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REGISTERED NUMBER: 13135953 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2024

for

Carey Draper Holdings Limited

Carey Draper Holdings Limited (Registered number: 13135953)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Carey Draper Holdings Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr J S Ashworth
Mr S J Dent
Mrs L C Tillotson
Mr P Rowling
Mr R Tillotson





REGISTERED OFFICE: Unit 4 Skelton Park
Riparian Way
Crosshills
West Yorkshire
BD20 7BW





REGISTERED NUMBER: 13135953 (England and Wales)





AUDITORS: S P Crowther & Co Limited Chartered Accountants
and Statutory Auditors
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

Carey Draper Holdings Limited (Registered number: 13135953)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The last twelve months has been one of consolidation. Rather than turnover, the focus has been on ensuring that historically strong gross margins are achieved across all contracts. This is achieved through diligent pricing and tendering across all contracts, ensuring that inflation is always fully reflected in tenders.

Invoiced sales in the year were 1.5% down on the previous year at £13,165,739. The return to strong margins in the previous year has been maintained, once again achieving 35.6% as per previous year. Gross margins have now consistently returned to pre inflation levels.

Whilst gross profit was remarkably consistent with prior year, operating profit at £1,503,395 is 20% down on prior year. This is due to increased administrative costs. The group has invested in staff and enlarged facilities in preparation for expected growth in the coming year.

Trading conditions have been stable although slightly subdued in the period leading up to the general election and caution in the public sector. Revenues from private sector contracts has been consistent with prior year.

Post election revenues have improved significantly with the expectation of significant growth of around 20% in the 24/25 financial year.

The business focus remains on bespoke joinery - design, manufacture, and fitout across a broad range of sectors.
The Group continues to invest in research and development in order to satisfy client demands for fit out schemes with a difference. Annual investment in R&D is approx. 6% of turnover.

Key Performance Indicators

The main financial KPI's remain as turnover, gross profit and operating profit. We continue to analyse each project for cost of materials, labour and profitability. This approach has served well during the period of high inflation and has set a solid foundation on which to grow.

PRINCIPAL RISKS AND UNCERTAINTIES
Inflation
The key risk in the short to medium term is the uncertainties brought about by inflation. Whilst inflation continues to be a concern, it has calmed down from the extremes of recent years. Global events still have the potential to disrupt the supply chain so we must remain vigilant.

Cashflow
Cashflow and cash management will always be a major focus. Risk is mitigated by credit assessing all clients prior to contract acceptance and by the use of trade credit insurance. Credit is not given to clients who cannot demonstrate a strong credit worthiness. This has proven invaluable given the number of insolvencies in the construction sector.


Carey Draper Holdings Limited (Registered number: 13135953)

Group Strategic Report
for the Year Ended 30 June 2024

Supply Chain
The construction industry continues to suffer above average insolvency levels. This is mitigated by ensuring that wherever possible, we do not develop a dependency on individual suppliers. The group has developed a strong and reliable supply chain that supports the business extremely well. Efforts will continue to expand this supply chain.

FINANCIAL RISK MANAGEMENT
Funds available to the group are above operating requirements. The group's financial assets are cash and trade debtors. The credit risk associated with the cash is minimal.

The principal credit risk therefore arises from trade debtors. In order to manage credit risk, the group has insured against trade debt balances.

The group has borrowings which are repaid by fixed quarterly instalments at an agreed fixed interest rate. Given that the repayments are fixed, it aids the group in managing the cashflow in respect of loan repayments.

ON BEHALF OF THE BOARD:





Mr J S Ashworth - Director


20 March 2025

Carey Draper Holdings Limited (Registered number: 13135953)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the design, manufacture and installation of bespoke furniture.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

RESEARCH AND DEVELOPMENT
Research and development activities continue to be a high priority with the development of new products and maintaining the technological excellence of existing products.

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 J S Ashworth
Mr S J Dent
Mrs L C Tillotson
Mr P Rowling
Mr R Tillotson

DISCLOSURE IN THE STRATEGIC REPORT
The directors review of the business and their consideration of the risks and uncertainties surrounding the business maybe found in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Carey Draper Holdings Limited (Registered number: 13135953)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, S P Crowther & Co Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J S Ashworth - Director


20 March 2025

Report of the Independent Auditors to the Members of
Carey Draper Holdings Limited

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

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Carey Draper Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

Using our general commercial and sector experience and through discussions with the directors we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error.

