beginning
of year

2

1,646,534

1,201,238

Cash and cash equivalents at end of
year

2

2,594,930

1,646,534

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit for the financial year 1,077,583 1,124,204
Depreciation charges 488,235 485,172
Loss on disposal of fixed assets - 2,984
Amounts written off investments - 30,000
Finance costs 19,191 32,452
Finance income (47,438 ) (6,693 )
Taxation 367,110 459,043
1,904,681 2,127,162
Decrease in stocks 147 11,732
Decrease/(increase) in trade and other debtors 19,804 (72,864 )
Increase/(decrease) in trade and other creditors 61,470 (300,627 )
Cash generated from operations 1,986,102 1,765,403

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 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 2,594,930 1,646,534
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 1,646,534 1,201,238


CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.6.23 Cash flow changes At 31.5.24
£    £    £    £   
Net cash
Cash at bank
and in hand 1,646,534 948,396 2,594,930
1,646,534 948,396 2,594,930
Debt
Finance leases (625,131 ) 215,306 - (409,825 )
Debts falling due
within 1 year (18,218 ) 19,172 (20,269 ) (19,315 )
Debts falling due
after 1 year (20,269 ) - 20,269 -
(663,618 ) 234,478 - (429,140 )
Total 982,916 1,182,874 - 2,165,790

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Campbell & Tate 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the group's accounting policies (see note 3).

The financial statements are presented in Sterling (£) and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

Basis of consolidation
The consolidated financial statements present the results of the company and its subsidiary ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

Going concern
The directors have considered the group’s position at the time of signing the financial statements, and in particular the continued economic uncertainty and cost inflation. As part of their assessment, they have prepared forecasts which take a prudent account of expectations around trading performance and profitability in light of the above.

Based on this, the directors have concluded that they have a reasonable expectation that the group and company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

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

Turnover is recognised when products and services are supplied to customers in line with contractual arrangements. At this point, control has passed to third parties, the transaction price can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the group.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:
Freehold property- 2% on cost
Plant and machinery- 33% on reducing balance and 10% on cost
Fixtures and fittings- 25% on reducing balance
Motor vehicles- 25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Valuation of investments
Investments in unlisted companies including subsidiaries are measured at cost less accumulated impairment.

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

In determining the cost of stock, latest invoice price is used for raw materials and standard cost used for finished goods and work in progress. Standard cost is regularly reviewed and updated. Given the fast moving nature of most stock lines these methods are considered close to actual cost.

Debtors
Short-term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group only enter into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, bank loans and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability. The assets of the plan are held separately from the group in independently administered funds.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. All borrowing costs are charged to profit or loss in the year in which they are incurred.

Dividends
Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

Invoice factoring
The group has entered into an invoice factoring agreement. Due to the nature of the agreement, the amounts owed by customers are included within trade debtors and the amounts owed from/to the invoice factoring company are included within bank/creditors.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The judgements, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below:

Depreciation of tangible fixed assets
Included within plant and machinery are moulds and tooling work used for production. Due to their custom manufacture, often for a specific project, the directors have adopted a policy of 33% depreciation on a reducing balance basis based on historical information. The carrying value is reviewed annually for those no longer in use and for which no alternative use is seen to exist at the time without significant modification.

Stock valuation
Stock is valued using the latest invoice price for raw materials and standard cost for finished goods and work in progress, which the directors consider appropriate given the fast moving nature of the stock lines. The carrying value of stock is reviewed regularly for any slow moving stock lines and potential impairment.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,873,796 1,948,946
Social security costs 155,275 158,959
Other pension costs 202,511 262,417
2,231,582 2,370,322

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

Management and administration 13 13
Production 45 45
Sales 1 1
59 59

Agency staff were used at various times to meet demand which are not included in the above staff numbers but are included in wages and salaries costs. This amounted to £203,224 (2023 - £270,318).

2024 2023
£    £   
Directors' remuneration 25,776 30,070
Directors' pension contributions to money purchase schemes 120,922 193,338

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 31,423 15,379
Other operating leases 12,144 12,578
Depreciation - owned assets 374,440 371,377
Depreciation - assets on hire purchase contracts 113,795 113,795
Loss on disposal of fixed assets - 2,984
Foreign exchange differences 20,813 27,225

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

3,685

3,685

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Amounts written off
investments - 30,000

The investment has been written down to a nominal sum due to losses and a dilution in the shareholding.

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 2,398 13,555
Hire purchase interest 16,793 18,897
19,191 32,452

10. 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 473,802 340,698

Deferred tax:
Origination and reversal of timing differences (106,692 ) 118,345
Tax on profit 367,110 459,043

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,444,693 1,583,247
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 20 %)

361,173

316,649

Effects of:
Expenses not deductible for tax purposes 1,648 7,318

Remeasurement of deferred tax for changes in tax rates - 121,481
Fixed asset differences 4,289 13,595
Total tax charge 367,110 459,043

11. PARENT COMPANY PROFIT FOR THE YEAR

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.

The profit after tax of the parent company for the period was £1,577,476 (2023 - £710,130).

