IRIS Accounts Production v24.3.2.46 05728414 director 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. a holding company true true true false true true false false false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh057284142023-09-30057284142024-09-30057284142023-10-012024-09-30057284142022-09-30057284142022-10-012023-09-30057284142023-09-3005728414ns15:EnglandWales2023-10-012024-09-3005728414ns14:PoundSterling2023-10-012024-09-3005728414ns10:Director12023-10-012024-09-3005728414ns10:Consolidated2024-09-3005728414ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3005728414ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3005728414ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3005728414ns10:Consolidatedns10:Audited2023-10-012024-09-3005728414ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3005728414ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3005728414ns10:Consolidated2023-10-012024-09-3005728414ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3005728414ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3005728414ns10:FullAccounts2023-10-012024-09-3005728414ns5:Subsidiary12023-10-012024-09-300572841412023-10-012024-09-3005728414ns10:OrdinaryShareClass12023-10-012024-09-3005728414ns10:CompanySecretary12023-10-012024-09-3005728414ns10:CompanySecretary22023-10-012024-09-3005728414ns10:RegisteredOffice2023-10-012024-09-3005728414ns10:Consolidated2022-10-012023-09-3005728414ns5:CurrentFinancialInstruments2024-09-3005728414ns5:CurrentFinancialInstruments2023-09-3005728414ns5:Non-currentFinancialInstruments2024-09-3005728414ns5:Non-currentFinancialInstruments2023-09-3005728414ns5:ShareCapital2024-09-3005728414ns5:ShareCapital2023-09-3005728414ns5:SharePremium2024-09-3005728414ns5:SharePremium2023-09-3005728414ns5:RevaluationReserve2024-09-3005728414ns5:RevaluationReserve2023-09-3005728414ns5:RetainedEarningsAccumulatedLosses2024-09-3005728414ns5:RetainedEarningsAccumulatedLosses2023-09-3005728414ns5:ShareCapital2022-09-3005728414ns5:RetainedEarningsAccumulatedLosses2022-09-3005728414ns5:SharePremium2022-09-3005728414ns5:RevaluationReserve2022-09-3005728414ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3005728414ns5:RevaluationReserve2022-10-012023-09-3005728414ns5:RevaluationReserve2023-10-012024-09-3005728414ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-300572841412023-10-012024-09-3005728414ns5:NetGoodwill2023-10-012024-09-3005728414ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3005728414ns5:CostValuation2023-09-30057284141ns5:Subsidiary12023-10-012024-09-3005728414ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3005728414ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3005728414ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-09-3005728414ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-09-3005728414ns5:Secured2024-09-3005728414ns5:Secured2023-09-3005728414ns5:AcceleratedTaxDepreciationDeferredTax2024-09-3005728414ns5:AcceleratedTaxDepreciationDeferredTax2023-09-3005728414ns5:DeferredTaxation2023-09-3005728414ns5:DeferredTaxation2023-10-012024-09-3005728414ns5:DeferredTaxation2024-09-3005728414ns10:OrdinaryShareClass12024-09-30
REGISTERED NUMBER: 05728414 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

PORCELITE VITRIFIED HOTELWARE LTD

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Group Strategic Report 2 to 4

Report of the Director 5

Report of the Independent Auditors 6 to 9

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17 to 31


PORCELITE VITRIFIED HOTELWARE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: A L M Bate



SECRETARIES: C Samways
H Marson



REGISTERED OFFICE: Opal Way
Stone Business Park
Stone
Staffordshire
ST15 0SS



REGISTERED NUMBER: 05728414 (England and Wales)



AUDITORS: Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR



BANKERS: HSBC UK Bank plc
1 Centenary Square
Birmingham
B1 1HQ

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The director presents his strategic report of the company and the group for the year ended 30 September 2024.

The company holds an investment in its trading subsidiary, DPS Tableware Limited, a wholesaler of tableware.

REVIEW OF BUSINESS
The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

The group's turnover is generated by the importation and supply of tableware, cutlery, glassware and associated tabletop products throughout the UK, Europe and Rest of the World. The group has an established network of customers and continues to retain high levels of repeat business.

The group's turnover for the 12 month period was £15,704,150, which is an increase of £587,363 (3.89%) in comparison to the 12 month prior period.

Gross profit has decreased from 23.57% in the prior period, to 22.81% in the current period.

