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Registered number: 05331740
Car World (Cambs) Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2024
Smith Hannah Limited
Chartered Certified Accountants
50 Woodgate
Leicester
LE3 5GF
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—7
Profit and Loss Account 8
Statement of Comprehensive Income 9
Balance Sheet 10—11
Statement of Changes in Equity 12
Statement of Cash Flows 13
Notes to the Statement of Cash Flows 14
Notes to the Financial Statements 15—21
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 June 2024.
Review of the Business
The company has built a good reputation in the marketplace. The directors are pleased with the increase in turnover achieved and healthy margins in the financial year.
The shortage of new cars has had a positive impact on the used car market because of the supply chain issues experienced on new cars. The directors maintained a strategy through the year to increasing stock numbers to meet the growing demands of the public. 
The directors believe that the company is in a strong position to take advantage of any further growth opportunities. The results for the year and financial position at the end of the year are shown in these financial statements.
Principal Risks and Uncertainties
Damage to the reputation of the company is a key risk and is regularly reviewed through close monitoring of the company's entire operations.
The company takes a proactive approach to ensure all staff are trained on the various regulations that are applicable to the motor industry. Additionally, the company is exposed to general risks associated with the sector it operates in. The company manages business risks by maintaining strong relationships with customers, suppliers and establishing good internal controls and systems.
On behalf of the board
Mr Mahmood Fazal
Director
3rd March 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2024.
Principal Activity
The company's principal activity continues to be that of a car supermarket.
Dividends
The value of dividends paid amounted to £2,000,000 .
Directors
The directors who held office during the year were as follows:
Mr Mahmood Fazal
Mr Tariq Fazal
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the 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;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Page 3
Independent Auditors
The auditors, Smith Hannah Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Mahmood Fazal
Director
3rd March 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Car World (Cambs) Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or 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 set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Irregularities,including fraud, are instances of non-compliance with laws and regulations. We design procdures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regularity frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.
We understood how company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through the review of board minutes and discussions with those charged with governance.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. 
We considered the procedures and controls that the company has established to prevent and dictate fraud, and how these are monitored by management and also any enhanced risk factors such as performance targets.
Based on our understanding of the control environment, we designed our audit procedures to identify any noncompliance with laws and regulations identified in the paragraphs above.
We also performed audit work over the risk of management override of controls, testing a sample of revenue transactions, cut-off procedures, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that 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.
Page 6
Page 7
M I Umar (Senior Statutory Auditor)
for and on behalf of Smith Hannah Limited , Statutory Auditor
3rd March 2025
Page 7
Page 8
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 57,317,054 59,112,777
Cost of sales (50,598,390 ) (52,124,804 )
GROSS PROFIT 6,718,664 6,987,973
Administrative expenses (3,581,610 ) (3,324,831 )
OPERATING PROFIT 4 3,137,054 3,663,142
Interest payable and similar charges 9 (160,317 ) (40,882 )
PROFIT BEFORE TAXATION 2,976,737 3,622,260
Tax on Profit 10 (771,308 ) (765,928 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,205,429 2,856,332
The notes on pages 14 to 21 form part of these financial statements.
Page 8
Page 9
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 2,205,429 2,856,332
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,205,429 2,856,332
Page 9
Page 10
Balance Sheet
Registered number: 05331740
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 1,299,489 1,415,593
1,299,489 1,415,593
CURRENT ASSETS
Stocks 12 13,515,427 13,811,948
Debtors 13 4,655,206 5,184,911
Investments 14 69,002 60,042
Cash at bank and in hand 749,824 39,002
18,989,459 19,095,903
Creditors: Amounts Falling Due Within One Year 15 (6,952,310 ) (6,150,559 )
NET CURRENT ASSETS (LIABILITIES) 12,037,149 12,945,344
TOTAL ASSETS LESS CURRENT LIABILITIES 13,336,638 14,360,937
Creditors: Amounts Falling Due After More Than One Year 16 (4,289,731 ) (5,519,459 )
NET ASSETS 9,046,907 8,841,478
CAPITAL AND RESERVES
Called up share capital 18 2,000 2,000
Profit and Loss Account 9,044,907 8,839,478
SHAREHOLDERS' FUNDS 9,046,907 8,841,478
Page 10
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On behalf of the board
Mr Mahmood Fazal
Director
3rd March 2025
The notes on pages 14 to 21 form part of these financial statements.