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. DIVIDENDS
2024 2023
£    £   
Ordinary "A" shares of £1 each
Interim 172,000 172,000
Ordinary "B" shares of £1 each
Interim 172,000 172,000
344,000 344,000

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 1,536,178 8,772,040 274,061 146,896 10,729,175
Additions - 4,687 2,495 - 7,182
At 31 May 2024 1,536,178 8,776,727 276,556 146,896 10,736,357
DEPRECIATION
At 1 June 2023 441,029 6,697,134 220,205 33,712 7,392,080
Charge for year 28,724 417,751 13,464 28,296 488,235
At 31 May 2024 469,753 7,114,885 233,669 62,008 7,880,315
NET BOOK VALUE
At 31 May 2024 1,066,425 1,661,842 42,887 84,888 2,856,042
At 31 May 2023 1,095,149 2,074,906 53,856 113,184 3,337,095

Included in cost of land and buildings is freehold land of £100,000 (2023 - £100,000) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2023
and 31 May 2024 1,137,968
DEPRECIATION
At 1 June 2023 262,016
Charge for year 113,795
At 31 May 2024 375,811
NET BOOK VALUE
At 31 May 2024 762,157
At 31 May 2023 875,952

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

13. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 June 2023
and 31 May 2024 289,831
DEPRECIATION
At 1 June 2023 28,985
Charge for year 5,797
At 31 May 2024 34,782
NET BOOK VALUE
At 31 May 2024 255,049
At 31 May 2023 260,846

14. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 June 2023
and 31 May 2024 55,110
PROVISIONS
At 1 June 2023
and 31 May 2024 55,109
NET BOOK VALUE
At 31 May 2024 1
At 31 May 2023 1
Company
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 2,290,374
NET BOOK VALUE
At 31 May 2024 2,290,374
At 31 May 2023 2,290,374

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

14. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Coda Plastics Ltd
Registered office: Folgate Road, North Walsham, Norfolk, NR28 OAJ
Nature of business: Plastic moulding etc.
%
Class of shares: holding
Ordinary 100.00


15. STOCKS

Group
2024 2023
£    £   
Raw materials and work in progress 671,217 652,521
Finished goods 416,566 435,409
1,087,783 1,087,930

There is no significant difference between the replacement cost of stock and its carrying amount.

Stocks are stated after a provision of £5,350 (2023 - £9,242) against slow moving and obsolete stock.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,703,475 2,157,381 - -
Amounts owed by group undertakings - - 40,972 41,482
Other debtors 526,142 83,358 523,642 75,858
Directors' current accounts 188,579 181,067 184,287 179,272
Prepayments and accrued income 27,351 34,344 - -
2,445,547 2,456,150 748,901 296,612

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 19,315 18,218 - -
Hire purchase contracts (see note 20) 215,305 215,305 - -
Trade creditors 1,109,522 1,101,631 - -
Taxation 343,408 340,698 129,758 80,496
Social security and other taxes 330,493 293,132 - -
Accruals 246,866 230,648 4,260 4,032
2,264,909 2,199,632 134,018 84,528

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

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

Group
2024 2023
£    £   
Bank loans (see note 19) - 20,269
Hire purchase contracts (see note 20) 194,520 409,826
194,520 430,095

19. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans less than 1 year 19,315 18,218
Amounts falling due between one and two years:
Bank loans - 1-2 years - 20,269

Bank loans are repayable by instalments. Interest is chargeable at Base Rate plus 2.85% per annum, the loan is due for repayment in year ended 31 May 2025.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 215,305 215,305
Between one and five years 194,520 409,826
409,825 625,131

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 26,920 21,029
Between one and five years 21,480 29,414
48,400 50,443

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 19,315 38,487
Hire purchase contracts 409,825 625,131
429,140 663,618

The bank loans are secured against freehold premises alongside a floating charge. Hire purchase liabilities are secured against the assets financed.

22. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 428,373 535,065

Group
Deferred
tax
£   
Balance at 1 June 2023 535,065
Credit to Statement of Comprehensive Income during year (106,692 )
Balance at 31 May 2024 428,373

The amount of the net decrease of deferred tax expected to occur next year is £95,087 (2023 - £49,967) relating to timing differences on tangible fixed assets.

23. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary "A" £1 50 50
50 Ordinary "B" £1 50 50
100 100

All ordinary shares have the same rights attached.

24. RESERVES

Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.

CAMPBELL & TATE LTD (REGISTERED NUMBER: 04505714)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
J Campbell
Balance outstanding at start of year 90,136 88,745
Amounts advanced 3,955 4,215
Amounts repaid - (2,824 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 94,091 90,136

N Tate
Balance outstanding at start of year 90,931 87,096
Amounts advanced 3,788 4,200
Amounts repaid (231 ) (365 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 94,488 90,931

26. RELATED PARTY DISCLOSURES

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.

Included within other debtors is £463,159 (2023 - £17,415) owed from a company controlled by the directors.

Remuneration paid to key management personnel for the group totalled £272,412 (2023 - £363,900).

27. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr J Campbell and Mr N Tate.