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Company registration number:
02635068
Al. Murad D.I.Y. Ltd
Financial statements
31 March 2024
Al. Murad D.I.Y. Ltd
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Al. Murad D.I.Y. Ltd
Directors and other information
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Directors |
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Mr Murad Ali Patel |
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Mr Mohamed Patel |
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Secretary |
Irfan Patel |
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Company number |
02635068 |
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Registered office |
Howley Park Road East |
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Morley |
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Leeds |
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West Yorkshire |
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LS27 0BN |
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Auditor |
Axiom Accountants Ltd |
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42 - 44 Adelaide Street |
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Bradford |
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West Yorkshire |
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BD5 0EA |
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Bankers |
National Westminster Bank |
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Market Place |
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Huddersfield |
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HD1 2AL |
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Al. Murad D.I.Y. Ltd
Strategic report
Year ended 31 March 2024
Review of the Business
The company is that of a retailing entity and the principal activity continues to be retailing of ceramic tiles, wallpaper, paints and general DIY accessories.
Results and performance
The results for the Company for the year, as set out on page 12 show a net profit before tax £8,752,560 (31 March 2023: £3,963,142). The shareholders' funds for the Company total £41,061,922 (31 March 2023: £36,100,730).
The year under review brought unique challenges. The performance of the Company during the year has rationalised and is in line with expectations. The core turnover has decreased to £36m (31 March 2023: £39m as DIY and home renovations surged during the pandemic). The company was able to maintain supply and selling prices due to readily available stock at its warehouse and as such improving the overall gross margin for the year.
The Company continues to invest in modernising stores, logistical infrastructure, invest in significant IT projects, and marketing campaigns aimed at improving the customer experience. The Company continued in broadening its supplier relationships around the world sourcing the best quality products at the lowest price.
Key Strategy
The core strategy of the Company is to achieve turnover and profit growth through a combination of improving customer experience in existing stores, increase online presence and explore opportunities of new stores. The Company is confident in its global relationships and market knowledge to maintain and gradually improve market share. The Company continues to enhance the customer experience through its digital strategy giving flexibility and reaching markets where stores are not available. The company continues to source the best products from around the world with innovative designs with the aim of delivering unique products thus enabling range dominance in a speedy manner from supplier to shelf.
The Company's continuous investment programme and aim of providing the best customer service coupled with a superior product range will increase profitability and market share.
The current trading performance has cooled down since the year end and the impact of the supply chain issues are coming to realisation with significant increases in costs of shipping and transportation which are having a direct impact on gross margin. However, the company has strong relationships with its global suppliers and will be able to navigate these challenges and continue to source and provide the best range of products for our customers.
Principal Risks and uncertainties
The Company maintains a process of risk acceptance and management through a framework of policies, procedures and internal controls.
The Company's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Cash flow risk
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Company uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The Company's principal financial assets are bank balances and cash, trade and other receivables, and investments.
The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company ensures working capital strategy is efficient to ensure however may make use of short-term debt finance.
Other risks
The Company manages its capital risk to ensure it ability to continue as a going concern, improve market share and maximise shareholder return.
The Company continues to monitor the market to mitigate the risk of price competition as well as changes in the general economic environment.
Management continue to monitor the general retail outlook in the UK, the effects of UK withdrawing from the European Union as well as the ongoing supply chain issues resulting from the pandemic.
The principal risks and uncertainties facing the Company are continuously monitored and managed.
Going concern
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Information systems & System infrastructure
We have invested significantly in replacing all our hardware in store, HQ and warehouses to provide our customers uninterrupted and better quality service. New computers for all and barcode scanners for our outlets. Continuous improvement in configuring and developing enhancements and interfaces to help streamline business processes across all departments, with focus in warehouse and customer facing stores.
This year the company has continued to streamline and develope solution to improve the processes.
