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Registration number: 01313718

Sugden Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Sugden Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Sugden Limited

Company Information

Directors

Mr C Baldwin

Mr P Ashworth

Mr J Beattie

Mrs P M Metcalfe

Registered office

Unit 6
Pendle Court
Nelson
Lancashire
BB9 7BT

Auditors

Hargreaves Brown & Benson
Chartered Accountants and Registered Auditor
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Sugden Limited

(Registration number: 01313718)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

570,466

785,922

Tangible assets

5

296,572

262,451

 

867,038

1,048,373

Current assets

 

Stocks

6

1,514,304

761,074

Debtors

7

5,218,697

4,346,279

Cash at bank and in hand

 

690,532

170,845

 

7,423,533

5,278,198

Creditors: Amounts falling due within one year

8

(5,266,543)

(2,607,764)

Net current assets

 

2,156,990

2,670,434

Total assets less current liabilities

 

3,024,028

3,718,807

Creditors: Amounts falling due after more than one year

8

(213,000)

(646,673)

Provisions for liabilities

3,657

(48,453)

Net assets

 

2,814,685

3,023,681

Capital and reserves

 

Called up share capital

10

20,100

20,100

Retained earnings

2,794,585

3,003,581

Shareholders' funds

 

2,814,685

3,023,681

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 April 2025 and signed on its behalf by:
 

.........................................
Mr C Baldwin
Director

 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6
Pendle Court
Nelson
Lancashire
BB9 7BT

These financial statements were authorised for issue by the Board on 4 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency is considered to be Pounds Sterling because it is the operational currency of the primary economic environment in which the company operates.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 4 April 2025 was Steven Wood FCA, who signed for and on behalf of Hargreaves Brown & Benson.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.

Revenue from the sale of goods and provision of services is recognised when the significant risks and rewards of ownership are transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred, or to be incurred, in respect of the transactionscan be measured reliably.

 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current Corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated amortisation and accumulated impairment losses.

Intellectual property in the form of patents, trademarks and licences acquired are identified where there is an expectation that he cost of acquisition will generate future economic benefits which exceed one year are recognised as an intangible asset. Useful economic life has been assessed as the term of agreement under which royalties are payable in respect of the underlying intellectual property.

Internally generated development costs are identified where there is an expectation that these costs can be reliably measured and will generate future probable economic benefits which exceed one year are recognised as an intangible asset

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

Over 3 years

Patents, trademarks & intellectual property rights

Over 6 years

 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Tangible assets

Land and buildings held and used in the company's own activities for the production and supply of goods and services and for administrative purposes are stated in the Balance Sheet at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any subsequent accumulated depreciation or impairment losses. Revaluations are carried out regularly so that carrying amounts do not materially differ from their fair value at the Balance Sheet date.

Any revaluation increase or decrease on land and buildings is credited to the revaluation reserve included in reserves.

Other tangible assets are stated in the Balance Sheet at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line per annum

Furniture, fittings and equipment

15% reducing balance per annum

Motor vehicles

25% reducing balance per annum

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors and other receivables are recognised initially at the transaction price less provision for impairment. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors and other payables are recognised at the original transaction price.

 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit And Loss Account as interest payable over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Non-interest bearing borrowings are recorded at fair value net of transaction costs and are are recognised at their original transaction cost.of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified, and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
Basic financial instruments, including trade and other receivables, cash and bank balances, and trade and other payables, are initially recognised at the transaction price.

 Impairment
At the end of each accounting period, financial instruments are assessed for objective evidence of impairment. If the asset is impaired the impairment loss is recognised in the profit or loss for the accounting period.

 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Current versus non-current classification

Financial instruments are classified as current if there is no unconditional right, at the end of the reporting period, to defer settlement of the financial instrument for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 41 (2023 - 34).