Administrative expenses have decreased from £2,246,729 in the prior period to £2,062,847 in the current period.

Operating profit has increased from £1,316,784 in the prior period to £1,518,808 in the current period.

At the balance sheet date, group net assets have increased from £6,732,116 to £8,284,764.

Cash at bank and in hand balances increased from £41,647 at the prior year end to £131,177 at the current period end.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a range of risks facing the group and the group seeks to manage its exposure to all forms of risk.

Financial instrument risk
The group is exposed to the risk that the financial instruments held by the group impact on its ability to operate effectively and profitably. The risks which are relevant to the group's operations are:

Credit risks
The group has policies in place that require appropriate credit checks on new customers before sales are made. Policies are in place to ensure that provisions for bad debts are made when considered necessary.

Foreign currency risk
The group's transactions are predominantly in Sterling, US Dollar and Euros. The group's existing relationship with HSBC global markets provides continued guided information on movements, along with the access to the use of forward contracts. This, along with quarterly comparisons across the exchange market, provides confidence that the most beneficial rates are secured.

Cashflow risks
The group carefully manages its stock holding and debtor book to ensure that sufficient cash is available to meet operational needs.

Liquidity risks
The group funds working capital needs through the generation and retention of profits.


PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FUTURE DEVELOPMENTS
The Directors expect that the group will continue to grow, by way of introducing new and innovative hospitality products to the existing customer base, whilst continuing to expand the sales operation in the UK, Europe and the Rest of the World.

Throughout the year, the group identified the need to improve efficiency in both software and warehouse operations and to implement improvements to accommodate future growth and efficiency, within the current premises.

As a result, the Directors have identified several key operational priorities for the next financial year, which are summarised below:

1: Software upgrades to enable improved information output.

The group are continuing to develop a fully integrated CRM system to give insight into sales activity, quoting and potential future planned sales to increase proactivity between the sales and administration departments. This will enable the group to monitor KPI's quickly and effectively. Further development of the barcoding system in the warehouse will continue to improve picking accuracy, and efficiency in transfers and checks of stocks etc., with the added advanced reporting and visibility of performance and efficiency of each user.

2: Improvements to warehouse

2023 saw the initial plans for an extension to the warehouse, in the means of a 6,600sq ft, more long-term temporary building to be directly joined to our existing warehouse, via roller shutter and housing an additional 1,100 pallet bays. This would enable the present premises to support the growth of existing product sales, along with plans for multiple product developments. Planning permission was approved and groundworks started in July 2024. Completion is scheduled for October 2024.

Once complete, the group plans to continue to explore options to improve warehouse facilities further, mainly the unloading of containers in a more efficient manner. Potential loading bay and conveyor system to be sourced to streamline the process of unloading goods.

3: Development in Artificial Intelligence

The group continues to explore AI, and the benefits this will introduce to day-to-day administrative tasks. Early stages of research and development would hopefully see the progression of AI introduction within Q3 of 2025, to improve efficiencies in our current systems and processes.

The Directors are extremely optimistic about the substantial benefits that all the above planned improvements will bring to the group. The implementation of these solutions provides some certainty on future direction and will enable the business to offer improved service.


PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

KEY PERFORMANCE INDICATORS
The group has several KPIs which are used to analyse current performance and assist with business development. Monthly KPIs are used to monitor financial and operational performance and are used to inform of progress and improvements.

The Directors consider that the key financial performance indicators are those that communicate the financial performance of the group as a whole, these being turnover, turnover growth, gross profit margin, operating profit margin and cash management (cash at bank and in hand).


2024 2023 2022
Turnover £15,704,150 £15,116,787 £14,347,502
Increase/(Decrease) in
turnover

3.89%

5.36%

67.7%
Gross profit margin 22.8% 23.6% 19.4%
Operating profit margin 15.1% 8.7% 9.4%
Cash at bank and in hand £131,177 £41,647 £77,110

An explanation of the key performance indicators detailed above can be found in the review of business section of this report.

ON BEHALF OF THE BOARD:





A L M Bate - Director


16 April 2025

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The director presents his report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
An interim dividend of £1,900 per share was paid on 21 February 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 190,000 .

DIRECTOR
A L M Bate held office during the whole of the period from 1 October 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

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

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

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

AUDITORS
The auditors is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





A L M Bate - Director


16 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PORCELITE VITRIFIED HOTELWARE LTD


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

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 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.

