Company registration number 13397564 (England and Wales)
JOHN FREDERICKS PLASTICS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
JOHN FREDERICKS PLASTICS GROUP LIMITED
COMPANY INFORMATION
Director
M Dicconson
Company number
13397564
Registered office
Lindley Moor Road
Huddersfield
HD3 3RW
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
JOHN FREDERICKS PLASTICS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
JOHN FREDERICKS PLASTICS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

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

Business review

The financial year ending 2024 was seen as a challenging year for UK manufacturing and the home improvement market was behind market expectations. A significant increase in the governments minimum wage structure meant we had to increase our selling prices in April 2024 to ensure our gross margin was not adversely affected, and our investment strategy could continue.

The group’s long term strategy of structured profitable and sustainable growth achieved through a combination of continuous investment in automated machinery, IT infrastructure, product development and industry leading customer service has continued to prove an extremely successful and resilient business model for JFP. At John Fredericks Plastics turnover continued to grow, at £22.2m this was an 8% increase over the previous 2022/23 financial year. The management team continue to control all key elements of the business which resulted in profit before tax of £1.930m compared to £1.793m in Y/E 2022/23, an increase of 7.6%. We have invested heavily in factory and site refurbishment to ensure we are prepared for the future. As part of our program of refurbishment we have replaced the factory roof and installed approximately 600 solar panel. This is reflected in the increased rental figure and was funded by the landlord. The benefit of reduced heating costs, expensive roof repairs and the solar energy produced to power our factory ensure a long-term sustainable future for the business in our current location. Our aluminium factory continues to grow and is supported by the PVC business during this growth stage. We continue to use a selection of group metrics or KPI’s to measure our successes/failings to ensure we respond to issues quickly and effectively. Our strategy of marginal gains throughout the business continues and adds value to the ongoing profitability of the group.

At the balance sheet date there were no bank borrowings.

Principal risks and uncertainties

The Director has considered the principal risks and uncertainties during the coming year, many of which are driven by factors which the Director either cannot control, or which are difficult to predict. However, diligent monitoring and swift reaction to adverse factors both act to minimise the potential impact on the business.

The key business risks affecting the Group are considered to be:

JOHN FREDERICKS PLASTICS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Key performance indicators

The Director considers that the key financial indicators of the business are turnover, operating profit and bank loans and overdrafts.

 

As the group company is a holding company and only incorporated in January 2022, the director has presented the trading entity's indicators and comparisons, they are summarised as follows: ‑

 

Year ended

Year ended

Year ended

18m ended

Year ended

 

31-Oct

31-Oct

31-Oct

30-Apr

30-Apr

 

2024

2023

2022

2021

2020

 

£

£

£

£

£

Turnover

22.2m

20.1m

18.0m

15.4m

17.4m

Operating profit/​(loss)

2,060k

1,846k

1,837k

1,181k

175k

 

Other performance indicators

An important nonfinancial key performance indicator ("KPI") is the reportable accidents per employee of which there were none in the current or prior period.

 

Future developments

The Group’s long-term business strategy continues to be striving to be a customer-focused, innovative and efficient manufacturer of PVC-U and aluminium windows/​doors. We employ our continuous development strategy to improve and increase the efficiency of each element of our business. To maximise our profitability, we strive to reduce wastage, improve factory processes and continually upgrade our IT systems. We continue to develop and improve our product range and bespoke marketing package and are constantly offering additional services to customers, enhancing the relationship and strengthening customer retention.

We continue to invest in new automated machinery, have further upgraded the delivery vehicle fleet and have initiated numerous new IT projects, all to increase capacity whilst ensuring we have the infrastructure to grow our business in a sustainable and structured manner.

The Home Improvement market generally remains buoyant, but there has been a slowdown generally because of higher interest rates and therefore less disposable income. The window industry has seen some significant business failures, generally PE-run businesses with poor management, no investment and low margins, and this has offered opportunities for us to pick up new business. Our innovative product range and proven 54-year track record of excellence has proven attractive to prospective customers, and this has resulted in us outperforming many competitors.

On behalf of the board

M Dicconson
Director
20 February 2025
JOHN FREDERICKS PLASTICS GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The director presents his report and financial statements for the period ended 31 October 2024.

Principal activities

The group was incorporated on 14 May 2021 as a vehicle for the purchase of John Fredericks Plastics Limited by M Dicconson. Its principal activity is that of an ultimate holding group. The group’s main activity continues to be the manufacture and distribution of double glazed UPVC & aluminium doors, windows and conservatories.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £622,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

M Dicconson
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

Auditor

Ensors Accountants LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

As far the director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director individually has taken all the necessary steps that he ought to have taken as director in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The group has continued to trade profitably after the balance sheet date and expects this to continue for the foreseeable future.

