Company registration number 10551208 (England and Wales)
N S S HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
N S S HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M J Milner
Mr E Farrelly
Mr C J Hill
Mr P Melchionno
Mr D A Roy
Company number
10551208
Registered office
Units 1 & 2, Walker Industrial Park
Frith Knoll Road
Chapel-En-Le-Frith
High Peak
Derbyshire
SK23 0PG
Auditor
Josolyne LLP
Merchant Exchange
Waters Green
Macclesfield
Cheshire
SK11 6JX
N S S HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
N S S HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The group has principal activities of the manufacture and supply of stone surfaces.
The period under review is the year to September 2024 and the comparative is the year to September 2023.
The group continues to work hard to increase its production capacity by investing in machinery and increasing the manufacturing footprint strategically across the UK. This puts the group in the best position to meet customer demand.
The group is working towards reducing their carbon footprint. This year we have replaced our small vehicles with electric vehicles where possible. The group plans to continue with the investment in green energy as the technology improves.
The directors are happy with the results for the period. We are expecting growth into 2024/25 as we work closely with our key customers and grow with new customers from 2023/24.
Principal risks and uncertainties
Several key risks affect the business of the Group and these include the following:
Cost of living crisis – with the continued volatility in the future of the country’s economy and the unstable interest rates we are expecting this to impact the industry. That said, the group continues to trade well despite economic head winds.
Credit risk – the group has strong credit controls in place which resulted in bad debts remaining at a minimum.
Foreign exchange risk – the Group purchases a number of raw materials from overseas which are predominantly traded in United States Dollars and is therefore exposed to fluctuations in exchange rates.
Development and performance
The results for the year are set out in the attached financial statements. The group's principal activities are expected to remain the same for the forthcoming period, and the board continues to look out for expansion plans via acquisition.
The directors are pleased with the profit achieved.
Key performance indicators
The key performance indicators used by the group to evaluate its trading results are as follows: sales, gross profit percentage, and operating profit percentage.
Sales have increased year on year by 6.6%. This steady growth demonstrates the group's ability to maintain customer demand and market presence despite broader economic challenges.
The group's gross profit percentage has decreased from 38.4% in 2023 to 34.0% in 2024. This reduction indicates increasing pressure on margins which has been driven by rising input costs.
The group's operating profit percentage has decreased from 22.3% in 2023 to 18.9% in 2024. This decline is consistent with the reduced gross profit margin and the group's elevated investment in infrastructure, talent, and systems to support anticipated future expansion.
N S S HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
In summary, while the group has demonstrated positive sales growth, going forward, focus will need to be placed on achieving continued revenue growth and ensuring that the current investments translate into higher sales and profit margins over the medium term.
Mr M J Milner
Director
28 March 2025
N S S HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £1,240,126. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M J Milner
Mr E Farrelly
Mr C J Hill
Mr P Melchionno
Mr D A Roy
Auditor
The auditor, Josolyne LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.
N S S HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr M J Milner
Director
28 March 2025
N S S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF N S S HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of N S S Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 September 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.
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 qualified 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 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.
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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
N S S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF N S S HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and its industry, and determined that the most significant are those that relate to breaches of health and safety regulations, data protection, employment laws and tax legislation. We also considered those laws and regulations that have a direct effect on the financial statements such as FRS102 accounting principles and the Companies Act 2006. We have considered the extent to which non-compliance might have a material effect on the financial statements and also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements.
We established that the principal risks related to revenue recognition on deferred income, management bias in accounting estimates and management override. Audit procedures performed included:
Reviewed and recalculated the deferred income agreeing back to source information
Designed our audit procedures in order to incorporate unpredictability around the nature, timing or extent of our testing.
Identifying and testing journal entries to consider the appropriateness of journal entries and other adjustments;
Assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of significant transactions that are unusual or outside the normal course of business.