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Page 12
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2022 2,000 8,733,146 8,735,146
Profit for the year and total comprehensive income - 2,856,332 2,856,332
Dividends paid - (2,750,000) (2,750,000)
As at 30 June 2023 and 1 July 2023 2,000 8,839,478 8,841,478
Profit for the year and total comprehensive income - 2,205,429 2,205,429
Dividends paid - (2,000,000) (2,000,000)
As at 30 June 2024 2,000 9,044,907 9,046,907
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 5,584,792 957,215
Interest paid (160,317 ) (40,882 )
Tax paid (923,437 ) (636,991 )
Net cash generated from operating activities 4,501,038 279,342
Cash flows from investing activities
Purchase of tangible assets (2,396 ) -
Purchase of current asset investments (8,960 ) (60,042 )
Net cash used in investing activities (11,356 ) (60,042 )
Cash flows from financing activities
Equity dividends paid (2,000,000 ) (2,750,000 )
Proceeds from new bank borrowings - 984,420
Repayment of bank borrowings (1,394,705 ) -
Net cash used in financing activities (3,394,705 ) (1,765,580 )
Increase/(decrease) in cash and cash equivalents 1,094,977 (1,546,280 )
Cash and cash equivalents at beginning of year 2 (345,153 ) 1,201,127
Cash and cash equivalents at end of year 2 749,824 (345,153 )
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 2,205,429 2,856,332
Adjustments for:
Tax on profit 771,308 765,928
Interest expense 160,317 40,882
Depreciation of tangible assets 118,500 123,619
Movements in working capital:
Decrease/(increase) in stocks 296,521 (1,690,138 )
Decrease/(increase) in trade and other debtors 529,705 (2,198,760 )
Increase in trade and other creditors 1,503,012 1,059,352
Net cash generated from operations 5,584,792 957,215
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 749,824 39,002
Overdraft facilities repayable on demand - (384,155 )
Cash and cash equivalents as stated in the Statement of Cash Flows 749,824 (345,153)
3. Analysis of changes in net debt
As at 1 July 2023 Cash flows As at 30 June 2024
£ £ £
Cash at bank and in hand 39,002 710,822 749,824
Overdraft facilities repayable on demand (384,155) 384,155 -
Cash and cash equivalents (345,153 ) 1,094,977 749,824
Debts falling due after more than one year (4,114,636) 1,394,705 (2,719,931)
(4,459,789) 2,489,682 (1,970,107)
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Notes to the Financial Statements
1. General Information
Car World (Cambs) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05331740 . The registered office is Mail House, Ivatt Way, Peterborough, PE3 7PN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line basis
Leasehold straight line over the life of the asset
Plant & Machinery 25% straight line basis
2.5. Stocks and Work in Progress
Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 57,317,054 59,112,777
57,317,054 59,112,777
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4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 19,600 1,200
Depreciation of tangible fixed assets 118,500 123,619
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 10,000 10,000
Other Services
Other non-audit services 13,000 9,753
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,269,710 1,288,727
Social security costs 116,287 115,065
Other pension costs 25,708 24,622
1,411,705 1,428,414
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 15 15
Sales, marketing and distribution 32 32
Bodyshop and Workshop 20 20
67 67
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8. Directors' remuneration
2024 2023
£ £
Emoluments 30,000 30,000
9. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 68,374 27,235
Other finance charges 91,943 13,647
160,317 40,882
10. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 20.5% 771,308 765,928
Total tax charge for the period 771,308 765,928
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 2,976,737 3,622,260
Tax on profit at 25% (UK standard rate) 744,184 742,563
Goodwill/depreciation not allowed for tax 29,625 25,342
Capital allowances (2,501 ) (1,824 )
Difference in tax rates - (153 )
Total tax charge for the period 771,308 765,928
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11. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 July 2023 2,062,049 560,981 2,623,030
Additions - 2,396 2,396
As at 30 June 2024 2,062,049 563,377 2,625,426
Depreciation
As at 1 July 2023 733,026 474,411 1,207,437
Provided during the period 36,558 81,942 118,500
As at 30 June 2024 769,584 556,353 1,325,937
Net Book Value
As at 30 June 2024 1,292,465 7,024 1,299,489
As at 1 July 2023 1,329,023 86,570 1,415,593
12. Stocks
2024 2023
£ £
Materials 13,515,427 -
Finished goods - 13,811,948
13,515,427 13,811,948
13. Debtors
2024 2023
£ £
Due within one year
Trade debtors 297,299 509,996
Other debtors 170,818 481,066
Amounts owed by group undertakings 4,187,089 4,193,849
4,655,206 5,184,911
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14. Current Asset Investments
2024 2023
£ £
Listed investments 69,002 -
Unlisted investments - 60,042
69,002 60,042
15. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,994,619 4,288,297
Bank loans and overdrafts - 384,155
Other creditors 35,500 46,797
Corporation tax 1,129,079 1,281,208
Taxation and social security 575,761 -
Accruals and deferred income 217,351 150,102
6,952,310 6,150,559
16. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,719,931 4,114,636
Amounts owed to group undertakings 12,805 -
Other creditors 1,556,995 1,404,823
4,289,731 5,519,459
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts - 384,155
17. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 2,719,931 4,114,636
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18. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2,000 Ordinary Shares of £ 1 each 2,000 2,000
19. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £25,708 (2023: £24,622).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
20. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 2,000,000 2,750,000
21. Controlling Parties
The company's immediate parent undertaking is Fazal Holdings Limited .
The ultimate parent undertaking is Fazal Holdings Limited (incorporated in England & Wales). Its registered office is Ivatt Way, Westwood, Peterborough, PE3 7PN .
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