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COMPANY REGISTRATION NUMBER: 04008116
PLAND STAINLESS LIMITED
FINANCIAL STATEMENTS
30 November 2024
PLAND STAINLESS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2024
Contents
Page
Officers and professional advisers 1
Strategic report 2
Directors' report 4
Independent auditor's report to the member 6
Profit and loss account 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13
PLAND STAINLESS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
R M Haigh
J D Johnson
Registered office
Ring Road
Lower Wortley
Leeds
LS12 6AA
Auditor
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
Bankers
HSBC Bank plc
2 Cloth Hall Street
Huddersfield
West Yorkshire
HD1 2ES
Solicitors
Schofield Sweeney LLP
Church Bank House
Church Bank
Bradford
BD1 4DY
PLAND STAINLESS LIMITED
STRATEGIC REPORT
YEAR ENDED 30 NOVEMBER 2024
The directors present their report for the year ended 30 November 2024 . Principal activity and business review The principal activity of the company during the period was the manufacture and sale of stainless steel products for the commercial market. Turnover increased over the period by 13% with the gross profit margin maintained at 43%. Given the challenging competitive pressures, the directors are satisfied with the level of operating profit generated. Other than working capital facilities and modest asset finance, the business remained debt-free and the majority of the cash generated from operating activities has been reinvested to enhance production efficiencies. Performance and developments during the period The directors are continuing to pursue initiatives to drive turnover growth and improve the gross margin. Particular emphasis is being placed on procurement procedures and stock management. Principal risks and uncertainties The business remains exposed to a range of risk factors including public sector spending policies, the performance of various international economies and volatility in commodity prices and currencies. These are managed through careful market and data analysis, sensible planning and early reaction to changes affecting the business. Financial instruments The company's principal financial instruments comprise bank balances, invoice financing, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Due to the nature of the financial instruments used by the company there is no material exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances and invoice financing the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of invoice financing facilities and overdraft if required. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both length of time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Financial key performance indicators A range of KPIs, including order intake, margin achievement, production efficiency and collection of trade receivables, will continue to be monitored as part of the on-going management of the group's operations. Outlook Based on current data, the directors anticipate further turnover growth during 2024/25. Work has commenced on a number of delayed contracts and earlier marketing initiatives are generating increased levels of exports. An improvement in the gross margin is a key area and resources are being focused here. Tight control over overheads is being maintained and the directors expect further operating cash generation through to November 2025.
This report was approved by the board of directors on 29 April 2025 and signed on behalf of the board by:
R M Haigh
Director
PLAND STAINLESS 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:
S Duree
I Hodgson
R M Haigh and J D Johnson were appointed as directors on 31 March 2025 . I Hodgson and S Duree had resigned as directors on 31 March 2025 .
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Research and development
The company continues to take advantage of technical advances as they arise.
Disclosure of information in the strategic report
In accordance with Section 414C(11), Companies Act 2006, the following information required to be contained in this report is set out in the company's Strategic Report on page 2: principal activities, business review, future developments, financial risks and research and development.
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 29 April 2025 and signed on behalf of the board by:
R M Haigh
Director
PLAND STAINLESS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF PLAND STAINLESS LIMITED
YEAR ENDED 30 NOVEMBER 2024
Opinion
We have audited the financial statements of Pland Stainless Limited (the 'company') for the year ended 30 November 2024 which comprise the profit and loss account, balance sheet, 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 Directors' Report for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
- the Directors' Report has 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: Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations; Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity; Because of inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with the law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
David Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
29 April 2025
PLAND STAINLESS LIMITED
PROFIT AND LOSS ACCOUNT
YEAR ENDED 30 NOVEMBER 2024
2024
2023
Note
£
£
Turnover
4
6,122,644
5,389,787
Cost of sales
3,460,355
3,001,756
------------
------------
Gross profit
2,662,289
2,388,031
Administrative expenses
2,313,589
2,148,849
Other operating income
5
6,817
116,138
------------
------------
Operating profit
6
355,517
355,320
Income from other fixed asset investments
90
90
Interest payable and similar expenses
9
42,084
53,655
------------
------------
Profit before taxation
313,523
301,755
Tax on profit
10
78,495
68,394
------------
------------
Profit for the financial year and total comprehensive income
235,028
233,361
------------
------------
Dividends paid and payable
11
( 72,000)
( 72,000)
Retained earnings at the start of the year
3,793,989
3,632,628
------------
------------
Retained earnings at the end of the year
3,957,017
3,793,989
------------
------------
All the activities of the company are from continuing operations.
