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Registration number: 13123095

Avonside Insulation Supplies Holdings Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 August 2024

 

Avonside Insulation Supplies Holdings Ltd

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 26

 

Avonside Insulation Supplies Holdings Ltd

Company Information

Director

J Milligan

Registered office

Olympus House
Britannia Road
Patchway
Bristol
BS34 5TA

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Avonside Insulation Supplies Holdings Ltd

Strategic Report for the Year Ended 31 August 2024

The director presents the strategic report for the year ended 31 August 2024.

Principal activity

The principal activity of the group is that of a holding company. The principal activity of the group is that of the supply of insulation materials.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £20,872,531 (2023 - £20,158,330) and an operating profit of £365,187 (2023 - £1,079,108). At 31 August 2024, the group had net assets of £1,772,457 (2023 - £1,597,401). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

2024

2023

2022

Turnover

20,872,531

20,158,330

17,657,481

Turnover growth

4%

14%

88%

Gross profit margin

4,101,951

4,518,931

3,861,875

Profit before tax

278,154

997,779

690,245

Development and performance of the business

Principal risks and uncertainties

Principal risks to the organisation are managed through organisation risk registers. These identify all of the potential risks to the business with mitigating controls for managing and monitoring risk. All risks are profiled, and the Board is regularly updated on the current status of risks to the organisation and commensurate risk mitigation strategies.

Financial instruments

Objectives and policies

The board constantly monitors the company's trading results and revise projections as appropriate to ensure that the company can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors, loans to the
business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances
are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans comprise loans from the directors and from financial institutions. The interest rate and monthly repayments on the loans from financial institutions are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by
ensuring that there are sufficient funds to meet the payments.

Approved by the director on 21 February 2025


J Milligan
Director

 

Avonside Insulation Supplies Holdings Ltd

Director's Report for the Year Ended 31 August 2024

The report and the for the year ended 31 August 2024.

Director of the company

The director who held office during the year was as follows:

J Milligan

Future developments

The external commercial environment is expected to remain competitive in 2024/25, but the director is confident in our ability to trade well and remain committed to growing and developing the business.

Disclosure of information to the auditor

The director has taken the steps that ought to have taken as a director in order to make aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that of and of which the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the director on 21 February 2025


J Milligan
Director

 

Avonside Insulation Supplies Holdings Ltd

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

Avonside Insulation Supplies Holdings Ltd

Independent Auditor's Report to the Members of Avonside Insulation Supplies Holdings Ltd

Opinion

We have audited the financial statements of Avonside Insulation Supplies Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 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 the parent company's affairs as at 31 August 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 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.

 

Avonside Insulation Supplies Holdings Ltd

Independent Auditor's Report to the Members of Avonside Insulation Supplies Holdings Ltd

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's 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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

We considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

Avonside Insulation Supplies Holdings Ltd

Independent Auditor's Report to the Members of Avonside Insulation Supplies Holdings Ltd

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Worsley (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

21 February 2025

 

Avonside Insulation Supplies Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
 £

2023
 £

Turnover

3

20,872,531

20,158,330

Cost of sales

 

(16,770,580)

(15,639,399)

Gross profit

 

4,101,951

4,518,931

Distribution costs

 

(2,036,418)

(1,915,498)

Administrative expenses

 

(1,700,346)

(1,524,325)

Operating profit

4

365,187

1,079,108

Other interest receivable and similar income

6

155

-

Interest payable and similar charges

7

(106,088)

(81,329)

Profit before tax

 

259,254

997,779

Taxation

11

(84,198)

(257,853)

Profit for the financial year

 

175,056

739,926

Profit/(loss) attributable to:

 

Owners of the company

 

175,056

739,926

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Avonside Insulation Supplies Holdings Ltd

(Registration number: 13123095)
Consolidated Balance Sheet as at 31 August 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

12

258,900

299,248

Tangible assets

13

119,786

166,744

 

378,686

465,992

Current assets

 

Stocks

15

2,115,519

2,005,339

Debtors

16

6,784,159

5,436,508

Cash at bank and in hand

 

12,990

157,880

 

8,912,668

7,599,727

Creditors: Amounts falling due within one year

17

(7,497,477)

(6,421,480)

Net current assets

 

1,415,191

1,178,247

Total assets less current liabilities

 

1,793,877

1,644,239

Creditors: Amounts falling due after more than one year

17

(16,235)

(28,411)

Provisions for liabilities

11

(5,185)

(18,427)

Net assets

 

1,772,457

1,597,401

Capital and reserves

 

Called up share capital

20

100

100

Profit and loss account

1,772,357

1,597,301

Equity attributable to owners of the company

 

1,772,457

1,597,401

Total equity

 

1,772,457

1,597,401

Approved and authorised by the director on 21 February 2025
 

J Milligan
Director

 

Avonside Insulation Supplies Holdings Ltd

(Registration number: 13123095)
Balance Sheet as at 31 August 2024

Note

2024
 £

2023
 £

Fixed assets

 

Investments

14

1,678,398

1,678,398

Current assets

 

Debtors

16

100

100

Creditors: Amounts falling due within one year

17

(1,678,398)

(1,678,398)

Net current liabilities

 

(1,678,298)

(1,678,298)

Net assets

 

100

100

Capital and reserves

 

Called up share capital

20

100

100

Total equity

 

100

100

The company made a profit after tax for the financial year of £- (2023 - £48,000).

