587 true false false false true true false false false false false false true false false 2023-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2 15 521,888 332,132 6,497 338,629 183,259 189,756 105,995 105,995 105,995 34,418 4,165 38,583 25,718 25,718 1 24,000 24,000 xbrli:pure xbrli:shares iso4217:GBP 00379548 2023-10-01 2024-09-30 00379548 2024-09-30 00379548 2023-09-30 00379548 2022-10-01 2023-09-30 00379548 2023-09-30 00379548 2022-09-30 00379548 bus:Consolidated 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary1 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary2 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary3 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary4 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary5 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary6 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary7 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary8 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Subsidiary9 2023-10-01 2024-09-30 00379548 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00379548 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00379548 core:PlantMachinery 2023-10-01 2024-09-30 00379548 bus:Consolidated core:PlantMachinery 2023-10-01 2024-09-30 00379548 bus:RegisteredOffice 2023-10-01 2024-09-30 00379548 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 00379548 bus:Consolidated bus:OrdinaryShareClass1 2023-10-01 2024-09-30 00379548 bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 00379548 bus:Consolidated bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 00379548 bus:Director1 2023-10-01 2024-09-30 00379548 bus:Director2 2023-10-01 2024-09-30 00379548 bus:Director3 2023-10-01 2024-09-30 00379548 bus:Director4 2023-10-01 2024-09-30 00379548 bus:Director6 2023-10-01 2024-09-30 00379548 bus:Consolidated 2024-09-30 00379548 bus:Consolidated core:WithinOneYear 2024-09-30 00379548 bus:Consolidated core:WithinOneYear 2023-09-30 00379548 core:WithinOneYear 2024-09-30 00379548 core:WithinOneYear 2023-09-30 00379548 bus:Consolidated 2023-09-30 00379548 bus:Consolidated core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 00379548 bus:Consolidated core:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 00379548 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 00379548 bus:Consolidated core:PlantMachinery 2023-09-30 00379548 bus:Consolidated core:FurnitureFittings 2023-09-30 00379548 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 00379548 bus:Consolidated core:PlantMachinery 2024-09-30 00379548 bus:Consolidated core:FurnitureFittings 2024-09-30 00379548 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 00379548 core:PlantMachinery 2023-09-30 00379548 core:MotorVehicles 2023-09-30 00379548 core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 00379548 core:PlantMachinery 2024-09-30 00379548 core:MotorVehicles 2024-09-30 00379548 bus:Consolidated core:DeferredTaxation 2023-10-01 2024-09-30 00379548 bus:Consolidated core:FurnitureFittings 2023-10-01 2024-09-30 00379548 core:MotorVehicles 2023-10-01 2024-09-30 00379548 bus:Consolidated 2022-10-01 2023-09-30 00379548 bus:Consolidated 2023-09-30 00379548 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 00379548 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-01 2023-09-30 00379548 bus:Consolidated core:Non-controllingInterests 2022-10-01 2023-09-30 00379548 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 00379548 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-01 2024-09-30 00379548 bus:Consolidated core:Non-controllingInterests 2023-10-01 2024-09-30 00379548 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 00379548 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 00379548 bus:Consolidated core:UKTax 2023-10-01 2024-09-30 00379548 bus:Consolidated core:UKTax 2022-10-01 2023-09-30 00379548 bus:AllOrdinaryShares bus:Consolidated 2023-10-01 2024-09-30 00379548 bus:AllOrdinaryShares bus:Consolidated 2022-10-01 2023-09-30 00379548 bus:Consolidated core:ShareCapital 2024-09-30 00379548 bus:Consolidated core:ShareCapital 2023-09-30 00379548 bus:Consolidated core:RevaluationReserve 2024-09-30 00379548 bus:Consolidated core:RevaluationReserve 2023-09-30 00379548 core:CapitalRedemptionReserve bus:Consolidated 2024-09-30 00379548 core:CapitalRedemptionReserve bus:Consolidated 2023-09-30 00379548 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-09-30 00379548 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-09-30 00379548 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-09-30 00379548 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-09-30 00379548 bus:Consolidated core:Non-controllingInterests 2024-09-30 00379548 bus:Consolidated core:Non-controllingInterests 2023-09-30 00379548 core:ShareCapital 2024-09-30 00379548 core:ShareCapital 2023-09-30 00379548 core:RevaluationReserve 2024-09-30 00379548 