We examined the company's regulatory and legal correspondence and discussed with the directors any known or suspected instances of fraud or non-compliance with laws and regulations.

We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.

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

Report of the Independent Auditors to the Members of
Carey Draper Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Crowther FCA (Senior Statutory Auditor)
for and on behalf of S P Crowther & Co Limited Chartered Accountants
and Statutory Auditors
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

20 March 2025

Carey Draper Holdings Limited (Registered number: 13135953)

Consolidated Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £ £

TURNOVER 13,179,059 13,363,765

Cost of sales 8,484,808 8,603,078
GROSS PROFIT 4,694,251 4,760,687

Administrative expenses 3,192,446 2,865,906
1,501,805 1,894,781

Other operating income 1,590 5,815
OPERATING PROFIT 4 1,503,395 1,900,596


Interest payable and similar expenses 6 259,160 345,665
PROFIT BEFORE TAXATION 1,244,235 1,554,931

Tax on profit 7 198,666 406,523
PROFIT FOR THE FINANCIAL YEAR 1,045,569 1,148,408
Profit attributable to:
Owners of the parent 1,045,569 1,148,408

Carey Draper Holdings Limited (Registered number: 13135953)

Consolidated Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £ £

PROFIT FOR THE YEAR 1,045,569 1,148,408


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,045,569

1,148,408
Note
Prior year adjustment 9 121,751
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

1,167,320

Total comprehensive income attributable to:
Owners of the parent 1,167,320 1,148,408

Carey Draper Holdings Limited (Registered number: 13135953)

Consolidated Balance Sheet
30 June 2024

30.6.24 30.6.23 1.7.22
as restated
Notes £ £ £
FIXED ASSETS
Intangible assets 10 5,734,536 6,079,024 6,423,511
Tangible assets 11 642,899 521,422 546,351
Investments 12 - - -
6,377,435 6,600,446 6,969,862

CURRENT ASSETS
Stocks 13 560,516 547,931 468,015
Debtors 14 2,682,621 3,065,234 3,463,343
Cash at bank and in hand 738,368 564,367 910,467
3,981,505 4,177,532 4,841,825
CREDITORS
Amounts falling due within one year 15 (4,223,662 ) (4,516,176 ) (5,641,819 )
NET CURRENT LIABILITIES (242,157 ) (338,644 ) (799,994 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,135,278

6,261,802

6,169,868

CREDITORS
Amounts falling due after more than one
year

16

(2,601,768

)

(3,808,598

)

(4,872,794

)

PROVISIONS FOR LIABILITIES 20 (102,064 ) (67,327 ) (59,605 )
NET ASSETS 3,431,446 2,385,877 1,237,469

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000 1,000
Retained earnings 22 3,430,446 2,384,877 1,236,469
SHAREHOLDERS' FUNDS 3,431,446 2,385,877 1,237,469

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





Mr J S Ashworth - Director


Carey Draper Holdings Limited (Registered number: 13135953)

Company Balance Sheet
30 June 2024

30.6.24 30.6.23
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 9,564,872 9,564,872
9,564,872 9,564,872

CURRENT ASSETS
Cash at bank 128,558 27,033

CREDITORS
Amounts falling due within one year 15 7,230,346 5,845,827
NET CURRENT LIABILITIES (7,101,788 ) (5,818,794 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,463,084

3,746,078

CREDITORS
Amounts falling due after more than one
year

16

2,452,419

3,734,864
NET ASSETS 10,665 11,214

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Retained earnings 9,665 10,214
SHAREHOLDERS' FUNDS 10,665 11,214

Company's (loss)/profit for the financial year (549 ) 4,557

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





Mr J S Ashworth - Director


Carey Draper Holdings Limited (Registered number: 13135953)

Consolidated 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 1,000 1,236,469 1,237,469