This report was approved by the board of directors on 17 January 2025 and signed on behalf of the board by:
Mr Mohamed Patel
Director
Al. Murad D.I.Y. Ltd
Directors report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
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Mr Murad Ali Patel |
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Mr Mohamed Patel |
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Dividends
Particulars of recommended dividends are detailed in note 14 to the financial statements.
Future developments
The company continues to modernise its stores providing better customer service and experience. Management strategy has been to build a firm trading foundation. This has been achieved by modernising existing premises and investment in new outlets. Company asset position continues to improve with strict financial and management controls exercised at different levels. A new integrated IT system has started to be implemented during the financial year. This is expected to provide efficiencies in all processes within the company and to its customers.
Greenhouse gas emissions and energy consumption
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Unit |
2024 |
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2023 |
Emissions resulting from the purchase of electricity by the company |
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for its own use |
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tCO2e |
420 |
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524 |
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_______ |
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_______ |
Total emissions |
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tCO2e |
420 |
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524 |
Total energy consumed |
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kWh |
1,801,895 |
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2,246,275 |
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_______ |
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_______ |
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Methodologies for energy and emissions calculations
We have followed the 2019 HM Government Environmental Reporting Guidelines. We also used the GHG Reporting Protcol - Corporate Standard and have used the 2020 UK Government conversion Factors for Company Reporting.
Employment of disabled persons
The company has a policy for giving full and fair consideration to applicants for employment that have a disability, or those employees who have become disabled while employed by the company.
Employee involvement
Employee involvement and discussion is encouraged where decisions are that are likely to affect their interests. Suggestion boxes are provided for views, comments.
Financial instruments
Loans are stated at amounts outstanding at year end and income recognised in the year.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
A resolution to reappoint Axiom Accountants Ltd as auditor will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board of directors on
17 January 2025
and signed on behalf of the board by:
Mr Mohamed Patel
Director
Al. Murad D.I.Y. Ltd
Independent auditor's report to the members of
Al. Murad D.I.Y. Ltd
Year ended 31 March 2024
Opinion
We have audited the financial statements of Al. Murad D.I.Y. Ltd (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Extent to which the audit considered capable of detecting irregularities, including fraud. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilties, outlined above, to detect material mistatements in respect of irregulaties, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.We considered the nature of the company's industry and its control environment and reviewed the compay's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and directors about their own identification and assessment of the risks of irregularities.We obtained an understanding of the legal and regulatory frameworks that the company operates in and identified the key laws and regulations: . had a direct effect on the determination of material amounts and disclosures in the financial statements. These included: UK companies Act, pensions legislation, tax legislation, UK Health and Safety Act, UK EmploymentRights and UK GDPR; these do not have direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. Thes include UK Trading Standards, UK Marketing and Promotions Regulations Regulations and UK advertising Standards Authority.We discussed among the audit engagement team of the potential abd incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.As a result of performing the above, we identified the greatest potential for fraud in the following area, and our specific procedures performed it are described below:Completeness of the inventory provision. We identified that there may be incentive for warehouse to manipulate the inventory provision amongest other metrics. We performed a number of specific procedures to address this this risk which included inquiry with management to understand the composition of, and key movements in the inventory and inventory provision balance to determine whether any additional specific procedures were required. We performed a retropsective review of the prior year estimate through test if details to test the appropriateness of the prior year estimate. We also performed procedures on profiled sub populations of inventory at higher risk of obsolescence