Challenging assumptions made by management in making their significant accounting estimates
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
N S S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF N S S HOLDINGS LIMITED
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Matthew Pace ACA (Senior Statutory Auditor)
For and on behalf of Josolyne LLP
28 March 2025
Chartered Accountants
Statutory Auditor
Merchant Exchange
Waters Green
Macclesfield
Cheshire
SK11 6JX
N S S HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
19,954,823
18,703,106
Cost of sales
(13,179,073)
(11,513,144)
Gross profit
6,775,750
7,189,962
Administrative expenses
(2,998,284)
(3,081,486)
Other operating income
-
125
Operating profit
4
3,777,466
4,108,601
Investment income
8
6,541
6,314
Finance costs
7
(29,982)
(54,179)
Profit before taxation
3,754,025
4,060,736
Tax on profit
10
(924,567)
(907,792)
Profit for the financial year
24
2,829,458
3,152,944
Other comprehensive income
Revaluation of property, plant and equipment
1,584,380
Tax relating to other comprehensive income
(396,095)
Total comprehensive income for the year
4,017,743
3,152,944
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
N S S HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
11
734,438
592,458
Property, plant and equipment
12
9,016,546
5,447,740
9,750,984
6,040,198
Current assets
Inventories
15
3,577,487
3,394,111
Trade and other receivables
16
2,481,467
2,147,412
Cash and cash equivalents
2,310,433
3,117,985
8,369,387
8,659,508
Current liabilities
17
(4,937,010)
(4,680,242)
Net current assets
3,432,377
3,979,266
Total assets less current liabilities
13,183,361
10,019,464
Non-current liabilities
18
(387,362)
(501,030)
Provisions for liabilities
Deferred tax liability
20
1,331,470
831,522
(1,331,470)
(831,522)
Net assets
11,464,529
8,686,912
Equity
Called up share capital
23
100,011
100,011
Revaluation reserve
22
1,188,285
Retained earnings
24
10,176,233
8,586,901
Total equity
11,464,529
8,686,912
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
Mr M J Milner
Director
Company registration number 10551208 (England and Wales)
N S S HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
11
207,809
Property, plant and equipment
12
7,973,425
4,531,528
Investments
13
796,813
934,067
8,978,047
5,465,595
Current assets
Inventories
15
3,343,964
3,176,854
Trade and other receivables
16
1,063,527
277,204
Cash and cash equivalents
204,691
1,108,145
4,612,182
4,562,203
Current liabilities
17
(1,305,988)
(1,028,438)
Net current assets
3,306,194
3,533,765
Total assets less current liabilities
12,284,241
8,999,360
Provisions for liabilities
Deferred tax liability
20
1,119,642
620,379
(1,119,642)
(620,379)
Net assets
11,164,599
8,378,981
Equity
Called up share capital
23
100,011
100,011
Revaluation reserve
22
1,188,285
Retained earnings
24
9,876,303
8,278,970
Total equity
11,164,599
8,378,981
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £2,837,459 (2023 - £3,126,164 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
Mr M J Milner
Director
Company registration number 10551208 (England and Wales)
N S S HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 October 2022
100,011
6,445,865
6,545,876
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
3,152,944
3,152,944
Dividends
9
-
-
(1,011,908)
(1,011,908)
Balance at 30 September 2023
100,011
8,586,901
8,686,912
Year ended 30 September 2024:
Profit for the year
-
-
2,829,458
2,829,458
Other comprehensive income:
Revaluation of property, plant and equipment
-
1,584,380
-
1,584,380
Tax relating to other comprehensive income
-
(396,095)
(396,095)
Total comprehensive income
-
1,188,285
2,829,458
4,017,743
Dividends
9
-
-
(1,240,126)
(1,240,126)
Balance at 30 September 2024
100,011
1,188,285
10,176,233
11,464,529
N S S HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 October 2022
100,011
6,164,714
6,264,725
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
3,126,164
3,126,164
Dividends
9
-
-
(1,011,908)
(1,011,908)
Balance at 30 September 2023
100,011
8,278,970
8,378,981
Year ended 30 September 2024:
Profit for the year
-
-
2,837,459
2,837,459
Other comprehensive income:
Revaluation of property, plant and equipment
-
1,584,380
-
1,584,380
Tax relating to other comprehensive income
-
(396,095)
(396,095)
Total comprehensive income
-
1,188,285
2,837,459
4,025,744
Dividends
9
-
-
(1,240,126)
(1,240,126)
