REGISTERED NUMBER: 00317800 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
OUZLEDALE FOUNDRY COMPANY LIMITED |
REGISTERED NUMBER: 00317800 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
OUZLEDALE FOUNDRY COMPANY LIMITED |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
OUZLEDALE FOUNDRY COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 30th June 2024. |
REVIEW OF BUSINESS |
The principal activity of the group is property, plant and vehicle hire and the manufacture of heating appliances. |
The group's main trading activity is that of Esse Engineering Limited (Esse). Esse began back in 1854 with a simple mission: to create the cleanest-burning, highest quality stoves and range cookers. ESSEs have been relied upon in some of the world's most demanding environments - from the kitchens of the Savoy, to Scottish bothies and royal residences, and they are still built here in the UK. |
In addition to Esse, the group owns and manages a portfolio of investment properties. |
The directors consider the results achieved by the group to be satisfactory in view of the UK economy and instability caused by the covid pandemic and the cost of living crisis. |
The group's key performance indicators during the year were as follows: |
2023/24 | 2022/23 |
Turnover | £4,179,081 | £7,464,784 |
Gross profit margin% | 45.52% | 43.73% |
Net profit margins % | 11.25% | 18.80% |
During the prior year, turnover and profit margins of the heating appliances were both under pressure and had affected the group as a whole. The directors' have closely monitored the heating appliances throughout the year, making and implementing changes to restore the heating appliances performance. |
The position of the group remains very strong with over £11.2m in net assets, slightly decreasing from £11.3m in the prior year. |
No major future changes are planned for the group. The directors intend to continue to reinvest profits of the group back into the development of new product ranges as well as any other opportunities that arise. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal commercial risks and uncertainties faced by the group include the general economic climate, seasonal weather factors, competition and rising costs. The directors monitor these risks in order to respond and react to changes in the marketplace. |
FINANCIAL RISK MANAGEMENT |
The group's operations expose it to a variety of financial risks that include the effects of credit, currency, interest rate and liquidity risk. The directors actively manage these risks by monitoring levels of risk and related costs of mitigating these. |
EMPLOYEES |
The directors continue to develop employees using both external and in house resources. Programmes are developed around both business needs and personal development. The group continues to appraise all systems and staff wellbeing to actively promote a positive group culture. |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
RESEARCH AND DEVELOPMENT |
The group continues to develop improved products. |
ON BEHALF OF THE BOARD: |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30th June 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of property, plant and vehicle hire and manufacture of heating appliances. |
DIVIDENDS |
An interim dividend of 367.65 per share on the Ordinary A £1 shares was paid on 21st February 2024. The directors recommend that no final dividend be paid on these shares. |
No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 30th June 2024 will be £ 500,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
AUDITORS |
The auditors, Ainsworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OUZLEDALE FOUNDRY COMPANY LIMITED |
Opinion |
We have audited the financial statements of Ouzledale Foundry Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30th June 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OUZLEDALE FOUNDRY COMPANY LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OUZLEDALE FOUNDRY COMPANY LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, we considered the following: |
- | the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration and bonus levels; |
- | results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- | any matters we identified having made enquiries of management about their policies and procedures relating to: |
> | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
> | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
> | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation | for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on | provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial | statements, but compliance with which may be fundamental to the company's ability to operate. |