to test for completeness of the inventory provision. We recalculated managements inventory provisions to ensure that the inventory provision had been correctly calculated in line with management policy which we tested for reasonableness, and also tested the design, implementation and operating effectiveness of the key controls associated to this risk.In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potentail bias; and evaluated the business rational of any significant transaction that are unusal or outside the normal course of business.In addition to the above, our procedures to respond to the risks indentified included the following:- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations descibed as having a direct effect on the financial statements;- performing analytical procedures to identify any unusual or unexpected realtionships that may indicate risks of material mistatement due to fraud;- enquiring of management and directors concerning actual and potenial litiagtion and claims and instances of non compliance with laws and regulations; and- reading minutes of meeting of those charged with governance, reviewing internal management reports and reviewing correspondence with HMRC. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Report on other legal and regulatory requirements
Opinions on other matters prescibed by Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
. the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material mistatements in the strategic report or the directors' report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jamaluddin I Walele
(Senior Statutory Auditor)
For and on behalf of
Axiom Accountants Ltd
Chartered Certified Accountants and Registered Auditor
42 - 44 Adelaide Street
Bradford
West Yorkshire
BD5 0EA
17 January 2025
Al. Murad D.I.Y. Ltd
Statement of comprehensive income
Year ended 31 March 2024
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2024 |
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2023 |
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Note |
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£ |
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£ |
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Turnover |
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4 |
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36,025,652 |
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38,903,992 |
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Cost of sales |
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(
15,718,842) |
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(
20,681,620) |
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_______ |
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Gross profit |
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20,306,810 |
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18,222,372 |
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Administrative expenses |
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(
12,298,082) |
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(
13,393,360) |
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Other operating income |
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5 |
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458,688 |
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309,380 |
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_______ |
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Operating profit |
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6 |
|
8,467,416 |
|
5,138,392 |
|
|
|
|
|
|
|
|
|
|
|
Income from other fixed asset investments |
|
9 |
|
70,931 |
|
(
117,222) |
|
|
Other interest receivable and similar income |
|
10 |
|
513,510 |
|
259,051 |
|
|
Amounts written off investments |
|
11 |
|
(
293,487) |
|
(
1,316,629) |
|
|
Interest payable and similar expenses |
|
12 |
|
(
5,810) |
|
(
450) |
|
|
Profit before taxation |
|
|
|
8,752,560 |
|
3,963,142 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
13 |
|
(
2,101,368) |
|
(
754,292) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit for the financial year and total comprehensive income |
|
|
|
6,651,192 |
|
3,208,850 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
Al. Murad D.I.Y. Ltd
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
15 |
3,148,628 |
|
|
|
3,608,670 |
|
|
Investments |
|
16 |
(
1,905,008) |
|
|
|
(
1,680,072) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,243,620 |
|
|
|
1,928,598 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
17 |
7,227,849 |
|
|
|
6,774,730 |
|
|
Debtors |
|
18 |
32,843,126 |
|
|
|
30,122,109 |
|
|
Cash at bank and in hand |
|
|
6,841,021 |
|
|
|
2,852,033 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
46,911,996 |
|
|
|
39,748,872 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
20 |
(
6,390,896) |
|
|
|
(
4,675,931) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
40,521,100 |
|
|
|
35,072,941 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
41,764,720 |
|
|
|
37,001,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
21 |
|
|
(
702,798) |
|
|
|
(
900,809) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
41,061,922 |
|
|
|
36,100,730 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
24 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
25 |
|
|
41,061,822 |
|
|
|
36,100,630 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
41,061,922 |
|
|
|
36,100,730 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
