ENVIROVENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ENVIROVENT LIMITED
COMPANY INFORMATION
Directors
H Tome
E Scotcher
A Makin
J Lecue Yuste
G Grigorova
C Ingla
(Appointed 31 March 2024)
Secretary
G Grigorova
Company number
06297061 (England and Wales)
Registered office
Unit 1 Bardner Bank
Harrogate West Business Park
Killinghall
Harrogate
North Yorkshire
HG3 2SP
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Auditors
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Business address
Unit 1 Bardner Bank
Harrogate West Business Park
Killinghall
Harrogate
North Yorkshire
HG3 2SP
Bankers
Banco de Sabadell
Level 10
30 St. Mary Axe
London
EC3A 8EP
Barclays Bank plc
Leicester
Leicestershire
LE87 2BB
ENVIROVENT LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
The following pages do not form part of the statutory financial statements:
Detailed trading and profit and loss account
Appendix
ENVIROVENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Principal activities and business review
The company's principal activity is the design, manufacture and installation of domestic ventilation products and the curing of condensation and mould problems.
The majority of sales are into the UK Domestic Ventilation sector with some export activities. There have been no significant changes in the company's principal activities in the year and the directors are not aware of any likely changes in the forthcoming year.
The company has continued to invest further in the development of new products to create further growth within the UK Domestic Ventilation sector. There is further investment planned for new UK manufactured products and improvements planned on already established products.
As shown in the company's statement of comprehensive income, sales have increased by 11.6% on the prior year. The company's key measurement, the EBITDA increased to £8,878,082 (2023: £5,291,292). The gross profit margin has increased by 3.6% due to a combination of improved efficiencies and changes in the sales mix.
The company generated a cash inflow of £6,224,875 (2023: £1,884,932) prior to investing £7,000,000 (2023: £Nil) in short term bank deposit accounts.
The company's financial position remains healthy with net current assets of £23,816,285 (2023: £16,911,676) and net assets of £26,803,642 (2023: £19,972,703).
The directors believe the quality and range of the company's products, together with its customer service, will help to see satisfactory trading results in the coming year.
We are truly committed to good environmental practices throughout the business and our purpose-built premises allow EnviroVent to operate on a highly sustainable basis.
Working alongside our parent company Soler & Palau, we fully expect to grow our brand, protecting and creating employee roles, benefitting our customers, our suppliers and the wider community. We have ambitious plans and are very excited about the future.
Principal risks and uncertainties
The extent to which the recently announced increase in US trade tariffs, the cost of living crisis and Brexit impacts on the wider macroeconomy and consumer confidence together with its effect on the company's business remains uncertain. The company has mitigated against potential supply issues by careful stock management.
The directors are confident that demand for the company's products and services will remain strong.
Financial risk management objectives and policies
The company finances its operations through a mixture of retained profits and where necessary to fund capital expenditure programs through hire purchase financing arrangements. In addition, should the need arise, the company would also consider financing its operations through bank or group borrowings. The management's objectives are to:
retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due; and
match the repayment schedule of any external finance with the expected future cash flows expected to arise from the company's trading activities.
As the company's surplus funds are primarily invested in sterling bank accounts, this limits exposure to price risk.
The company's credit risk is primarily attributable to its trade debtors. Credit insurance is utilised by the company to mitigate this particular risk.
ENVIROVENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Non-financial key performance indicators
The company's key non-financial performance indicators during the year were as follows:
2024
2023
Operations
Number of products maufactured
288,054
280,627
First time pass yield
99.60%
98.81%
Number of completed orders
36,105
35,396
People
Long-time injury rate
141.37
161.40
(number of work-related injuries x 1,000 / average number of employees)
Near miss rate (number of reported near misses)
94
36
Employee absence rate
1.85%
7.07%
(number of absence days / (total employees x work days)) x 100%
Promoting the success of the company
Section 172
Section 172 of the Companies Act states directors must act in a manner they consider, would in good faith, benefit the members of the company. Taking into account the long term consequences of their decisions on all stakeholder groups, including employees. The directors also acknowledge the need to act fairly for every stakeholder.