core:RevaluationReserve 2023-09-30 00379548 core:CapitalRedemptionReserve 2024-09-30 00379548 core:CapitalRedemptionReserve 2023-09-30 00379548 core:RetainedEarningsAccumulatedLosses 2024-09-30 00379548 core:RetainedEarningsAccumulatedLosses 2023-09-30 00379548 bus:Consolidated core:ShareCapital 2022-09-30 00379548 bus:Consolidated core:RevaluationReserve 2022-09-30 00379548 core:CapitalRedemptionReserve bus:Consolidated 2022-09-30 00379548 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-09-30 00379548 bus:Consolidated core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-09-30 00379548 bus:Consolidated core:Non-controllingInterests 2022-09-30 00379548 bus:Consolidated 2022-09-30 00379548 core:ShareCapital 2022-09-30 00379548 core:RevaluationReserve 2022-09-30 00379548 core:CapitalRedemptionReserve 2022-09-30 00379548 core:RetainedEarningsAccumulatedLosses 2022-09-30 00379548 1 bus:Consolidated 2023-10-01 2024-09-30 00379548 1 bus:Consolidated 2022-10-01 2023-09-30 00379548 bus:Consolidated core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 00379548 bus:Consolidated core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 00379548 core:CostValuation core:Non-currentFinancialInstruments 2024-09-30 00379548 core:Non-currentFinancialInstruments 2024-09-30 00379548 core:Non-currentFinancialInstruments 2023-09-30 00379548 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-09-30 00379548 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-09-30 00379548 bus:Consolidated core:RevaluationPropertyPlantEquipmentDeferredTax 2024-09-30 00379548 bus:Consolidated core:RevaluationPropertyPlantEquipmentDeferredTax 2023-09-30 00379548 core:RevaluationPropertyPlantEquipmentDeferredTax 2024-09-30 00379548 core:RevaluationPropertyPlantEquipmentDeferredTax 2023-09-30 00379548 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 00379548 bus:Consolidated core:PlantMachinery 2023-09-30 00379548 bus:Consolidated core:FurnitureFittings 2023-09-30 00379548 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 00379548 core:PlantMachinery 2023-09-30 00379548 core:MotorVehicles 2023-09-30 00379548 bus:Consolidated core:DeferredTaxation 2023-09-30 00379548 bus:Consolidated core:DeferredTaxation 2024-09-30 00379548 core:DeferredTaxation 2023-09-30 00379548 core:DeferredTaxation 2024-09-30 00379548 bus:Consolidated countries:UnitedKingdom 2023-10-01 2024-09-30 00379548 bus:Consolidated countries:UnitedKingdom 2022-10-01 2023-09-30 00379548 bus:Consolidated bus:LeadAgentIfApplicable 2022-10-01 2023-09-30 00379548 bus:Consolidated bus:HighestPaidDirector 2023-10-01 2024-09-30 00379548 bus:Consolidated bus:HighestPaidDirector 2022-10-01 2023-09-30 00379548 bus:MediumEntities 2023-10-01 2024-09-30 00379548 bus:Audited 2023-10-01 2024-09-30 00379548 bus:Medium-sizedCompaniesRegimeForAccounts 2023-10-01 2024-09-30 00379548 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00379548 bus:FullAccounts 2023-10-01 2024-09-30 00379548 bus:OrdinaryShareClass1 2024-09-30 00379548 bus:Consolidated bus:OrdinaryShareClass1 2024-09-30 00379548 bus:OrdinaryShareClass1 2023-09-30 00379548 bus:Consolidated bus:OrdinaryShareClass1 2023-09-30 00379548 countries:FurtherSpecificRegion1ComponentAllCountriesRegions bus:Consolidated 2023-10-01 2024-09-30 00379548 countries:FurtherSpecificRegion1ComponentAllCountriesRegions bus:Consolidated 2022-10-01 2023-09-30 00379548 core:AssetRevaluationSurplusReserve 2023-10-01 2024-09-30 00379548 core:Associate1 bus:Consolidated 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 00379548
Lea Redway Limited and Subsidiary Companies
Financial Statements
30 September 2024
Lea Redway Limited and Subsidiary Companies
Financial Statements
Year ended 30 September 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Lea Redway Limited and Subsidiary Companies
Officers and Professional Advisers
The board of directors
M Adaway
L E V Bedggood
M A Bedggood
N E L Bedggood
C Catt
Registered office
Braggers Farm
Braggers Lane
Bransgore
Christchurch
BH23 8EF
Auditor
TTCA Ltd
Chartered Accountants & statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
Lea Redway Limited and Subsidiary Companies
Strategic Report
Year ended 30 September 2024
Principal activities and review of the business The group's principal activity during the year continued to be that of the manufacture and sale of solenoid switches and switch gear. During the year the group's turnover remained consistent increasing by 1.6% to £59.5m. The group's margins have decreased slightly from 26.2% to 24.6%. The directors are still aware that the group remains susceptible to higher commodity prices in both silver and copper and these have led to price variations in the costs of raw materials, along with changes in foreign exchange levels The group's balance sheet remains very strong with net assets of £57.2m (2023: £52.6m). Cash and bank balances have increased from £14.5m to £16.8m.