 

The Director has reviewed the group forecasts through to October 2025 to assess the level of finance required. In his consideration of going concern, the Director has reviewed the cash forecasts and revenue projections, which he believes are based on prudent market data and past experience. Forecasts for the year to October 2025 show that the Group will remain profitable and there is sufficient headroom in the available funding facility to continue as a going concern, and meet its liabilities as they fall due.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

JOHN FREDERICKS PLASTICS GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
On behalf of the board
M Dicconson
Director
20 February 2025
JOHN FREDERICKS PLASTICS GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -

The director is responsible for preparing the Annual 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 he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

JOHN FREDERICKS PLASTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHN FREDERICKS PLASTICS GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of John Fredericks Plastics Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent 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 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

JOHN FREDERICKS PLASTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN FREDERICKS PLASTICS GROUP LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 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 parent company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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

JOHN FREDERICKS PLASTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN FREDERICKS PLASTICS GROUP LIMITED
- 8 -

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.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
20 February 2025
JOHN FREDERICKS PLASTICS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
22,221,490
20,057,291
Cost of sales
(16,557,246)
(14,842,223)
Gross profit
5,664,244
5,215,068
Administrative expenses
(3,604,127)
(3,310,319)
Operating profit
4
2,060,117
1,904,749
Interest receivable and similar income
7
9,290
17
Interest payable and similar expenses
8
(139,143)
(112,051)
Profit before taxation
1,930,264
1,792,715
Tax on profit
9
(488,915)
(419,119)
Profit for the financial year
1,441,349
1,373,596
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
JOHN FREDERICKS PLASTICS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
11
(13,132)
(72,311)
Other intangible assets
11
19,234
17,836
Total intangible assets
6,102
(54,475)
Tangible assets
12
3,212,685
1,967,484
3,218,787
1,913,009
Current assets
Stocks
15
1,288,555
1,189,560
Debtors
16
3,085,711
2,489,066
Cash at bank and in hand
1,986,332
1,305,056
6,360,598
4,983,682
Creditors: amounts falling due within one year
17
(4,174,670)
(3,378,742)
Net current assets
2,185,928
1,604,940
Total assets less current liabilities
5,404,715
3,517,949
Creditors: amounts falling due after more than one year
18
(1,503,365)
(769,833)
Provisions for liabilities
Provisions
20
42,785
42,785
Deferred tax liability
21
787,206
453,321
(829,991)
(496,106)
Net assets
3,071,359
2,252,010
Capital and reserves
Called up share capital
23
7,500
7,500
Profit and loss reserves
3,063,859
2,244,510
Total equity
3,071,359
2,252,010

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 20 February 2025
20 February 2025
M Dicconson
Director
Company registration number 13397564 (England and Wales)
JOHN FREDERICKS PLASTICS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
1,009,170
1,009,170
Current assets
Debtors
16
300,000
-
0
Cash at bank and in hand
-
0
17
300,000
17
Creditors: amounts falling due within one year
17
(539,814)
(211,814)
Net current liabilities
(239,814)
(211,797)
Net assets
769,356
797,373
Capital and reserves
Called up share capital
23
7,500
7,500
Profit and loss reserves
761,856
789,873
Total equity
769,356
797,373

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £593,983 (2023 - £746,738 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 20 February 2025
20 February 2025
M Dicconson
Director
Company registration number 13397564 (England and Wales)
JOHN FREDERICKS PLASTICS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
7,500
1,147,914
1,155,414
Year ended 31 October 2023:
Profit and total comprehensive income
-
1,373,596
1,373,596
Dividends
10
-
(277,000)
(277,000)
Balance at 31 October 2023
7,500
2,244,510
2,252,010
Year ended 31 October 2024:
Profit and total comprehensive income
-
1,441,349
1,441,349
Dividends
10
-
(622,000)
(622,000)
Balance at 31 October 2024
7,500
3,063,859
3,071,359
JOHN FREDERICKS PLASTICS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
7,500
320,135
327,635
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
746,738
746,738
Dividends
10
-
(277,000)
(277,000)
Balance at 31 October 2023
7,500
789,873
797,373
Year ended 31 October 2024:
Profit and total comprehensive income
-
593,983
593,983
Dividends
10
-
(622,000)
(622,000)
Balance at 31 October 2024
7,500
761,856
769,356
JOHN FREDERICKS PLASTICS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,584,878
1,698,447
Interest paid
(139,143)
(112,051)
Income taxes paid
(303,235)
(98,828)
Net cash inflow from operating activities
2,142,500
1,487,568
Investing activities
Purchase of intangible assets
(30,360)
(37,962)
Purchase of tangible fixed assets
(1,812,532)
(885,083)
Interest received
9,290
17
Net cash used in investing activities
(1,833,602)
(923,028)
Financing activities
Payment of finance leases obligations
994,378
194,629
Dividends paid to equity shareholders
(622,000)
(277,000)
Net cash generated from/(used in) financing activities
372,378
(82,371)
Net increase in cash and cash equivalents
681,276
482,169
Cash and cash equivalents at beginning of year
1,305,056
822,887
Cash and cash equivalents at end of year
1,986,332
1,305,056
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
1
Accounting policies
Company information

