REGISTERED NUMBER: 04688179 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
CALDER GROUP (DEWSBURY) LIMITED |
REGISTERED NUMBER: 04688179 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
CALDER GROUP (DEWSBURY) LIMITED |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
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 Profit and loss account | 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 | 18 |
CALDER GROUP (DEWSBURY) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
First Floor, Unit 12 |
Pennine Business Park |
Longbow Close, Bradley |
Huddersfield |
West Yorkshire |
HD2 1GQ |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
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 |
We continued to supply specialist woollen carpet yarn spinning, hank dyeing and fibre dyeing services, the manufacture of Axminister carpet for the UK pub and hotel market and property lettings throughout the year. |
Calder Group (Dewsbury) Limited, Calder Properties Limited and Calder Dyeing Limited have very little third party sales, the majority of the transactions in these companies are intercompany transactions and are therefore cancelled out in the consolidation process. The two main trading companies in the group are Calder Textiles Limited and Calderdale Carpets Limited. |
In Calderdale Carpets Limited we continue to manufacture Axminister carpet predominantly for the hospitality market in the UK. |
Sales for the first 6 months were sluggish due to the cost-of-living crisis and high interest rates. However, the second 6 months bounced back, overall ending the year 7.7% below 2023. |
The company was pleased with the gross profit, and particularly the net profit before tax. |
Energy costs remain high, but we invested in new energy efficient LED lighting throughout the factory and offices which has improved lighting and reduced the costs. Installing Solar Panels will also give us long-term benefits. |
Calder Textiles we continue to supply specialist woollen carpet yarn, hank dyeing and fibre dyeing services. |
Calder Textiles has seen an increase in turnover by 11%. Although gross profit was only slightly higher, net profit increased by 36%. All departments are busy, and we seek to maintain full capacity and overhead recovery in an efficient manner. Raw materials, the national minimum wage and consumable costs have all increased, so cost control and efficient purchasing and continuous quality and customer service are being constantly reviewed |
The business receives strong demand for colouration of yarns and will target this as a growing part of the business. |
With high energy and utility costs, investments have also been made in Solar Panels, heat recover and water management. |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
FUTURE PROSPECTS |
In Calderdale Carpets we have changed some working practices in production which is yielding better productivity, coupled with a reduction in yarn usage. |
The business completed a large casino order in the US and are hopeful of further orders. |
Although there are several challenges this year the order book is good, and the outlook remains positive. |
Climate change and the push to zero emissions mean that we are constantly looking at ways to reduce waste and increase efficiencies. Customers are more decerning as they have more criteria which need to be met, which is challenging for a small company. |
The political and economic landscape has changed dramatically this year with the new UK government coming to power, and the latest autumn budget. The increase in the minimum wage coupled with National Insurance will increase our costs dramatically and is making it difficult to compete with foreign carpet manufacturers. |
In Calder Textiles package dyeing and effluent treatment are two major projects the company has invested in, which will come to fruition in 2025. This will further improve our efficiency and competitiveness, and position as a major supplier in yarn spinning and coloration |
ON BEHALF OF THE BOARD: |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
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 ACTIVITIES |
The principal activities of the group in the year under review were those of yarn spinning, carpet manufacture and property lettings. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
The company's financial assets and liabilities consist of trade debtors and creditors, cash balances, bank loans and overdrafts, finance leases and hire purchase contracts. |
The directors manage the company's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the company's providers of finance and its other external financial advisers. |
Currency risk is restricted to the short term settlement of trading balances with customers and suppliers. |
The company does not trade speculatively in derivatives or similar instruments. |
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. |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
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. |
AUDITORS |
The auditors, Walter Dawson & Son, 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 |
CALDER GROUP (DEWSBURY) LIMITED |
Opinion |