Changes in equity
Total comprehensive income - 1,026,657 1,026,657
Balance at 30 June 2023 1,000 2,263,126 2,264,126
Prior year adjustment - 121,751 121,751
As restated 1,000 2,384,877 2,385,877

Changes in equity
Total comprehensive income - 1,045,569 1,045,569
Balance at 30 June 2024 1,000 3,430,446 3,431,446

Carey Draper Holdings Limited (Registered number: 13135953)

Company 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 1,000 5,657 6,657

Changes in equity
Total comprehensive income - 4,557 4,557
Balance at 30 June 2023 1,000 10,214 11,214

Changes in equity
Total comprehensive income - (549 ) (549 )
Balance at 30 June 2024 1,000 9,665 10,665

Carey Draper Holdings Limited (Registered number: 13135953)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,797,613 1,174,717
Interest paid (252,968 ) (335,481 )
Interest element of hire purchase payments
paid

(6,192

)

(10,184

)
Tax paid (199,219 ) (87,527 )
Net cash from operating activities 1,339,234 741,525

Cash flows from investing activities
Purchase of tangible fixed assets (249,171 ) (91,688 )
Sale of tangible fixed assets 37,433 12,500
Net cash from investing activities (211,738 ) (79,188 )

Cash flows from financing activities
Loan repayments in period (1,055,889 ) (969,381 )
Capital repayments in year (44,182 ) (39,056 )
New hire purchase agreements in year 146,576 -
Net cash from financing activities (953,495 ) (1,008,437 )

Increase/(decrease) in cash and cash equivalents 174,001 (346,100 )
Cash and cash equivalents at beginning of
year

2

564,367

910,467

Cash and cash equivalents at end of year 2 738,368 564,367

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.6.24 30.6.23
as restated
£ £
Profit before taxation 1,244,235 1,554,931
Depreciation charges 451,360 454,764
Profit on disposal of fixed assets (16,611 ) (6,160 )
Finance costs 259,160 345,665
1,938,144 2,349,200
Increase in stocks (12,585 ) (79,916 )
Decrease in trade and other debtors 382,613 398,109
Decrease in trade and other creditors (510,559 ) (1,492,676 )
Cash generated from operations 1,797,613 1,174,717

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 738,368 564,367
Year ended 30 June 2023
30.6.23 1.7.22
as restated
£ £
Cash and cash equivalents 564,367 910,467


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£ £ £
Net cash
Cash at bank and in hand 564,367 174,001 738,368
564,367 174,001 738,368
Debt
Finance leases (129,352 ) (102,394 ) (231,746 )
Debts falling due within 1 year (1,055,889 ) (97,371 ) (1,153,260 )
Debts falling due after 1 year (2,085,651 ) 1,153,260 (932,391 )
(3,270,892 ) 953,495 (2,317,397 )
Total (2,706,525 ) 1,127,496 (1,579,029 )

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Carey Draper Holdings Limited 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 General 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 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 certain items at fair value.

Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 30 June 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

Generally, there is a presumption that a majority of voting rights results in control.

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during a period are included in the consolidated financial statements from the date the Group gains control, until the date the Group ceases to control the subsidiary.

Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interest, even if this results in the non-controlling interest having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimated and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimate in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases it judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Estimation of useful lives of assets
The group determines the estimated useful lives and related depreciation charges for its property, plant and equipment. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

Turnover
Turnover is measured at the fair value consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from construction contracts is recognised in the periods in which the contract is performed. Each contract is subject to monthly interim valuations against which invoices are issued. Where it is assessed that income has been received for an element of the contract which has not been completed, the revenue in respect of this element will be deferred until such time as the work has been performed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of subsidiaries within the group is amortised evenly over its estimated useful life of twenty years. The useful life is calculated based on an assessment of the historical trade, existing and secured contracts, together with the established reputation of the company's within the group.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 estimated useful lives on the following bases:

Short leasehold2% on cost
Plant and machinery25% on reducing balance
Fixtures and fittings20% on reducing balance
Motor vehicles20% on reducing balance
Computer equipment 33% on cost

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

Work in progress is assessed on the value of completed contract works by the period end, for which payment has not been applied for.


Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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.