Balance at 30 September 2024
100,011
1,188,285
9,876,303
11,164,599
N S S HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
4,463,194
4,387,333
Interest paid
(29,982)
(54,179)
Income taxes paid
(850,933)
(447,709)
Net cash inflow from operating activities
3,582,279
3,885,445
Investing activities
Purchase of intangible assets
(207,809)
-
Purchase of property, plant and equipment
(2,798,270)
(1,572,855)
Proceeds from disposal of property, plant and equipment
15,833
327,830
Loans made
-
271
Interest received
6,541
6,314
Net cash used in investing activities
(2,983,705)
(1,238,440)
Financing activities
Payment of finance leases obligations
(166,000)
(521,454)
Dividends paid to equity shareholders
(1,240,126)
(1,011,908)
Net cash used in financing activities
(1,406,126)
(1,533,362)
Net (decrease)/increase in cash and cash equivalents
(807,552)
1,113,643
Cash and cash equivalents at beginning of year
3,117,985
2,004,342
Cash and cash equivalents at end of year
2,310,433
3,117,985
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information
N S S Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Units 1 & 2, Walker Industrial Park, Frith Knoll Road, Chapel-En-Le-Frith, High Peak, Derbyshire, SK23 0PG.
The group consists of N S S Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company N S S Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Revenue
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.7
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0% straight line
Plant and equipment
10% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Non-current investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of non-current assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.There were no specific issues identified during the review.
3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Sales of stone surfaces
19,954,823
18,703,106
2024
2023
£
£
Revenue analysed by geographical market
UK
19,954,823
18,703,106
2024
2023
£
£
Other significant revenue
Interest income
6,541
6,314
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(26,721)
(9,427)
Depreciation of owned property, plant and equipment
564,148
484,582
Depreciation of property, plant and equipment held under finance leases
240,198
278,753
Profit on disposal of property, plant and equipment
(6,335)
(7,271)
Amortisation of intangible assets
65,829
65,829
Operating lease charges
141,457
132,145
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,000
7,000
Audit of the financial statements of the company's subsidiaries
16,000
15,000
24,000
22,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
40
37
5
5
Warehouse
52
39
-
-
Distribution
73
54
-
-
Total
165
130
5
5
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,619,118
4,513,207
Social security costs
560,040
451,128
-
-
Pension costs
302,842
441,032
6,482,000
5,405,367
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Employees
(Continued)
- 20 -
All personnel providing services to the company are employed under contracts with its wholly owned subsidiary, Natural Stone Surfaces Limited. The costs of these employees are borne by the subsidiary.
7
Finance costs
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
28,953
54,099
Other interest
1,029
80
Total finance costs
29,982
54,179
8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
3,042
5,245
Other interest income
3,499
1,069
Total income
6,541
6,314
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,240,126
1,011,908
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
820,714
770,921
Deferred tax
Origination and reversal of timing differences
103,853
136,871
Total tax charge
924,567
907,792
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,754,025
4,060,736
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
938,506
893,362
Tax effect of expenses that are not deductible in determining taxable profit
11,543
5,782
Effect of change in corporation tax rate
-
16,710
Permanent capital allowances in excess of depreciation
-
(27,381)
Depreciation on assets not qualifying for tax allowances
271
107
Amortisation on assets not qualifying for tax allowances
16,457
14,482
Other non-reversing timing differences
4,730
Other permanent differences
(42,210)
Taxation charge
924,567
907,792
In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
396,095
-
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023
882,287
Additions
207,809
