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COMPANY REGISTRATION NUMBER: NI018558
Armatile Limited
Financial Statements
30 June 2024
Armatile Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Armatile Limited
Officers and Professional Advisers
The board of directors
Mr JP McCann
Mrs PN McCann
Mr C McCann
Mr C Moore
Mr P Quinn
Mr S White
Company secretary
Mr C Moore
Registered office
Station Road
Armagh
BT61 7NP
Auditor
Hill Vellacott
Chartered accountants & statutory auditor
22 Great Victoria Street
Belfast
BT2 7BA
Armatile Limited
Strategic Report
Year ended 30 June 2024
Review of the business The group is a trading group and the principal activity of the group is that of the distribution, design and manufacture of tiles for the wholesale, retail and specification markets . Both the level of business and the year-end financial position were as expected. The group has seen turnover decrease by 4.95% from last year. Key performance indicators (KPI's) The group has the key performance indicators (KPI's) of developing new sales markets to increase sales, maintain gross profit margins and the control of overheads. The directors believe the group can meet the KPI's in the medium term. Environment The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Health and Safety The group is committed to achieving the highest possible standards in health and safety management and strives to make all our premises safe environments for employees and customers. Principal risks and uncertainties The core risks associated with the group's operations are identified below. Events in Ukraine and Gaza The current events in Ukraine and Gaza are leading to an unprecedented increase in energy and raw material costs, and uncertainty in global economic outlook. The costs of all components of ceramic production, namely gas, electricity, clay, glazing, packaging, and transport have stabilised, however they remain volatile. The full impact of these increases on our trade is difficult to quantify at this stage and the situation will be constantly reviewed by management. Foreign exchange risk The group is exposed to some foreign exchange risk in the normal course of business, principally on purchases in euros. While the group has not used financial instruments to hedge foreign exchange exposure, this position is kept constantly under review. Liquidity Risk The group maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions. Interest Rate Risk The group has both interest bearing assets and interest bearing liabilities which bear interest at both fixed and variable rates. The future cashflows of the group's operations are not significantly at risk due to interest rate changes in the short term. The appropriateness of this policy will be revisited should the group's operations change in nature or size.
Credit Risk The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure is constantly reviewed. Brexit The group also has exposure to the impact of Brexit and the free trade agreement negotiated between the UK and the European Union. The implementation of the Northern Ireland protocol which aims to avoid the introduction of a hard border on the island of Ireland has not had a material impact on the supply of goods from GB. The directors are constantly monitoring this area to manage the exposure of the group.
This report was approved by the board of directors on 26 March 2025 and signed on behalf of the board by:
Mr C Moore
Director
Registered office:
Station Road
Armagh
BT61 7NP
Armatile Limited
Directors' Report
Year ended 30 June 2024
The directors present their report and the financial statements of the group for the year ended 30 June 2024 .
Directors
The directors who served the company during the year were as follows:
Mr JP McCann
Mrs PN McCann
Mr C McCann
Mr C Moore
Mr P Quinn
Mr S White
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The risks to the UK economic growth still remain and may be influenced by developments within the eurozone. The directors are working on the development of new markets within the UK that are seen to be more resilient against the eurozone uncertainties.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 26 March 2025 and signed on behalf of the board by:
Mr C Moore
Director
Registered office:
Station Road
Armagh
BT61 7NP
Armatile Limited
Independent Auditor's Report to the Members of Armatile Limited
Year ended 30 June 2024
Opinion
We have audited the financial statements of Armatile Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 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's 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; - 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 auditor's 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows: We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection and employment, environmental and health and safety regulations. Auditor's approach to assessing the risks of material misstatement due to irregularities, including fraud In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector and the control environment; the company's own assessment of the risks that irregularities may occur either because of fraud or error that was approved by the directors; the results of our enquiries of management and the directors about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Audit procedures designed to respond to the risks of fraud Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Our procedures to respond to risks identified included the following: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing correspondence with HMRC; and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Kieran McCaughey FCCA
(Senior Statutory Auditor)
For and on behalf of
Hill Vellacott
Chartered accountants & statutory auditor
22 Great Victoria Street
Belfast
BT2 7BA
26 March 2025
Armatile Limited
Consolidated Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
4
8,908,688
9,197,131
Cost of sales
4,811,578
4,952,506
------------
------------
Gross profit
4,097,110
4,244,625
Distribution costs
2,045,346
1,979,040
Administrative expenses
1,779,950
1,841,940
Other operating income
5
107,835
105,470
------------
------------
Operating profit
6
379,649
529,115
Other interest receivable and similar income
9
14,160
1,559
Interest payable and similar expenses
10
108,758
94,079
------------
------------
Profit before taxation
285,051
436,595
Tax on profit
11
151,444
95,234
---------
---------
Profit for the financial year and total comprehensive income
133,607
341,361
---------
---------
Dividends paid and payable
12
( 50,000)
( 36,340)
Retained earnings at the start of the year
7,529,079
7,224,058
------------
------------
Retained earnings at the end of the year
7,612,686
7,529,079
------------
------------
All the activities of the group are from continuing operations.
