IRIS Accounts Production v24.3.2.46 07904764 Board of Directors 1.7.23 30.6.24 30.6.24 the sale and installation of verandas, garage doors and shutters. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079047642023-06-30079047642024-06-30079047642023-07-012024-06-30079047642022-06-30079047642022-07-012023-06-30079047642023-06-3007904764ns15:EnglandWales2023-07-012024-06-3007904764ns14:PoundSterling2023-07-012024-06-3007904764ns10:Director12023-07-012024-06-3007904764ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3007904764ns10:FRS1022023-07-012024-06-3007904764ns10:Audited2023-07-012024-06-3007904764ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3007904764ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3007904764ns10:FullAccounts2023-07-012024-06-3007904764ns10:OrdinaryShareClass12023-07-012024-06-3007904764ns10:Director22023-07-012024-06-3007904764ns10:CompanySecretary12023-07-012024-06-3007904764ns10:RegisteredOffice2023-07-012024-06-3007904764ns5:CurrentFinancialInstruments2024-06-3007904764ns5:CurrentFinancialInstruments2023-06-3007904764ns5:Non-currentFinancialInstruments2024-06-3007904764ns5:Non-currentFinancialInstruments2023-06-3007904764ns5:ShareCapital2024-06-3007904764ns5:ShareCapital2023-06-3007904764ns5:RetainedEarningsAccumulatedLosses2024-06-3007904764ns5:RetainedEarningsAccumulatedLosses2023-06-3007904764ns5:ShareCapital2022-06-3007904764ns5:RetainedEarningsAccumulatedLosses2022-06-3007904764ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3007904764ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3007904764ns5:PlantMachinery2023-07-012024-06-3007904764ns5:MotorVehicles2023-07-012024-06-3007904764ns5:OwnedAssets2023-07-012024-06-3007904764ns5:OwnedAssets2022-07-012023-06-3007904764ns5:HirePurchaseContracts2023-07-012024-06-3007904764ns5:HirePurchaseContracts2022-07-012023-06-3007904764ns10:OrdinaryShareClass12022-07-012023-06-3007904764ns5:PlantMachinery2023-06-3007904764ns5:MotorVehicles2023-06-3007904764ns5:PlantMachinery2024-06-3007904764ns5:MotorVehicles2024-06-3007904764ns5:PlantMachinery2023-06-3007904764ns5:MotorVehicles2023-06-3007904764ns5:LeasedAssetsHeldAsLessee2023-07-012024-06-3007904764ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3007904764ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3007904764ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-06-3007904764ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-06-3007904764ns5:DeferredTaxation2023-06-3007904764ns5:DeferredTaxation2023-07-012024-06-3007904764ns5:DeferredTaxation2024-06-3007904764ns10:OrdinaryShareClass12024-06-3007904764ns5:RetainedEarningsAccumulatedLosses2023-06-30079047641ns10:Director12023-06-30079047641ns10:Director12022-06-30079047641ns10:Director12023-07-012024-06-30079047641ns10:Director12022-07-012023-06-30079047641ns10:Director12024-06-30079047641ns10:Director12023-06-3007904764ns10:Director222023-06-3007904764ns10:Director222022-06-3007904764ns10:Director222023-07-012024-06-3007904764ns10:Director222022-07-012023-06-3007904764ns10:Director222024-06-3007904764ns10:Director222023-06-30
REGISTERED NUMBER: 07904764 (England and Wales)


























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

CROCODILE PRODUCTS LTD

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

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 4

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


CROCODILE PRODUCTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr B J North
Mr C M North





SECRETARY: Mrs C North





REGISTERED OFFICE: Spring Garden Mill
New Street
Milnsbridge
Huddersfield
West Yorkshire
HD3 4LN





REGISTERED NUMBER: 07904764 (England and Wales)





AUDITORS: Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


During the year, the company's main activities continued to be that the sale and installation of verandas, garage doors and shutters.

REVIEW OF BUSINESS
During the year the company's turnover has increased to £17,616,341. Up from the previous year by £1,950,844. The directors believe that his was due to a prolonged period of stability in the economy.

Gross profit has increased from 25.8% to 29.8%. This is due to stability in the price of raw materials following regular increases in the previous year.

The increase in turnover and gross profit means that the company can report a profit of £676,230 compared with a loss of £97,702 in the previous year.

In the current year to date the business saw a difficult trading period for the quarter ended 31 December 2024, which the directors feel was fallout from the Labour governments budget. January and February 2025 have seen some normality with sales remaining in line with the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
Once again the directors consider that the current economic climate is creating uncertainty with the introduction of national insurance and minimum wage increases in April 2025.

We are looking at increasing prices from 1 March 2025, to cover the extra overhead and price increase from suppliers.

ON BEHALF OF THE BOARD:





Mr B J North - Director


28 February 2025

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

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.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £ 650,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mr B J North
Mr C M North

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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr B J North - Director


28 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CROCODILE PRODUCTS LTD


Opinion
We have audited the financial statements of Crocodile Products Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CROCODILE PRODUCTS LTD


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:

- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;
- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amounts; and
-Review of the rationale for the calculation of key accounting estimates in the financial statements and testing of the accuracy of these calculations.

