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REGISTERED NUMBER: 06835899 (England and Wales)






















C F Struthers (Holdings) Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30th June 2024






C F Struthers (Holdings) Limited (Registered number: 06835899)






Contents of the Consolidated Financial Statements
for the year ended 30th June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


C F Struthers (Holdings) Limited

Company Information
for the year ended 30th June 2024







DIRECTORS: N Burton
M J Graves





SECRETARY: M J Graves





REGISTERED OFFICE: Millennium Works
Valletta Street
Hedon Road
Hull
East Yorkshire
HU9 5NP





REGISTERED NUMBER: 06835899 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

C F Struthers (Holdings) Limited (Registered number: 06835899)

Group Strategic Report
for the year ended 30th June 2024

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

PRINCIPAL ACTIVITIES
The principal activities of the group during the period are the marketing, design, supply, project management delivery and commissioning of waste heat recovery, boilers, dryers and pressure systems associated with the worldwide oil and gas and steelmaking sectors, in addition to waste to energy in UK.

REVIEW OF BUSINESS
The group has continued in its core activities of fabricating pressure and non-pressure parts in addition to the Offshore Waste Heat Recovery works. The Directors again report pleasing growth in line with predictions. Turnover having increased during the period by 25% and margins have been maintained.
To remain competitive the group continues to run a lean operating philosophy. Our products are manufactured wholly in the UK and the Directors report that our client base continue to praise that decision.

A key indicator of great project performance being the ongoing repeat business with major Oil and Gas and EPC Companies, our product is fast becoming the ''favoured'' technology and on that basis the Directors are confident that the forecast looks increasingly optimistic. Our web of agents now covers most areas worldwide and is providing an increased flow of projects.
Although the group's patented designs are well proven research and development continues and a continuous improvement programme refines the already excellent WHRU design.
During the period the Directors report significant R&D work has also been afforded to our patented waste to energy design. A reference plant is currently under construction having gone through extensive design review and further innovative additions.

The Directors can confirm their continued commitment to health and safety together with ongoing support to the groups quality control regime including successful re accreditations to ISO 9001:2015.

The group continues to progress with ongoing highly successful recruitment in the Engineering department and a good intake of apprentices in the workshops during the period showing ongoing investment in skills for the future. The group has continued to support its highly skilled workforce with further pay awards again reflecting a reduced margin.

GOING CONCERN
The directors believe that the group is well placed to manage its business risks successfully despite the uncertainties surrounding the current economic environment and accordingly continue to adopt the going concern basis in preparing the annual report and accounts.

FUTURE DEVELOPMENTS
With further significant growth in business potential, further expansion of office space has been detailed and this is expected to be complete by the end of 2025.
Outline details of an increase in workshops size is also being prepared and budgets are to be evaluated in the next financial year. Machinery upgrades to enable increased productivity are also being assessed.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider that the key risks for the business are meeting customers' constant higher expectations. The risk is managed by ensuring the group's quality systems are maintained, key members of staff retained and a focus on exceeding customer's expectations.

KEY PERFORMANCE INDICATORS
The Directors report that performance in each area of the business is constantly monitored. Adjustments are made along with improvements as required against performance reporting.


C F Struthers (Holdings) Limited (Registered number: 06835899)

Group Strategic Report
for the year ended 30th June 2024

FINANCIAL RISK MANAGEMENT
Finances are monitored daily/weekly with cash flow prediction and strong credit control in hand to ensure financial stability.

ON BEHALF OF THE BOARD:





N Burton - Director


26th March 2025

C F Struthers (Holdings) Limited (Registered number: 06835899)

Report of the Directors
for the year ended 30th June 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 30th June 2024 was £117,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

N Burton
M J Graves

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

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

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

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

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

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Burton - Director


26th March 2025

Report of the Independent Auditors to the Members of
C F Struthers (Holdings) Limited

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

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

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

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

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

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

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

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

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

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

Report of the Independent Auditors to the Members of
C F Struthers (Holdings) Limited


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

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

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

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

Report of the Independent Auditors to the Members of
C F Struthers (Holdings) 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:

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 to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we 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. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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 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 override 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 were 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 and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances 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.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
C F Struthers (Holdings) Limited


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




Peter Dearing BSc FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

26th March 2025

C F Struthers (Holdings) Limited (Registered number: 06835899)

