Company registration number 00281817 (England and Wales)
MONUMENT TOOLS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MONUMENT TOOLS LIMITED
COMPANY INFORMATION
Directors
Mr J C A Collier
Miss A D Wilkinson
Secretary
Mr J C A Collier
Company number
00281817
Registered office
Restmor Way
Hackbridge Road
Hackbridge
Wallington
Surrey
SM6 7AH
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
MONUMENT TOOLS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
MONUMENT TOOLS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Fair review of the business
The company was established in 1933 as Shetack Tool Works Ltd Registered No 281817 and has grown to be one of the largest specialist hand tool manufacturers in Europe, offering comprehensive ranges of plumbing, roofing and drainage hand tools to plumbers and builders merchants, wholesalers, retailers and to a growing export market.
For the past 20+ years the company’s future has been guided by John and Jonathan Collier who have continued to invest in the UK based manufacturing facility and more recently drive brand awareness resulting in significant growth and greater market share for the past few years.
John Collier sadly passed January 2024 aged 81years.
With a sound and solid financial balance sheet, A-rated credit rating and a diverse product and customer base the directors make use of an unwavering foresight and strength to ensure exceptional situations, such as the continued wars in Europe and the Middle East, foreign exchange fluctuations, cost of living crisis and any other unforeseen factors do not restrict the company’s development and future plans.
The company has recently invested in additional warehousing space, completed installation of sustainable packaging line and a new ERP system is due for implementation in the near future.
The directors realise that as the company comes out of small company status a more modern organisational structure is required within the business. The new Executive team will have excellent track records within the business and will bring a new level of leadership and best practices which will allow the continuation of lean efficiencies to be deployed across the whole business.
Tighter controls on stock levels and investment spend in warehousing will benefit the company’s day to day practices and allow for the deployment of the new ERP system.
MONUMENT TOOLS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties
Risk is everywhere and sometimes arrives uninvited, such as the war in Europe and the Middle East, Suez Canal disruption, foreign exchange fluctuations, cost of living crisis, interest rate rises, wage inflation, new government policies etc.
The company has health and safety at the top of the list for both employees and products. Continual employee training ensures that the company has a continued very low incident and accident record.
The company has taken a CBILS loan and an additional loan for the new packaging line. This ensures that the cash position is strong. The company has a good spread of risk across its customer base, with export, retail, merchant buying groups, wholesale and distribution spreading the risk of having too few customers with too much of the company turnover.
Interest rate risk
The company finances its operations through a mixture of its own funds and banking facilities. As above the company has a CBILS loan and an additional loan for new machinery. With the current uncertainty in the market the company has chosen to pay these back with caution over a longer term, aware of the interest rate changes but additionally holding a strong cash position with its own funds.
Currency risk
The company continued to actively reshore products to minimise the risk of weak GBP when importing. The weak GBP additionally makes exports seem good value and we are actively growing exports markets as a key area of growth. The Made in Britain marque is one which is growing in popularity from both end users and customers looking for a more sustainable supply chain.
Credit risk
All customers have good/strong credit rating and daily credit rating checks ensures bad debts are few and far between. The company’s own credit rating is A-rated and has the strongest credit rating amongst its direct competitors.
Liquidity risk
Cautious liquidity management entails the maintenance of sufficient reserves of cash, to ensure that there are available funds to carry on operations and a planned and much needed expansion of the warehouse.
Price risk
The company is somewhat exposed to commodity price risk e.g. steel, zinc, copper as a result of its manufacturing operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The company absorbs much of the price rises from the supply chain during the calendar year and then increases prices to cover these increased costs. A price increase to the whole market of 4.8% was implemented in January 2025.
Development and performance
The directors saw the need for much needed warehousing expansion and have invested in additional warehousing for stock as well as new product ranges. Updating the ERP system is the next major improvement required. The company continues to grow through new product development and customer acquisition both in the UK and in export markets.