PLAND STAINLESS LIMITED
BALANCE SHEET
30 November 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
12
550,918
618,750
Current assets
Stocks
13
778,069
784,173
Debtors
14
4,359,328
4,359,766
Investments
15
3,100
3,100
Cash at bank and in hand
17,634
12,160
------------
------------
5,158,131
5,159,199
Creditors: amounts falling due within one year
16
( 1,374,697)
( 1,508,806)
------------
------------
Net current assets
3,783,434
3,650,393
------------
------------
Total assets less current liabilities
4,334,352
4,269,143
Creditors: amounts falling due after more than one year
17
( 142,968)
( 222,990)
Provisions
Taxation including deferred tax
20
( 134,367)
( 152,164)
------------
------------
Net assets
4,057,017
3,893,989
------------
------------
Capital and reserves
Called up share capital
24
100,000
100,000
Profit and loss account
25
3,957,017
3,793,989
------------
------------
Shareholder funds
4,057,017
3,893,989
------------
------------
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 29 April 2025 , and are signed on behalf of the board by:
R M Haigh
Director
Company registration number: 04008116
PLAND STAINLESS LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 30 NOVEMBER 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
235,028
233,361
Adjustments for:
Depreciation of tangible assets
121,470
115,514
Government grant income
( 6,817)
( 6,817)
Income from other fixed asset investments
( 90)
( 90)
Interest payable and similar expenses
42,084
53,655
Loss/(gains) on disposal of tangible assets
790
( 10,000)
Tax on profit
78,495
68,394
Changes in:
Stocks
6,104
49,999
Trade and other debtors
438
( 310,484)
Trade and other creditors
( 118,728)
( 44,269)
------------
------------
Cash generated from operations
358,774
149,263
Interest paid
( 42,084)
( 53,655)
Tax paid
( 75,041)
------------
------------
Net cash from operating activities
241,649
95,608
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 54,428)
( 27,674)
Proceeds from sale of tangible assets
10,000
Dividends received
90
90
------------
------------
Net cash used in investing activities
( 54,338)
( 17,584)
------------
------------
Cash flows from financing activities
Repayments of borrowings
( 50,000)
( 50,000)
Government grant income
6,817
6,817
Payments of finance lease liabilities
( 66,654)
41,598
Dividends paid
( 72,000)
( 72,000)
------------
------------
Net cash used in financing activities
( 181,837)
( 73,585)
------------
------------
Net increase in cash and cash equivalents
5,474
4,439
Cash and cash equivalents at beginning of year
12,160
7,721
------------
------------
Cash and cash equivalents at end of year
17,634
12,160
------------
------------
PLAND STAINLESS 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 and Wales. The address of the registered office is Ring Road, Lower Wortley, Leeds, LS12 6AA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest £.
Investment income
Investment income comprises dividends and interest and is accounted for on a receivable basis.
Investments
Investments are included at cost less amounts written off. Profits or losses arising on disposal of fixed asset investments are treated as part of the result from ordinary activities.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of income and retained earnings.
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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
Taxation
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 on a undiscounted basis using the tax rates and laws that are expected to apply in the periods in which the timing differences reverse based on tax rates and laws enacted or substantively enacted by the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to 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.
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:
Plant and machinery
-
7 to 15 years straight line basis
Motor Vehicles
-
4 years reducing balance basis
Computer equipment
-
4 to 8 years straight line basis
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 stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised in the statement of financial position at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 balance sheet 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Trade and other debtors Trade and other debtors are recognised and carried forward at invoice amounts less provisions for any doubtful debts. Bad debts are written off when identified. Interest-bearing loans and borrowings All loans and borrowings are recognised initially at cost, which is the fair value of the consideration received, net of issue costs associated with the borrowing. Foreign currencies Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Where exchange differences result from the translation of foreign currency borrowings raised to acquire foreign assets they are taken to reserves and offset against the differences arising from the translation of those assets. All other exchange differences are dealt with through the profit and loss account.
Contributions to pension funds
The company contributes to defined contribution pension schemes. the amount charged to the profit and loss is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the statement of financial position..
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
6,122,644
5,389,787
------------
------------
The percentage of turnover attributable to overseas markets was 4.1% (2023: 7.8%).
5. Other operating income
2024
2023
£
£
Government grant income
6,817
6,817
Rates rebates
109,321
------------
------------
6,817
116,138
------------
------------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
121,470
115,514
Loss/(gains) on disposal of tangible assets
790
( 10,000)
Impairment of trade debtors
10,489
(4,200)
Operating lease rentals
201,994
200,536
------------
------------
7. 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
47
37
Administrative staff
16
14
Management staff
2
3
------------
------------
65
54
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,933,783
1,450,235
Social security costs
173,992
131,471
Other pension costs
56,690
35,814
------------
------------
2,164,465
1,617,520
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
63,527
50,722
Company contributions to defined contribution pension plans
491
3,729
------------
------------
64,018
54,451
------------
------------
9. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
5,623
8,923
Interest payable on bank loans and overdrafts
9,769
13,152
Other interest payable and similar charges
26,692
31,580
------------
------------
42,084
53,655
------------
------------
10. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
96,292
75,041
Deferred tax:
Origination and reversal of timing differences
( 17,797)
( 6,647)
------------
------------
Tax on profit
78,495
68,394
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 22.98 %).