Armatile Limited
Company Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
134,677
341,361
Dividends paid and payable
12
( 50,000)
( 36,340)
Retained earnings at the start of the year
7,529,079
7,224,058
------------
------------
Retained earnings at the end of the year
7,613,756
7,529,079
------------
------------
Armatile Limited
Consolidated Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
7,574,784
7,804,016
Current assets
Stocks
15
1,278,842
1,338,773
Debtors
16
1,397,613
1,593,351
Cash at bank and in hand
1,363,079
1,191,709
------------
------------
4,039,534
4,123,833
Creditors: amounts falling due within one year
17
2,283,818
2,452,263
------------
------------
Net current assets
1,755,716
1,671,570
------------
------------
Total assets less current liabilities
9,330,500
9,475,586
Creditors: amounts falling due after more than one year
18
1,011,068
1,225,412
Provisions
20
606,744
621,093
------------
------------
Net assets
7,712,688
7,629,081
------------
------------
Capital and reserves
Called up share capital
24
100,002
100,002
Profit and loss account
7,612,686
7,529,079
------------
------------
Shareholders funds
7,712,688
7,629,081
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Mr C Moore
Director
Company registration number: NI018558
Armatile Limited
Company Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
7,574,784
7,804,016
Investments
14
87
87
------------
------------
7,574,871
7,804,103
Current assets
Stocks
15
1,278,842
1,338,773
Debtors
16
1,386,767
1,602,427
Cash at bank and in hand
1,310,442
1,182,545
------------
------------
3,976,051
4,123,745
Creditors: amounts falling due within one year
17
2,219,352
2,452,262
------------
------------
Net current assets
1,756,699
1,671,483
------------
------------
Total assets less current liabilities
9,331,570
9,475,586
Creditors: amounts falling due after more than one year
18
1,011,068
1,225,412
Provisions
20
606,744
621,093
------------
------------
Net assets
7,713,758
7,629,081
------------
------------
Capital and reserves
Called up share capital
24
100,002
100,002
Profit and loss account
7,613,756
7,529,079
------------
------------
Shareholders funds
7,713,758
7,629,081
------------
------------
The profit for the financial year of the parent company was £ 134,677 (2023: £ 341,361 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Mr C Moore
Director
Company registration number: NI018558
Armatile Limited
Consolidated Statement of Cash Flows
Year ended 30 June 2024
2024
2023
Note
£
£
Cash generated from operations
25
737,267
540,772
Interest paid
( 108,758)
( 94,079)
Interest received
14,160
1,559
Tax paid
( 137,995)
( 149,056)
---------
---------
Net cash from operating activities
504,674
299,196
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 75,300)
( 698,728)
Proceeds from sale of tangible assets
25,000
---------
---------
Net cash used in investing activities
( 75,300)
( 673,728)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
50,000
Repayments of borrowings
( 228,281)
( 290,147)
Payments of finance lease liabilities
( 29,723)
( 28,438)
Dividends paid
( 50,000)
( 36,340)
---------
---------
Net cash used in financing activities
( 258,004)
( 354,925)
---------
---------
Net increase/(decrease) in cash and cash equivalents
171,370
( 729,457)
Cash and cash equivalents at beginning of year
1,191,709
1,921,166
------------
------------
Cash and cash equivalents at end of year
1,363,079
1,191,709
------------
------------
Armatile Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Station Road, Armagh, BT61 7NP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Armatile Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no significant judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Provisions Provision is made for future obligations and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative, contractual and other obligating events. Provisions are stated at £520,000 (2023 - £520,000). Stock Stock is stated at the lower of cost and net realisable value and management have to estimate the net realisable value of the stock to recognise any impairment. Stock is stated at £1,278,842 (2023 - £1,338,773).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