Audit response to risks identified |
As a result of performing the above our procedures to respond to the risks identified included the following: |
- | reviewing the financial statements disclosure and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | enquiring of management about actual and potential litigation and claims; |
- | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
- | obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OUZLEDALE FOUNDRY COMPANY LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 4,179,081 | 7,464,784 |
Cost of sales | 2,276,556 | 4,200,776 |
GROSS PROFIT | 1,902,525 | 3,264,008 |
Distribution costs | 332,905 | 427,515 |
Administrative expenses | 1,265,057 | 1,525,117 |
1,597,962 | 1,952,632 |
304,563 | 1,311,376 |
Other operating income | 26,200 | 39,188 |
OPERATING PROFIT | 5 | 330,763 | 1,350,564 |
Interest receivable and similar income | 139,223 | 52,760 |
PROFIT BEFORE TAXATION | 469,986 | 1,403,324 |
Tax on profit | 6 | 100,266 | 344,962 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 369,720 | 1,058,362 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 369,720 | 1,058,362 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
369,720 |
1,058,362 |
Total comprehensive income attributable to: |
Owners of the parent | 369,720 | 1,058,362 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
CONSOLIDATED BALANCE SHEET |
30TH JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | 1,525,235 | 1,591,618 |
Investments | 11 | 27,947 | 27,947 |
Investment property | 12 | 4,251,879 | 4,251,879 |
5,805,061 | 5,871,444 |
CURRENT ASSETS |
Stocks | 13 | 1,699,470 | 1,822,894 |
Debtors | 14 | 896,878 | 1,421,729 |
Cash at bank and in hand | 4,314,130 | 4,434,535 |
6,910,478 | 7,679,158 |
CREDITORS |
Amounts falling due within one year | 15 | 1,345,430 | 2,034,544 |
NET CURRENT ASSETS | 5,565,048 | 5,644,614 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,370,109 |
11,516,058 |
PROVISIONS FOR LIABILITIES | 17 | 131,982 | 147,651 |
NET ASSETS | 11,238,127 | 11,368,407 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 5,000 | 5,000 |
Capital redemption reserve | 19 | 60,000 | 60,000 |
Retained earnings | 19 | 11,173,127 | 11,303,407 |
SHAREHOLDERS' FUNDS | 11,238,127 | 11,368,407 |
The financial statements were approved by the Board of Directors and authorised for issue on 26th November 2024 and were signed on its behalf by: |
Mr J Ashby - Director |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
COMPANY BALANCE SHEET |
30TH JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 421,788 | 869,441 |
The financial statements were approved by the Board of Directors and authorised for issue on |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st July 2022 | 5,000 | 10,745,045 | 60,000 | 10,810,045 |
Changes in equity |
Dividends | - | (500,000 | ) | - | (500,000 | ) |
Total comprehensive income | - | 1,058,362 | - | 1,058,362 |
Balance at 30th June 2023 | 5,000 | 11,303,407 | 60,000 | 11,368,407 |
Changes in equity |
Dividends | - | (500,000 | ) | - | (500,000 | ) |
Total comprehensive income | - | 369,720 | - | 369,720 |
Balance at 30th June 2024 | 5,000 | 11,173,127 | 60,000 | 11,238,127 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st July 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30th June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30th June 2024 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 607,387 | 552,528 |
Tax paid | (268,770 | ) | (144,385 | ) |
Net cash from operating activities | 338,617 | 408,143 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (112,945 | ) | (356,263 | ) |
Sale of tangible fixed assets | 14,700 | - |
Interest received | 139,223 | 52,760 |
Net cash from investing activities | 40,978 | (303,503 | ) |
Cash flows from financing activities |
Amount owed to directors | - | 60,000 |
Equity dividends paid | (500,000 | ) | (500,000 | ) |
Net cash from financing activities | (500,000 | ) | (440,000 | ) |
Decrease in cash and cash equivalents | (120,405 | ) | (335,360 | ) |
Cash and cash equivalents at beginning of year |
2 |
4,434,535 |
4,769,895 |
Cash and cash equivalents at end of year | 2 | 4,314,130 | 4,434,535 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Profit before taxation | 469,986 | 1,403,324 |
Depreciation charges | 179,328 | 145,716 |
Profit on disposal of fixed assets | (14,700 | ) | - |
Finance income | (139,223 | ) | (52,760 | ) |
495,391 | 1,496,280 |
Decrease/(increase) in stocks | 123,424 | (465,193 | ) |
Decrease/(increase) in trade and other debtors | 524,851 | (479,437 | ) |
(Decrease)/increase in trade and other creditors | (536,279 | ) | 878 |