Key performance indicators
The company has been in the fortunate position to perform within expectations, including:
Turnover: within expectations for the 5 year growth plan
Stock write-downs: within expectations
Wages and salaries: within expectations especially with minimum wage changes
Foreign exchange gains and losses: negligible but within expectations
Overheads: within expectations
Net returns: within expectations
Debt turnaround days: within expectations
MONUMENT TOOLS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Promoting the success of the company
This report informs the shareholders of Monument Tools Ltd (The company) and then helps them to assess how the directors have performed their duties under s172 of the Companies Act 2006, in promoting the success of the company.
Post reporting period events
The wars in Europe and the Middle East, foreign exchange fluctuations, Suez Canal disruption, cost of living crisis certainly affect the company but not in any great way. However, the company should be able to benefit from the more professional Executive team leading to a stronger sales, new product ranges, better control on stock management, continued deployment of lean processes which will allow a focus on farming existing customers and growth in new customers and markets. Continual brand awareness across all social channels will help drive sales into new end users. Implementation of a new ERP system and new warehousing will ensure the company is fit for purpose for the bright and bold future where better never stops.
The company established a new branch in Dublin, Ireland on the 16th October 2024 after the year-end.
Mr J C A Collier
Director
19 March 2025
MONUMENT TOOLS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company during the year continued to be manufacturers of specialist hand tools.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £45,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J A Collier
(Deceased 16 January 2024)
Mr J C A Collier
Miss A D Wilkinson
(Appointed 11 March 2024)
Post reporting date events
The company established a new branch in Dublin, Ireland on the 16th October 2024 after the year-end.
Auditor
In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 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; and
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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
MONUMENT TOOLS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr J C A Collier
Director
19 March 2025
MONUMENT TOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MONUMENT TOOLS LIMITED
- 6 -
Opinion
We have audited the financial statements of Monument Tools Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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.
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.
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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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.
MONUMENT TOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MONUMENT TOOLS LIMITED (CONTINUED)
- 7 -
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 in relation to which 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 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.
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of the manufacturing industry. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the storage and transportation of hazardous goods and the Health and Safety at Work Act 1974, and additionally the Companies Act 2006, taxation, GDPR, employment, anti-bribery and anti-money-laundering legislations. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
MONUMENT TOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MONUMENT TOOLS LIMITED (CONTINUED)
- 8 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company's remuneration.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with relevant regulators including the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Luke Metson (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
20 March 2025
MONUMENT TOOLS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
7,854,043
7,692,811
Cost of sales
(4,369,897)
(4,307,548)
Gross profit
3,484,146
3,385,263
Distribution costs
(1,686,764)
(1,660,424)
Administrative expenses
(1,406,707)
(1,498,081)
Operating profit
4
390,675
226,758
Interest receivable and similar income
7
16,384
2,906
Interest payable and similar expenses
8
(20,346)
(13,818)
Profit before taxation
386,713
215,846
Tax on profit
9
(96,121)
(40,426)
Profit for the financial year
290,592
175,420
Other comprehensive income
Revaluation of tangible fixed assets
525,000
25,000
Actuarial gain on defined benefit pension schemes
84,000
249,000
Tax relating to other comprehensive income
(164,250)
(6,250)
Total comprehensive income for the year
735,342
443,170
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MONUMENT TOOLS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,539,742
2,834,366
Current assets
Stocks
12
2,078,119
1,832,758
Debtors
13
1,467,008
1,797,458
Cash at bank and in hand
1,133,330
794,970
4,678,457
4,425,186