Employee engagement statement
Our employees are our most important asset. The board ensure that wherever possible we provide appropriate training and career development.
We adhere to our policies covering recruitment, equal opportunities, harassment and bullying. The company is committed to satisfying latest employment legislation and providing a safe working environment.
ENVIROVENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Engagement with suppliers, customers and others
Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, and all those with whom we do business with. The company seeks to promote and apply to those relationships, principles which are based on our core values. The ability to promote these principles effectively is a key factor in the decision to enter or remain in such relationships
Suppliers are selected based on several criteria such as; quality, compliance with our policies covering Anti Bribery, Corruption & Modern Slavery Act 2015. Close relationships with suppliers are encouraged to benefit the company. Regular dialogue is encouraged and feedback sought at every opportunity to improve our business.
Our customers are at the heart of our decision-making and we seek regular feedback from them. The directors continuously assess the priorities related to customers and those with whom we do business, and engage on these topics, for example, within the context of business strategy updates.
The directors of the company are committed to high standards of business conduct and governance and seek advice from its advisors, as and when required, to ensure the consideration of business conduct and that the company's reputation is maintained
The board and senior management conduct regular reviews of business performance with a view to managing risk. Informed decisions can then be taken to mitigate risks wherever possible. Decision-making and long-term strategy is reviewed regularly and consideration is given to our operations and the impact on the communities where we operate.
Impact of the company's operations on the community and the environment
The company is aware of its social responsibilities to the communities where it operates.
We encourage sustainable practices and are constantly seeking to be environmentally responsible. For instance, policies are implemented to reduce the business' carbon footprint such as considerations when replenishing our fleet of vehicles and installation of a Building Management System (BMS) at our Head Office to assist in monitoring and controlling business energy usage. We constantly strive to reduce waste.
Further information on the company's energy consumption is contained within the Energy and Carbon reporting section of the Directors' Report.
A Makin
Director
11 April 2025
ENVIROVENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
H Tome
C Campderros
(Deceased 31 March 2024)
E Scotcher
A Makin
J Lecue Yuste
G Grigorova
C Ingla
(Appointed 31 March 2024)
It is with great sadness that the board reports the passing of Mr C Campderros on 31 March 2024.
Research and development
The company's research and development activities involve the development of new products, new processes, quality improvement of existing products and cost reduction programs.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company employs a variety of means of regular consultation with its employees including annual appraisals, discussion groups and other less formal arrangements. The objective is to provide a sound basis for constructive employee relations.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Auditor
In accordance with the company's articles, a resolution proposing that Ashworth Moulds be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
In compliance with "The Companies Act 2006" (Strategic Report and Directors' Report) in particular Part 7A to Schedule 7 "Dealing with energy and carbon disclosures by large unquoted companies", we make the following disclosures of energy and Carbon Dioxide (CO2) information for EnviroVent Limited for the year ended 31 December 2024.
The information includes the reporting of greenhouse gas emissions (Scope 1 and 2), energy consumption data for fuels, electricity and transport, and also a CO2 intensity ratio. The implementation of energy saving measures is also explained below.
ENVIROVENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,518,576
2,757,146
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
553.25
615.28
553.25
615.28
Scope 2 - indirect emissions
- Electricity purchased
42.22
38.02
Scope 3 - other indirect emissions
- Electricity transmission and distribution
3.73
3.27
- Fuel consumed for transport not owned by the company
17.20
13.49
Total gross emissions
616.40
670.06
Intensity ratio
Tonnes CO2e per £M of revenue
13.11
15.90
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £M of revenue.
Measures taken to improve energy efficiency
We have installed a BMS at Head Office to assist in monitoring and control of the business energy usage and to monitor our solar gain from the 722 solar panels we have had installed. Video conferencing is encouraged to reduce the need for travel. We have removed all diesel cars from our fleet selection to include a electric vehicle selection with Hybrid cars as as an alternative option for our company car users. We are trialling electric commercial vehicles as options to replace our current diesel commercial fleet.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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.