Approved and authorised by the director on 21 February 2025
 

J Milligan
Director

 

Avonside Insulation Supplies Holdings Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 August 2024
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

At 1 September 2023

100

1,597,301

1,597,401

Profit for the year

-

175,056

175,056

At 31 August 2024

100

1,772,357

1,772,457

Share capital
£

Profit and loss account
£

Total
£

At 1 September 2022

100

905,375

905,475

Profit for the year

-

739,926

739,926

Dividends

-

(48,000)

(48,000)

At 31 August 2023

100

1,597,301

1,597,401

 

Avonside Insulation Supplies Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Total
£

At 1 September 2023

100

100

At 31 August 2024

100

100

Share capital
£

Profit and loss account
£

Total
£

At 1 September 2022

100

-

100

Profit for the year

-

48,000

48,000

Dividends

-

(48,000)

(48,000)

At 31 August 2023

100

-

100

 

Avonside Insulation Supplies Holdings Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 August 2024

Note

2024
 £

2023
 £

Cash flows from operating activities

Profit for the year

 

175,056

739,926

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

91,162

96,432

Loss on disposal of tangible assets

12,083

-

Finance income

6

(155)

-

Finance costs

7

106,088

81,329

Income tax expense

11

84,198

257,853

 

468,432

1,175,540

Working capital adjustments

 

Increase in stocks

15

(110,180)

(557,611)

Increase in debtors

16

(1,347,651)

(1,109,376)

Increase in creditors

17

684,308

180,799

Cash generated from operations

 

(305,091)

(310,648)

Tax paid

11

(218,366)

(136,042)

Net cash flow from operating activities

 

(523,457)

(446,690)

Cash flows from investing activities

 

Interest received

155

-

Acquisitions of tangible assets

(21,940)

(82,527)

Proceeds from sale of tangible assets

 

6,000

-

Net cash flows from investing activities

 

(15,785)

(82,527)

Cash flows from financing activities

 

Interest paid

 

(106,088)

(81,329)

Payments to finance lease creditors

 

(14,378)

(14,378)

Dividends paid

-

(48,000)

Increase/(decrease) in invoice discounting facility

 

101,450

785,716

Net cash flows from financing activities

 

(19,016)

642,009

Net (decrease)/increase in cash and cash equivalents

 

(558,258)

112,792

Cash and cash equivalents at 1 September

 

157,880

45,088

Cash and cash equivalents at 31 August

 

(400,378)

157,880

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Olympus House
Britannia Road
Patchway
Bristol
BS34 5TA

 

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of significant accounting policies and key accounting estimates

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £48,000 (2023 - £48,000).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Fixtures, fittings and equipment

20%-33.33% straight line

Motor vehicles

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the First In First Out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

3

Revenue

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

50,814

56,084

Amortisation expense

40,348

40,348

Operating lease expense - property

320,070

359,838

Operating lease expense - plant and machinery

47,591

42,952

Operating lease expense - other

218,390

205,128

 

5

Exceptional items

2024
 £

2023
 £

Exceptional expenses

34,633

57,380

Exceptional items in both years relate to non-recurring bad debt provisions.

 

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

155

-

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

103,886

77,409

Interest on obligations under finance leases and hire purchase contracts

2,202

3,920

106,088

81,329

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

8

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,291,731

1,217,328

Social security costs

127,183

127,178

Pension costs, defined contribution scheme

89,019

63,869

1,507,933

1,408,375

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

4

3

Distribution

22

23

Management

4

4

30

30

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Directors

1

1

 

9

Director's remuneration

Director's remuneration has been borne by a connected party.

 

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

7,750

7,750

Also due to the auditors was £3,000 and £2,250 respectively for the preparation of the annual accounts and corporation tax compliance services.

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

97,440

218,106

UK corporation tax adjustment to prior periods

-

(1,880)

97,440

216,226

Deferred taxation

Arising from origination and reversal of timing differences

(13,242)

41,627

Tax expense in the income statement

84,198

257,853

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 21.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

259,254

997,779

Corporation tax at standard rate

64,814

214,522

Tax increase/(decrease) from effect of capital allowances and depreciation

22,244

(288)

Tax decrease from other short-term timing differences

-

(1,880)

Effect of expense not deductible in determining taxable profit (tax loss)

10,382

3,872

Deferred tax (credit)/expense from unrecognised tax loss or credit

(13,242)

41,627

Total tax charge

84,198

257,853

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

19,193

Short term timing differences

(14,008)

5,185

2023

Asset
£

Differences between accumulated depreciation and amortisation and capital allowances

30,927

Short term timing differences

(12,500)

18,427

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

12

Intangible assets

Group

Goodwill
 £

Cost

At 1 September 2023 and at 31 August 2024

403,480

Amortisation

At 1 September 2023

104,232

Amortisation charge

40,348

At 31 August 2024

144,580

Carrying amount

At 31 August 2024

258,900

At 31 August 2023

299,248

 