We have audited the financial statements of Calder Group (Dewsbury) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Profit and loss account, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CALDER GROUP (DEWSBURY) LIMITED |
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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CALDER GROUP (DEWSBURY) LIMITED |
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: |
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussion with directors and other management, and form our commercial knowledge and experience of the sector; |
- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and overide of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 and where indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CALDER GROUP (DEWSBURY) LIMITED |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
First Floor, Unit 12 |
Pennine Business Park |
Longbow Close, Bradley |
Huddersfield |
West Yorkshire |
HD2 1GQ |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
CONSOLIDATED |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 16,007,787 | 14,679,382 |
Cost of sales | 11,534,133 | 10,820,888 |
GROSS PROFIT | 4,473,654 | 3,858,494 |
Distribution costs | 886,998 | 1,086,826 |
Administrative expenses | 2,711,586 | 2,198,783 |
3,598,584 | 3,285,609 |
875,070 | 572,885 |
Other operating income | - | 28,509 |
Gain/loss on revaluation of assets | - | 407,000 |
OPERATING PROFIT | 5 | 875,070 | 1,008,394 |
Interest payable and similar expenses | 6 | 81,143 | 81,149 |
PROFIT BEFORE TAXATION | 793,927 | 927,245 |
Tax on profit | 7 | 186,445 | 237,482 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
607,482 |
689,763 |
Profit attributable to: |
Owners of the parent | 607,482 | 689,763 |
Total comprehensive income attributable to: |
Owners of the parent | 607,482 | 689,763 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 7,167,761 | 7,024,588 |
Investments | 11 | - | - |
Investment property | 12 | 3,221,825 | 2,325,116 |
10,389,586 | 9,349,704 |
CURRENT ASSETS |
Stocks | 13 | 2,186,159 | 2,024,584 |
Debtors | 14 | 3,378,558 | 3,272,425 |
Cash at bank and in hand | 8,881 | 29,823 |
5,573,598 | 5,326,832 |
CREDITORS |
Amounts falling due within one year | 15 | 3,475,130 | 2,767,377 |
NET CURRENT ASSETS | 2,098,468 | 2,559,455 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,488,054 |
11,909,159 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(835,001 |
) |
(1,050,033 |
) |
PROVISIONS FOR LIABILITIES | 20 | (788,281 | ) | (601,836 | ) |
NET ASSETS | 10,864,772 | 10,257,290 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 50,000 | 50,000 |
Revaluation reserve | 1,293,738 | 1,293,738 |
Capital reserve | 2,261,873 | 2,261,873 |
Profit and loss account | 7,259,161 | 6,651,679 |
SHAREHOLDERS' FUNDS | 10,864,772 | 10,257,290 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by: |
Gregory Quinton Bedford - Director |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Profit and loss account | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Profit |
share | and loss | Revaluation | Capital | Total |
capital | account | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 | 50,000 | 6,368,916 | 886,738 | 2,261,873 | 9,567,527 |
Changes in equity |
Profit for the year | - | 689,763 | - | - | 689,763 |
Other comprehensive income | - | (407,000 | ) | 407,000 | - | - |
Total comprehensive income | - | 282,763 | 407,000 | - | 689,763 |
Balance at 30 June 2023 | 50,000 | 6,651,679 | 1,293,738 | 2,261,873 | 10,257,290 |
Changes in equity |
Profit for the year | - | 607,482 | - | - | 607,482 |
Total comprehensive income | - | 607,482 | - | - | 607,482 |
Balance at 30 June 2024 | 50,000 | 7,259,161 | 1,293,738 | 2,261,873 | 10,864,772 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Profit |
share | and loss | Total |
capital | account | equity |
£ | £ | £ |
Balance at 1 July 2022 | ( |
) |
Changes in equity |
Profit for the year | - | - | - |
Balance at 30 June 2023 | ( |
) |
Changes in equity |
Profit for the year | - | - | - |
Balance at 30 June 2024 | ( |
) |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,212,884 | 645,782 |
Interest paid | (81,143 | ) | (81,149 | ) |
Tax paid | 9,454 | 33,442 |
Net cash from operating activities | 1,141,195 | 598,075 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (773,493 | ) | (780,613 | ) |
Purchase of investment property | (896,709 | ) | (310,116 | ) |
Sale of tangible fixed assets | 793 | 7,558 |
Government grants | - | 16,284 |
Net cash from investing activities | (1,669,409 | ) | (1,066,887 | ) |
Cash flows from financing activities |
Loan repayments in year | - | (585,767 | ) |
Capital repayments in year | (100,000 | ) | 408,333 |
Net cash from financing activities | (100,000 | ) | (177,434 | ) |
Decrease in cash and cash equivalents | (628,214 | ) | (646,246 | ) |
Cash and cash equivalents at beginning of year |
2 |
29,823 |
676,069 |
Cash and cash equivalents at end of year |
2 |
(598,391 |
) |
29,823 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year | 607,482 | 689,763 |
Depreciation charges | 613,243 | 590,967 |
Profit on disposal of fixed assets | - | (3,150 | ) |
Gain on revaluation of fixed assets | - | (407,000 | ) |
Government grants | - | (16,284 | ) |