Consolidated Statement of Comprehensive Income
for the year ended 30th June 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 8,283,952 6,608,208

Cost of sales 5,745,278 4,314,928
GROSS PROFIT 2,538,674 2,293,280

Distribution costs 220,100 148,904
Administrative expenses 1,320,857 1,304,757
1,540,957 1,453,661
OPERATING PROFIT 5 997,717 839,619

Interest receivable and similar income 6,095 -
1,003,812 839,619

Interest payable and similar expenses 6 117,927 100,944
PROFIT BEFORE TAXATION 885,885 738,675

Tax on profit 7 (284,753 ) (41,122 )
PROFIT FOR THE FINANCIAL YEAR 1,170,638 779,797

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,170,638

779,797

Profit attributable to:
Owners of the parent 1,170,638 779,797

Total comprehensive income attributable to:
Owners of the parent 1,170,638 779,797

C F Struthers (Holdings) Limited (Registered number: 06835899)

Consolidated Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 359,015 418,850
Tangible assets 11 3,833,531 3,813,648
Investments 12 - -
4,192,546 4,232,498

CURRENT ASSETS
Stocks 13 1,332,793 1,451,975
Debtors 14 3,485,405 1,777,323
Cash at bank and in hand 2,013,125 416,156
6,831,323 3,645,454
CREDITORS
Amounts falling due within one year 15 3,455,812 1,163,247
NET CURRENT ASSETS 3,375,511 2,482,207
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,568,057

6,714,705

CREDITORS
Amounts falling due after more than one
year

16

(1,286,377

)

(1,390,707

)

PROVISIONS FOR LIABILITIES 20 (152,948 ) (248,904 )
NET ASSETS 6,128,732 5,075,094

CAPITAL AND RESERVES
Called up share capital 21 60,001 60,001
Share premium 22 540,000 540,000
Revaluation reserve 22 1,987,169 1,987,169
Retained earnings 22 3,541,562 2,487,924
SHAREHOLDERS' FUNDS 6,128,732 5,075,094

The financial statements were approved by the Board of Directors and authorised for issue on 26th March 2025 and were signed on its behalf by:





N Burton - Director


C F Struthers (Holdings) Limited (Registered number: 06835899)

Company Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 1,200,986 1,200,986
1,200,986 1,200,986

CURRENT ASSETS
Debtors 14 527,000 527,000

CREDITORS
Amounts falling due within one year 15 1,080,192 1,080,192
NET CURRENT LIABILITIES (553,192 ) (553,192 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

647,794

647,794

CAPITAL AND RESERVES
Called up share capital 21 60,001 60,001
Share premium 540,000 540,000
Retained earnings 47,793 47,793
SHAREHOLDERS' FUNDS 647,794 647,794

Company's profit for the financial year 117,000 96,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26th March 2025 and were signed on its behalf by:





N Burton - Director


C F Struthers (Holdings) Limited (Registered number: 06835899)

Consolidated Statement of Changes in Equity
for the year ended 30th June 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1st July 2022 60,001 1,804,127 540,000 1,987,169 4,391,297

Changes in equity
Dividends - (96,000 ) - - (96,000 )
Total comprehensive income - 779,797 - - 779,797
Balance at 30th June 2023 60,001 2,487,924 540,000 1,987,169 5,075,094

Changes in equity
Dividends - (117,000 ) - - (117,000 )
Total comprehensive income - 1,170,638 - - 1,170,638
Balance at 30th June 2024 60,001 3,541,562 540,000 1,987,169 6,128,732

C F Struthers (Holdings) Limited (Registered number: 06835899)

Company Statement of Changes in Equity
for the year ended 30th June 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st July 2022 60,001 47,793 540,000 647,794

Changes in equity
Dividends - (96,000 ) - (96,000 )
Total comprehensive income - 96,000 - 96,000
Balance at 30th June 2023 60,001 47,793 540,000 647,794

Changes in equity
Dividends - (117,000 ) - (117,000 )
Total comprehensive income - 117,000 - 117,000
Balance at 30th June 2024 60,001 47,793 540,000 647,794

C F Struthers (Holdings) Limited (Registered number: 06835899)

Consolidated Cash Flow Statement
for the year ended 30th June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,922,345 (956,080 )
Interest paid (111,256 ) (98,796 )
Interest element of hire purchase
payments paid

(6,671

)