At 30 September 2024
1,090,096
Amortisation and impairment
At 1 October 2023
289,829
Amortisation charged for the year
65,829
At 30 September 2024
355,658
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Intangible fixed assets
(Continued)
- 22 -
Carrying amount
At 30 September 2024
734,438
At 30 September 2023
592,458
Company
Goodwill
£
Cost
At 1 October 2023
Additions
207,809
At 30 September 2024
207,809
Amortisation and impairment
At 1 October 2023 and 30 September 2024
Carrying amount
At 30 September 2024
207,809
At 30 September 2023
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
12
Property, plant and equipment
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
1,741,102
6,751,598
174,427
105,828
909,929
9,682,884
Additions
1,546,499
636,516
31,037
34,144
550,074
2,798,270
Disposals
(3,750)
(165)
(88,316)
(92,231)
Revaluation
1,584,380
1,584,380
At 30 September 2024
4,871,981
7,384,364
205,299
139,972
1,371,687
13,973,303
Depreciation and impairment
At 1 October 2023
3,617,158
110,581
87,176
420,229
4,235,144
Depreciation charged in the year
558,984
22,368
12,191
210,803
804,346
Eliminated in respect of disposals
(3,750)
(131)
(78,852)
(82,733)
At 30 September 2024
4,172,392
132,818
99,367
552,180
4,956,757
Carrying amount
At 30 September 2024
4,871,981
3,211,972
72,481
40,605
819,507
9,016,546
At 30 September 2023
1,741,102
3,134,440
63,846
18,652
489,700
5,447,740
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Property, plant and equipment
(Continued)
- 24 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
1,715,620
4,162,968
172,102
87,989
863,499
7,002,178
Additions
1,546,499
574,918
31,037
34,144
210,283
2,396,881
Disposals
(3,750)
(165)
(75,886)
(79,801)
Revaluation
1,584,380
1,584,380
At 30 September 2024
4,846,499
4,734,136
202,974
122,133
997,896
10,903,638
Depreciation and impairment
At 1 October 2023
1,907,088
109,861
72,681
381,020
2,470,650
Depreciation charged in the year
319,439
22,008
8,864
179,555
529,866
Eliminated in respect of disposals
(3,750)
(131)
(66,422)
(70,303)
At 30 September 2024
2,222,777
131,738
81,545
494,153
2,930,213
Carrying amount
At 30 September 2024
4,846,499
2,511,359
71,236
40,588
503,743
7,973,425
At 30 September 2023
1,715,620
2,255,880
62,241
15,308
482,479
4,531,528
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
1,015,981
685,956
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
796,813
934,067
The fixed asset investment relates to the acquisition of 100% of the ordinary share capital in Natural Stone Surfaces Limited, Grantech Limited and Precision Stone Surfaces Limited. Precision Stone Surfaces Limited was incorporated on 14th February 2024.
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
1,404,661
Additions
100
At 30 September 2024
1,404,761
Impairment
At 1 October 2023
470,594
Impairment losses
137,354
At 30 September 2024
607,948
Carrying amount
At 30 September 2024
796,813
At 30 September 2023
934,067
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
14
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Natural Stone Surfaces Limited
Unit 1 and 2 Walker Industrial Park, Frith Knoll Road, Chapel-En-Le-Frith, High peak, SK23 0PG
Manufacture and sale of stone surfaces
Ordinary
100.00
Grantech Limited
Unit 1 and 2 Walker Industrial Park, Frith Knoll Road, Chapel-En-Le-Frith, High peak, SK23 0PG
Manufacture and sale of stone surfaces
Ordinary
100.00
Grantech NW Limited
Unit 1 and 2 Walker Industrial Park, Frith Knoll Road, Chapel-En-Le-Frith, High peak, SK23 0PG
Dormant
Ordinary
100.00
Precision Stone Surfaces Limited
Unit 1 and 2 Walker Industrial Park, Frith Knoll Road, Chapel-En-Le-Frith, High peak, SK23 0PG
Dormant
Ordinary
100.00
Natural Stone Aftercare Limited
Unit 1 and 2 Walker Industrial Park, Frith Knoll Road, Chapel-En-Le-Frith, High peak, SK23 0PG
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Natural Stone Surfaces Limited
531,599
1,797,955
Grantech Limited
38,415
31,493
Grantech NW Limited
100
Precision Stone Surfaces Limited
100
Natural Stone Aftercare Limited
1
The group parent company N S S Holdings Limited has issued a guarantee for its subsidiary Grantech Limited, a company registered in England and Wales, company number 02169401. This guarantee is undertaken for the purpose of securing an audit exemption for the subsidiary for the year ended 30th September 2024 under section 479A of the UK Companies Act of 2006.