Straight line over 50 years
Long leasehold property
-
Straight line over the life of the lease
Plant and machinery
-
20% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
8,908,688
9,197,131
------------
------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
7,341,835
8,197,762
Overseas
1,566,853
999,369
------------
------------
8,908,688
9,197,131
------------
------------
5. Other operating income
2024
2023
£
£
Rental income
97,000
104,750
Government grant income
720
720
Other operating income
10,115
---------
---------
107,835
105,470
---------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
304,532
293,957
Gains on disposal of tangible assets
( 10,229)
Impairment of trade debtors
147
6,989
Foreign exchange differences
2,278
730
Fees payable for the audit of the financial statements
14,400
11,400
---------
---------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
14
21
Distribution staff
56
43
Management staff
15
18
----
----
85
82
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,327,011
2,218,952
Social security costs
222,421
210,882
Other pension costs
248,930
235,457
------------
------------
2,798,362
2,665,291
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
213,269
210,974
Company contributions to defined contribution pension plans
110,386
103,136
---------
---------
323,655
314,110
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
51,260
52,034
Company contributions to defined contribution pension plans
40,250
35,500
--------
--------
91,510
87,534
--------
--------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
14,160
1,559
--------
-------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
105,488
88,388
Interest on obligations under finance leases and hire purchase contracts
3,270
4,554
Interest on overdue taxation
1,137
---------
--------
108,758
94,079
---------
--------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
134,483
106,685
Adjustments in respect of prior periods
31,310
---------
---------
Total current tax
165,793
106,685
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 14,349)
( 11,451)
---------
--------
Tax on profit
151,444
95,234
---------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
285,051
436,595
---------
---------
Profit on ordinary activities by rate of tax
71,262
82,953
Adjustment to tax charge in respect of prior periods
31,310
Effect of expenses not deductible for tax purposes
500
Effect of capital allowances and depreciation
48,284
45,264
Effect of revenue exempt from tax
( 180)
( 2,233)
Effect of different UK tax rates on some earnings
(5,406)
Unused tax losses
268
Effect of research and development credits
( 25,344)
---------
---------
Tax on profit
151,444
95,234
---------
---------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
50,000
36,340
--------
--------
13. Tangible assets
Group and company
Freehold property
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
9,470,956
306,661
1,054,985
403,226
567,039
11,802,867
Additions
18,714
56,586
75,300
Disposals
( 234)
( 432,963)
( 82,526)
( 50,388)
( 566,111)
------------
---------
------------
---------
---------
-------------
At 30 Jun 2024
9,470,956
306,427
640,736
320,700
573,237
11,312,056
------------
---------
------------
---------
---------
-------------
Depreciation
At 1 Jul 2023
2,206,105
142,756
893,315
300,318
456,357
3,998,851
Charge for the year
189,419
6,129
56,965
15,436
36,583
304,532
Disposals
( 234)
( 432,963)
( 82,526)
( 50,388)
( 566,111)
------------
---------
------------
---------
---------
-------------
At 30 Jun 2024
2,395,524
148,651
517,317
233,228
442,552
3,737,272
------------
---------
------------
---------
---------
-------------
Carrying amount
At 30 Jun 2024
7,075,432
157,776
123,419
87,472
130,685
7,574,784
------------
---------