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PORCELITE VITRIFIED HOTELWARE LTD


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

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

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

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PORCELITE VITRIFIED HOTELWARE LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to;
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of
fraud or irregularities. Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PORCELITE VITRIFIED HOTELWARE LTD

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
- Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

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.

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




Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

17 April 2025

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 3 15,704,150 15,116,787

Cost of sales (12,122,495 ) (11,553,274 )
GROSS PROFIT 3,581,655 3,563,513

Administrative expenses (2,062,847 ) (2,246,729 )
OPERATING PROFIT 5 1,518,808 1,316,784


Interest payable and similar expenses 7 (41,588 ) (73,233 )
PROFIT BEFORE TAXATION 1,477,220 1,243,551

Tax on profit 8 (372,072 ) (273,627 )
PROFIT FOR THE FINANCIAL YEAR 1,105,148 969,924

OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 850,000 -
Income tax relating to other
comprehensive income

(212,500

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

637,500

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,742,648

969,924

Profit attributable to:
Owners of the parent 1,105,148 969,924

Total comprehensive income attributable to:
Owners of the parent 1,742,648 969,924

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 3,763,026 2,804,409
Investments 13 - -
Investment property 14 - -
3,763,026 2,804,409

CURRENT ASSETS
Stocks 15 5,395,771 5,292,392
Debtors 16 2,739,342 3,128,115
Cash at bank and in hand 131,177 41,647
8,266,290 8,462,154
CREDITORS
Amounts falling due within one year 17 (3,264,760 ) (4,224,497 )
NET CURRENT ASSETS 5,001,530 4,237,657
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,764,556

7,042,066

CREDITORS
Amounts falling due after more than one
year

18

-

(35,599

)

PROVISIONS FOR LIABILITIES 22 (479,792 ) (274,351 )
NET ASSETS 8,284,764 6,732,116

CAPITAL AND RESERVES
Called up share capital 23 100 100
Share premium 24 124,900 124,900
Fair value reserve 24 1,473,845 836,345
Retained earnings 24 6,685,919 5,770,771
SHAREHOLDERS' FUNDS 8,284,764 6,732,116

The financial statements were approved by the director and authorised for issue on 16 April 2025 and were signed by:





A L M Bate - Director


PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

COMPANY STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 250,000 250,000
Investment property 14 3,636,682 2,650,000
3,886,682 2,900,000

CURRENT ASSETS
Debtors 16 1,997,219 1,647,607
Cash at bank 30,340 31,322
2,027,559 1,678,929
CREDITORS
Amounts falling due within one year 17 (445,799 ) (314,602 )
NET CURRENT ASSETS 1,581,760 1,364,327
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,468,442

4,264,327

CREDITORS
Amounts falling due after more than one
year

18

-

(35,599

)

PROVISIONS FOR LIABILITIES 22 (448,244 ) (235,744 )
NET ASSETS 5,020,198 3,992,984

CAPITAL AND RESERVES
Called up share capital 23 100 100
Share premium 24 124,900 124,900
Fair value reserve 24 1,473,845 836,345
Retained earnings 24 3,421,353 3,031,639
SHAREHOLDERS' FUNDS 5,020,198 3,992,984

Company's profit for the financial year 1,217,214 688,405

The financial statements were approved by the director and authorised for issue on 16 April 2025 and were signed by:





A L M Bate - Director


PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up Fair
share Retained Share value Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 100 4,800,847 124,900 836,345 5,762,192

Changes in equity
Total comprehensive income - 969,924 - - 969,924
Balance at 30 September 2023 100 5,770,771 124,900 836,345 6,732,116

Changes in equity
Dividends - (190,000 ) - - (190,000 )
Total comprehensive income - 1,105,148 - 637,500 1,742,648
Balance at 30 September 2024 100 6,685,919 124,900 1,473,845 8,284,764

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up Fair
share Retained Share value Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 100 2,343,234 124,900 836,345 3,304,579

Changes in equity
Profit for the year - 688,405 - - 688,405
Total comprehensive income - 688,405 - - 688,405
Balance at 30 September 2023 100 3,031,639 124,900 836,345 3,992,984

Changes in equity
Profit for the year - 1,217,214 - - 1,217,214
Other comprehensive income - (637,500 ) - 637,500 -
Total comprehensive income - 579,714 - 637,500 1,217,214
Dividends - (190,000 ) - - (190,000 )
Balance at 30 September 2024 100 3,421,353 124,900 1,473,845 5,020,198

