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Company registration number:
NI019120
Ian A Kernohan (NI) Limited
Financial statements
31 May 2024
Ian A Kernohan (NI) Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Ian A Kernohan (NI) Limited
Directors and other information
|
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|
Directors |
VA Stanex (Jnr) |
|
|
J Stanex |
|
|
D Reaney |
|
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|
|
Secretary |
VA Stanex (Jnr) |
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|
|
Company number |
NI019120 |
|
|
|
|
|
|
|
Registered office |
"Fir Trees" |
|
|
Greenway Industrial Estate |
|
|
Conlig |
|
|
Co Down |
|
|
BT23 7SU |
|
|
|
|
|
|
|
Auditor |
Hill Vellacott |
|
|
22 Great Victoria Street |
|
|
Belfast |
|
|
BT2 7BA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Bank of Ireland |
|
|
46 - 48 High Street |
|
|
Bangor |
|
|
BT20 5AZ |
|
|
|
|
|
|
|
Solicitors |
Worthingtons |
|
|
24 - 38 Gordon Street |
|
|
Belfast |
|
|
BT1 2LG |
|
|
|
Ian A Kernohan (NI) Limited
Strategic report
Year ended 31 May 2024
Review of the business
The company is a trading company, and the principal activity of the company is distribution of bathrooms, kitchens, heating systems, stoves, chimneys & flues and ventilation for the wholesale, retail, and specification markets.
Both the level of business and the year-end financial position were as expected.
Key Performance Indicators (KPI's)
The company has the key performance indicators (KPIs) of maintaining sales in the more profitable markets in face of competition and maintaining satisfactory gross profit margins. The directors believe the company can meet the KPIs in the medium term.
Environment
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with applicable environmental legislation and prevent pollution and reduce waste wherever possible.
Health and Safety
The company is committed to achieving the highest possible standards in health and safety management and strives to make all our premises safe environments for employees and customers.
Principal Risks and uncertainties
The core risks associated with the company's operations are identified below:
Foreign Exchange Risk
The company is exposed to some foreign exchange risk in the normal course of business, principally on purchases and sales in euros. While the company has not used financial instruments to hedge foreign exchange exposure, the position is kept constantly under review.
This report was approved by the board of directors on 18 February 2025 and signed on behalf of the board by:
VA Stanex (Jnr)
Director
Ian A Kernohan (NI) Limited
Directors report
Year ended 31 May 2024
The directors present their report and the financial statements of the company for the year ended 31 May 2024.
Directors
The directors who served the company during the year were as follows:
|
VA Stanex (Jnr) |
J Stanex |
D Reaney |
|
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The risks to the UK economic growth still remain and may be influenced by developments within the euro zone. The directors are working on the development of new markets within the UK that are seen to be more resilient against the eurozone uncertainties.
Financial instruments
The directors' objectives are to minimise the financial risks that the company is exposed to and they have implemented policies to achieve this. The main financial risks are seen as interest rates and foreign exchange. The company has entered into floating rate loans and the directors are satisfied that this is adequate for the company.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
18 February 2025
and signed on behalf of the board by:
VA Stanex (Jnr)
Director
Independent auditor's report to the members of
Ian A Kernohan (NI) Limited
Year ended 31 May 2024
Opinion
We have audited the financial statements of Ian A Kernohan (NI) Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 May 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.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’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.