John Fredericks Plastics Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Lindley Moor Road, Huddersfield, HD3 3RW.

 

The group consists of John Fredericks Plastics Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company John Fredericks Plastics Group Limited together with all entities controlled by the parent company (its subsidiaries). The consolidated accounts can be obtained from Lindley Moor Rd, Elland, Huddersfield, HD3 3RW.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised when goods have been delivered.

 

1.6
Intangible fixed assets - goodwill

Negative goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition of a business. It is initially recognised as a negative asset at cost and is subsequently measured at cost less accumulated amortisation. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% per annum
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% per annum
Plant and equipment
15% per annum
Computers
25% per annum
Motor vehicles
20-25% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Debt factoring

The Group has an invoice discounting agreement. The amount owed by customers to the Group is included within trade debtors and the amount owed to the invoice discounting company is included within creditors. The amount owed to the invoice discounting company represents the difference between the amounts advanced by the discounting company and the invoices discounted. The interest element of the invoice discounting charges and other related costs are recognised as they accrue and included in the Statement of Comprehensive Income within interest payable and similar expenses.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Provisions

Provision is made for liabilities arising in respect of extended warranty claims on warranties provided in conjunction with the sale of goods. Provisions are recognised when the group has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably. The provision is based on expected costs to be incurred over the next 10 years based on previous warranty claims.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

In categorising leases as hire purchases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the group as lessee.

Impairment of assets

In determining whether there are indicators of impairment of the group's tangible and intangible assets management make judgements. The factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

 

Using the information available at the reporting date, the Director makes judgements based on their experience on the level of impairment required for stock and trade debtors and the provision for future warranty costs. Further information received after the statement of financial position date may impact on the level of provision.

3
Turnover and other revenue

The whole of the turnover is attributable to the principal business activity.

 

All turnover arose within the United Kingdom.

 

 

2024
2023
£
£
Other revenue
Interest income
9,290
17
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
4,320
3,500
Depreciation of owned tangible fixed assets
567,331
405,684
Amortisation of intangible assets
(30,217)
(35,874)
Operating lease charges
462,884
369,512
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
129
129
-
-
Administration, marketing and distribution
58
49
1
1
Total
187
178
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,814,926
5,008,890
-
0
-
0
Social security costs
546,436
459,408
-
-
Pension costs
120,116
101,181
-
0
-
0
6,481,478
5,569,479
-
0
-
0
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
24,848
15,739
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,290
17
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
17
-
Interest on invoice finance arrangements
1,283
12,440
Interest on finance leases and hire purchase contracts
137,843
92,332
Other interest
-
7,279
Total finance costs
139,143
112,051
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
155,030
301,543
Deferred tax
Origination and reversal of timing differences
333,885
117,576
Total tax charge
488,915
419,119

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,930,264
1,792,715
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.49%)
482,566
403,182
Tax effect of expenses that are not deductible in determining taxable profit
3,356
7,633
Group relief
-
0
(3,760)
Deferred tax adjustments in respect of prior years
333,885
-
0
Fixed asset timing differences
(308,842)
22,456
Other timing differences
-
0
(712)
Other differences
(22,050)
(9,680)
Taxation charge
488,915
419,119
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
622,000
277,000
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
11
Intangible fixed assets
Group
Negative goodwill
Software
Total
£
£
£
Cost
At 1 November 2023
(177,536)
54,232
(123,304)
Additions - internally developed
-
0
30,360
30,360
At 31 October 2024
(177,536)
84,592
(92,944)
Amortisation and impairment
At 1 November 2023
(105,225)
36,396
(68,829)
Amortisation charged for the year
(59,179)
28,962
(30,217)
At 31 October 2024
(164,404)
65,358
(99,046)
Carrying amount
At 31 October 2024
(13,132)
19,234
6,102
At 31 October 2023
(72,311)
17,836
(54,475)
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.