Finance costs | 81,143 | 81,149 |
Taxation | 186,445 | 237,482 |
1,488,313 | 1,172,927 |
Increase in stocks | (161,575 | ) | (185,319 | ) |
Increase in trade and other debtors | (106,133 | ) | (432,058 | ) |
(Decrease)/increase in trade and other creditors | (7,721 | ) | 90,232 |
Cash generated from operations | 1,212,884 | 645,782 |
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 | 8,881 | 29,823 |
Bank overdrafts | (607,272 | ) | - |
(598,391 | ) | 29,823 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 29,823 | 676,069 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
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 | 29,823 | (20,942 | ) | 8,881 |
Bank overdrafts | - | (607,272 | ) | (607,272 | ) |
29,823 | (628,214 | ) | (598,391 | ) |
Debt |
Finance leases | (408,333 | ) | 100,000 | (308,333 | ) |
Debts falling due within 1 year | (137,905 | ) | (11,836 | ) | (149,741 | ) |
Debts falling due after 1 year | (725,415 | ) | 98,747 | (626,668 | ) |
(1,271,653 | ) | 186,911 | (1,084,742 | ) |
Total | (1,241,830 | ) | (441,303 | ) | (1,683,133 | ) |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Calder Group (Dewsbury) Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
BASIS OF CONSOLIDATION |
The consolidated financial statements comprise the accounts of the parent company and all its subsidiaries for the year ended 30 June 2024. |
The results of subsidiaries acquired or disposed of during the year are included from the effective date of acquisition or up to the effective date of disposal. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Short leasehold | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
The freehold property is included in the accounts at fair value, therefore in accordance with FRS 102 no depreciation has been charged as the estimated residual value is the same as the carrying value. |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss account, 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. |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future charges, are included in creditors. |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the leases. The benefits of lease incentives are recognised in the profit and loss account over the shorter of the lease period and the period to the next rent review at which the rent is expected to be reset to market rates. |
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. |
SUBSIDIARIES |
Investments in subsidiaries are shown in the accounts of the parent company at cost less any amounts written off for permanent diminution in value. |
INCOME RECOGNITION |
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 7,302,953 | 6,169,514 |
Social security costs | 52,559 | 452,941 |
Other pension costs | 214,014 | 245,738 |
7,569,526 | 6,868,193 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Distribution and selling | 6 | 6 |
Production | 140 | 142 |
Administration | 12 | 12 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 120,898 | 131,111 |
Directors' pension contributions to money purchase schemes | 54,000 | 54,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 17,520 | 17,169 |
Depreciation - owned assets | 629,527 | 590,965 |
Profit on disposal of fixed assets | - | (3,150 | ) |
Auditors' remuneration | 35,123 | 32,391 |
Foreign exchange differences | (18,058 | ) | (32,213 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 63,596 | 43,015 |
Bank loan interest | 17,547 | 38,134 |
81,143 | 81,149 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
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: |
2024 | 2023 |
£ | £ |
Deferred tax | 186,445 | 237,482 |
Tax on profit | 186,445 | 237,482 |
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: |
2024 | 2023 |
£ | £ |
Profit before tax | 793,927 | 927,245 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
198,482 |
176,177 |
Effects of: |
Capital allowances in excess of depreciation | - | (1,229 | ) |
Depreciation in excess of capital allowances | 135,753 | - |
Utilisation of tax losses | (137,410 | ) | - |
Depreciation on assets excluded from capital allowances | - | 1,049 |
movement on revaluation |
Super deduction | - | (6,016 | ) |
Fair Value gain on revaluation of property | - | (77,330 | ) |
Change in corporation tax rate to 25% for deferred tax | - | 144,831 |
R & D enhanced deduction | (10,380 | ) | - |
Total tax charge | 186,445 | 237,482 |
8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
9. | PENSION COSTS |
The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the group in an independently administered fund. The pension cost represents contributions paid by the group to the fund and amounted to £209,465 (2023 : £142,972). Contributions totalling £37,021 (2023 £2,238) were payable to the fund at the year end and are included in creditors. |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Group | Short | Long |
properties | leasehold | leasehold |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | 3,615,000 | 225,759 | 30,274 |
Additions | - | 4,773 | 55,345 |
Disposals | - | - | - |
At 30 June 2024 | 3,615,000 | 230,532 | 85,619 |
DEPRECIATION |
At 1 July 2023 | - | 195,337 | 17,797 |
Charge for year | - | 10,810 | 1,514 |
Eliminated on disposal | - | - | - |