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

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.

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.




Mr Andrew McMinnis ACA FCCA (Senior Statutory Auditor)
for and on behalf of Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB

12 March 2025

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 17,616,341 15,665,497

Cost of sales (12,361,251 ) (11,623,049 )
GROSS PROFIT 5,255,090 4,042,448

Selling and distribution costs (2,900,124 ) (2,648,825 )
Administrative expenses (1,692,226 ) (1,489,196 )
OPERATING PROFIT/(LOSS) 4 662,740 (95,573 )

Interest receivable and similar income 16,574 674
679,314 (94,899 )

Interest payable and similar expenses 5 (3,084 ) (2,803 )
PROFIT/(LOSS) BEFORE TAXATION 676,230 (97,702 )

Tax on profit/(loss) 6 (140,690 ) 51,280
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 535,540 (46,422 )

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 8 392,336 363,934

CURRENT ASSETS
Stocks 9 2,167,344 1,758,189
Debtors 10 748,588 1,136,328
Cash at bank and in hand 2,310,553 2,021,263
5,226,485 4,915,780
CREDITORS
Amounts falling due within one year 11 (3,381,725 ) (2,951,893 )
NET CURRENT ASSETS 1,844,760 1,963,887
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,237,096

2,327,821

CREDITORS
Amounts falling due after more than one year 12 (25,956 ) (35,746 )

PROVISIONS FOR LIABILITIES 16 (96,325 ) (62,800 )
NET ASSETS 2,114,815 2,229,275

CAPITAL AND RESERVES
Called up share capital 17 200 200
Retained earnings 18 2,114,615 2,229,075
SHAREHOLDERS' FUNDS 2,114,815 2,229,275

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2025 and were signed on its behalf by:





Mr B J North - Director


CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 200 2,715,497 2,715,697

Changes in equity
Dividends - (440,000 ) (440,000 )
Total comprehensive income - (46,422 ) (46,422 )
Balance at 30 June 2023 200 2,229,075 2,229,275

Changes in equity
Dividends - (650,000 ) (650,000 )
Total comprehensive income - 535,540 535,540
Balance at 30 June 2024 200 2,114,615 2,114,815

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,048,289 270,213
Interest paid (636 ) (1,407 )
Interest element of hire purchase payments paid (2,448 ) (1,396 )
Tax paid 36,335 135,233
Net cash from operating activities 1,081,540 402,643

Cash flows from investing activities
Purchase of tangible fixed assets (128,954 ) (127,030 )
Sale of tangible fixed assets 8,300 8,800
Interest received 16,574 674
Net cash from investing activities (104,080 ) (117,556 )

Cash flows from financing activities
Loan repayments in year (10,013 ) (9,241 )
Capital repayments in year (44,876 ) (13,817 )
Amount introduced by directors 16,719 744,759
Equity dividends paid (650,000 ) (440,000 )
Net cash from financing activities (688,170 ) 281,701

Increase in cash and cash equivalents 289,290 566,788
Cash and cash equivalents at beginning of year 2 2,021,263 1,454,475

Cash and cash equivalents at end of year 2 2,310,553 2,021,263

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 676,230 (97,702 )
Depreciation charges 122,262 97,937
Loss/(profit) on disposal of fixed assets 7,138 (5,155 )
Finance costs 3,084 2,803
Finance income (16,574 ) (674 )
792,140 (2,791 )
(Increase)/decrease in stocks (409,155 ) 404,284
Decrease/(increase) in trade and other debtors 387,740 (82,239 )
Increase/(decrease) in trade and other creditors 277,564 (49,041 )
Cash generated from operations 1,048,289 270,213

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 2,310,553 2,021,263
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 2,021,263 1,454,475


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/7/23 Cash flow changes At 30/6/24
£    £    £    £   
Net cash
Cash at bank
and in hand 2,021,263 289,290 2,310,553
2,021,263 289,290 2,310,553
Debt
Finance leases (51,409 ) 44,876 - (43,680 )
Debts falling due
within 1 year (10,000 ) - - (10,000 )
Debts falling due
after 1 year (19,926 ) 10,013 - (9,913 )
(81,335 ) 54,889 - (63,593 )
Total 1,939,928 344,179 - 2,246,960

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Crocodile Products Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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.

Management consider that the following have the most significant effect on the amounts recognised in the financial statements:

Work in progress (as detailed in note 9) is calculated by applying a percentage of the selling price dependent upon the individual contracts stage of completion. Whilst all contract are slightly different in terms of margin, the directors do not consider these differences to be sufficiently great enough to materially impact the figures presented in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on completion of an install.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress, as detailed in note 9, is calculated by applying a percentage of the selling price dependent upon the individual contracts stage of completion. Whilst all contract are slightly different in terms of margin, the directors do not consider these differences to be sufficiently great enough to materially impact the figures presented in the financial statements.


CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts.

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.

Grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,978,091 1,708,742
Social security costs 192,451 169,106
Other pension costs 245,663 183,275
2,416,205 2,061,123

The average number of employees during the year was as follows:
2024 2023

Production 27 21
Selling and distribution 13 12
Administration 18 18
58 51

2024 2023
£    £   
Directors' remuneration 26,112 21,102
Directors' pension contributions to money purchase schemes 112,990 83,333

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 77,600 77,600
Depreciation - owned assets 122,261 97,937
Loss/(profit) on disposal of fixed assets 7,138 (5,155 )
Auditors' remuneration 11,450 8,451

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 636 1,407
Hire purchase interest 2,448 1,396
3,084 2,803

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 143,500 -
Prior periods (36,335 ) (51,280 )
Total current tax 107,165 (51,280 )

Deferred tax 33,525 -
Tax on profit/(loss) 140,690 (51,280 )

Reconciliation of total tax charge/(credit) 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/(loss) before tax 676,230 (97,702 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

169,058

(24,426

)

Effects of:
Capital allowances in excess of depreciation (7,213 ) (5,963 )
Adjustments to tax charge in respect of previous periods (36,335 ) (51,280 )
Tax losses carried forward (18,378 ) 31,677
Changes in tax rates - (1,288 )
Rounding 33 -
Movement in deferred tax 33,525 -
Total tax charge/(credit) 140,690 (51,280 )

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. DIVIDENDS
2024 2023
£    £   
Dividends paid 650,000 440,000

8. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 188,922 550,524 739,446
Additions 15,891 150,210 166,101
Disposals - (77,457 ) (77,457 )
At 30 June 2024 204,813 623,277 828,090
DEPRECIATION
At 1 July 2023 79,142 296,370 375,512
Charge for year 25,134 97,127 122,261
Eliminated on disposal - (62,019 ) (62,019 )
At 30 June 2024 104,276 331,478 435,754
NET BOOK VALUE
At 30 June 2024 100,537 291,799 392,336
At 30 June 2023 109,780 254,154 363,934

Included within the cost of motor vehicles are assets held under hire purchase contracts amounting to £206,398 (2023 - £132,854). Accumulated depreciation on these assets amounts to £80,380 (2023 - £43,482).

9. STOCKS
2024 2023
£    £   
Stocks 471,122 406,108
Work-in-progress 1,696,222 1,352,081
2,167,344 1,758,189

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 333,618 137,249
Other debtors 290,520 869,032
Prepayments and accrued income 124,450 130,047
748,588 1,136,328

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 10,000 10,000
Hire purchase contracts (see note 14) 27,637 35,589
Trade creditors 1,481,705 1,386,240
Corporation tax 143,500 -
Social security and other
taxes 360,521 365,147
Other creditors 1,283,393 1,101,227
Directors' current accounts 16,719 -
Accruals and deferred income 58,250 53,690
3,381,725 2,951,893

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 9,913 19,926
Hire purchase contracts (see note 14) 16,043 15,820
25,956 35,746

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loan 10,000 10,000

Amounts falling due between one and two years:
Bank loan 9,913 19,926

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Non-cancellable operating leases
2024 2023
£ £
Within one year 40,833 40,833

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase 43,680 51,409

The hire purchase liabilities are secured against the assets to which they relate.

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 96,325 62,800

Deferred
tax
£   
Balance at 1 July 2023 62,800
Provided during year 33,525
Balance at 30 June 2024 96,325

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

18. RESERVES
Retained
earnings
£   

At 1 July 2023 2,229,075
Profit for the year 535,540
Dividends (650,000 )
At 30 June 2024 2,114,615

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mr B J North
Balance outstanding at start of year - 483,469
Amounts repaid - (483,469 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr C M North
Balance outstanding at start of year - 261,290
Amounts repaid - (261,290 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

CROCODILE PRODUCTS LTD (REGISTERED NUMBER: 07904764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


20. RELATED PARTY DISCLOSURES

During the year the company has recharged goods and other costs amounting to £195,282 (2023 - £179,660) and has been charged £325,438 (2023 - £118,342) for goods and services by Continental Fabrications Limited, a company in which the directors and shareholders are the same.

The company has also paid management charges amounting to £600,000 (2023 - £Nil) and provided financial support to Continental Fabrications Limited. At 30 June 2024, £290,520 (2023 - £869,032) was due from Continental Fabrications Limited.

The company has paid management charges amounting to £Nil (2023 - £205,000) to Hire & Hoist Ltd, a company in which the director, Mr B North is also a director and shareholder.

Also during the year the company has paid management charges amounting to £Nil (2023 - £255,000) to Architectural Suppliers Limited, a company in which the director Mr C North is also a director and shareholder.

The company has also paid management charges amounting to £Nil (2023 - £108,000) to Hoist and Lift Limited, a company in which the partner of the director Mr B North is a director and shareholder.