Other Information
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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 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 has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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 where 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 the 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 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: Our approach was as follows:We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006 and compliance with FRS102 and laws; and we assessed the risks of material misstatement in respect of fraud with the consideration of the company's own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations.Audit procedures designed to respond to the risks of fraud:We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
Eoin McMullan ACA
(Senior Statutory Auditor)
For and on behalf of
Hill Vellacott
Chartered Accountants and Statutory Auditors
22 Great Victoria Street
Belfast
BT2 7BA
18 February 2025
Ian A Kernohan (NI) Limited
Statement of income and retained earnings
Year ended 31 May 2024
|
|
|
|
2024 |
|
2023 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
10,815,031 |
|
11,722,175 |
|
|
Cost of sales |
|
|
|
(
8,231,525) |
|
(
9,000,316) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
2,583,506 |
|
2,721,859 |
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
2,465,383) |
|
(
2,487,308) |
|
|
Other operating income |
|
5 |
|
5,122 |
|
4,622 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating profit |
|
6 |
|
123,245 |
|
239,173 |
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
9 |
|
17,727 |
|
2,310 |
|
|
Interest payable and similar expenses |
|
10 |
|
(
3,672) |
|
(
2,508) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit before taxation |
|
|
|
137,300 |
|
238,975 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
11 |
|
(
45,343) |
|
(
39,755) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit for the financial year and total comprehensive income |
|
|
|
91,957 |
|
199,220 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year |
|
|
|
3,804,885 |
|
3,605,665 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Retained earnings at the end of the year |
|
|
|
3,896,842 |
|
3,804,885 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
Ian A Kernohan (NI) Limited
Statement of financial position
31 May 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
12 |
32,232 |
|
|
|
46,275 |
|
|
Tangible assets |
|
13 |
923,781 |
|
|
|
939,981 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
956,013 |
|
|
|
986,256 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
14 |
2,516,024 |
|
|
|
2,394,437 |
|
|
Debtors |
|
15 |
1,204,441 |
|
|
|
1,260,318 |
|
|
Cash at bank and in hand |
|
|
1,664,216 |
|
|
|
1,790,691 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
5,384,681 |
|
|
|
5,445,446 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
16 |
(
2,377,886) |
|
|
|
(
2,552,290) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
3,006,795 |
|
|
|
2,893,156 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
3,962,808 |
|
|
|
3,879,412 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
17 |
|
|
(
11,695) |
|
|
|
(
7,739) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
19 |
|
|
(
22,212) |
|
|
|
(
34,729) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
3,928,901 |
|
|
|
3,836,944 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
23 |
|
|
8,000 |
|
|
|
8,000 |
Revaluation reserve |
|
|
|
|
22,059 |
|
|
|
22,059 |
Capital redemption reserve |
|
|
|
|
2,000 |
|
|
|
2,000 |
Profit and loss account |
|
|
|
|
3,896,842 |
|
|
|
3,804,885 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
3,928,901 |
|
|
|
3,836,944 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
18 February 2025
, and are signed on behalf of the board by:
VA Stanex (Jnr)
Director
Company registration number:
NI019120
Ian A Kernohan (NI) Limited
Statement of cash flows
Year ended 31 May 2024
|
|
2024 |
|
2023 |
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the financial year |
|
91,957 |
|
199,220 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
90,563 |
|
91,145 |
|
Amortisation of intangible assets |
|
15,356 |
|
14,121 |
|
Government grant income |
|
(
4,622) |
|
(
4,622) |
|
Other interest receivable and similar income |
|
(
17,727) |
|
(
2,310) |
|
Interest payable and similar expenses |
|
3,672 |
|
2,508 |
|
Gain/(loss) on disposal of tangible assets |
|
(
5,500) |
|
(
13,865) |
|
Tax on profit |
|
45,343 |
|
39,755 |