Creditors: amounts falling due within one year
14
(1,608,288)
(1,487,946)
Net current assets
3,070,169
2,937,240
Total assets less current liabilities
6,609,911
5,771,606
Creditors: amounts falling due after more than one year
15
(181,062)
(112,000)
Provisions for liabilities
Deferred tax liability
18
855,329
644,428
(855,329)
(644,428)
Net assets excluding pension surplus
5,573,520
5,015,178
Defined benefit pension surplus
19
610,000
478,000
Net assets
6,183,520
5,493,178
Capital and reserves
Called up share capital
20
50,000
50,000
Revaluation reserve
1,564,500
1,170,750
Profit and loss reserves
4,569,020
4,272,428
Total equity
6,183,520
5,493,178
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
Mr J C A Collier
Director
Company registration number 00281817 (England and Wales)
MONUMENT TOOLS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
50,000
1,152,000
3,848,008
5,050,008
Year ended 31 March 2023:
Profit
-
-
175,420
175,420
Other comprehensive income:
Revaluation of tangible fixed assets
-
25,000
-
25,000
Actuarial gains on defined benefit plans
-
-
249,000
249,000
Tax relating to other comprehensive income
-
(6,250)
(6,250)
Total comprehensive income
-
18,750
424,420
443,170
Balance at 31 March 2023
50,000
1,170,750
4,272,428
5,493,178
Year ended 31 March 2024:
Profit
-
-
290,592
290,592
Other comprehensive income:
Revaluation of tangible fixed assets
-
525,000
-
525,000
Actuarial gains on defined benefit plans
-
-
84,000
84,000
Tax relating to other comprehensive income
-
(131,250)
(33,000)
(164,250)
Total comprehensive income
-
393,750
341,592
735,342
Dividends
10
-
-
(45,000)
(45,000)
Balance at 31 March 2024
50,000
1,564,500
4,569,020
6,183,520
MONUMENT TOOLS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
638,870
218,157
Interest paid
(20,346)
(13,818)
Income taxes refunded
35,969
Net cash inflow from operating activities
618,524
240,308
Investing activities
Purchase of tangible fixed assets
(122,662)
(115,676)
Proceeds from disposal of tangible fixed assets
4,972
Interest received
16,384
2,906
Net cash used in investing activities
(101,306)
(112,770)
Financing activities
Repayment of bank loans
(64,562)
(48,000)
Payment of finance leases obligations
(69,296)
(12,399)
Dividends paid
(45,000)
Net cash used in financing activities
(178,858)
(60,399)
Net increase in cash and cash equivalents
338,360
67,139
Cash and cash equivalents at beginning of year
794,970
727,831
Cash and cash equivalents at end of year
1,133,330
794,970
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information
Monument Tools Limited is a private company limited by shares incorporated in England and Wales. The registered office is Restmor Way, Hackbridge Road, Hackbridge, Wallington, Surrey, SM6 7AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of tools, excluding value added tax.
Revenue from the sale of tools is recognised when the significant risks and rewards of ownership of the tools have passed to the buyer (usually on dispatch of the tools), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Based on revaluation
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
15% reducing balance
Motor vehicles
25% straight line
Toolbars
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.6
Impairment of fixed assets
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty
The general areas for which estimation has been applied and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Property held at valuation
Management recognise freehold property at market value, obtained from a firm of chartered surveyors. The valuation was performed on the basis of the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.
Valuation of pension assets and liabilities
Management recognise the defined benefit pension scheme at fair value, obtained from a firm of actuaries. The valuation was performed in accordance with the requirements of TAS 100, Principles for Technical Actuarial Work, at the measurement date.
Valuation of rebate liabilities
Management recognise provisions for customer rebates on a percentage of turnover basis, as derived from contractual agreements with key customers.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sale of tools
7,854,043
7,692,811
2024
2023
£
£
Turnover analysed by geographical market
UK
5,644,875
6,077,576
Overseas
2,209,168
1,615,235
7,854,043
7,692,811
2024
2023
£
£
Other revenue
Interest income
16,384
2,906
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
3,490
(7,043)
Research and development costs
6,323
5,657
Fees payable to the company's auditor for the audit of the company's financial statements
25,500
21,000
Depreciation of owned tangible fixed assets
123,126
113,449
Operating lease charges
246,303
237,578
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
58
57
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,189,851
2,032,351
Social security costs
210,852
196,513
Pension costs
33,831
56,746
2,434,534
2,285,610
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
337,581
348,886
Company pension contributions to defined contribution schemes
1,608
1,321
339,189
350,207
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 1).