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 company’s auditor 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 company’s auditor is aware of that information.
ENVIROVENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Going concern
The company has a strong balance sheet, and the directors consider that the future prospects of the company are good. The company does not require support from the parent company as it is cash generative on a standalone basis.
The directors have a reasonable expectation that both the group and company have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
On behalf of the board
A Makin
Director
11 April 2025
ENVIROVENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
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 company and of the profit or loss of the company 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 financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ENVIROVENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENVIROVENT LIMITED
- 8 -
Opinion
We have audited the financial statements of Envirovent Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 31 December 2024 and of its 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 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 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 the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and directors’ report have been prepared in accordance with applicable legal requirements.
ENVIROVENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENVIROVENT LIMITED (CONTINUED)
- 9 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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 as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, the team remained alert to instances of non-compliance throughout the audit;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the HVAC manufacturing and supply sector;
we 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, health and safety legislation, Minimum Wage requirements and product accreditations; and
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting BBA and NICEIC assessment reports.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Audit response to risks identified
We addressed detecting material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, as follows:
ENVIROVENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENVIROVENT LIMITED (CONTINUED)
- 10 -
Risks identified
Audit response
Risk of fraud through management bias and override of controls
Risk of irregularities and non-compliance with laws and regulations
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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.
James Lye BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Ashworth Moulds, Statutory Auditor
Chartered Accountants
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
11 April 2025
ENVIROVENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
47,015,951
42,147,551
Cost of sales
(24,337,125)
(23,362,050)
Gross profit
22,678,826
18,785,501
Distribution costs
(6,064,761)
(5,931,473)
Administrative expenses
(8,820,945)
(8,556,806)
Other operating income
60,995
62,499
Operating profit
4
7,854,115
4,359,721
Interest receivable and similar income
8
485,118
168,363
Interest payable and similar expenses
9
(162)
(3,119)
Profit before taxation
8,339,071
4,524,965
Taxation
10
(1,508,132)
(921,703)
Profit for the financial year
6,830,939
3,603,262
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
The notes on pages pages 15 to 29 form an integral part of these financial statements.
ENVIROVENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
678,890
905,210
Other intangible assets
11
387,494
244,674
Total intangible assets
1,066,384
1,149,884
Tangible assets
12
2,686,462
2,629,840
3,752,846
3,779,724
Current assets
Stocks
13
6,472,759
7,825,083
Debtors
14
11,990,256
10,686,499
Investments
16
7,000,000
Cash at bank and in hand
7,631,927
8,407,052
33,094,942
26,918,634
Creditors: amounts falling due within one year
15
(9,278,657)
(10,006,958)
Net current assets
23,816,285
16,911,676
Total assets less current liabilities
27,569,131
20,691,400
Provisions for liabilities
Provisions
18
72,053
98,000
Deferred tax liability
19
693,436
620,697
(765,489)
(718,697)
Net assets
26,803,642
19,972,703
Capital and reserves
Called up share capital
21
1,200,000
1,200,000
Profit and loss reserves
25,603,642
18,772,703
Total equity
26,803,642
19,972,703
The notes on pages pages 15 to 29 form an integral part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
A Makin
Director
Company registration number 06297061 (England and Wales)
ENVIROVENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,200,000
15,169,441
16,369,441
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,603,262
3,603,262
Balance at 31 December 2023
1,200,000
18,772,703
19,972,703
Year ended 31 December 2024:
Profit and total comprehensive income
-
6,830,939
6,830,939
Balance at 31 December 2024
1,200,000
25,603,642
26,803,642
ENVIROVENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
8,193,793
3,631,985
Interest paid
(162)
(3,119)
Income taxes paid
(1,432,915)
(400,000)
Net cash inflow from operating activities
6,760,716
3,228,866
Investing activities
Purchase of intangible assets
(237,006)
(169,710)
Purchase of tangible fixed assets
(770,063)
(1,265,473)
Proceeds on disposal of tangible fixed assets
9,980
18,291
Interest received
485,118
168,363
(Increase)/decrease in short-term investments
(7,000,000)
-
Net cash used in investing activities
(7,511,971)
(1,248,529)
Financing activities
Payment of finance leases obligations
(23,870)
(95,405)
Net cash used in financing activities
(23,870)
(95,405)
Net (decrease)/increase in cash and cash equivalents
(775,125)
1,884,932
Cash and cash equivalents at beginning of year
8,407,052
6,522,120
Cash and cash equivalents at end of year
7,631,927
8,407,052
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
Envirovent Limited is a company limited by shares incorporated in England and Wales. The registered office is Unit 1 Bardner Bank, Harrogate West Business Park, Killinghall, Harrogate, North Yorkshire, HG3 2SP.