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 May 2023

1,255,030

56,876

1,311,906

Additions acquired separately

-

19,043

19,043

At 30 April 2024

1,255,030

75,919

1,330,949

Amortisation

At 1 May 2023

488,067

37,917

525,984

Amortisation charge

209,172

25,327

234,499

At 30 April 2024

697,239

63,244

760,483

Carrying amount

At 30 April 2024

557,791

12,675

570,466

At 30 April 2023

766,963

18,959

785,922

 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

57,818

403,452

158,540

619,810

Additions

38,905

44,077

-

82,982

At 30 April 2024

96,723

447,529

158,540

702,792

Depreciation

At 1 May 2023

2,313

225,534

129,512

357,359

Charge for the year

2,395

39,209

7,257

48,861

At 30 April 2024

4,708

264,743

136,769

406,220

Carrying amount

At 30 April 2024

92,015

182,786

21,771

296,572

At 30 April 2023

55,505

177,918

29,028

262,451

Included within the net book value of land and buildings above is £54,349 (2023 - £55,505) in respect of freehold land and buildings and £37,666 (2023 - £Nil) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Raw materials and consumables

140,673

137,349

Work in progress

1,373,631

623,725

1,514,304

761,074

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

643,505

200,503

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

4,280,903

3,864,246

Prepayments

 

121,835

201,239

Other debtors

 

172,454

80,291

   

5,218,697

4,346,279

Less non-current portion

 

(4,280,903)

(3,864,246)

 

937,794

482,033

 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

426,548

656,213

Trade creditors

 

1,086,685

810,717

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

544,879

212,810

Taxation and social security

 

32,446

66,820

Accruals and deferred income

 

3,169,340

857,306

Other creditors

 

6,645

3,898

 

5,266,543

2,607,764


 

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

213,000

646,673


Creditors include bank loans which are secured to £383,400 (2023 - £553,800).

Bank borrowings are secured by fixed and floating charges over the assets of the company


 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

213,000

383,400

Other borrowings

-

263,273

213,000

646,673

Current loans and borrowings

2024
£

2023
£

Bank borrowings

170,400

170,400

Hire purchase contracts

-

3,145

Other borrowings

256,148

482,668

426,548

656,213

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

20,100

20,100

20,100

20,100

       

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

A contingent liability arises from matters relating the sale of equipment and spares derived from or related to the intellectual property acquired under an asset purchase agreement dated 18 December 2020. At 30 April 2024 both parties to the agreement are in discussion to significantly amend the terms of that agreement in respect of royalties payable. As these discussions were still on-going there is sufficient uncertainty over the amount considered payable by the company and amounts claimed by the third party to render it impossible to reliably measure the liability involved.

 

Sugden Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

12

Related party transactions

Summary of transactions with parent


Baldwin Engineering Holdings Limited

 During the year the company advanced unsecured, interest-free loans to Baldwin Engineering Holdings Limited. At 30 April 2024 the amounts recoverable in respect of loans amounted to £3,901,947 (2023 - £3,500,526). There are no fixed terms for repayment and the loan is repayable on demand. During the year Sugden Limited issued a dividend of £250,000 (2023 - Nil) to Baldwin Engineering Holdings Limited.

 The bank borrowings of Baldwin Engineering Holdings Limited are secured upon group assets by fixed and floating charges including an inter-company cross guarantee created 01 February 2019. At 30 April 2024 the amounts secured on group assets amounted to £2,143,080 (2023 - £2,236,747).
 

Summary of transactions with other related parties


Subsidiary companies of Baldwin Engineering Holdings Limited Group.

 During the year the company advanced unsecured loans to a fellow subsidiary, CFE Lighting Ltd. At 30 April 2024 the amounts recoverable in respect of loans amounted to £378,956 (2023 - £363,720) . There are no fixed terms for repayment and the loan is repayable on demand.
 

13

Parent and ultimate parent undertaking

The company's immediate parent is Baldwin Engineering Holdings Limited, incorporated in England and Wales.

The largest and smallest group into which these financial statements are consolidated is Baldwin Engineering Holdings Limited. The consolidated financial statements of Baldwin Engineering Holdings Limited are avaialble upon request from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.