At 30 June 2024 | - | 206,147 | 19,311 |
NET BOOK VALUE |
At 30 June 2024 | 3,615,000 | 24,385 | 66,308 |
At 30 June 2023 | 3,615,000 | 30,422 | 12,477 |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | 14,045,535 | 342,451 | 118,631 | 18,377,650 |
Additions | 672,931 | 13,113 | 27,331 | 773,493 |
Disposals | (2,718 | ) | - | - | (2,718 | ) |
At 30 June 2024 | 14,715,748 | 355,564 | 145,962 | 19,148,425 |
DEPRECIATION |
At 1 July 2023 | 10,813,891 | 282,860 | 43,177 | 11,353,062 |
Charge for year | 579,631 | 9,724 | 27,848 | 629,527 |
Eliminated on disposal | (1,925 | ) | - | - | (1,925 | ) |
At 30 June 2024 | 11,391,597 | 292,584 | 71,025 | 11,980,664 |
NET BOOK VALUE |
At 30 June 2024 | 3,324,151 | 62,980 | 74,937 | 7,167,761 |
At 30 June 2023 | 3,231,644 | 59,591 | 75,454 | 7,024,588 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 June 2024 is represented by: |
Group | Short | Long |
properties | leasehold | leasehold |
£ | £ | £ |
Valuation in 2022 | 3,265,000 | - | - |
Valuation in 2023 | 350,000 | - | - |
Cost | - | 230,532 | 85,619 |
3,615,000 | 230,532 | 85,619 |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2022 | - | - | - | 3,265,000 |
Valuation in 2023 | - | - | - | 350,000 |
Cost | 14,715,748 | 355,564 | 145,962 | 15,533,425 |
14,715,748 | 355,564 | 145,962 | 19,148,425 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 2,985,199 | 2,985,199 |
Freehold property was valued on a fair value basis on 7 July 2021 by Eddisons . |
11. | 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 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
SUBSIDIARIES |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2023 | 2,325,116 |
Additions | 896,709 |
At 30 June 2024 | 3,221,825 |
NET BOOK VALUE |
At 30 June 2024 | 3,221,825 |
At 30 June 2023 | 2,325,116 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2022 | 1,958,000 |
Valuation in 2023 | 310,116 |
Valuation in 2023 | 57,000 |
Valuation in 2024 | 896,709 |
3,221,825 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Raw materials | 994,922 | 822,959 |
Finished goods | 1,191,237 | 1,201,625 |
2,186,159 | 2,024,584 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 3,117,932 | 2,809,017 |
Other debtors | 11,517 | 6,624 |
VAT | 134,084 | 103,284 |
Prepayments and accrued income | 115,025 | 353,500 |
3,378,558 | 3,272,425 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 757,013 | 137,905 |
Hire purchase contracts (see note 18) | 100,000 | 100,000 |
Trade creditors | 1,557,257 | 1,558,368 |
Amounts owed to group undertakings | - | - |
Tax | 9,454 | - |
Social security and other taxes | 136,175 | 114,432 |
Other creditors | 251,626 | 1,361 |
Accruals and deferred income | 647,321 | 839,027 |
Deferred government grants | 16,284 | 16,284 |
3,475,130 | 2,767,377 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) | 626,668 | 725,415 |
Hire purchase contracts (see note 18) | 208,333 | 308,333 |
Deferred government grants | - | 16,285 |
835,001 | 1,050,033 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 607,272 | - |
Bank loans | 149,741 | 137,905 |
757,013 | 137,905 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 149,741 | 137,905 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 449,222 | 413,716 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 27,705 | 173,794 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 100,000 | 100,000 |
Between one and five years | 208,333 | 308,333 |
308,333 | 408,333 |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank overdraft | 607,272 | - |
Bank loans | 776,409 | 863,320 |
Hire purchase contracts | 308,333 | 408,333 |
1,692,014 | 1,271,653 |
The bank loan is secured by a charge on the group investment properties. |
The bank overdraft is secured by a cross guarantee between the group companies. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 788,281 | 601,836 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 601,836 |
Provided during year | 186,445 |
Balance at 30 June 2024 | 788,281 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
'A' Ordinary | £1 | 47,500 | 47,500 |
'B' Ordinary | £1 | 2,500 | 2,500 |
50,000 | 50,000 |
At 30th June 2024 23,750 £1 ordinary 'A' shares were held by The Malcolm Rawson 2007 Settlement Trust, 11 875 £1 ordinary 'A' shares by The Derek Bedford No. 1 Discretionary Settlement Trust and 11,875 £1 ordinary 'A' shares by The Rosalind Bedford 2005 Discretionary Trust. |
The 'A' and 'B' ordinary shares rank pari passu except that the holders of the 'A' shares shall not be entitled by reason of their holding such shares, to receive notice of, attend, or vote at any general meeting of the company. In the event of winding up there is no distinction between the two classes of shares. |
CALDER GROUP (DEWSBURY) LIMITED (REGISTERED NUMBER: 04688179) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
22. | RELATED PARTY TRANSACTIONS |
Throughout the year, Mr. Gregory Bedford, Mr. David Bedford, Mrs Carol Brown & Mrs Tracy Wadsworth each had control of 25% of the voting shares in the parent company, and together with their involvement in its day-to-day management, were deemed to be the controlling parties for the purposes of Financial Reporting Standard No. 102. |