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COMPANY REGISTRATION NUMBER: 01858688
ALBANY SHED COMPANY LIMITED
FINANCIAL STATEMENTS
30 November 2024
ALBANY SHED COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2024
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13 to 20
ALBANY SHED COMPANY LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr F A Burbidge
Mrs A D Burbidge
Mr T L Burbidge
Mr T J Burbidge
COMPANY SECRETARY
Mr F A Burbidge
REGISTERED OFFICE
Stoke Albany Road
Desborough
Northamptonshire
NN14 2SR
AUDITOR
Meadows & Co Limited
Chartered Accountants & Statutory Auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
ALBANY SHED COMPANY LIMITED
STRATEGIC REPORT
YEAR ENDED 30 NOVEMBER 2024
BUSINESS REVIEW The principal activity of the company is the manufacture and sale of garden sheds and related products. The pre-tax profit for the year amounted to £320,547 (2023: £392,103). Turnover and gross profit have decreased slightly from the previous year. Macro-economic conditions such as the cost-of-living crisis and the market returning to normal after unprecedented demand during Covid lock down have affected demand for higher value buildings. As a result, some customers have begun purchasing Albany's more cost-efficient models over what they would purchase normally. Despite this, the directors are overall pleased with the performance of the company. The price of timber has stabilised in recent years, and the directors believe the company is in a strong position to deal with any new challenges that may arise. PRINCIPAL RISKS AND UNCERTAINTIES The management of the business and the execution of the company's strategy are subject to the following risks: The key business risks and uncertainties affecting the company are considered to relate to the continued supply and pricing of quality raw materials. There are no matters concerning financial risks which are considered material in the assessment of the assets, liabilities, financial position or profit of the company. The company is sensitive to changes in the exchange rate, as they import raw materials for production. The company has had an increase in overall costs, in particular in energy and wages and salaries. The company has been able to manage this through regular cash management and price negotiation. FINANCIAL KEY PERFORMANCE INDICATORS The directors of the company monitor its performance by reference to key performance indicators as follows: Turnover: The turnover for the year was £7,502,003 (2023: £7,928,037) which is a decrease of £426,034 (5.4%) on the previous year's turnover. Gross profit: The gross profit for the year was £1,770,605 (2023: £1,953,482) which is a decrease of £182,877 (9.4%) on the previous year.
This report was approved by the board of directors on 16 April 2025 and signed on behalf of the board by:
Mr F A Burbidge
Director
Registered office:
Stoke Albany Road
Desborough
Northamptonshire
NN14 2SR
ALBANY SHED COMPANY LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 NOVEMBER 2024
The directors present their report and the financial statements of the company for the year ended 30 November 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr F A Burbidge
Mrs A D Burbidge
Mr T L Burbidge
Mr T J Burbidge
DIVIDENDS
Particulars of recommended dividends are detailed in note 12 to the financial statements.
FUTURE DEVELOPMENTS
The directors do not foresee any changes to the principal activity of the company. On-site infrastructure will continue to be developed to accommodate the natural growth of the business.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 16 April 2025 and signed on behalf of the board by:
Mr F A Burbidge
Director
Registered office:
Stoke Albany Road
Desborough
Northamptonshire
NN14 2SR
ALBANY SHED COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALBANY SHED COMPANY LIMITED
YEAR ENDED 30 NOVEMBER 2024
OPINION
We have audited the financial statements of Albany Shed Company Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 30 November 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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.
OTHER INFORMATION
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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' 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 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 auditor’s report 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 auditor’s report. However, future events or conditions may cause the 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. 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 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.
Gavin Snape ACA
(Senior Statutory Auditor)
For and on behalf of
Meadows & Co Limited
Chartered Accountants & Statutory Auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
16 April 2025
ALBANY SHED COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30 NOVEMBER 2024
2024
2023
Note
£
£
TURNOVER
4
7,502,003
7,928,037
Cost of sales
5,731,398
5,974,555
------------
------------
GROSS PROFIT
1,770,605
1,953,482
Distribution costs
54,430
58,869
Administrative expenses
1,559,140
1,521,899
Other operating income
5
31,438
2,600
------------
------------
OPERATING PROFIT
6
188,473
375,314
Other interest receivable and similar income
10
132,074
16,789
------------
------------
PROFIT BEFORE TAXATION
320,547
392,103
Tax on profit
11
86,802
108,668
---------
---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
233,745
283,435
---------
---------
Dividends paid and payable
12
( 1,000)
RETAINED EARNINGS AT THE START OF THE YEAR
7,580,031
7,296,596
------------
------------
RETAINED EARNINGS AT THE END OF THE YEAR
7,812,776
7,580,031
------------
------------
All the activities of the company are from continuing operations.