(2,148

)
Tax paid 88,474 92,252
Net cash from operating activities 1,892,892 (964,772 )

Cash flows from investing activities
Purchase of tangible fixed assets (131,546 ) (149,088 )
Sale of tangible fixed assets 34,592 -
Interest received 6,095 -
Net cash from investing activities (90,859 ) (149,088 )

Cash flows from financing activities
Loan repayments in year (103,334 ) (103,334 )
Capital repayments in year 15,270 17,023
Amount introduced by directors - (868 )
Equity dividends paid (117,000 ) (96,000 )
Net cash from financing activities (205,064 ) (183,179 )

Increase/(decrease) in cash and cash equivalents 1,596,969 (1,297,039 )
Cash and cash equivalents at
beginning of year

2

416,156

1,713,195

Cash and cash equivalents at end of
year

2

2,013,125

416,156

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Cash Flow Statement
for the year ended 30th June 2024

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

2024 2023
£    £   
Profit before taxation 885,885 738,675
Depreciation charges 151,542 124,567
Profit on disposal of fixed assets (14,638 ) -
Finance costs 117,927 100,944
Finance income (6,095 ) -
1,134,621 964,186
Decrease/(increase) in stocks 119,182 (175,222 )
Increase in trade and other debtors (1,696,238 ) (32,770 )
Increase/(decrease) in trade and other creditors 2,364,780 (1,712,274 )
Cash generated from operations 1,922,345 (956,080 )

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 30th June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 2,013,125 416,156
Year ended 30th June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 416,156 1,713,195


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 416,156 1,596,969 2,013,125
416,156 1,596,969 2,013,125
Debt
Finance leases (65,346 ) (15,270 ) (80,616 )
Debts falling due within 1 year (103,333 ) - (103,333 )
Debts falling due after 1 year (1,343,333 ) 103,334 (1,239,999 )
(1,512,012 ) 88,064 (1,423,948 )
Total (1,095,856 ) 1,685,033 589,177

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements
for the year ended 30th June 2024

1. STATUTORY INFORMATION

C F Struthers (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standards 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The financial statements have been prepared on a going concern basis which the directors consider appropriate.The directors are confident that the company's relations with its customers and suppliers, and its current trading, leave the company well placed to manage its business risk successfully.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 30th June 2024. The results of companies acquired in the period are included from the effective date of acquiring control.

Significant judgements and estimates
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

In respect of long term contracts there is inevitably some uncertainty on the anticipated costs to completion. However, only in those cases where, in the directors opinion, those can be estimated reliably is any attributable profit accounted for.

Turnover
Revenue represents sales to outside customers, net of VAT and trade discounts, in the ordinary course of business for goods supplied as a principle and for services provided.

Sales of products are recognised when the significant risks and rewards of ownership are transferred to the customer and they have a legally binding obligation to settle under any terms of the contract.

In the case of long term contracts providing that the outcome can be assessed with reasonable certainty, the revenues and costs on such contracts are recognised based on overall contract profitability, costs incurred to date and estimated to complete, or stage of completion where more appropriate. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

Full provision is made for any estimated losses on completion of contracts having regard for the overall substance of the arrangements.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Goodwill on consolidation represents the difference between the consideration paid and the fair value of the net assets acquired.

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued

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

Other intangible assets are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property - 2.5% on cost
Improvement to leasehold
property

- 20% on cost
Plant and machinery etc - 10% on cost
Fixtures and fittings - 10% - 33.33% on cost
Motor Vehicles - 25% on cost

Freehold property is valued by the directors using information available from professional valuations.

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Contract work in progress is included in debtors stated at net realisable value. Cumulative turnover (i.e. the total turnover recorded in respect of the contract in the profit and loss accounts of all accounting periods since inception of the contract) is compared with total payments on account. If turnover exceeds payments on account an "amount recoverable on contracts" is established and separately disclosed within debtors. If payments on account are greater than turnover to date, the excess is classified within creditors.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued

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


Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Investments
The company's investments in subsidiary undertakings is stated at cost less provision for any impairment in value.

Debtors and creditors receivable /payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in administrative expenses.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 3,180,929 2,479,960
Rest of world 5,103,023 4,128,248
8,283,952 6,608,208

The turnover and profit before tax are attributable to the one principal activity of the group.The total amount of contract revenue recognised in the period was £8,283,952 (2023 £6,608,208).