------------
---------
---------
-------------
At 30 Jun 2023
7,264,851
163,905
161,670
102,908
110,682
7,804,016
------------
---------
------------
---------
---------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group and company
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 June 2024
85,382
6,375
91,757
--------
-------
--------
At 30 June 2023
117,401
8,500
125,901
---------
-------
---------
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
87
----
Impairment
At 1 July 2023 and 30 June 2024
----
Carrying amount
At 1 July 2023 and 30 June 2024
87
----
At 30 June 2023
87
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Armatile Ceramics Ireland Limited
Ordinary
100
The results and capital and reserves for group undertakings not included in the consolidated financial statements are as follows:
Capital and reserves
Profit/(loss) for the year
2024
2023
2024
2023
£
£
£
£
Subsidiary undertakings
Armatile Ceramics Ireland Limited
(984)
87
( 1,070)
----
----
-------
----
15. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
44,105
25,549
44,105
25,549
Finished goods and goods for resale
1,234,737
1,313,224
1,234,737
1,313,224
------------
------------
------------
------------
1,278,842
1,338,773
1,278,842
1,338,773
------------
------------
------------
------------
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,120,905
1,299,260
1,107,546
1,299,260
Amounts owed by group undertakings
2,513
9,076
Prepayments and accrued income
217,694
260,261
217,694
260,261
Other debtors
59,014
33,830
59,014
33,830
------------
------------
------------
------------
1,397,613
1,593,351
1,386,767
1,602,427
------------
------------
------------
------------
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
108,194
132,972
108,194
132,972
Bank loans and overdrafts
41,291
62,333
41,291
62,333
Trade creditors
1,302,555
1,389,806
1,302,556
1,389,805
Accruals and deferred income
136,109
216,390
136,109
216,390
Corporation tax
134,483
106,685
134,483
106,685
Social security and other taxes
303,726
317,054
266,285
317,054
Obligations under finance leases and hire purchase contracts
31,163
29,723
31,163
29,723
Director loan accounts
55,634
5,634
55,634
5,634
Other creditors
170,663
191,666
143,637
191,666
------------
------------
------------
------------
2,283,818
2,452,263
2,219,352
2,452,262
------------
------------
------------
------------
The bank overdraft and loans are secured on the following:
Mortgage debenture incorporating a fixed and floating charge over all assets present and future;
Legal mortgages over properties at Boucher Crescent, Belfast, Ballinacraig Way, Greenbank Industrial Estate, Newry, 11/12 Merchants Quay, Newry and Station Road Industrial Estate, Armagh, all registered in the name of Armatile Limited ;
A first ranking legal charge over property situated at 105 Grange Way, Baldoyle Industrial Estate, Baldoyle, Dublin; and
A first ranking legal charge over property situated at 16 Boucher Way, Belfast.
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
42,332
144,821
42,332
144,821
Bank loans and overdrafts
939,035
1,019,007
939,035
1,019,007
Accruals and deferred income
8,092
8,812
8,092
8,812
Obligations under finance leases and hire purchase contracts
21,609
52,772
21,609
52,772
------------
------------
------------
------------
1,011,068
1,225,412
1,011,068
1,225,412
------------
------------
------------
------------
The bank overdraft and loans are secured on the following:
Mortgage debenture incorporating a fixed and floating charge over all assets present and future;
Legal mortgages over properties at Boucher Crescent, Belfast, Ballinacraig Way, Greenbank Industrial Estate, Newry, 11/12 Merchants Quay, Newry and Station Road Industrial Estate, Armagh, all registered in the name of Armatile Limited ;
A first ranking legal charge over property situated at 105 Grange Way, Baldoyle Industrial Estate, Baldoyle, Dublin; and
A first ranking legal charge over property situated at 16 Boucher Way, Belfast.