15
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
3,343,964
3,176,854
3,343,964
3,176,854
Work in progress
233,523
217,257
-
-
3,577,487
3,394,111
3,343,964
3,176,854
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
16
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
2,372,016
1,960,290
6,893
600
Corporation tax recoverable
23,818
23,818
Amounts owed by group undertakings
-
23,891
1,054,304
249,896
Other receivables
49,828
58,011
2,320
2,320
Prepayments and accrued income
59,623
81,402
10
570
2,481,467
2,147,412
1,063,527
277,204
17
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
348,177
400,509
Trade payables
1,368,624
1,131,735
1,035,052
849,926
Amounts owed to group undertakings
23,892
100
64,171
Corporation tax payable
370,702
424,739
103,473
Other taxation and social security
712,497
560,355
124,390
94,272
Other payables
76,863
79,861
7,243
7,069
Accruals and deferred income
2,060,147
2,059,151
35,730
13,000
4,937,010
4,680,242
1,305,988
1,028,438
18
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
387,362
501,030
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
348,177
400,509
In two to five years
387,362
501,030
735,539
901,539
-
-
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
19
Finance lease obligations
(Continued)
- 28 -
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,331,470
831,522
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,119,642
620,379
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
831,522
620,379
Charge to profit or loss
499,948
499,263
Liability at 30 September 2024
1,331,470
1,119,642
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
302,842
441,032
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
22
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
Revaluation surplus arising in the year
1,584,380
1,584,380
Deferred tax on revaluation of property, plant and equipment
(396,095)
-
(396,095)
-
At the end of the year
1,188,285
-
1,188,285
-
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
A' Ordinary shares of £1 each
11
11
11
11
100,011
100,011
100,011
100,011
All Ordinary shares have attached to them full voting, dividend and capital distribution (including on a winding up) rights; they do not confer any rights of redemption.
All 'A' Ordinary shares have attached to them full dividend and capital distribution (including on a winding up) rights; they do not confer any voting rights or rights of redemption.
24
Retained earnings
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
8,586,901
6,445,865
8,278,970
6,164,714
Profit for the year
2,829,458
3,152,944
2,837,459
3,126,164
Dividends
(1,240,126)
(1,011,908)
(1,240,126)
(1,011,908)
At the end of the year
10,176,233
8,586,901
9,876,303
8,278,970
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
25
Acquisition of a business
On 19 February 2024 the group acquired the business of Precision Stone Limited.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
276,010
-
276,010
Inventories
107,000
-
107,000
Trade and other receivables
22,562
-
22,562
Total identifiable net assets
405,572
-
405,572
Goodwill
168,002
Total consideration
573,574
The consideration was satisfied by:
£
Cash
573,574
The goodwill arising on the acquisition of the business is attributable to the anticipated profitability of the distribution of the company's products and the future operating synergies from the combination.
All of the assets and goodwill purchased were hived up to the company's parent company NSS Holdings by way of intra-group transfer.
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
213,182
191,868
91,667
-
Between two and five years
465,891
507,867
408,333
-
679,073
699,735
500,000
-
27
Directors' transactions
Dividends totalling £1,240,126 (2023 - £1,011,908) were paid in the year in respect of shares held by the company's directors.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,829,458
3,152,944
Adjustments for:
Taxation charged
924,567
907,792
Finance costs
29,982
54,179
Investment income
(6,541)
(6,314)
Gain on disposal of property, plant and equipment
(6,335)
(7,271)
Amortisation and impairment of intangible assets
65,829
65,829
Depreciation and impairment of property, plant and equipment
804,346
763,335
Movements in working capital:
Increase in inventories
(183,376)
(212,139)
Increase in trade and other receivables
(357,873)
(805,181)
Increase in trade and other payables
363,137
474,159
Cash generated from operations
4,463,194
4,387,333
29
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
3,117,985
(807,552)
2,310,433
Obligations under finance leases
(901,539)
166,000
(735,539)
2,216,446
(641,552)
1,574,894
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