ALBANY SHED COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
13
3,121,058
3,021,755
Investments
14
492,243
492,243
------------
------------
3,613,301
3,513,998
CURRENT ASSETS
Stocks
15
366,301
385,755
Debtors
16
1,373,098
1,232,976
Cash at bank and in hand
3,655,657
3,241,864
------------
------------
5,395,056
4,860,595
CREDITORS: amounts falling due within one year
17
1,011,799
617,687
------------
------------
NET CURRENT ASSETS
4,383,257
4,242,908
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,996,558
7,756,906
PROVISIONS
18
183,682
176,775
------------
------------
NET ASSETS
7,812,876
7,580,131
------------
------------
CAPITAL AND RESERVES
Called up share capital fully paid
21
100
100
Profit and loss account
7,812,776
7,580,031
------------
------------
SHAREHOLDERS FUNDS
7,812,876
7,580,131
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr F A Burbidge
Director
Company registration number: 01858688
ALBANY SHED COMPANY LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 30 NOVEMBER 2024
2024
2023
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial year
233,745
283,435
Adjustments for:
Depreciation of tangible assets
277,115
284,533
Other interest receivable and similar income
( 132,074)
( 16,789)
Gains on disposal of tangible assets
( 33,942)
( 36,819)
Tax on profit
86,802
108,668
Accrued (income)/expenses
( 10,355)
124,585
Changes in:
Stocks
19,454
146,677
Trade and other debtors
( 140,122)
100,606
Trade and other creditors
380,429
( 849,268)
---------
---------
Cash generated from operations
681,052
145,628
Interest received
132,074
16,789
Tax paid
( 55,857)
( 193,363)
---------
---------
Net cash from/(used in) operating activities
757,269
( 30,946)
---------
---------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 412,642)
( 842,878)
Proceeds from sale of tangible assets
70,166
51,862
---------
---------
Net cash used in investing activities
( 342,476)
( 791,016)
---------
---------
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid
( 1,000)
---------
---------
Net cash used in financing activities
( 1,000)
---------
---------
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
413,793
( 821,962)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
3,241,864
4,063,826
------------
------------
CASH AND CASH EQUIVALENTS AT END OF YEAR
3,655,657
3,241,864
------------
------------
ALBANY SHED COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Stoke Albany Road, Desborough, Northamptonshire, NN14 2SR.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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 transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
20% straight line
Freehold investment land is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors. All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
4. TURNOVER
Turnover arises from:
2024
2023
£
£
Sale of goods
7,502,003
7,928,037
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
2024
2023
£
£
Other operating income
31,438
2,600
--------
-------
6. OPERATING PROFIT
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
277,115
284,533
Gains on disposal of tangible assets
( 33,942)
( 36,819)
Impairment of trade debtors
37,966
9,827
Operating lease rentals
4,644
3,373
---------
---------
7. AUDITOR'S REMUNERATION
2024
2023
£
£
Fees payable for the audit of the financial statements
20,500
24,200
--------
--------
8. STAFF COSTS
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
52
56
Distribution staff
7
9
Administrative staff
4
4
----
----
63
69
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,598,535
2,605,566
Social security costs
52,779
Other pension costs
173,225
180,025
------------
------------
2,824,539
2,785,591
------------
------------
9. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
256,712
256,084
Company contributions to defined contribution pension plans
132,300
140,000
---------
---------
389,012
396,084
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
4
4
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
99,667
102,204
Company contributions to defined contribution pension plans
60,000
60,000
---------
---------
159,667
162,204
---------
---------
10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest on cash and cash equivalents
29
Interest on bank deposits
132,045
16,789
---------
--------
132,074
16,789
---------
--------
11. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
79,895
55,857
Adjustments in respect of prior periods
( 59)
--------
--------
Total current tax
79,895
55,798
--------
--------
Deferred tax:
Origination and reversal of timing differences
6,907
52,870
--------
---------
Tax on profit
86,802
108,668
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23 %).