2024
2023
£
£
Profit on ordinary activities before taxation
313,523
301,755
------------
------------
Profit on ordinary activities by rate of tax
78,381
69,338
Effect of expenses not deductible for tax purposes
136
127
Effect of revenue exempt from tax
( 22)
( 21)
Superdeduction
( 174)
Remeasurement of deferred tax for changes in tax rates
( 876)
------------
------------
Tax on profit
78,495
68,394
------------
------------
11. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
72,000
72,000
------------
------------
12. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2023
1,513,577
25,900
93,545
1,633,022
Additions
52,957
1,471
54,428
Disposals
( 57,574)
( 19,449)
( 77,023)
------------
------------
------------
------------
At 30 November 2024
1,508,960
25,900
75,567
1,610,427
------------
------------
------------
------------
Depreciation
At 1 December 2023
913,247
23,202
77,823
1,014,272
Charge for the year
113,289
2,698
5,483
121,470
Disposals
( 57,284)
( 18,949)
( 76,233)
------------
------------
------------
------------
At 30 November 2024
969,252
25,900
64,357
1,059,509
------------
------------
------------
------------
Carrying amount
At 30 November 2024
539,708
11,210
550,918
------------
------------
------------
------------
At 30 November 2023
600,330
2,698
15,722
618,750
------------
------------
------------
------------
13. Stocks
2024
2023
£
£
Raw materials and consumables
117,800
150,989
Work in progress
537,961
514,593
Finished goods and goods for resale
122,308
118,591
------------
------------
778,069
784,173
------------
------------
14. Debtors
2024
2023
£
£
Trade debtors
1,160,647
1,166,858
Prepayments and accrued income
140,793
135,020
Amounts owed by group undertakings
3,057,888
3,057,888
------------
------------
4,359,328
4,359,766
------------
------------
The trade debtors are assigned to a third party which has given cash advances against this assignment. The amounts owed by group undertakings are repayable on demand but likely to be recoverable more than one year after the balance sheet date.
15. Investments
2024
2023
£
£
Listed investment
3,100
3,100
------------
------------
The market value of the listed investment at 30 November 2024 was £8,825 (2023: £6,275).
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,000
50,000
Trade creditors
723,126
534,533
Accruals and deferred income
204,738
164,311
Corporation tax
96,292
75,041
Social security and other taxes
146,558
128,753
Obligations under finance leases and hire purchase contracts
23,205
66,654
Invoice discounting facilities
130,778
489,514
------------
------------
1,374,697
1,508,806
------------
------------
The bank borrowings are secured by a fixed and floating charge over all of the company's assets.
The obligations under finance lease and hire purchase contacts are secured on the assets purchased.
The invoice discounting facilities are secured by a charge over the company's book debts
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,167
79,167
Accruals and deferred income
63,079
69,896
Obligations under finance leases and hire purchase contracts
50,722
73,927
------------
------------
142,968
222,990
------------
------------
The bank borrowings are secured by a fixed and floating charge over all of the company's assets.
The obligations under finance lease and hire purchase contacts are secured on the assets purchased.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
23,205
66,654
Later than 1 year and not later than 5 years
50,722
73,927
------------
------------
73,927
140,581
------------
------------
The obligations under finance leases and hire purchase contracts are secured on the assets purchased.
19. Secured liabilities
2024
2023
£
£
Aggregate amount of secured liabilities
283,872
759,262
------------
------------
20. Provisions
Deferred tax (note 21)
£
At 1 December 2023
152,164
Charge against provision
( 17,797)
------------
At 30 November 2024
134,367
------------
21. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 20)
134,367
152,164
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
135,932
152,776
Short term timing differences
( 1,565)
( 612)
------------
------------
134,367
152,164
------------
------------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 56,690 (2023: £ 35,814 ).
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in creditors:
Deferred government grants due within one year
6,817
6,817
Deferred government grants due after more than one year
63,079
69,896
------------
------------
69,896
76,713
------------
------------
Recognised in other operating income:
Government grants released to profit or loss
6,817
6,817
------------
------------
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100,000
100,000
100,000
100,000
------------
------------
------------
------------
25. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Dec 2023
Cash flows
At 30 Nov 2024
£
£
£
Cash at bank and in hand
12,160
5,474
17,634
Debt due within one year
(116,654)
43,449
(73,205)
Debt due after one year
(153,094)
73,205
(79,889)
Current asset investments
3,100
3,100
------------
------------
------------
( 254,488)
122,128
( 132,360)
------------
------------
------------
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
130,654
117,380
Later than 1 year and not later than 5 years
556,939
644,700
------------
------------
687,593
762,080
------------
------------
28. Contingencies
The company has entered into an unlimited multilateral guarantee arrangement in respect of the bank facilities of other group companies .
29. Parent company
The company is a wholly owned subsidiary of Pland Group Holdings Limited. There is no one controlling party of this company.