13

Tangible assets

Group

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

76,023

423,872

167,050

666,945

Additions

18,913

3,027

-

21,940

Disposals

-

-

(28,000)

(28,000)

At 31 August 2024

94,936

426,899

139,050

660,885

Depreciation

At 1 September 2023

35,274

359,920

105,007

500,201

Charge for the year

8,075

26,573

16,166

50,814

Eliminated on disposal

-

-

(9,916)

(9,916)

At 31 August 2024

43,349

386,493

111,257

541,099

Carrying amount

At 31 August 2024

51,587

40,406

27,793

119,786

At 31 August 2023

40,749

63,952

62,043

166,744

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2024
£

2023
£

Plant and machinery

27,396

46,198

     
 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1,678,398

1,678,398

Subsidiaries

£

Cost and carrying amount

At 1 September 2023 and at 31 August 2024

1,678,398

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Avonside Insulation Supplies Ltd

England and Wales

Ordinary

100%

100%

Avonside Insulation Supplies (ST) Limited

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Avonside Insulation Supplies Ltd

The principal activity of Avonside Insulation Supplies Ltd is the supply of insulation materials.

Avonside Insulation Supplies (ST) Limited

The principal activity of Avonside Insulation Supplies (ST) Limited is that of a dormant company.

Both subsidiary companies have the same registered office as Avonside Insulation Supplies Holdings Limited.

 

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Stock

2,115,519

2,005,339

-

-

 

16

Debtors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Trade debtors

 

6,227,110

4,954,353

-

-

Amounts owed by related parties

25

20,000

20,000

-

-

Other debtors

 

122,816

87,268

100

100

Prepayments

 

414,233

374,887

-

-

   

6,784,159

5,436,508

100

100

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

17

Creditors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

18

1,855,124

1,340,306

-

-

Trade creditors

 

4,473,533

3,148,973

-

-

Amounts due to related parties

25

737,545

1,289,840

1,678,398

1,678,398

Social security and other taxes

 

35,100

138,416

-

-

Other creditors

 

57,265

50,819

-

-

Accrued expenses

 

241,470

235,020

-

-

Corporation tax liability

11

97,440

218,106

-

-

 

7,497,477

6,421,480

1,678,398

1,678,398

Due after one year

 

Loans and borrowings

18

16,235

28,411

-

-

 

18

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

413,368

-

-

-

Other borrowings

1,429,580

1,328,130

-

-

HP and finance lease liabilities

12,176

12,176

-

-

1,855,124

1,340,306

-

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

HP and finance lease liabilities

16,235

28,411

-

-

Amounts owed under a confidential invoice discounting arrangement of £1,429,580 (2023 - £1,328,130) are secured against the trade debtors of the group.

The finance leases are secured over the assets to which they relate.

 

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £89,019 (2023 - £63,869).

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

21

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

270,478

123,150

Later than one year and not later than five years

772,080

344,848

Later than five years

177,955

103,500

1,220,513

571,498

 

22

Dividends

2024
 £

2023
 £

Dividends paid

-

48,000

 

23

Contingent liabilities

The group and company is bound by an unlimited bilateral cross company guarantee arrangement with a related company Kellaway Building Supplies Limited. The guarantee is secured by a fixed and floating charge over the tangible and intangible assets of the group and covers the following facilities that have been made available to Kellaway Building Supplies Limited: Bank loans and overdraft facilities of £2,026,943 (2023 - £1,713,264). There is also security over the invoice discounting facility.

 

Avonside Insulation Supplies Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

24

Analysis of changes in net debt

Group

At 1 September 2023
£

Financing cash flows
£

At 31 August 2024
£

Cash and cash equivalents

Cash

157,880

(144,890)

12,990

Overdrafts

-

(413,368)

(413,368)

157,880

(558,258)

(400,378)

Borrowings

Long term hire purchase

(28,411)

12,176

(16,235)

Invoice discounting facility

(1,328,130)

(101,450)

(1,429,580)

Short term hire purchase

(12,176)

-

(12,176)

(1,368,717)

(89,274)

(1,457,991)

 

(1,210,837)

(647,532)

(1,858,369)

 

25

Related party transactions

Company

At the balance sheet date, the company owed £1,353,386 (2023 - £1,353,386) to Kellaway Building Supplies Limited, a company under common control. The loan is interest free and has no fixed repayment terms.

During the year, the group made the following related party transactions:

Kellaway Building Supplies Limited
(a company controlled by J E Milligan)
At the balance sheet date, the amount due to Kellaway Building Supplies Limited was £785,545 (2023 - £1,289,840). The loan is interest free and there are no fixed repayment terms.

Jools Properties Limited
(a company controlled by J E Milligan)
At the balance sheet date, the amount due to Jools Properties Limited was £48,000 (2023 - £nil). The loan is interest free and there are no fixed repayment terms.

 

26

Parent and ultimate parent undertaking

The ultimate controlling party is J Milligan.