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 857,714 799,712
Interest paid (41,588 ) (73,232 )
Tax paid (278,176 ) (247,834 )
Net cash from operating activities 537,950 478,646

Cash flows from investing activities
Purchase of tangible fixed assets (145,225 ) (35,979 )
Sale of tangible fixed assets - 2,500
Net cash from investing activities (145,225 ) (33,479 )

Cash flows from financing activities
Loan repayments in year (136,110 ) (282,250 )
Amount introduced by directors 475,085 (291,080 )
Amount withdrawn by directors (452,170 ) 92,700
Equity dividends paid (190,000 ) -
Net cash from financing activities (303,195 ) (480,630 )

Increase/(decrease) in cash and cash equivalents 89,530 (35,463 )
Cash and cash equivalents at
beginning of year

2

41,647

77,110

Cash and cash equivalents at end of
year

2

131,177

41,647

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

30.9.24 30.9.23
£    £   
Profit before taxation 1,477,220 1,243,551
Depreciation charges 36,608 49,451
Loss on disposal of fixed assets - 1,189
Finance costs 41,588 73,233
1,555,416 1,367,424
Increase in stocks (103,379 ) (1,410,076 )
Decrease in trade and other debtors 365,858 567,871
(Decrease)/increase in trade and other creditors (960,181 ) 274,493
Cash generated from operations 857,714 799,712

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 131,177 41,647
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 41,647 77,110


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

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 41,647 89,530 131,177
41,647 89,530 131,177
Debt
Debts falling due within 1 year (135,813 ) 100,511 (35,302 )
Debts falling due after 1 year (35,599 ) 35,599 -
(171,412 ) 136,110 (35,302 )
Total (129,765 ) 225,640 95,875

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Porcelite Vitrified Hotelware Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The principal activity of the company is that of a holding company.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency. Monetary amounts in these financial statements are rounded to the nearest £

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

BASIS OF CONSOLIDATION
The consolidated group financial statements consist of the financial statements of the parent company Porcelite Vitrified Hotelware Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 September 2023. 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.

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Valuation of Investment property

As described in the notes to the financial statements, the directors believe, based on professional advice, the investment property to be stated at fair value as at 30 September 2023.

Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account actual asset lives and residual values as evidence by disposals during current and prior accounting periods.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the group's accounting policies, the director is 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 not 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.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property valuation
The directors consider the fair value of land and buildings to be a key accounting estimate. Experts are used periodically by the directors to assist with this estimate. In the directors judgement the carrying value of land and buildings at 30 September 2023 is a reasonable estimate of fair value.

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

GOING CONCERN
The Porcelite group forecast shows positive results and cash generation. The directors have
considered the current inflationary environment and the forecast takes into account cost pressures
within the group. Turnover for the Porcelite group has steadily increased during the year and has continued to improve in the new financial year, which encourages us to believe that our forecasts are achievable.

The Directors also consider that there is a reasonable expectation that the Company will have
sufficient financial support from its fellow group companies when required and therefore have
adequate resources to remain in operation for the foreseeable future. For this reason, the Directors
continue to adopt the going concern basis in preparing the financial statements.

REVENUE RECOGNITION
Turnover is recognised at the fair value of the consideration received or receivable for goods in the normal course of business, and is show net of VAT and other sales related taxes. The fair value consideration takes into account trade discounts, settlement discounts and volume rebates.

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Group has transferred the significant risks and rewards of ownership to the buyer;
- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Group will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 has been amortised on a systematic basis over its expected life of 20 years.

INTANGIBLE 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 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 - 33.3% on cost per annum

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

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:

Freehold land and buildings - Not depreciated
Leasehold land and buildings - 10% on cost per annum
Plant and equipment - 20% on net book value per annum

The gain or loss arising on disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is recognised in the profit or loss account.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss

Impairment of fixed assets
At each reporting 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 that 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) 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 (or cash-generating unit) 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.

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and
replacement cost, adjusted where applicable for any loss of service potential.

Stocks are valued on a first in first out basis.

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.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

Current or deferred taxation assets and liabilities are not discounted.

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

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

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.

LEASES
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.