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
212,683
166,761
Company pension contributions to defined contribution schemes
1,321
1,321
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
16,384
2,906
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
16,384
2,906
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
11,409
11,061
Other finance costs:
Interest on finance leases and hire purchase contracts
8,937
2,757
20,346
13,818
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
49,470
5,974
Adjustments in respect of prior periods
(35,969)
Total current tax
49,470
(29,995)
Deferred tax
Origination and reversal of timing differences
46,651
70,421
Total tax charge
96,121
40,426
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
386,713
215,846
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
96,678
41,011
Tax effect of expenses that are not deductible in determining taxable profit
32,205
1,094
Unutilised tax losses carried forward
(6,195)
Adjustments in respect of prior years
(35,969)
Permanent capital allowances in excess of depreciation
(32,024)
(27,030)
Depreciation on assets not qualifying for tax allowances
21,555
Tax at marginal rate
(738)
Adjustment in relation to pension scheme assets
45,960
Taxation charge for the year
96,121
40,426
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
131,250
6,250
Actuarial differences recognised as other comprehensive income
33,000
-
164,250
6,250
10
Dividends
2024
2023
£
£
Interim paid
45,000
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
11
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
2,225,000
3,107,516
384,016
156,922
5,873,454
Additions
306,641
1,833
308,474
Disposals
(6,214)
(6,214)
Revaluation
525,000
525,000
At 31 March 2024
2,750,000
3,407,943
385,849
156,922
6,700,714
Depreciation and impairment
At 1 April 2023
2,515,703
378,376
145,009
3,039,088
Depreciation charged in the year
108,765
2,451
11,910
123,126
Eliminated in respect of disposals
(1,242)
(1,242)
At 31 March 2024
2,623,226
380,827
156,919
3,160,972
Carrying amount
At 31 March 2024
2,750,000
784,717
5,022
3
3,539,742
At 31 March 2023
2,225,000
591,813
5,640
11,913
2,834,366
As at the period end tangible fixed assets include two leased items. Within plant and machinery, the carrying value of these leased items is £171,876 (2023: nil). In motor vehicles, the carrying value is nil (2023: £11,911). Depreciation charge in the year was £13,936 (2023:nil) and £11,912 (2023: £23,940) respectively.
As at the period end the fair value of the freehold property was £2,750,000 based on a valuation performed by Phillip Arnold Auctions. This has been arrived at on the basis of reference to market evidence of transaction prices for similar properties.
If land and buildings were measured using the cost model, the carrying amounts would have been approximately £524,889 (2023 - £538,702), being cost £690,643 (2022 - £690,643) and accumulated depreciation £165,754 (2023 - £151,941).
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,078,119
1,832,758
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,283,476
1,781,036
Corporation tax recoverable
5,590
Other debtors
140,611
1,435
Prepayments and accrued income
37,331
14,987
1,467,008
1,797,458
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
48,000
48,000
Obligations under finance leases
17
33,446
33,992
Trade creditors
395,206
272,272
Corporation tax
61,034
5,974
Other taxation and social security
191,357
237,008
Other creditors
21
Accruals and deferred income
879,245
890,679
1,608,288
1,487,946
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
64,000
112,000
Obligations under finance leases
17
117,062
181,062
112,000
16
Loans and overdrafts
2024
2023
£
£
Bank loans
112,000
160,000
Payable within one year
48,000
48,000
Payable after one year
64,000
112,000
HSBC bank holds a debenture including fixed and floating charges over all assets of the company.
The loan is repayable in 60 equal monthly instalments and is repayable by July 2026. Interest is payable at a rate of 3.99% per annum over the base rate of the Bank of England.