|
Accrued expenses/(income) |
|
(
210,322) |
|
(
154,695) |
|
Changes in: |
|
|
|
|
|
Stocks |
|
(
121,587) |
|
(
398,250) |
|
Trade and other debtors |
|
59,588 |
|
802,577 |
|
Trade and other creditors |
|
30,749 |
|
(
1,086,905) |
|
|
|
_______ |
|
_______ |
|
Cash generated from operations |
|
(
22,530) |
|
(
511,321) |
|
|
|
|
|
|
|
Interest paid |
|
(
3,672) |
|
(
2,508) |
|
Interest received |
|
17,727 |
|
2,310 |
|
Tax paid |
|
(
58,568) |
|
(
128,961) |
|
|
|
_______ |
|
_______ |
|
Net cash used in operating activities |
|
(
67,043) |
|
(
640,480) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
(
74,363) |
|
(
58,229) |
|
Proceeds from sale of tangible assets |
|
5,500 |
|
16,454 |
|
Purchase of intangible assets |
|
(
1,313) |
|
(
3,666) |
|
|
|
_______ |
|
_______ |
|
Net cash used in investing activities |
|
(
70,176) |
|
(
45,441) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Repayments of borrowings |
|
- |
|
(
36,475) |
|
Government grant income |
|
4,622 |
|
4,622 |
|
Payment of finance lease liabilities |
|
6,122 |
|
(
22,117) |
|
|
|
_______ |
|
_______ |
|
Net cash from/(used in) financing activities |
|
10,744 |
|
(
53,970) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(
126,475) |
|
(
739,891) |
|
Cash and cash equivalents at beginning of year |
|
1,790,691 |
|
2,530,582 |
|
|
|
_______ |
|
_______ |
|
Cash and cash equivalents at end of year |
|
1,664,216 |
|
1,790,691 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Ian A Kernohan (NI) Limited
Notes to the financial statements
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is "Fir Trees", Greenway Industrial Estate, Conlig, Co Down, BT23 7SU.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Long leasehold property |
- |
2 % |
straight line |
|
Fittings fixtures and equipment |
- |
10-25% straight line |
|
|
Motor vehicles |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Sale of goods |
|
10,815,031 |
11,722,175 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
United Kingdom |
|
9,061,264 |
10,023,813 |
|
Europe |
|
1,753,767 |
1,698,362 |
|
|
|
_______ |
_______ |
|
|
|
10,815,031 |
11,722,175 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Other operating income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Government grant income |
|
4,622 |
4,622 |
|
Other operating income |
|
500 |
- |
|
|
|
_______ |
_______ |
|
|
|
5,122 |
4,622 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
15,356 |
14,121 |
|
Depreciation of tangible assets |
|
|
90,563 |
91,145 |
|
(Gain)/loss on disposal of tangible assets |
|
|
(
5,500) |
(
13,865) |
|
Impairment of trade debtors |
|
|
- |
7,737 |
|
Fees payable for the audit of the financial statements |
|
|
8,000 |
8,000 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2024 |
2023 |
|
Distribution staff |
|
17 |
17 |
|
Administrative staff |
|
17 |
17 |
|
|
|
_______ |
_______ |
|
|
|
34 |
34 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
1,602,538 |
1,659,881 |
|
Social security costs |
|
161,942 |
176,820 |
|
Other pension costs |
|
48,757 |
42,444 |
|
|
|
_______ |
_______ |
|
|
|
1,813,237 |
1,879,145 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Remuneration |
|
374,250 |
490,250 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Remuneration of the highest paid directors in respect of qualifying services:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Aggregate remuneration |
|
249,000 |
364,000 |
|
Company contributions to pension plans in respect of qualifying services |
|
- |
- |
|
|
|
_______ |
_______ |
|
|
|
249,000 |
364,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Other interest receivable and similar income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank deposits |
|
17,727 |
2,310 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Interest payable and similar expenses
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
- |
387 |
|
Other loans made to the company: |
|
|
|
|
|
|
Finance leases and hire purchase contracts |
|
3,672 |
2,121 |
|
|
|
|
_______ |
_______ |
|
|
|
|
3,672 |
2,508 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
11.
Tax on profit
Major components of tax expense
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
56,712 |
57,418 |
|
Adjustments in respect of previous periods |
|
1,148 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
(
12,517) |
(
17,663) |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
45,343 |
39,755 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: lower than) the
standard rate of corporation tax in the UK
of
25.00
% (2023: 19.00%).