17 January 2025
, and are signed on behalf of the board by:
Mr Mohamed Patel
Director
Company registration number:
02635068
Al. Murad D.I.Y. Ltd
Statement of changes in equity
Year ended 31 March 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2022 |
|
100 |
|
36,235,780 |
36,235,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
3,208,850 |
3,208,850 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
3,208,850 |
3,208,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
3,344,000) |
(
3,344,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
3,344,000) |
(
3,344,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 and 1 April 2023 |
|
100 |
|
36,100,630 |
36,100,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
6,651,192 |
6,651,192 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
6,651,192 |
6,651,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
1,690,000) |
(
1,690,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
1,690,000) |
(
1,690,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
|
100 |
|
41,061,822 |
41,061,922 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Al. Murad D.I.Y. Ltd
Statement of cash flows
Year ended 31 March 2024
|
|
|
2024 |
|
2023 |
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the financial year |
|
|
6,651,192 |
|
3,208,850 |
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
|
644,660 |
|
553,940 |
Amounts written off investments |
|
|
293,487 |
|
1,316,629 |
Income from other fixed asset investments |
|
|
(
70,931) |
|
117,222 |
Other interest receivable and similar income |
|
|
(
513,510) |
|
(
259,051) |
Interest payable and similar expenses |
|
|
5,810 |
|
450 |
Gain/(loss) on disposal of tangible assets |
|
|
28,407 |
|
- |
Tax on profit |
|
|
2,101,368 |
|
754,292 |
Accrued expenses/(income) |
|
|
469,352 |
|
(
29,489) |
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Stocks |
|
|
(
453,119) |
|
(
148,890) |
Trade and other debtors |
|
|
(
2,721,017) |
|
(
4,211,343) |
Trade and other creditors |
|
|
(
450,077) |
|
(
2,070,831) |
|
|
|
_______ |
|
_______ |
Cash generated from operations |
|
|
5,985,622 |
|
(
768,221) |
|
|
|
|
|
|
Interest paid |
|
|
(
5,810) |
|
(
450) |
Interest received |
|
|
513,510 |
|
259,051 |
Tax paid |
|
|
- |
|
(
1,750,000) |
|
|
|
_______ |
|
_______ |
Net cash from/(used in) operating activities |
|
|
6,493,322 |
|
(
2,259,620) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
|
(
250,775) |
|
(
226,994) |
Proceeds from sale of tangible assets |
|
|
37,750 |
|
- |
Purchase of other investments |
|
|
(
3,689) |
|
166,496 |
Proceeds from sale of other investments |
|
|
(
64,862) |
|
(
46,920) |
Dividends received |
|
|
70,931 |
|
(
117,222) |
|
|
|
_______ |
|
_______ |
Net cash used in investing activities |
|
|
(
210,645) |
|
(
224,640) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from borrowings |
|
|
150,000 |
|
(
500,677) |
Equity dividends paid |
|
|
(
1,690,000) |
|
(
3,344,000) |
|
|
|
_______ |
|
_______ |
Net cash used in financing activities |
|
|
(
1,540,000) |
|
(
3,844,677) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
|
4,742,677 |
|
(
6,328,937) |
Cash and cash equivalents at beginning of year |
19 |
|
2,096,980 |
|
8,425,917 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year |
19 |
|
6,839,657 |
|
2,096,980 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Al. Murad D.I.Y. Ltd
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Howley Park Road East, Morley, Leeds, West Yorkshire, LS27 0BN.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has in place sufficient cash at bank balance, at the year end, which provides adequate resources to finance development programmes, along with the company's day to day operations. On this basis, the director's have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future, being twelve months after the date on which the report and financial statements are signed. For this reason, it continues to adopt going concern basis in the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
2 % |
straight line |
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 1, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors have concluded that there are no critical areas of accounting judgement in the application of the Company's accounting policies in the current period.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Rental income |
|
149,792 |
141,728 |
|
Other operating income |
|
308,896 |
167,652 |
|
|
|
_______ |
_______ |
|
|
|
458,688 |
309,380 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
644,660 |
553,940 |
|
(Gain)/loss on disposal of tangible assets |
|
|
28,407 |
- |
|
Impairment of trade debtors |
|
|
7,662 |
16,556 |
|
Foreign exchange differences |
|
|
(
36,852) |
49,564 |
|
Fees payable for the audit of the financial statements |
|
|
8,000 |
8,000 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2024 |
2023 |
|
Employees |
|
195 |
181 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
4,808,242 |
4,326,968 |
|
Social security costs |
|
365,639 |
383,761 |
|
Other pension costs |
|
83,466 |
105,538 |
|
|
|
_______ |
_______ |
|
|
|
5,257,347 |
4,816,267 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Remuneration |
|
2,002 |
2,002 |
|
Company contributions to pension schemes in respect of qualifying services |
|
- |
24,000 |
|
|
|
_______ |
_______ |
|
|
|
2,002 |
26,002 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Number of directors salary between £0 - £35,000 is 2 (31 March 2023: 2).