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
33,446
33,992
In two to five years
117,062
150,508
33,992
Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
187,991
141,339
Revaluations
514,838
383,589
Retirement benefit obligations
152,500
119,500
855,329
644,428
2024
Movements in the year:
£
Liability at 1 April 2023
644,428
Charge to profit or loss
46,651
Charge to other comprehensive income
164,250
Liability at 31 March 2024
855,329
The deferred tax liability set out above is expected to reverse over the coming years.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,831
60,770
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Retirement benefit schemes
(Continued)
- 25 -
Defined benefit schemes
The company operates a defined benefit scheme for qualifying employees. Under the scheme the employees are entitled to retirement benefits based on final salary on attainment of a retirement age of 65. No other post retirement benefits are provided.
Valuation
The most recent actuarial valuation for the year ended 31 March 2024 was carried out on 31 January 2025 by First Actuarial LLP. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.
2024
2023
Key assumptions
%
%
Discount rate
4.9
4.7
Expected rate of increase of pensions in payment
3.0
3.1
Expected rate of salary increases
2.3
2.3
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
22.6
23.2
- Females
24.4
24.8
Retiring in 20 years
- Males
23.8
24.4
- Females
25.7
26.1
2024
2023
Amounts recognised in the profit and loss account
£
£
Current service cost
(14,000)
(22,000)
Net interest on net defined benefit liability/(asset)
23,000
6,000
Other costs and income
39,000
39,000
Total income/(costs)
48,000
23,000
2024
2023
Amounts taken to other comprehensive income
£
£
Other gains and (losses)
84,000
249,000
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Retirement benefit schemes
(Continued)
- 26 -
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2024
2023
£
£
Present value of defined benefit surplus
610,000
478,000
Surplus in scheme
610,000
478,000
2024
2023
Movements in the present value of defined benefit obligations
£
£
Assets at 1 April 2023
478,000
206,000
Current service cost
(14,000)
(22,000)
Plan introductions, changes, curtailments and settlements
(73,000)
(111,000)
Contributions from scheme members
45,000
44,000
Other
174,000
361,000
At 31 March 2024
610,000
478,000
The defined benefit obligations arise from plans which are wholly or partly funded.
The actual return on assets less interest was a loss of £50,000 (2023: £105,000).
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
35,750
25,703
Between two and five years
28,581
40,669
64,331
66,372
MONUMENT TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
22
Events after the reporting date
The company established a new branch in Dublin, Ireland on the 16th of October 2024 after the year-end. The financial effect of this event is not yet reflected in the financial statements as it occurred after the reporting period.
23
Related party transactions
At the reporting date the company's defined benefit scheme was in surplus by £610,000 (2023: £478,000) and had income of nil (2023: £22,000) and expenses of £3,000 (2023: nil) and other comprehensive income of £84,000 (2023: £249,000).
During the reporting period dividends of £27,466 (2023: nil) were paid to the directors of the company.
Directors current account at the year end was £16,562 (2023: nil). Interest was charged at the HMRC approved rate and the loan was repayable on demand.
Transactions in the form of wages and salaries to related parties amounted to £125,505 (2023: £49,500).
24
Cash generated from operations
2024
2023
£
£
Profit after taxation
290,592
175,420
Adjustments for:
Taxation charged
96,121
40,426
Finance costs
20,346
13,818
Investment income
(16,384)
(2,906)
Depreciation and impairment of tangible fixed assets
123,126
113,449
Pension scheme non-cash movement
(48,000)
(23,000)
Movements in working capital:
Increase in stocks
(245,361)
(50,433)
Decrease/(increase) in debtors
352,602
(366,706)
Increase in creditors
65,828
318,089
Cash generated from operations
638,870
218,157
25
Analysis of changes in net funds
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
794,970
338,360
-
1,133,330
Borrowings excluding overdrafts
(160,000)
48,000
-
(112,000)
Obligations under finance leases
(33,992)
69,296
(185,812)
(150,508)
600,978
455,656
(185,812)
870,822
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