Cash generated from operations | 607,387 | 552,528 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30th June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 4,314,130 | 4,434,535 |
Year ended 30th June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 4,434,535 | 4,769,895 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,434,535 | (120,405 | ) | 4,314,130 |
4,434,535 | (120,405 | ) | 4,314,130 |
Total | 4,434,535 | (120,405 | ) | 4,314,130 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | STATUTORY INFORMATION |
Ouzledale Foundry Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the company and its subsidiary undertakings. Balances from undertakings in a foreign currency are translated using the closing and average exchange rates. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The estimates and underlying assumptions are reviewed by management on an ongoing basis. The following are the key sources of estimation uncertainty: |
Revaluation of investment property |
In making their judgment, the directors consider external property market databases and their knowledge of the local property market. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Turnover from rental income, farm management fees and interest receivable are recognised in the period which it relates to. Where income is invoiced in advance the income is deferred. Where income is invoiced in arrears the income is accrued. |
Grant income is recognised when the company has entitlement to the grant, it is probable that the income will be received, and the amount of income can be measured reliably. Grant income is released to the income statement in the period to which it relates. |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences have been fully amortised. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially recognised at cost. In addition to the above depreciation provisions an annual impairment review of assets is undertaken. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to Consolidated Income Statement in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
30.6.24 | 30.6.23 |
£ | £ |
Sale of heating appliances | 3,548,612 | 6,888,180 |
Rental income | 630,469 | 576,604 |
4,179,081 | 7,464,784 |
An analysis of turnover by geographical market is given below: |
30.6.24 | 30.6.23 |
£ | £ |
United Kingdom | 2,914,208 | 4,767,670 |
Rest of the world | 1,264,873 | 2,697,114 |
4,179,081 | 7,464,784 |
4. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries | 1,166,088 | 1,666,191 |
Social security costs | 89,965 | 154,420 |
Other pension costs | 16,704 | 28,686 |
1,272,757 | 1,849,297 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Production and sales | 33 | 51 |
Administration and management | 13 | 12 |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration | 81,526 | 80,516 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.6.24 | 30.6.23 |
£ | £ |
Hire of plant and machinery | 2,082 | 1,973 |
Depreciation - owned assets | 179,328 | 145,716 |
Profit on disposal of fixed assets | (14,700 | ) | - |
Foreign exchange differences | - | (332 | ) |
Auditors remuneration | 15,100 | 15,100 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax | 115,935 | 268,770 |
Deferred tax | (15,669 | ) | 76,192 |
Tax on profit | 100,266 | 344,962 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Profit before tax | 469,986 | 1,403,324 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
117,497 |
350,831 |
Effects of: |
Super deduction | - | (3,219 | ) |
Consolidation adjustments | (17,231 | ) | - |
Change in tax rate | - | (2,650 | ) |
Total tax charge | 100,266 | 344,962 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary A shares of £1 each |
Interim | 500,000 | 500,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 | 25,000 |
AMORTISATION |
At 1st July 2023 |
and 30th June 2024 | 25,000 |
NET BOOK VALUE |
At 30th June 2024 | - |
At 30th June 2023 | - |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1st July 2023 | 1,676,812 | 16,218 | 3,171,122 |
Additions | - | - | 10,687 |
Disposals | - | - | - |
At 30th June 2024 | 1,676,812 | 16,218 | 3,181,809 |
DEPRECIATION |
At 1st July 2023 | 642,765 | 16,218 | 2,696,044 |
Charge for year | - | - | 126,951 |
Eliminated on disposal | - | - | - |
At 30th June 2024 | 642,765 | 16,218 | 2,822,995 |
NET BOOK VALUE |
At 30th June 2024 | 1,034,047 | - | 358,814 |
At 30th June 2023 | 1,034,047 | - | 475,078 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1st July 2023 | 433,667 | 381,130 | 5,678,949 |
Additions | 1,289 | 100,969 | 112,945 |
Disposals | - | (68,905 | ) | (68,905 | ) |
At 30th June 2024 | 434,956 | 413,194 | 5,722,989 |
DEPRECIATION |
At 1st July 2023 | 417,043 | 315,261 | 4,087,331 |
