REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
BOWMER-BOND NARROW FABRICS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
BOWMER-BOND NARROW FABRICS LIMITED |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
BOWMER-BOND NARROW FABRICS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The results of the company for the year and financial position of the company are as shown in the annexed financial statements. |
For the year ended 30th June 2024, the company achieved a profit before tax of £254,138 (2023:£865,829) on turnover of £10,394,809 (2023: £11,774,627). |
The company continues to retain a strong focus on managing efficiency and cost control. The gross margin achieved in the year was 42% compared with 43% in the previous year., The business KPI's are continually monitored by the directors and changes are implemented where deemed appropriate in order to minimise the effects of any risks and uncertainties in retaining market share and maintaining margins to cover overheads. |
During the period the company continued to reinvest in the research and development of new and innovative products and processes to gain a competitive advantage in existing and new markets. |
Overall, the directors are satisfied with the performance for the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competitive pressure is a continuing risk which requires the company to produce high quality and affordable products to its loyal customers. |
The company is exposed to fluctuations of both the US Dollar and Euro currencies and seeks to mitigate potential losses that may be incurred. The directors expect the current global economic uncertainties to continue for some time and will continue to seek to mitigate the risks that arise while identifying and exploring opportunities. |
FUTURE DEVELOPMENTS |
The directors undertake to continue to maintain and adapt the strategies that have been developed to grow the business and to look for new innovative products and services to further complement the existing portfolio of high quality webbing products. |
ON BEHALF OF THE BOARD: |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture and distribution of narrow fabrics. |
DIVIDENDS |
Interim dividends of £940,000 were paid during the year. |
RESEARCH AND DEVELOPMENT |
During the period the company continued to reinvest in the research and development of new and innovative products and processes to gain a competitive advantage in existing and new markets. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
QUALIFYING THIRD PARTY INDEMNITY PROVISION |
During the financial year and at the time the directors report is approved, a Qualifying Third Party Indemnity Provision for the benefit of the directors is in force. |
DISCLOSURE IN THE STRATEGIC REPORT |
As required by Section 414C(11) Companies Act 2006, this statement confirms that certain items that are required to be disclosed in the directors report are set out in the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make 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 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. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
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 company'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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Hollis and Co 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 |
BOWMER-BOND NARROW FABRICS LIMITED |
Opinion |
We have audited the financial statements of Bowmer-Bond Narrow Fabrics Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 |
BOWMER-BOND NARROW FABRICS LIMITED |
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 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, 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 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 three, 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 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. |
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: |
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: |
- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims; |
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
- Reviewing minutes of meetings of those charged with governance; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
BOWMER-BOND NARROW FABRICS 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 |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 5 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
4,104,842 | 4,177,598 |
OPERATING PROFIT | 7 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Capital redemption reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | COMPANY INFORMATION |
Bowmer Bond Narrow Fabrics Limited is a Limited Company incorporated in England and Wales. Its registered office and principal place of business is: Hanging Bridge Mills, Ashbourne, Derbyshire, DE6 2EA |
2. | STATUTORY INFORMATION |
Bowmer-Bond Narrow Fabrics Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The figures in the financial statements are rounded to the nearest £. |
These financial statements cover the entity as an individual company. |
3. | STATEMENT OF COMPLIANCE |
4. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Significant judgements and estimates |
- Key sources of estimation uncertainty. |
The Company believes that there are no areas of material estimation uncertainty which affect the financial statements. |
- Critical accounting judgements in applying the Company's accounting policies. |
The Company believes that the major judgements applied are: |
- The use of the going concern principle which is based on the belief that the company will have adequate resources to continue in operational existence for the foreseeable future. |
- Based on a review of the ongoing trading budgets and forecasts, there is no need to impair those investments and debtor balances due to the company |
Turnover and revenue recognition |
Turnover represents amounts invoiced to customers in respect of the sale of goods, exclusive of value added tax. Revenues are recognised when the goods have been despatched to customers. |