 

12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
4,083
1,565,923
488,709
495,917
2,554,632
Additions
-
0
1,699,544
5,200
107,788
1,812,532
At 31 October 2024
4,083
3,265,467
493,909
603,705
4,367,164
Depreciation and impairment
At 1 November 2023
4,083
385,972
8,985
188,108
587,148
Depreciation charged in the year
-
0
432,586
7,679
127,066
567,331
At 31 October 2024
4,083
818,558
16,664
315,174
1,154,479
Carrying amount
At 31 October 2024
-
0
2,446,909
477,245
288,531
3,212,685
At 31 October 2023
-
0
1,179,951
479,724
307,809
1,967,484
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
2,325,629
1,105,322
-
0
-
0
Motor vehicles
281,780
287,144
-
0
-
0
2,607,409
1,392,466
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,009,170
1,009,170
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
1,009,170
Carrying amount
At 31 October 2024
1,009,170
At 31 October 2023
1,009,170
14
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
John Fredericks Plastics Limited
Linldley Moor Road, Huddersfield, HD3 3RW
Ordinary
100.00

The above subsidiary is a direct subsidiary of the company and forms a part of the John Fredericks Plastics Group Ltd consolidation group. The subsidiary is included within the consolidated John Fredericks Plastics Group Ltd financial statements.

JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
986,130
947,578
-
-
Work in progress
107,297
77,232
-
-
Finished goods and goods for resale
195,128
164,750
-
0
-
0
1,288,555
1,189,560
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,620,401
2,256,448
-
0
-
0
Amounts owed by group undertakings
-
-
300,000
-
Prepayments and accrued income
465,310
232,618
-
0
-
0
3,085,711
2,489,066
300,000
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
601,657
340,811
-
0
-
0
Trade creditors
1,987,887
1,720,639
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
129,814
129,814
Corporation tax payable
145,552
293,757
-
0
-
0
Other taxation and social security
567,124
580,486
-
-
Other creditors
410,000
82,000
410,000
82,000
Accruals and deferred income
462,450
361,049
-
0
-
0
4,174,670
3,378,742
539,814
211,814
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
1,503,365
769,833
-
0
-
0
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
755,806
418,192
-
0
-
0
In two to five years
1,680,983
819,348
-
0
-
0
2,436,789
1,237,540
-
-
Less: future finance charges
(331,767)
(126,896)
-
0
-
0
2,105,022
1,110,644
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
42,785
42,785
-
-
Movements on provisions:
Group
£
At 1 November 2023 and 31 October 2024
42,785

The warranty provision relates to the potential cost to the Company under a 10 year warranty on Company products. The provision is based on expected costs to be incurred over the next 10 years based on previous warranty claims.

JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
792,911
459,044
Short term timing differences
(5,705)
(5,723)
787,206
453,321
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
453,321
-
Charge to profit or loss
333,885
-
Liability at 31 October 2024
787,206
-

No significant reversal of deferred tax liabilities is expected within the next 12 months.

 

Other deferred tax movements are in relation to liabilities recognised on acquisition of John Fredericks Plastics Ltd in the accounting period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,116
101,181

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A Ordinary shares of £1 each
3,825
3,825
3,825
3,825
Class B Ordinary shares of £1 each
2,925
2,925
2,925
2,925
Class C Ordinary shares of £1 each
750
750
750
750
7,500
7,500
7,500
7,500
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
23
Share capital
(Continued)
- 29 -

Ordinary A, B and C shares are each entitled to one vote in any circumstances. Each share is equally entitled to a distribution of dividends. Each share is equally entitled to a distribution of capital.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
268,648
243,140
-
-
Between two and five years
578,393
711,475
-
-
847,041
954,615
-
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
352,350
1,000,000
-
-
JOHN FREDERICKS PLASTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
338,607
325,583
Other information

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

27
Controlling party

The directors consider the ultimate controlling party to be M Dicconson, a director and the majority shareholder in John Fredericks Plastics Group Limited.

28
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,441,349
1,373,596
Adjustments for:
Taxation charged
488,915
419,119
Finance costs
139,143
112,051
Investment income
(9,290)
(17)
Amortisation and impairment of intangible assets
(30,217)
(35,874)
Depreciation and impairment of tangible fixed assets
567,331
405,684
Increase in provisions
-
1,914
Movements in working capital:
Increase in stocks
(98,995)
(78,101)
Increase in debtors
(596,645)
(253,717)
Increase/(decrease) in creditors
683,287
(246,208)
Cash generated from operations
2,584,878
1,698,447
29
Analysis of changes in net funds/(debt) - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
1,305,056
681,276
1,986,332
Obligations under finance leases
(1,110,644)
(994,378)
(2,105,022)
194,412
(313,102)
(118,690)
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