9.
Income from other fixed asset investments
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Income from other fixed asset investments |
|
70,931 |
(117,222) |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Other interest receivable and similar income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Loans and receivables |
|
462,350 |
255,000 |
|
Bank deposits |
|
51,160 |
4,051 |
|
|
|
_______ |
_______ |
|
|
|
513,510 |
259,051 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Amounts written off investments
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Reversal of impairment of investments in joint ventures |
|
293,487 |
1,316,629 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Interest payable and similar expenses
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
5,810 |
450 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
13.
Tax on profit
Major components of tax expense
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
2,299,379 |
752,997 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
(
198,011) |
1,295 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
2,101,368 |
754,292 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2023: higher than) the
standard rate of corporation tax in the UK
of
25.00
% (2023: 19.00%).
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
8,752,560 |
3,963,142 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
2,188,140 |
752,997 |
|
Effect of capital allowances and depreciation |
|
(
86,772) |
1,295 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
2,101,368 |
754,292 |
|
|
|
_______ |
_______ |
|
|
|
|
|
14.
Dividends
Equity dividends
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
1,690,000 |
3,344,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
15.
Tangible assets
|
|
Freehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 |
5,700,798 |
3,646,105 |
607,092 |
9,953,995 |
|
|
|
|
Additions |
12,500 |
89,428 |
148,847 |
250,775 |
|
|
|
|
Disposals |
- |
- |
(
202,877) |
(
202,877) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
5,713,298 |
3,735,533 |
553,062 |
10,001,893 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
2,885,623 |
3,069,238 |
390,464 |
6,345,325 |
|
|
|
|
Charge for the year |
343,203 |
254,547 |
46,910 |
644,660 |
|
|
|
|
Disposals |
- |
- |
(
136,720) |
(
136,720) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
3,228,826 |
3,323,785 |
300,654 |
6,853,265 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
2,484,472 |
411,748 |
252,408 |
3,148,628 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
2,815,175 |
576,867 |
216,628 |
3,608,670 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
16.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2023 |
2,280,961 |
2,280,961 |
|
|
|
|
|
Additions |
3,689 |
3,689 |
|
|
|
|
|
Disposals |
64,862 |
64,862 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
2,349,512 |
2,349,512 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 April 2023 |
3,961,033 |
3,961,033 |
|
|
|
|
|
Reversal of impairment loss |
293,487 |
293,487 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
4,254,520 |
4,254,520 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2024 |
(
1,905,008) |
(
1,905,008) |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
(
1,680,072) |
(
1,680,072) |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Listed investments
|
|
|
|
£ |
£ |
|
|
At 31 March 2024 |
Carrying value |
1,588,022 |
1,588,022 |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
Carrying value |
1,434,485 |
1,434,485 |
|
_______ |
_______ |
|
|
|
17.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Finished goods |
|
7,227,849 |
6,774,730 |
|
|
|
_______ |
_______ |
|
|
|
|
|
18.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,742,298 |
1,737,459 |
|
Amounts owed by undertakings in which the company has a participating interest |
|
21,078,378 |
18,257,200 |
|
Other debtors |
|
10,022,450 |
10,127,450 |
|
|
|
_______ |
_______ |
|
|
|
32,843,126 |
30,122,109 |
|
|
|
_______ |
_______ |
|
|
|
|
|
19.