Future developments The directors consider the company well placed to take advantage of the inevitable recovery of world trade which will be facilitated by the fully established manufacturing plants in China and Lithuania.
Financial instrument risk The directors continue to manage the above risks by only entering into short-term investments and continually reviewing these short-term investments to ensure that the maximum rates of return are achieved. The company also holds cash in foreign currencies such as Euros and Dollars. The company does not enter into forward contracts in respect of Euros and Dollars, instead the company buys and sells these currencies as and when required on the spot market.
Interest rate risk The nature of the company's activities and the basis of funding are such that the directors envisage the company has sufficient liquid resources. The company is not financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business. Nevertheless the directors continue to take steps to secure rates of interest which will generate the best return for the company.
Currency risk The company operates in a global market with income arising in a number of different currencies. The company does not hedge against foreign exchange differences.
Environment The group is accredited with ISO 14001 Environmental Management System. All of the group's operations that affect the environment are considered from the point of product design and within the manufacturing site(s). The group segregates all waste produced and requests that all employees take their part in waste segregation. Plastic cups, drink cans, paper and cardboard are all recycled. Other waste is disposed of in accordance with the regulations.
Events since the balance sheet In the directors' opinion, there have been no material events which have occurred since the balance sheet date which need disclosing.
This report was approved by the board of directors on 24 April 2025 and signed on behalf of the board by:
M Adaway
Director
Lea Redway Limited and Subsidiary Companies
Directors' Report
Year ended 30 September 2024
The directors present their report and the financial statements of the group for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:
M Adaway
L E V Bedggood
M A Bedggood
N E L Bedggood
C Catt
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
The directors consider the company well placed to take advantage of the inevitable recovery of world trade which will be facilitated by the fully established manufacturing plants in China and Lithuania.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company recognises the importance of its employees and is committed to effective two-way communication and consultation.
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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 group and 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 group and the company's auditor is aware of that information.
This report was approved by the board of directors on 24 April 2025 and signed on behalf of the board by:
M Adaway
Director
Lea Redway Limited and Subsidiary Companies
Independent Auditor's Report to the Members of Lea Redway Limited and Subsidiary Companies
Year ended 30 September 2024
Opinion
We have audited the financial statements of Lea Redway Limited and Subsidiary Companies (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 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 group's and of the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or 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 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indemnified areas as those most likely to have such an effect such as anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. 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 group's 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 group's 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 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 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 an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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.
Thomas McManners BSc ACA ACMI
(Senior Statutory Auditor)
For and on behalf of
TTCA Ltd
Chartered Accountants & statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
24 April 2025
Lea Redway Limited and Subsidiary Companies
Consolidated Statement of Comprehensive Income
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
59,464,397
58,518,181
Cost of sales
44,861,916
43,172,209
-------------
-------------
Gross profit
14,602,481
15,345,972
Administrative expenses
12,664,460
11,430,253
Other operating income
5
219,393
205,166
-------------
-------------
Operating profit
6
2,157,414
4,120,885
Gain on financial assets at fair value through profit or loss
384,045
207,268
Income from other fixed asset investments
10
43,795
195,504
Other interest receivable and similar income
11
76,648
68,328
-------------
-------------
Profit before taxation
2,661,902
4,591,985
Tax on profit
12
422,577
730,794
------------
------------
Profit for the financial year
2,239,325
3,861,191
------------
------------
Foreign currency retranslation
521,726
( 1,499,117)
------------
------------
Total comprehensive income for the year
2,761,051
2,362,074
------------
------------
Profit for the financial year attributable to:
The owners of the parent company
2,206,106
3,827,042
Non-controlling interests
33,219
34,149
------------
------------
2,239,325
3,861,191
------------
------------
Total comprehensive income for the year attributable to:
The owners of the parent company
2,727,832
2,327,925
Non-controlling interests
33,219
34,149
------------
------------
2,761,051
2,362,074
------------
------------
All the activities of the group are from continuing operations.