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.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

30.9.24 30.9.23
£    £   
United Kingdom 14,277,442 13,514,006
Europe 1,409,111 1,572,576
Worldwide 17,597 30,205
15,704,150 15,116,787

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 1,225,465 1,432,759
Social security costs 118,293 158,331
Other pension costs 17,493 16,044
1,361,251 1,607,134

The average number of employees during the year was as follows:
30.9.24 30.9.23

Directors 5 3
Office 14 15
Warehouse 11 12
30 30

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023: 2).

The directors' aggregate remuneration in respect of qualifying services was:

30.9.24 30.9.23
£ £
Directors' remuneration 585,141 851,737
Company contributions to defined contribution pension plans 4,386 2,642
589,527 854,379

Information for the highest paid director is as follows:

30.9.24 30.9.23
£ £
Directors' remuneration 353,851 674,092

5. OPERATING PROFIT

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

30.9.24 30.9.23
£    £   
Hire of plant and machinery 40,359 24,885
Other operating leases 164,529 134,934
Depreciation - owned assets 36,608 49,451
Loss on disposal of fixed assets - 1,189
Exchange losses/gains 51,015 (51,622 )
Fees payable for the audit of the financial statements of the group and
company

1,250

1,250
Fees payable for the audit of the financial statements of the company's
subsidiaries

15,500

10,125

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


6. AUDITORS' REMUNERATION
30.9.24 30.9.23
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

15,500

10,125
Total audit fees 15,500 10,125

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank loan interest 41,135 72,351
Interest on overdue taxation 453 882
41,588 73,233

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 379,031 278,176
Over/under provision of
taxation 100 -
Total current tax 379,131 278,176

Deferred tax (7,059 ) (4,549 )
Tax on profit 372,072 273,627

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 1,477,220 1,243,551
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 22.010 %)

369,305

273,706

Effects of:
Expenses not deductible for tax purposes 2,667 1,369
Adjustments to tax charge in respect of previous periods 100 -
Future changes in tax rates - (1,448 )
Total tax charge 372,072 273,627

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

30.9.24
Gross Tax Net
£    £    £   
Revaluation of freehold property 850,000 (212,500 ) 637,500

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of £1 each
Interim 190,000 -

11. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 19,200 42,720 61,920
AMORTISATION
At 1 October 2023
and 30 September 2024 19,200 42,720 61,920
NET BOOK VALUE
At 30 September 2024 - - -
At 30 September 2023 - - -

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 2,650,000 114,793 538,509 3,303,302
Additions 136,682 - 8,543 145,225
Revaluations 850,000 - - 850,000
At 30 September 2024 3,636,682 114,793 547,052 4,298,527
DEPRECIATION
At 1 October 2023 - 108,699 390,194 498,893
Charge for year - 5,921 30,687 36,608
At 30 September 2024 - 114,620 420,881 535,501
NET BOOK VALUE
At 30 September 2024 3,636,682 173 126,171 3,763,026
At 30 September 2023 2,650,000 6,094 148,315 2,804,409

Freehold property was valued on an open market basis on 12 June 2024 by Fisher German Chartered Surveyors. If freehold properties were stated on historical cost basis rather than a fair value basis, the amounts would have been included at £1,714,337 (2023: £1,577,655).

Cost or valuation at 30 September 2024 is represented by:

Freehold Short Plant and
property leasehold machinery Totals
£    £    £    £   
Valuation in 2016 422,345 - - 422,345
Valuation in 2020 375,000 - - 375,000
Valuation in 2022 275,000 - - 275,000
Valuation in 2024 850,000 - - 850,000
Cost 1,714,337 114,793 547,052 2,376,182
3,636,682 114,793 547,052 4,298,527

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 October 2023
and 30 September 2024 250,000
NET BOOK VALUE
At 30 September 2024 250,000
At 30 September 2023 250,000

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

SUBSIDIARY

DPS Tableware Limited
Registered office: Opal Way, Stone Business Park, Stone, Staffordshire, ST15 0SS
Nature of business: Wholesale of tableware
%
Class of shares: holding
Ordinary 100.00


14. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 October 2023 2,650,000
Additions 136,682
Revaluations 850,000
At 30 September 2024 3,636,682
NET BOOK VALUE
At 30 September 2024 3,636,682
At 30 September 2023 2,650,000

Investment property comprises commercial property used for the group's trade. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 12 June 2024 by Fisher German Chartered Surveyors, who are not connected with the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on historical cost basis rather than a fair value basis, the amounts would have been included at £1,714,337 (2023: £1,577,655).