Cash and cash equivalents
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Cash at bank and in hand |
|
6,841,021 |
2,852,033 |
|
Bank overdrafts |
|
(
1,364) |
(
755,053) |
|
|
|
_______ |
_______ |
|
|
|
6,839,657 |
2,096,980 |
|
|
|
_______ |
_______ |
|
|
|
|
|
20.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
1,364 |
755,053 |
|
Trade creditors |
|
2,507,758 |
3,076,757 |
|
Accruals and deferred income |
|
512,876 |
43,524 |
|
Corporation tax |
|
1,992,011 |
(
307,368) |
|
Social security and other taxes |
|
523,371 |
513,823 |
|
Director loan accounts |
|
329,323 |
179,323 |
|
Other creditors |
|
524,193 |
414,819 |
|
|
|
_______ |
_______ |
|
|
|
6,390,896 |
4,675,931 |
|
|
|
_______ |
_______ |
|
|
|
|
|
21.
Provisions
|
|
Deferred tax (note 22) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 April 2023 |
900,809 |
900,809 |
|
|
|
|
Additions |
(
198,011) |
(
198,011) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
702,798 |
702,798 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
22.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 21) |
|
702,798 |
900,809 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
702,798 |
900,809 |
|
|
|
_______ |
_______ |
|
|
|
|
|
23.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
83,466
(2023: £
105,538
).
24.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
83 |
|
83 |
|
83 |
|
83 |
|
Ordinary B shares shares of £
1.00 each |
|
17 |
|
17 |
|
17 |
|
17 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
25.
Reserves
Profit & Loss Account - This reserve records retained earning and accumulated losses, and available for distribution.
26.
Analysis of changes in net debt
|
|
At 1 April 2023 |
Cash flows |
At 31 March 2024 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
2,852,033 |
3,988,988 |
6,841,021 |
|
|
|
|
Bank overdrafts |
(755,053) |
753,689 |
(1,364) |
|
|
|
|
Debt due within one year |
(179,323) |
(150,000) |
(329,323) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
1,917,657 |
4,592,677 |
6,510,334 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
27.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Murad Ali Patel |
(
178,323) |
- |
(
178,323) |
|
|
|
|
Mr Mohamed Patel |
(
1,000) |
(
150,000) |
(
151,000) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
179,323) |
(
150,000) |
(
329,323) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Murad Ali Patel |
(
178,323) |
- |
(
178,323) |
|
|
|
|
Mr Mohamed Patel |
- |
(
1,000) |
(
1,000) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
28.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Al Murad Management limited |
(
1,467,600) |
(
172,560) |
(
300,000) |
- |
|
Tile Empire Limited
|
(
39,703) |
(
36,103) |
(10,826) |
(
62,168) |
|
Al Hafez Limited
|
144,000
|
(144,000) |
- |
36,000 |
|
Al Sana Ltd
|
(50,000) |
(50,000) |
- |
- |
|
String Products
|
(1,987,102) |
(2,265,884) |
(431,278) |
(223,207) |
|
Al Murad Management Limited
|
2,100,000 |
4,080,000 |
19,232,098 |
17,132,098
|
|
Tile Junction
|
- |
- |
(30,000) |
(60,000) |
|
Tile Junction
|
33,520
|
2,336
|
297,867
|
263,638
|
|
String Products
|
146,330
|
- |
165,231
|
- |
|
Al Rizwan Ltd
|
(20,000) |
- |
(20,000) |
- |
|
Irfan Ali |
(55,000) |
- |
- |
- |
|
Al Murad SSAS |
(28,500) |
- |
- |
- |
|
Murad Ali Ltd |
(34,750) |
- |
- |
- |
|
Murad Patel |
(100,000) |
- |
- |
- |
|
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
During the year the company had undertaken related party transactions as recorded above.
29.
Controlling party
The Company is controlled by the Patel family as a result of directly controlling the entire issued share capital of the company.
30.
Company Information
Registered Office, Howley Park Road East, Morley, Leeds, West Yorkshire, LS27 0BN. Al Murad DIY Ltd was incorporated under the Companies Act 1985 on 5th August 1991 and commenced trading. The principal activity of the company during the period was to retailing of ceramic tiles, wallpaper, paints and general DIY accessories.