Charge for year | 5,613 | 46,764 | 179,328 |
Eliminated on disposal | - | (68,905 | ) | (68,905 | ) |
At 30th June 2024 | 422,656 | 293,120 | 4,197,754 |
NET BOOK VALUE |
At 30th June 2024 | 12,300 | 120,074 | 1,525,235 |
At 30th June 2023 | 16,624 | 65,869 | 1,591,618 |
Included in cost of land and buildings is freehold land of £1,034,047 (2023 - £1,034,047) which is not depreciated. |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Included in cost of land and buildings is freehold land of £ 1,034,047 (2023 - £ 1,034,047 ) which is not depreciated. |
11. | FIXED ASSET INVESTMENTS |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Other investments not loans | 27,947 | 27,947 |
27,947 | 27,947 |
Additional information is as follows: |
Group |
Investments (neither listed nor unlisted) were as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Motor vehicle | 27,947 | 27,947 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Investments (neither listed nor unlisted) were as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Motor vehicle | 27,947 | 27,947 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Long Ing Lane, Barnoldswick, Lancashire, BB18 6BJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 234-238 Moorabool Street, Geelong, Vic 3220, Australia |
Nature of business: |
% |
Class of shares: | holding |
Fixed asset investments are included at cost. In the opinion of the directors the motor vehicle cost reasonably reflects the fair value as at 30th June 2024. |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1st July 2023 |
and 30th June 2024 | 4,251,879 |
NET BOOK VALUE |
At 30th June 2024 | 4,251,879 |
At 30th June 2023 | 4,251,879 |
Fair value at 30th June 2024 is represented by: |
£ |
Valuation in 2024 | 4,251,879 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.6.24 | 30.6.23 |
£ | £ |
Cost | 3,451,822 | 3,451,822 |
Investment property was valued on a fair value basis basis on 30th June 2024 by the directors . |
Company |
Total |
£ |
FAIR VALUE |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
Fair value at 30th June 2024 is represented by: |
£ |
Valuation in 2024 | 4,251,879 |
If investment properties had not been revalued they would have been included at the following historical cost: |
30.6.24 | 30.6.23 |
£ | £ |
Cost | 3,451,822 | 3,451,822 |
Investment properties were valued on a fair value basis on 30th June 2024 by the directors . |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
13. | STOCKS |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Raw materials | 905,869 | 851,616 |
Finished goods | 793,601 | 971,278 |
1,699,470 | 1,822,894 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade debtors | 659,069 | 1,067,436 |
Amounts owed by group undertakings | - | - |
Other debtors | - | 451 |
VAT | 79,956 | 61,729 |
Prepayments | 157,853 | 292,113 |
896,878 | 1,421,729 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade creditors | 463,372 | 745,719 |
Tax | 115,935 | 268,770 |
Social security and other taxes | 18,491 | 28,475 |
VAT | - | - | - | 138,349 |
Other creditors | 3,364 | 4,890 |
Directors' current accounts | 560,049 | 560,049 | 560,049 | 560,049 |
Accrued expenses | 184,219 | 426,641 |
1,345,430 | 2,034,544 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.6.24 | 30.6.23 |
£ | £ |
Within one year | 16,533 | 1,285 |
Between one and five years | 2,756 | - |
19,289 | 1,285 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
16. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
Between one and five years |
17. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 131,982 | 147,651 | 87,082 | 91,573 |
Group |
Deferred |
tax |
£ |
Balance at 1st July 2023 | 147,651 |
Provided during year | (15,669 | ) |
Balance at 30th June 2024 | 131,982 |
Company |
Deferred |
tax |
£ |
Balance at 1st July 2023 |
Provided during year | ( |
) |
Balance at 30th June 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 3,640 | 3,640 |
Ordinary A | £1 | 1,360 | 1,360 |
5,000 | 5,000 |
OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
19. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1st July 2023 | 11,303,407 | 60,000 | 11,363,407 |
Profit for the year | 369,720 | 369,720 |
Dividends | (500,000 | ) | (500,000 | ) |
At 30th June 2024 | 11,173,127 | 60,000 | 11,233,127 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1st July 2023 | 9,193,375 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30th June 2024 | 9,115,163 |
20. | RELATED PARTY DISCLOSURES |
A company in which M and J Ashby are shareholders |
30.6.24 | 30.6.23 |
£ | £ |
Sales | 58,500 | 58,500 |
21. | ULTIMATE CONTROLLING PARTY |
Ultimate control of the company is with the trustees of a trust. |