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


15. STOCKS

Group
30.9.24 30.9.23
£    £   
Stocks 4,455,648 4,698,011
Goods in transit 940,123 594,381
5,395,771 5,292,392

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Trade debtors 2,281,177 2,421,901 - -
Amounts owed by group undertakings - - 1,823,937 1,460,410
Other debtors 159,688 378,239 - -
Directors' loan accounts 173,282 196,197 173,282 187,197
Prepayments and accrued income 125,195 131,778 - -
2,739,342 3,128,115 1,997,219 1,647,607

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Bank loans and overdrafts (see note 19) 35,302 135,813 35,302 135,813
Trade creditors 1,888,746 1,505,895 - -
Tax 379,031 278,076 193,238 81,530
Social security and other taxes 25,726 168,161 - -
VAT 133,355 206,751 209,850 89,850
Other creditors 769,929 1,903,890 7,409 7,409
Accruals and deferred income 32,671 25,911 - -
3,264,760 4,224,497 445,799 314,602

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

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Bank loans (see note 19) - 35,599 - 35,599

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


19. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 35,302 135,813 35,302 135,813
Amounts falling due between one and two years:
Bank loans - 1-2 years - 35,599 - 35,599

Included in bank loans and overdrafts is a monthly repayment mortgage (Capital and interest) instrument with HSBC UK Bank PLC. The loan is due in within 1 year with interest rates of 2% over base per annum. The loan is secured against the property.

A new loan with HSBC UK Bank PLC was agreed during the year. The loan in the sum of £320,000 was not drawn down until after the year end. The loan is due in 2-5 years with interest rates of 2.6% over base per annum.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 54,618 57,636
Between one and five years 86,298 110,937
In more than five years 482 23,839
141,398 192,412

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Bank loans 35,302 171,412 35,302 171,412
Import loan facilities - 806,484 - -
Invoice discounting 762,324 1,088,158 - -
797,626 2,066,054 35,302 171,412

Import loan facilities included in other creditors are secured by all assets, debentures and a general pledge over the company.

Bank loans are secured by all assets, debentures and a general pledge over the company. Bank loans are secured by a way of a Composite Company Unlimited Multilateral Guarantee, a first legal charge over Freehold Property, an all assets debenture and a general pledge over the group.

Invoice discounting facilities are secured on the book of debts to which they relate.

22. PROVISIONS FOR LIABILITIES

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 31,548 38,607 - -
Revaluation of
tangible fixed assets 448,244 235,744 448,244 235,744
479,792 274,351 448,244 235,744

Group
Deferred
tax
£   
Balance at 1 October 2023 274,351
Provided during year 205,441
Balance at 30 September 2024 479,792

Company
Deferred
tax
£   
Balance at 1 October 2023 235,744
Provided during year 212,500
Balance at 30 September 2024 448,244

PORCELITE VITRIFIED HOTELWARE LTD (REGISTERED NUMBER: 05728414)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
100 Ordinary £1 100 100

24. RESERVES

Retained reserves - This reserve records retained earnings and accumulated losses.

Fair value reserve - The fair value reserve represents the cumulative effect of revaluations of freehold property where a policy of revaluation is adopted. There was no movement in the reserve in the year.

25. PENSION COMMITMENTS

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.

The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £17,565 (2023: £16,044).

Contributions totalling £1,994 (2023: £1,730) were payable to the scheme at the year end and are
included in creditors.

26. CAPITAL COMMITMENTS
30.9.24 30.9.23
£    £   
Contracted but not provided for in the
financial statements 84,540 -

27. RELATED PARTY DISCLOSURES

Directors' transactions

An interest free loan has been granted by the director to the company as follows:

During the period ended 30 September 2024 advances of £276,085 were made to the company by the director (2023: £314,380 to the company by the director). Repayments of £290,000 were made during the year by the company to the director (2023: £125,000 by the company to the director) and the highest amount outstanding owed from the directors to the company during the year was £173,282 (2023: £187,197).

At the period end the director owed the company £173,282 (2023: £187,197).

Interest was charged on the directors loan account during the period amounting to £Nil (2023: £Nil).

The amounts advanced are interest free, unsecured and repayable on demand.

Key management personnel remuneration is disclosed in note 4.

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A L Bate.