2024
2023
£
£
Profit on ordinary activities before taxation
320,547
392,103
---------
---------
Profit on ordinary activities by rate of tax
80,137
90,183
Adjustment to tax charge in respect of prior periods
( 59)
Effect of expenses not deductible for tax purposes
212
3,731
Effect of capital allowances and depreciation
6,453
10,670
Effect of different UK tax rates on some earnings
4,143
---------
---------
Tax on profit
86,802
108,668
---------
---------
12. DIVIDENDS
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
1,000
-------
----
13. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
2,999,680
1,954,116
62,430
947,160
5,963,386
Additions
126,385
50,779
235,478
412,642
Disposals
( 130,619)
( 130,619)
------------
------------
--------
------------
------------
At 30 November 2024
3,126,065
2,004,895
62,430
1,052,019
6,245,409
------------
------------
--------
------------
------------
Depreciation
At 1 December 2023
610,277
1,648,995
55,279
627,080
2,941,631
Charge for the year
49,760
85,031
3,001
139,323
277,115
Disposals
( 94,395)
( 94,395)
------------
------------
--------
------------
------------
At 30 November 2024
660,037
1,734,026
58,280
672,008
3,124,351
------------
------------
--------
------------
------------
Carrying amount
At 30 November 2024
2,466,028
270,869
4,150
380,011
3,121,058
------------
------------
--------
------------
------------
At 30 November 2023
2,389,403
305,121
7,151
320,080
3,021,755
------------
------------
--------
------------
------------
14. INVESTMENTS
Freehold investment land
£
Cost
At 1 December 2023 and 30 November 2024
492,243
---------
Impairment
At 1 December 2023 and 30 November 2024
---------
Carrying amount
At 30 November 2024
492,243
---------
At 30 November 2023
492,243
---------
Fixed asset investments are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Fixed asset investments are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
The 2024 valuations were made by the company directors, on an open market value for existing use basis. The directors do not consider the valuation of the investment land to be materially different from the fair values as at 30 November 2024.
15. STOCKS
2024
2023
£
£
Raw materials and consumables
292,957
321,044
Finished goods and goods for resale
73,344
64,711
---------
---------
366,301
385,755
---------
---------
16. DEBTORS
2024
2023
£
£
Trade debtors
1,274,748
1,146,200
Prepayments and accrued income
95,949
86,097
Other debtors
2,401
679
------------
------------
1,373,098
1,232,976
------------
------------
17. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
553,990
163,344
Accruals and deferred income
114,230
124,585
Corporation tax
79,895
55,857
Social security and other taxes
252,730
248,218
Other creditors
10,954
25,683
------------
---------
1,011,799
617,687
------------
---------
18. PROVISIONS
Deferred tax (note 19)
£
At 1 December 2023
176,775
Additions
6,907
---------
At 30 November 2024
183,682
---------
19. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 18)
183,682
176,775
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
184,783
178,648
Pension plan obligations
( 1,101)
( 1,873)
---------
---------
183,682
176,775
---------
---------
20. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 173,225 (2023: £ 180,025 ).
21. CALLED UP SHARE CAPITAL FULLY PAID
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
90
90
90
90
Ordinary B shares of £ 1 each
10
10
10
10
----
----
----
----
100
100
100
100
----
----
----
----
22. ANALYSIS OF CHANGES IN NET DEBT
At 1 Dec 2023
Cash flows
At 30 Nov 2024
£
£
£
Cash at bank and in hand
3,241,864
413,793
3,655,657
------------
---------
------------
23. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
919
3,300
Later than 1 year and not later than 5 years
1,698
6,474
-------
-------
2,617
9,774
-------
-------
24. CONTROLLING PARTY
The ultimate controlling party is F A Burbidge by virtue of his majority holding of the company's issued ordinary share capital.