The company's principal activities are disclosed in the Strategic Report.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
In respect of supply-only sales, the turnover shown in the profit and loss account represents amounts receivable in respect of goods delivered during the year net of sales discounts and exclusive of Value Added Tax.
In respect of supply-and-fit sales, the turnover shown in the profit and loss account represents amounts receivable in respect of goods installed and services provided during the year exclusive of Value Added Tax.
Other income
Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate.
1.4
Research and development expenditure
Research and development expenditure is written off against profits in the year in which it is incurred.
1.5
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 20 years.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
5 years
Intellectual property
5 years
1.7
Tangible fixed assets
Tangible fixed assets 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:
Leasehold improvements
straight line over the length of the lease
Plant and equipment
10% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Equipment
20% straight line
Installer tools
25% straight line
Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.
Major spare parts that are expected to be used in more than one period, or that can only be used for one asset, are capitalised as tangible assets. All other spare parts are classified as stocks.
Subsequent costs, including replacement parts and major inspections, are capitalised only when it is probable that such costs will generate future economic benefits. Any replaced parts or remaining carrying amounts of previous inspections are then derecognised. All other costs of repairs and maintenance are charged to profit or loss as incurred.
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.
1.8
Impairment of fixed assets
At each reporting period end date, the company 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost basis and comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential, i.e. benefits expected from use or sale of the stock.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.
1.10
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. Bank deposits with original maturities of more than three months are included within current asset investments.
1.11
Financial instruments
The company 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.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is not discounted.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.14
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 fixed assets.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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 balance sheet 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 leases asset are consumed.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.17
Foreign exchange
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate prevailing at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
1.18
Dividends are recognised as liabilities once they are no longer at the discretion of the company.
1.19
Related party transactions
The company has taken advantage of paragraph 33.1A of FRS 102 not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Critical judgements
Provisions
Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
The company generally offers warranties for its products. Management estimates the related provision for future warranty claims based on historical warranty claim information, as well as evaluating recent trends that might suggest that past cost information may differ from future claims. The warranty provision included at the balance sheet date was £72,053 (2023: £98,000).
A deferred tax provision of £693,436 (2023: £620,697) has been recognised based upon timing differences between taxable profits and total comprehensive income at the relevant applicable tax rate.