Lea Redway Limited and Subsidiary Companies
Consolidated Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
183,259
189,756
Tangible assets
15
17,864,303
17,184,727
-------------
-------------
18,047,562
17,374,483
Current assets
Stocks
17
15,752,706
16,389,601
Debtors
18
11,207,955
11,700,281
Investments
19
3,767,829
3,347,202
Cash at bank and in hand
16,830,009
14,502,634
-------------
-------------
47,558,499
45,939,718
Creditors: amounts falling due within one year
20
8,245,602
8,598,958
-------------
-------------
Net current assets
39,312,897
37,340,760
-------------
-------------
Total assets less current liabilities
57,360,459
54,715,243
Provisions
21
38,583
34,418
-------------
-------------
Net assets
57,321,876
54,680,825
-------------
-------------
Capital and reserves
Called up share capital
25
24,000
24,000
Revaluation reserve
26
1,650,180
1,650,180
Capital redemption reserve
26
6,000
6,000
Profit and loss account
26
55,389,401
52,781,569
-------------
-------------
Equity attributable to the owners of the parent company
57,069,581
54,461,749
Non-controlling interests
252,295
219,076
-------------
-------------
57,321,876
54,680,825
-------------
-------------
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 24 April 2025 , and are signed on behalf of the board by:
N E L Bedggood
Director
Company registration number: 00379548
Lea Redway Limited and Subsidiary Companies
Company Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
8,883,873
8,821,505
Investments
16
105,995
105,995
------------
------------
8,989,868
8,927,500
Current assets
Debtors
18
411,600
287,074
Investments
19
3,767,829
3,347,202
Cash at bank and in hand
341,409
595,811
------------
------------
4,520,838
4,230,087
Creditors: amounts falling due within one year
20
2,854,007
2,658,844
------------
------------
Net current assets
1,666,831
1,571,243
-------------
-------------
Total assets less current liabilities
10,656,699
10,498,743
Provisions
21
25,718
25,718
-------------
-------------
Net assets
10,630,981
10,473,025
-------------
-------------
Capital and reserves
Called up share capital
25
24,000
24,000
Revaluation reserve
26
1,650,180
1,650,180
Capital redemption reserve
26
6,000
6,000
Profit and loss account
26
8,950,801
8,792,845
-------------
-------------
Shareholders funds
10,630,981
10,473,025
-------------
-------------
The profit for the financial year of the parent company was £ 277,956 (2023: £ 232,317 loss).
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 24 April 2025 , and are signed on behalf of the board by:
N E L Bedggood
Director
Company registration number: 00379548
Lea Redway Limited and Subsidiary Companies
Consolidated Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Revaluation reserve
Capital redemption reserve
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
£
At 1 October 2022
24,000
1,650,180
6,000
50,573,644
52,253,824
184,927
52,438,751
Profit for the year
3,827,042
3,827,042
34,149
3,861,191
Other comprehensive income for the year:
Foreign currency retranslation
( 1,499,117)
( 1,499,117)
( 1,499,117)
--------
------------
-------
-------------
-------------
---------
-------------
Total comprehensive income for the year
2,327,925
2,327,925
34,149
2,362,074
Dividends paid and payable
13
( 120,000)
( 120,000)
( 120,000)
--------
------------
-------
-------------
-------------
---------
-------------
Total investments by and distributions to owners
( 120,000)
( 120,000)
( 120,000)
At 30 September 2023
24,000
1,650,180
6,000
52,781,569
54,461,749
219,076
54,680,825
Profit for the year
2,206,106
2,206,106
33,219
2,239,325
Other comprehensive income for the year:
Foreign currency retranslation
521,726
521,726
521,726
--------
------------
-------
-------------
-------------
---------
-------------
Total comprehensive income for the year
2,727,832
2,727,832