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include debtors and cash 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 future receipts discounted at a market rate of interest. Financial assets classified as receivable in one year are not amortised.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of 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.

3. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
as restated
£ £
Wages and salaries 3,114,670 2,876,467
Social security costs 321,969 291,328
Other pension costs 96,489 95,170
3,533,128 3,262,965

The average number of employees during the year was as follows:
30.6.24 30.6.23
as restated

Production 64 64
Administration 26 25
90 89

30.6.24 30.6.23
as restated
£ £
Directors' remuneration 243,538 238,613
Directors' pension contributions to money purchase schemes 21,314 20,735

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
30.6.24 30.6.23
as restated
£ £
Emoluments etc 51,178 50,180
Pension contributions to money purchase schemes 5,650 -

The highest paid director did not exercise any share options in the year and no shares were received or receivable by that director in respect of qualifying services under a long term incentive scheme.

4. OPERATING PROFIT

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

30.6.24 30.6.23
as restated
£ £
Hire of plant and machinery 76,795 99,243
Other operating leases 225,885 198,453
Depreciation - owned assets 106,872 110,277
Profit on disposal of fixed assets (16,611 ) (6,160 )
Goodwill amortisation 344,488 344,487

5. AUDITORS' REMUNERATION
30.6.24 30.6.23
as restated
£ £
Fees payable to the company's auditors for the audit of the company's
financial statements

10,565

7,480

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
as restated
£ £
Bank interest - 7
Bank loan interest 232,158 315,883
Interest on overdue taxation 137 64
Other interest 20,673 19,527
Hire purchase 6,192 10,184
259,160 345,665

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
as restated
£ £
Current tax:
UK corporation tax 363,451 398,801
P/y tax adjustment (199,522 ) -
Total current tax 163,929 398,801

Deferred tax 34,737 7,722
Tax on profit 198,666 406,523

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
as restated
£ £
Profit before tax 1,244,235 1,554,931
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.487 %)

311,059

318,559

Effects of:
Expenses not deductible for tax purposes 734 94,646
Capital allowances in excess of depreciation - (6,682 )
Depreciation in excess of capital allowances 51,658 -
Adjustments to tax charge in respect of previous periods (199,522 ) -

Movement in deferred tax 34,737 -
Total tax charge 198,666 406,523

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. PRIOR YEAR ADJUSTMENT

The accounts have been restated to incorporate the impact of an over-provision of goodwill amortisation. The change has resulted in profits available for distribution at 30th June 2024.

Decrease in goodwill amortisation (121,751 )

Total prior year adjustment (121,751 )

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 July 2023
and 30 June 2024 6,889,749
AMORTISATION
At 1 July 2023 810,725
Amortisation for year 344,488
At 30 June 2024 1,155,213
NET BOOK VALUE
At 30 June 2024 5,734,536
At 30 June 2023 6,079,024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£ £ £
COST
At 1 July 2023 92,723 282,337 214,016
Additions 43,849 4,848 -
Disposals - - -
At 30 June 2024 136,572 287,185 214,016
DEPRECIATION
At 1 July 2023 26,944 204,228 122,575
Charge for year 2,000 20,235 18,288
Eliminated on disposal - - -
At 30 June 2024 28,944 224,463 140,863
NET BOOK VALUE
At 30 June 2024 107,628 62,722 73,153
At 30 June 2023 65,779 78,109 91,441

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 July 2023 670,833 1,695 1,261,604
Additions 200,474 - 249,171
Disposals (89,412 ) - (89,412 )
At 30 June 2024 781,895 1,695 1,421,363
DEPRECIATION
At 1 July 2023 386,042 393 740,182
Charge for year 65,784 565 106,872
Eliminated on disposal (68,590 ) - (68,590 )
At 30 June 2024 383,236 958 778,464
NET BOOK VALUE
At 30 June 2024 398,659 737 642,899
At 30 June 2023 284,791 1,302 521,422

Included within the above are assets held on hire purchase. The net book value of these assets are £ £388,820 (2023: £278,748) and depreciation charge for the year is £68,405 (2023: £65,745).