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
137,300 |
238,975 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
34,325 |
45,405 |
|
Adjustments in respect of prior periods |
|
1,148 |
- |
|
Effect of expenses not deductible for tax purposes |
|
4,449 |
2,743 |
|
Effect of capital allowances and depreciation |
|
5,749 |
(
9,026) |
|
Effect of different UK tax rates on some earnings |
|
(328) |
633 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
45,343 |
39,755 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Intangible assets
|
|
Computer Software |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 June 2023 |
60,396 |
60,396 |
|
|
|
|
|
Additions |
1,313 |
1,313 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 May 2024 |
61,709 |
61,709 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 June 2023 |
14,121 |
14,121 |
|
|
|
|
|
Charge for the year |
15,356 |
15,356 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 May 2024 |
29,477 |
29,477 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 May 2024 |
32,232 |
32,232 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 May 2023 |
46,275 |
46,275 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
13.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2023 |
1,149,669 |
290,414 |
289,478 |
1,729,561 |
|
|
|
|
Additions |
- |
13,268 |
61,095 |
74,363 |
|
|
|
|
Disposals |
- |
(
24,257) |
(
49,100) |
(
73,357) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
1,149,669 |
279,425 |
301,473 |
1,730,567 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2023 |
388,888 |
205,140 |
195,552 |
789,580 |
|
|
|
|
Charge for the year |
22,993 |
23,213 |
44,357 |
90,563 |
|
|
|
|
Disposals |
- |
(
24,257) |
(
49,100) |
(
73,357) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
411,881 |
204,096 |
190,809 |
806,786 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 May 2024 |
737,788 |
75,329 |
110,664 |
923,781 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2023 |
760,781 |
85,274 |
93,926 |
939,981 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
|
|
|
|
|
|
|
|
|
|
Motor vehicles |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
At 31 May 2024 |
47,827 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 May 2023 |
39,873 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Finished goods and goods for resale |
|
2,516,024 |
2,394,437 |
|
|
|
_______ |
_______ |
|
|
|
|
|
15.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,181,968 |
1,241,692 |
|
Prepayments and accrued income |
|
22,042 |
18,626 |
|
Other debtors |
|
431 |
- |
|
|
|
_______ |
_______ |
|
|
|
1,204,441 |
1,260,318 |
|
|
|
_______ |
_______ |
|
|
|
|
|
16.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,470,129 |
1,470,241 |
|
Accruals and deferred income |
|
289,140 |
495,751 |
|
Corporation tax |
|
56,712 |
57,420 |
|
Social security and other taxes |
|
292,503 |
305,282 |
|
Obligations under finance leases |
|
17,670 |
15,504 |
|
Other creditors |
|
251,732 |
208,092 |
|
|
|
_______ |
_______ |
|
|
|
2,377,886 |
2,552,290 |
|
|
|
_______ |
_______ |
|
|
|
|
|
A first ranking legal charge over the property situated at 10A Greenway industrial estate. Mortgage debenture incorporating a fixed and floating charge over all company assets present and future; Legal Mortgage over property at Fir Trees, Greenway Industrial Estate, Co. Down.
17.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Obligations under finance leases |
|
11,695 |
7,739 |
|
|
|
_______ |
_______ |
|
|
|
|
|
18.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
17,670 |
15,504 |
|
Later than 1 year and not later than 5 years |
|
11,695 |
7,739 |
|
|
|
_______ |
_______ |
|
|
|
29,365 |
23,243 |
|
|
|
_______ |
_______ |
|
Present value of minimum lease payments |
|
29,365 |
23,243 |
|
|
|
_______ |
_______ |
|
|
|
|
|
19.
Provisions
|
|
Deferred tax (note 20) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 June 2023 |
34,729 |
34,729 |
|
|
|
|
Charges against provisions |
(
12,517) |
(
12,517) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
22,212 |
22,212 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
20.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 19) |
|
22,212 |
34,729 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
22,212 |
34,729 |
|
|
|
_______ |
_______ |
|
|
|
|
|
21.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
48,757
(2023: £
42,444
).
22.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Recognised in other operating income: |
|
|
|
|
Government grants recognised directly in income |
|
4,622 |
4,622 |
|
|
|
_______ |
_______ |
|
|
|
|
|
23.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
shares of £
1.00 each |
|
8,000 |
|
8,000 |
|
8,000 |
|
8,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
24.
Analysis of changes in net debt
|
|
At 1 June 2023 |
Cash flows |
At 31 May 2024 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
1,790,691 |
(126,475) |
1,664,216 |
|
|
|
|
Debt due within one year |
(15,504) |
(2,166) |
(17,670) |
|
|
|
|
Debt due after one year |
(7,739) |
(3,956) |
(11,695) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
1,767,448 |
(
132,597) |
1,634,851 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
25.
Limitation of auditors liability
The company has entered into a liability limitation agreement with the company's auditor which was approved on 5 August 2024. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.