33,219
2,761,051
Lea Redway Limited and Subsidiary Companies
Consolidated Statement of Changes in Equity (continued)
Year ended 30 September 2024
Called up share capital
Revaluation reserve
Capital redemption reserve
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
£
Dividends paid and payable
13
( 120,000)
( 120,000)
( 120,000)
----
----
----
---------
---------
----
---------
Total investments by and distributions to owners
( 120,000)
( 120,000)
( 120,000)
--------
------------
-------
-------------
-------------
---------
-------------
At 30 September 2024
24,000
1,650,180
6,000
55,389,401
57,069,581
252,295
57,321,876
--------
------------
-------
-------------
-------------
---------
-------------
Lea Redway Limited and Subsidiary Companies
Company Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Revaluation reserve
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
£
At 1 October 2022
24,000
1,650,180
6,000
9,145,162
10,825,342
Loss for the year
( 232,317)
( 232,317)
--------
------------
-------
------------
-------------
Total comprehensive income for the year
( 232,317)
( 232,317)
Dividends paid and payable
13
( 120,000)
( 120,000)
--------
------------
-------
------------
-------------
Total investments by and distributions to owners
( 120,000)
( 120,000)
At 30 September 2023
24,000
1,650,180
6,000
8,792,845
10,473,025
Profit for the year
277,956
277,956
--------
------------
-------
------------
-------------
Total comprehensive income for the year
277,956
277,956
Dividends paid and payable
13
( 120,000)
( 120,000)
----
----
----
---------
---------
Total investments by and distributions to owners
( 120,000)
( 120,000)
--------
------------
-------
------------
-------------
At 30 September 2024
24,000
1,650,180
6,000
8,950,801
10,630,981
--------
------------
-------
------------
-------------
Lea Redway Limited and Subsidiary Companies
Consolidated Statement of Cash Flows
Year ended 30 September 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
2,239,325
3,861,191
Adjustments for:
Depreciation of tangible assets
1,580,304
1,500,012
Amortisation of intangible assets
6,497
19,478
Gain on financial assets at fair value through profit or loss
(384,045)
(207,268)
Income from other fixed asset investments
( 43,795)
( 195,504)
Other interest receivable and similar income
( 76,648)
( 68,328)
Gains on disposal of tangible assets
( 47,523)
Tax on profit/(loss)
422,577
730,794
Accrued expenses/(income)
454,079
( 489,672)
Other operating cash flow adjustment
365,881
(959,642)
Changes in:
Stocks
636,895
937,092
Trade and other debtors
492,326
3,002,873
Trade and other creditors
( 303,750)
( 1,060,561)
------------
------------
Cash generated from operations
5,342,123
7,070,465
Interest received
76,648
68,328
Tax paid
( 806,262)
( 830,363)
------------
------------
Net cash from operating activities
4,612,509
6,308,430
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,769,749)
( 1,909,156)
Proceeds from sale of tangible assets
101,447
36,253
Purchases of other investments
( 420,627)
( 253,170)
Proceeds from sale of other investments
1,493
156,402
Dividends received
42,302
39,102
------------
------------
Net cash used in investing activities
( 2,045,134)
( 1,930,569)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 40,982)
Dividends paid
( 240,000)
( 120,000)
------------
------------
Net cash used in financing activities
( 240,000)
( 160,982)
------------
------------
Net increase in cash and cash equivalents
2,327,375
4,216,879
Cash and cash equivalents at beginning of year
14,502,634
10,285,755
-------------
-------------
Cash and cash equivalents at end of year
16,830,009
14,502,634
-------------
-------------
Lea Redway Limited and Subsidiary Companies
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Braggers Farm, Braggers Lane, Bransgore, Christchurch, BH23 8EF.