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. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at the historical cost less accumulated depreciation and any accumulated |
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to its |
present location and condition. |
Stocks |
Stocks of raw materials and finished goods are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial Assets and Liabilities |
The company's group loans receivable and payable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
Debt instruments which are financing transactions at a rate of interest that is not a market rate. |
Where debt instruments are classified as assets due after more than one year or long term liabilities, then the |
company measures these at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Where debt instruments are classified as current assets or current liabilities, then there is no present value |
adjustment to the initial measurement based on amortised cost |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
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. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are stated at cost less amounts written off. |
Operating leases |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
5. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 6,097,098 | 5,661,357 |
Europe | 3,372,750 | 4,962,288 |
Rest of the world | 924,961 | 1,150,982 |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production and sales | 84 | 84 |
Office and management | 14 | 15 |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Operating leases - plant and machinery |
Operating leases - other |
Research and development costs |
Pension costs |
Foreign exchange differences | ( |
) | ( |
) |
Auditors remuneration for the year amounts to £11,000 (2023: £11,000) This is now charged to the company's parent undertaking. |
During the year, the company's ultimate parent undertaking, Bowmer Bond (Holdings) Limited raised management charges amounting to £480,000 (2023: £480,000) which included amounts for providing the services of Mr Horsnall and Mr Allender as directors of the company. |
8. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | (33,523 | ) | - |
This is a fine relating to the failure to discharge health, safety and welfare duty to an employee. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax timing difference | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 20.50%). |
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: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Enhanced tax relief on Research and Development expenditure | (64,721 | ) | (120,904 | ) |
Group relief | 17,801 | - |
Deferred tax provision | 17,630 | (11,979 | ) |
Total tax charge | 17,630 | 50,644 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The total carrying value of tangible fixed assets are pledged as security for the groups bank borrowings. |
The net carrying value of tangible fixed assets held under finance leases at the year end was £13,492 (2023 £16,865) |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
14. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
Raw materials |
The total carrying value of stock is pledged as security for the groups bank borrowings. |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 98,180 | 21,625 |
Other creditors |
Accrued expenses |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The company's significant leasing arrangements relate to property leases. |
19. | SECURED DEBTS |
Barclays bank borrowings are secured by a fixed charge over the groups freehold property at Hanging Bridge Mills and a floating charge over the all the property and undertaking of the company, dated 21 July 2015. |
Mr and Mrs P Horsnall have a fixed and floating charge over all the property or undertaking of the company. |
The Hire Purchase obligations are secured by the assets to which they relate. |
20. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 88,747 | 71,117 |
Other provisions | 123,913 | 166,104 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
Other provisions relates to dilapidation provision's arising under property leases. |
BOWMER-BOND NARROW FABRICS LIMITED (REGISTERED NUMBER: 00577024) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 513,750 | 513,750 |
22. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 4,427,261 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 30 June 2024 | 3,723,769 |
23. | PENSION COMMITMENTS |
During the year, the company has contributed to the personal pension schemes of certain employees. |
The assets of the schemes are held separately from those of the company in independently administered funds. The contributions payable for the year amounted to £105,197 (2023 : £76,506), whilst outstanding contributions amounted to £Nil (2023 : £Nil) |
24. | ULTIMATE PARENT COMPANY |
The company's immediate parent undertaking is BB Ashbourne Limited, and its ultimate parent undertaking is Bowmer Bond (Holdings) Limited. The registered office address of these undertakings is Hanging Bridge Mills, Ashbourne, Derbyshire DE6 2EA. The ultimate parent undertaking prepares consolidated financial statements which are available from the registered office address. |
25. | OTHER FINANCIAL COMMITMENTS |
The company is party to a cross guarantee, whereby it is a guarantor of any indebtedness of the group to the groups bankers. |
At the year end, the group has an overall indebtedness to the bank of £334,306 |
26. | RELATED PARTY DISCLOSURES |
FRS102 Section 33.1A exempts the company from disclosing transactions with entities that are 100% owned within the group. |
During the year, a total of key management personnel compensation of £ |
27. | ULTIMATE CONTROLLING PARTY |
By virtue of owning all of the issued share capital of Bowmer Bond Holdings Limited, the directors consider the ultimate controlling party to be the trustee of the Bowmer Bond Employee Ownership Trust. |