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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
and Statutory Auditors |
Abacus House |
Pennine Business Park |
Longbow Close |
Huddersfield |
West Yorkshire |
HD2 1GQ |
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 |
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 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2024 |
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 |
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 leasehold | 2% on cost |
Plant and machinery | 25% on reducing balance |
Fixtures and fittings | 20% on reducing balance |
Motor vehicles | 20% 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 |
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 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Hire purchase contracts (see note 18) | 82,397 | 55,618 |
Trade creditors | 1,282,025 | 1,310,442 |
Amounts owed to group undertakings | - | - |
Tax | 363,511 | 398,801 |
Social security and other tax | 78,317 | 68,712 |
Other creditors | 309,241 | 76,660 |
Factoring creditor | 434,013 | 1,087,790 | - | - |
Accrued expenses | 520,898 | 462,264 |
4,223,662 | 4,516,176 |
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 |
Hire purchase contracts (see note 18) | 149,349 | 73,734 |
Other creditors | 1,200,815 | 1,330,000 |
Directors' loan accounts | 319,213 | 319,213 | 319,213 | 319,213 |
2,601,768 | 3,808,598 |
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 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 932,391 | 1,153,260 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 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 |
£ | £ |
A Ordinary | £1 | 202 | 202 |
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 |
Deficit for the year | ( |
) |
At 30 June 2024 |
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. |