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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Lea Redway Limited and Subsidiary Companies and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
Dependent on nature of intangible asset, and in accordance with FRS102.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
Freehold woodlands Freehold woodlands are stated at cost including all expenditure net of grants which is treated as increasing the value of the woodlands.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
59,464,397
58,518,181
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
10,393,569
7,954,173
Overseas sales
49,070,828
50,564,008
-------------
-------------
59,464,397
58,518,181
-------------
-------------
Analysis of overseas sales
2024
2023
£
£
Rest of Europe
22,639,089
23,105,841
North America
10,614,247
11,735,065
Rest of the world
15,817,492
15,723,102
-------------
-------------
TOTAL
49,070,828
50,564,008
-------------
-------------
5. Other operating income
2024
2023
£
£
Rental income
219,393
205,166
---------
---------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
6,497
19,478
Depreciation of tangible assets
1,580,304
1,500,012
Gains on disposal of tangible assets
( 47,523)
Foreign exchange differences
805,502
( 336,365)
------------
------------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
97,652
96,790
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
6,349
4,824
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
470
480
Administrative staff
117
113
----
----
587
593
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
15,354,897
15,520,089
Other pension costs
583,700
590,274
-------------
-------------
15,938,597
16,110,363
-------------
-------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
1,316,393
1,394,560
Company contributions to defined contribution pension plans
65,337
98,461
------------
------------
1,381,730
1,493,021
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
4
5
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
426,563
415,111
Company contributions to defined contribution pension plans
24,746
18,261
---------
---------
451,309
433,372
---------
---------
10. Income from other fixed asset investments
2024
2023
£
£
Dividends from other fixed asset investments
42,302
39,102
(Gain)/loss on disposal of other fixed asset investments
1,493
156,402
--------
---------
43,795
195,504
--------
---------
11. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
76,648
68,328
--------
--------
12. Tax on profit/(loss)
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
422,577
730,794
Tax on profit/(loss)
422,577
730,794
---------
---------
2024 2023
£ £
Overseas taxation 425,324 541,527
--------- ---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 22 %).
2024
2023
£
£
Profit on ordinary activities before taxation
2,661,902
4,591,985
------------
------------
Profit on ordinary activities by rate of tax
850,046
1,010,237
Adjustments in respect of differing tax rates
( 427,469)
( 279,443)
------------
------------
Tax on profit/(loss)
422,577
730,794
------------
------------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
120,000
120,000
---------
---------
14. Intangible assets
Group
Patents, trademarks and licences
£
Cost
At 1 October 2023 and 30 September 2024
521,888
---------
Amortisation
At 1 October 2023
332,132
Charge for the year
6,497
---------
At 30 September 2024
338,629
---------
Carrying amount
At 30 September 2024
183,259
---------
At 30 September 2023
189,756
---------
The company has no intangible assets.
15. Tangible assets
Group
Freehold property
Plant and machinery
Freehold Woodland
Total
£
£
£
£
Cost
At 1 October 2023
13,865,816
24,744,003
543,154
39,152,973
Additions
44,667
1,624,987
100,095
1,769,749
Disposals
( 281,376)
( 281,376)
Exchange adjustments
( 103,405)
476,089
372,684
-------------
-------------
---------
-------------
At 30 September 2024
13,807,078
26,563,703
643,249
41,014,030
-------------
-------------
---------
-------------
Depreciation
At 1 October 2023
2,254,412
19,713,834
21,968,246
Charge for the year
202,771
1,377,533
1,580,304
Disposals
( 227,452)
( 227,452)
Exchange adjustments
( 23,865)
( 147,506)
( 171,371)
-------------
-------------
---------
-------------
At 30 September 2024
2,433,318
20,716,409
23,149,727
-------------
-------------
---------
-------------
Carrying amount
At 30 September 2024
11,373,760
5,847,294
643,249
17,864,303
-------------
-------------
---------
-------------
At 30 September 2023
11,611,404
5,030,169
543,154
17,184,727
-------------
-------------
---------
-------------
Company
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
9,897,790
4,296
381,250
10,283,336
Additions
287,386
287,386
Disposals
( 226,767)
( 226,767)
-------------
-------
---------
-------------
At 30 September 2024
9,897,790
4,296
441,869
10,343,955
-------------
-------
---------
-------------
Depreciation
At 1 October 2023
1,195,457
1,880
264,494
1,461,831
Charge for the year
91,160
82,823
173,983
Disposals
( 175,732)
( 175,732)
-------------
-------
---------
-------------
At 30 September 2024
1,286,617
1,880
171,585
1,460,082
-------------
-------
---------
-------------
Carrying amount
At 30 September 2024
8,611,173
2,416
270,284
8,883,873
-------------
-------
---------
-------------
At 30 September 2023
8,702,333
2,416
116,756
8,821,505
-------------
-------
---------
-------------
The directors have confirmed the carrying value of the investment properties at 30 September 2024 is not materially different to their fair value .