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 July 2023
and 30 June 2024 9,564,872
NET BOOK VALUE
At 30 June 2024 9,564,872
At 30 June 2023 9,564,872

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Jonathan Carey Design Limited
Registered office: Unit 4 Skelton Park, Riparian Way, Crosshills, West Yorkshire, BD20 7BW
Nature of business: Design and installation of bespoke furniture
%
Class of shares: holding
Ordinary 100.00

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

12. FIXED ASSET INVESTMENTS - continued

JC Draper Limited
Registered office: Unit 4 Skelton Park, Riparian Way, Crosshills, West Yorkshire, BD20 7BW
Nature of business: Rental of plant and machinery
%
Class of shares: holding
Ordinary 100.00

J Carey Design Ltd
Registered office: Unit 4 Skelton Park, Riparian Way, Crosshills, West Yorkshire, BD20 7BW
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


13. STOCKS

Group
30.6.24 30.6.23
as restated
£ £
Stocks 560,516 547,931

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30.6.24 30.6.23
as restated
£ £
Trade debtors 2,626,244 2,994,455
Other debtors 1,140 638
VAT 26,404 55,268
Prepayments 28,833 14,873
2,682,621 3,065,234

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£ £ £ £
Bank loans and overdrafts (see note 17) 1,153,260 1,055,889 1,153,260 1,055,889
Hire purchase contracts (see note 18) 82,397 55,618 - -
Trade creditors 1,282,025 1,310,442 - -
Amounts owed to group undertakings - - 5,920,656 4,759,956
Tax 363,511 398,801 - -
Social security and other tax 78,317 68,712 - -
Other creditors 309,241 76,660 133,135 -
Factoring creditor 434,013 1,087,790 - -
Accrued expenses 520,898 462,264 23,295 29,982
4,223,662 4,516,176 7,230,346 5,845,827

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£ £ £ £
Bank loans (see note 17) 932,391 2,085,651 932,391 2,085,651
Hire purchase contracts (see note 18) 149,349 73,734 - -
Other creditors 1,200,815 1,330,000 1,200,815 1,330,000
Directors' loan accounts 319,213 319,213 319,213 319,213
2,601,768 3,808,598 2,452,419 3,734,864

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
as restated as restated
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 1,153,260 1,055,889 1,153,260 1,055,889
Amounts falling due between one and two years:
Bank loans - 1-2 years 932,391 1,153,260 932,391 1,153,260
Amounts falling due between two and five years:
Bank loans - 2-5 years - 932,391 - 932,391

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.24 30.6.23
as restated
£ £
Net obligations repayable:
Within one year 82,397 55,618
Between one and five years 149,349 73,734
231,746 129,352

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

18. LEASING AGREEMENTS - continued

Group
Non-cancellable
operating leases
30.6.24 30.6.23
as restated
£ £
Within one year 1,905 167,620
Between one and five years - 1,905
1,905 169,525

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.6.24 30.6.23
as restated
£ £
Hire purchase contracts 231,746 129,352
Factoring creditor 434,013 1,087,790
665,759 1,217,142

Advantedge Commercial Finance (North) Ltd hold a fixed and floating charge overall assets of the group.

20. PROVISIONS FOR LIABILITIES

The provision for deferred tax relates to a liability of £103,210 (2023: £68,284) in respect of accelerated capital allowances on the group's fixed assets and an asset of £1,146 (2023: £956) in respect of unpaid pension contributions.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: as restated
£ £
202 A Ordinary £1 202 202
798 B Ordinary £1 798 798
1,000 1,000

Carey Draper Holdings Limited (Registered number: 13135953)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

22. RESERVES

Group
Retained
earnings
£

At 1 July 2023 2,263,126
Prior year adjustment 121,751
2,384,877
Profit for the year 1,045,569
At 30 June 2024 3,430,446

Company
Retained
earnings
£

At 1 July 2023 10,214
Deficit for the year (549 )
At 30 June 2024 9,665


23. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £96,489 (2023: £95,170).

Contributions totalling £18,634 (2023: £16,039) were payable to the scheme at the end of the year and are included in creditors.

24. ULTIMATE CONTROLLING PARTY

The controlling party is its directors.