Leases
In categorising leases as finance leases or operating leases, management makes judgements as to whether the significant risks and rewards of ownership have transferred to the Company as a lessee.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover
United Kingdom
45,787,430
40,646,931
Europe
992,930
1,233,873
Channel Islands
235,591
266,747
47,015,951
42,147,551
Other significant revenue
Interest income
485,118
168,363
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
16,304
33,517
Research and development costs
329,225
225,660
Depreciation of owned tangible fixed assets
704,328
546,193
Depreciation of tangible fixed assets held under finance leases
-
41,772
(Profit)/loss on disposal of tangible fixed assets
(867)
72
Amortisation of intangible assets
320,506
312,744
(Profit)/loss on disposal of intangible assets
-
30,790
Operating lease charges
1,348,094
892,445
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 company
36,250
34,550
For other services
Taxation compliance services
6,050
5,750
All other non-audit services
8,100
7,700
14,150
13,450
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Number of production staff
67
66
Number of sales staff
47
46
Number of administrative staff
103
103
Number of installation staff
61
62
Directors
6
6
284
283
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
11,083,922
10,626,598
Social security costs
1,124,275
1,099,669
Pension costs
549,338
515,178
12,757,535
12,241,445
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
246,017
264,678
Company pension contributions to defined contribution schemes
35,652
32,840
281,669
297,518
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
166,262
148,530
Company pension contributions to defined contribution schemes
22,102
19,477
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
472,122
167,112
Other interest income
12,996
1,251
Total income
485,118
168,363
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
191
Other finance costs:
Interest on finance leases and hire purchase contracts
162
2,928
162
3,119
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,462,948
746,980
Adjustments in respect of prior periods
(27,555)
Total current tax
1,435,393
746,980
Deferred tax
Origination and reversal of timing differences
65,312
174,723
Adjustment in respect of prior periods
7,427
Total deferred tax
72,739
174,723
Total tax charge
1,508,132
921,703
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 23 -
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
8,339,071
4,524,965
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
2,084,768
1,131,241
Tax effect of expenses that are not deductible in determining taxable profit
31,225
32,216
Adjustments in respect of prior years
(27,555)
Effect of change in corporation tax rate
(46,986)
Depreciation on assets not qualifying for tax allowances
5,687
Amortisation on assets not qualifying for tax allowances
56,580
56,580
Other permanent differences
(8,277)
Deferred tax adjustments in respect of prior years
7,427
Patent box additional deduction
(650,000)
(243,071)
Taxation charge for the year
1,508,132
921,703
11
Intangible fixed assets
Goodwill
Software
Intellectual property
Total
£
£
£
£
Cost
At 1 January 2024
4,873,859
1,009,942
118,129
6,001,930
Additions
237,006
237,006
At 31 December 2024
4,873,859
1,246,948
118,129
6,238,936
Amortisation and impairment
At 1 January 2024
3,968,649
774,117
109,280
4,852,046
Amortisation charged for the year
226,320
91,438
2,748
320,506
At 31 December 2024
4,194,969
865,555
112,028
5,172,552
Carrying amount
At 31 December 2024
678,890
381,393
6,101
1,066,384
At 31 December 2023
905,210
235,825
8,849
1,149,884
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
12
Tangible fixed assets
Leasehold improve-ments
Plant and equipment
Fixtures and fittings
Motor vehicles
Equipment
Installer tools
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
67,431
2,143,350
901,604
1,935,914
641,564
247,913
5,937,776
Additions
336,774
51,152
305,750
51,591
24,796
770,063
Disposals
(3,540)
(114,593)
(118,133)
At 31 December 2024
67,431
2,476,584
952,756
2,127,071
693,155
272,709
6,589,706
Depreciation and impairment
At 1 January 2024
1,533,156
203,126
852,422
541,670
177,562
3,307,936
Depreciation charged in the year
16,588
132,710
130,499
345,490
45,207
33,834
704,328
Eliminated in respect of disposals
(3,540)
(105,480)
(109,020)
Transfers
16,588
(16,588)
At 31 December 2024
33,176
1,662,326
317,037
1,092,432
586,877
211,396
3,903,244
Carrying amount
At 31 December 2024
34,255
814,258
635,719
1,034,639
106,278
61,313
2,686,462
At 31 December 2023
67,431
610,194
698,478
1,083,492
99,894
70,351
2,629,840
Transfers relate to reallocation of depreciation on leasehold improvements misallocated in the prior year.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 25 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
125,139
Depreciation charge for the year in respect of leased assets
-
41,772
13
Stocks
2024
2023
£
£
Raw materials and consumables
3,418,256
4,050,366
Work in progress
109,265
263,580
Finished goods and goods for resale
2,945,238
3,511,137
6,472,759
7,825,083
Finished goods stock with a carrying value of £92,997 (2023: £43,473) has been written down to £Nil. Raw material stock with a carrying value of £133,735 (2023: £88,595) has been written down to £Nil. Work in progress stock with a carrying value of £13,417 (2023: £3,669) has been written down to £Nil. No earlier stock write down has been reversed during the current, or proceeding period.