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
105,995
---------
Impairment
At 1 October 2023 and 30 September 2024
---------
Carrying amount
At 1 October 2023 and 30 September 2024
105,995
---------
At 30 September 2023
105,995
---------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Albright International Limited
Ordinary
100
Lea Forestry Limited
Ordinary
100
Albright Deutschland GmbH
Ordinary
100
Albright France
Ordinary
80
Albright Lietuva UAB
Ordinary
100
Albright Mechanical Engineering Shanghai
Ordinary
100
Albright Japan
Ordinary
100
Albright (Engineers) Limited
Ordinary
100
Albright Electromechanical India Private Limited
Ordinary
100
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
10,659,941
10,053,043
Work in progress
3,168,024
2,680,588
Finished goods and goods for resale
1,924,741
3,655,970
-------------
-------------
----
----
15,752,706
16,389,601
-------------
-------------
----
----
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
9,591,276
10,080,662
335,165
260,000
Amounts owed by group undertakings
195
Prepayments and accrued income
466,191
374,927
Other debtors
1,150,488
1,244,692
76,240
27,074
-------------
-------------
---------
---------
11,207,955
11,700,281
411,600
287,074
-------------
-------------
---------
---------
19. Investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Other investments
3,767,829
3,347,202
3,767,829
3,347,202
------------
------------
------------
------------
In accordance with FRS102, publicly traded (listed) investments are shown at fair value with changes in fair value being recognised in the statement of comprehensive income.
20. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
4,355,322
4,842,399
54,711
5,692
Amounts owed to group undertakings
2,031,226
1,885,306
Accruals and deferred income
1,719,249
1,265,170
619,782
634,268
Corporation tax
347,002
730,687
Social security and other taxes
755,207
1,033,159
27,788
7,415
Dividends payable
120,000
120,000
Other creditors
1,068,822
607,543
120,500
6,163
------------
------------
------------
------------
8,245,602
8,598,958
2,854,007
2,658,844
------------
------------
------------
------------
21. Provisions
Group
Deferred tax (note 22)
£
At 1 October 2023
34,418
Additions
4,165
--------
At 30 September 2024
38,583
--------
Company
Deferred tax (note 22)
£
At 1 October 2023
25,718
--------
At 30 September 2024
25,718
--------
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
38,583
34,418
25,718
25,718
--------
--------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
12,865
8,700
Revaluation of tangible assets
25,718
25,718
25,718
25,718
--------
--------
--------
--------
38,583
34,418
25,718
25,718
--------
--------
--------
--------
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 445,217 (2023: £ 590,274 ).
24. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Group
Company
2024
2023
2024
2023
£
£
£
£
Financial assets measured at fair value through profit or loss
3,767,829
3,347,202
3,767,829
3,347,202
------------
------------
------------
------------
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
24,000
24,000
24,000
24,000
--------
--------
--------
--------
26. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
14,502,634
2,327,375
16,830,009
Current asset investments
3,347,202
420,627
3,767,829
-------------
------------
-------------
17,849,836
2,748,002
20,597,838
-------------
------------
-------------
Lea Redway Limited and Subsidiary Companies
Notes to the Financial Statements (continued)
Year ended 30 September 2024
28. Related party transactions
Group
During the year Albright International Limited, a wholly owned subsidiary of Lea Redway Limited, made sales totalling £812,993 (2023: £879,763) to Albright France, an 80% subsidiary of Albright International Limited. Albright France made sales of £2,079 (2023: £997) to Albright International. These transactions were entered into on an arms-length basis. At 30 September 2024, trade debtors, due from Albright France to Albright International Limited totalled £305,506 (2023: £427,305). During the year, dividends of £32,324 (2023:None) were paid by Albright France to Albright International Limited and management charges of £nil were paid by Albright France to Albright International Limited (2023: £21,552) At 30 September 2024, a loan of £117,081 (2023: £199,826) was due by Albright France to Albright International Limited. Albright Shanghai, a wholly owned subsidiary of Albright International Limited, made sales of £96,212 (2023: £63,903) to Albright France. At the year end trade debtors, due from Albright France to Albright Shanghai, totalled £nil. Albright Lithuania, a wholly owned subsidiary of Albright International Limited, made sales of £1,123,335 (2023: £1,255,308) to Albright France. At the year end trade debtors, due from Albright France to Albright Lithuania, totalled £173,404 (2023: £398,230).
Company
There are no related party transactions which the company is required to disclose