Included within creditors: amounts falling due after more than one year is an amount of £736,909 (2023: £846,495) for the group and £736,909 (2023: £846,495) for the company in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans repayable in five years or more are repaid by monthly instalments and interest is charged at a margin over the AIB (NI) base rate.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
31,163
29,723
31,163
29,723
Later than 1 year and not later than 5 years
21,609
52,772
21,609
52,772
--------
--------
--------
--------
52,772
82,495
52,772
82,495
--------
--------
--------
--------
20. Provisions
Group and company
Deferred tax (note 21)
Other provisions
Total
£
£
£
At 1 July 2023
101,093
520,000
621,093
Additions
( 14,349)
( 14,349)
---------
---------
---------
At 30 June 2024
86,744
520,000
606,744
---------
---------
---------
Other provisions comprise the following: The directors have made the decision to remove asbestos that has been identified in the roof of one of the company's premises. The company has informed the staff that such removal will be undertaken as soon as is practical. The final cost of the removal of the asbestos cannot be determined at this stage due to the uncertainties of asbestos removal and the directors have made provision for £350,000 (2023- £350,000) for this work. The company has supplied materials for a projects that have been problematic and are subject to on-going discussions with the supplier of the material and the customer of the necessity for remedial work to be undertaken. The directors have estimated that the total costs of the remedial work could be in the region of £170,000 (2023 - £170,000) and have made appropriate provision for this amount.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
86,744
101,093
86,744
101,093
--------
---------
--------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
87,533
101,093
87,533
101,093
Pension plan obligations
( 789)
( 789)
--------
---------
--------
---------
86,744
101,093
86,744
101,093
--------
---------
--------
---------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 135,730 (2023: £ 125,839 ).
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in creditors:
Deferred government grants due after more than one year
8,092
8,812
8,092
8,812
-------
-------
-------
-------
Recognised in other operating income:
Government grants released to profit or loss
720
720
720
720
----
----
----
----
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100,002
100,002
100,002
100,002
---------
---------
---------
---------
25. Cash generated from operations
2024
2023
£
£
Profit for the financial year
133,607
341,361
Adjustments for:
Depreciation of tangible assets
304,532
293,957
Government grant income
( 720)
( 720)
Other interest receivable and similar income
( 14,160)
( 1,559)
Interest payable and similar expenses
108,758
94,079
Gains on disposal of tangible assets
( 10,229)
Tax on profit
151,444
95,234
Accrued (income)/expenses
( 80,281)
47,970
Changes in:
Stocks
59,931
( 206,691)
Trade and other debtors
195,738
279,878
Trade and other creditors
( 121,582)
( 437,508)
Provisions and employee benefits
45,000
---------
---------
737,267
540,772
---------
---------
26. Analysis of changes in net debt
At 1 Jul 2023
Cash flows
At 30 Jun 2024
£
£
£
Cash at bank and in hand
1,191,709
171,370
1,363,079
Debt due within one year
(230,662)
(5,620)
(236,282)
Debt due after one year
(1,216,600)
213,624
(1,002,976)
------------
---------
------------
( 255,553)
379,374
123,821
------------
---------
------------
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
65,950
65,950
65,950
65,950
Later than 1 year and not later than 5 years
263,800
263,800
263,800
263,800
Later than 5 years
5,473,850
5,539,800
5,473,850
5,539,800
------------
------------
------------
------------
5,803,600
5,869,550
5,803,600
5,869,550
------------
------------
------------
------------
The group occupies premises that are subject to ground rent leases that have unexpired terms of 88 years as at 30 June 2024. The total annual commitment under these ground rent leases is currently £65,950.
28. Limitation of auditors liability
The group has entered into a liability limitation agreement with the group's auditor which was approved on 24 February 2025. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
Armatile Limited
Notes to the Financial Statements (continued)
Year ended 30 June 2024
29. Related party transactions
Group
The group had the following related party transactions in the year: The group occupies premises owned by the Armatile Limited Special Pension Fund and has been charged rent of £51,045 (2023 - £51,896) in the year. At the balance sheet date, the group owed the Armatile Limited Special Pension Fund £5,105 (2023 - £5,105). This amount is included in trade creditors. The directors received dividends as follows: Mr J McCann - £25,000 (2023 - £18,170); Mrs P McCann - £25,000 (2023 - £18,170). The group has granted a lease to a family member of the directors, and has received rent of £18,000 (2023 - £20,000). The directors advanced £50,000 (2023 - £36,340) to the group and were repaid £NIL (2023 - £43,906) by the group in the year and at 30 June 2024, the directors were owed £55,634 (2023 - £5,634). The loans from the directors were unsecured, interest free and repayable upon demand.
The key management personnel are the directors and their remuneration is disclosed in note 8.
Company
The company has a cross guarantee with Armatile Ireland Ceramics Limited, a 100% subsidiary of Armatile Limited.