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,645,916
9,179,215
Amounts owed by group undertakings
151,970
183,835
Prepayments and accrued income
1,192,370
1,323,449
11,990,256
10,686,499
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
23,870
Trade creditors
3,878,775
4,281,708
Corporation tax
101,953
160,470
Other taxation and social security
1,657,850
954,119
Other creditors
525,164
841,524
Amounts owed to group undertakings - trading balance
1,519,648
2,620,504
Accruals and deferred income
1,595,267
1,124,763
9,278,657
10,006,958
16
Current asset investments
2024
2023
£
£
Bank deposits
7,000,000
Current asset investments comprise fixed rate deposits with UK clearing banks available with varying degrees of notice exceeding 3 months.
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
23,870
It was the company's policy to lease certain motor vehicles under finance leases. The average lease term was 3-4 years. Interest rates were fixed at the contract date. All leases were on a fixed repayment basis and arrangements were entered into for contingent rental payments.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
18
Provisions for liabilities
2024
2023
£
£
Warranty
72,053
98,000
Movements on provisions:
Warranty
£
At 1 January 2024
98,000
Reversal of provision
(25,947)
At 31 December 2024
72,053
Further details of provisions are given in note 2.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
712,668
638,962
Other timing differences
(19,232)
(18,265)
693,436
620,697
2024
Movements in the year:
£
Liability at 1 January 2024
620,697
Charge to profit or loss
72,739
Liability at 31 December 2024
693,436
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
549,338
515,178
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" ordinary shares of £1 each
960,000
960,000
960,000
960,000
"B" ordinary shares of £1 each
240,000
240,000
240,000
240,000
1,200,000
1,200,000
1,200,000
1,200,000
The 'A' Ordinary shares and 'B' Ordinary shares rank pari passu in all respects.
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
1,069,487
330,705
Between two and five years
3,153,497
384,929
In over five years
5,290,000
9,512,984
715,634
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
-
51,083
Acquisition of intangible assets
-
59,716
110,799
24
Related party transactions
Remuneration of key management personnel
The total remuneration of the directors and other employees who are considered to be a key management personnel is as follows:
2024
2023
£
£
Aggregate compensation
1,072,181
976,939
No guarantees have been given or received.
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
25
Ultimate controlling party
At the 31 December 2024 the company's immediate parent company was Soler & Palau Ventilation Group S.L.U, a company incorporated in Spain, which is the smallest and largest company for which consolidated financial statements of EnviroVent Limited are prepared.
The consolidated financial statements of Soler & Palau Ventilation Group S.L.U. are available from its registered office, CL Doctor Ferran 25 1°B, 08034 Barcelona, Spain.
The company was controlled throughout the period by SEIS PM S.L, a company registered in Spain.
26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
6,830,939
3,603,262
Adjustments for:
Taxation charged
1,508,132
921,703
R&D tax credit
(60,995)
(62,542)
Finance costs
162
3,119
Investment income
(485,118)
(168,363)
(Gain)/loss on disposal of tangible fixed assets
(867)
72
(Gain)/loss on disposal of intangible assets
-
30,790
Amortisation and impairment of intangible assets
320,506
312,744
Depreciation and impairment of tangible fixed assets
704,328
587,965
Decrease in provisions
(25,947)
-
Movements in working capital:
Decrease/(increase) in stocks
1,352,324
(2,890,845)
Increase in debtors
(1,303,757)
(648,639)
(Decrease)/increase in creditors
(645,914)
1,942,719
Cash generated from operations
8,193,793
3,631,985
27
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
8,407,052
(775,125)
7,631,927
Obligations under finance leases
(23,870)
23,870
-
Short-term investments
-
7,000,000
7,000,000
8,383,182
6,248,745
14,631,927
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