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,363,430 2,178,190
Social security costs 253,793 245,570
Other pension costs 120,724 115,957
2,737,947 2,539,717

The average number of employees during the year was as follows:
2024 2023

Management 15 15
Manufacturing 41 41
56 56

2024 2023
£    £   
Directors' remuneration 102,467 195,692
Directors' pension contributions to money purchase schemes 25,449 26,443

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 60,474 54,602
Depreciation - assets on hire purchase contracts 31,235 10,131
Profit on disposal of fixed assets (14,638 ) -
Goodwill amortisation 5,490 5,490
Other intangible assets amortisation 54,345 54,345
Auditors' remuneration 32,956 26,794
Foreign exchange differences 19,712 1,694
Operating lease rentals - Plant and machinery 13,005 8,804
Operating lease rentals - Fixtures and Fittings 5,247 5,247

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 219 4,891
Other loan interest 111,037 93,905
Hire purchase interest 6,671 2,148
117,927 100,944

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (31,686 ) 84,967
(Over)/under provision (153,599 ) (138,874 )
Total current tax (185,285 ) (53,907 )

Deferred tax (99,468 ) 12,785
Tax on profit (284,753 ) (41,122 )

UK corporation tax has been charged at 25 % .

Reconciliation of total tax credit 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 885,885 738,675
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

221,471

184,669

Effects of:
Expenses not deductible for tax purposes 2,081 187

Tax overprovided in prior year (153,599 ) (138,874 )
Deferred tax overprovided in previous year (50,063 ) (68,433 )
Change in tax rate - (18,671 )
R&D claim (304,643 ) -
Total tax credit (284,753 ) (41,122 )

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. The parent company's profit for the financial year was £117,000 (2023 £96,000).

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 117,000 96,000

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

10. INTANGIBLE FIXED ASSETS

Group
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st July 2023
and 30th June 2024 54,904 543,451 598,355
AMORTISATION
At 1st July 2023 16,470 163,035 179,505
Amortisation for year 5,490 54,345 59,835
At 30th June 2024 21,960 217,380 239,340
NET BOOK VALUE
At 30th June 2024 32,944 326,071 359,015
At 30th June 2023 38,434 380,416 418,850

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1st July 2023 3,500,000 1,315,843 119,911
Additions - 34,076 2,092
Disposals - - -
At 30th June 2024 3,500,000 1,349,919 122,003
DEPRECIATION
At 1st July 2023 - 1,162,492 101,548
Charge for year - 29,239 6,342
Eliminated on disposal - - -
At 30th June 2024 - 1,191,731 107,890
NET BOOK VALUE
At 30th June 2024 3,500,000 158,188 14,113
At 30th June 2023 3,500,000 153,351 18,363

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st July 2023 269,044 - 5,204,798
Additions 93,983 1,395 131,546
Disposals (97,555 ) - (97,555 )
At 30th June 2024 265,472 1,395 5,238,789
DEPRECIATION
At 1st July 2023 127,110 - 1,391,150
Charge for year 56,128 - 91,709
Eliminated on disposal (77,601 ) - (77,601 )
At 30th June 2024 105,637 - 1,405,258
NET BOOK VALUE
At 30th June 2024 159,835 1,395 3,833,531
At 30th June 2023 141,934 - 3,813,648

Cost or valuation at 30th June 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2012 313,699 - -
Valuation in 2014 95,000 - -
Valuation in 2022 1,405,000 - -
Cost 1,686,301 1,349,919 122,003
3,500,000 1,349,919 122,003

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2012 - - 313,699
Valuation in 2014 - - 95,000
Valuation in 2022 - - 1,405,000
Cost 265,472 1,395 3,425,090
265,472 1,395 5,238,789

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

11. TANGIBLE FIXED ASSETS - continued

Group

If Freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,686,301 1,686,301
Aggregate depreciation 842,544 800,387

Freehold property was valued on an open market basis on 30th June 2024 by the directors .

The valuation is based on a valuation undertaken by Scotts Property LLP in August 2022, who valued the property at £3,500,000.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1st July 2023 125,770
Additions 63,618
Disposals (49,770 )
At 30th June 2024 139,618
DEPRECIATION
At 1st July 2023 36,647
Charge for year 31,235
Eliminated on disposal (29,816 )
At 30th June 2024 38,066
NET BOOK VALUE
At 30th June 2024 101,552
At 30th June 2023 89,123

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st July 2023
and 30th June 2024 1,200,986
NET BOOK VALUE
At 30th June 2024 1,200,986
At 30th June 2023 1,200,986


C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

12. FIXED ASSET INVESTMENTS - continued


Details of subsidiary undertakings at the year end are as follows:


Name of company
Proportion of
shares held

Nature of business


*C F Struthers (Hull) Limited

100%
Intermediate holding
company


C F Struthers Limited

100%
Fabrication engineers and
intermediate holding company


Struthers Energy & Power Limited

100%
Design and manufacture of
energy recovery equipment


*Shares of the undertaking are held directly by the company.

C F Struthers (Hull) Limited owns 100% of the share capital of C F Struthers Limited.

C F Struthers Limited owns 100% of the share capital of Struthers Energy & Power Limited.

All of the companies are incorporated in England and Wales and all holdings are of ordinary shares. The registered office of all of the above named subsidiaries is the same as is listed on page 1 of these financial statements.

13. STOCKS

Group
2024 2023
£    £   
Raw materials 1,332,793 1,451,975

.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,886,412 1,501,205 - -
Amounts owed by group undertakings - - 527,000 527,000
Amounts recoverable on long
term contracts 1,312,465 60,161 - -
Other debtors 51,758 29,685 - -
Corporation tax 118,517 106,673 - -
Prepayments 116,253 79,599 - -
3,485,405 1,777,323 527,000 527,000

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 103,333 103,333 - -
Hire purchase contracts (see note 18) 34,238 17,972 - -
Payments on account 1,654,770 38,141 - -
Trade creditors 1,310,494 697,817 - -
Amounts owed to group undertakings - - 1,078,692 1,078,692
Corporation tax - 84,967 - -
Social security and other taxes 172,341 79,656 - -
Other creditors 69,051 81,662 - -
Accruals and deferred income 111,585 59,699 1,500 1,500
3,455,812 1,163,247 1,080,192 1,080,192

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

Group
2024 2023
£    £   
Bank loans (see note 17) 1,239,999 1,343,333
Hire purchase contracts (see note 18) 46,378 47,374
1,286,377 1,390,707

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 loans 103,333 103,333
Amounts falling due between one and two years:
Bank loans 103,333 103,333
Amounts falling due between two and five years:
Bank loans 1,136,666 1,240,000

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 39,326 21,482
Between one and five years 48,854 51,666
88,180 73,148

Finance charges repayable:
Within one year 5,088 3,510
Between one and five years 2,476 4,292
7,564 7,802

Net obligations repayable:
Within one year 34,238 17,972
Between one and five years 46,378 47,374
80,616 65,346

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 18,252 8,804
Between one and five years 12,890 8,804
31,142 17,608

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 1,343,332 1,446,666
Hire purchase contracts 80,616 65,346
1,423,948 1,512,012

The bank loan has a first priority legal charge over the land and buildings in the group.

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances (29,092 ) 65,919
Short term timing differences (2,221 ) (1,276 )
Deferred tax on revaluation 184,261 184,261
152,948 248,904

Group
Deferred
tax
£   
Balance at 1st July 2023 248,904
Profit and loss account (95,956 )
Balance at 30th June 2024 152,948

The expected net reversal of deferred tax assets and liabilities in 2025 is £17,793.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60,000 Ordinary £1 60,000 60,000
1 Deferred £1 1 1
60,001 60,001

22. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1st July 2023 2,487,924 540,000 1,987,169 5,015,093
Profit for the year 1,170,638 - - 1,170,638
Dividends (117,000 ) - - (117,000 )
At 30th June 2024 3,541,562 540,000 1,987,169 6,068,731

C F Struthers (Holdings) Limited (Registered number: 06835899)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th June 2024

22. RESERVES - continued

Share Premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Revaluation Reserve

The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets, net of deferred tax where applicable, where a policy of revaluation has been adopted.

Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

23. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the group in an independently administered fund. The charge in the
accounts in respect of pensions represents contributions payable by the group to the fund and
amounted to £120,724 (2023 £115,957). Contributions of £14,879 were outstanding at 30th June 2024
(2023 £11,379).

24. ULTIMATE CONTROLLING PARTY

At 30th June 2024, the company was controlled by N Burton who owns 100% of the ordinary shares in the company.