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Registered number: 01362506










R.A. HOMDEN LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
R.A. HOMDEN LIMITED
 
 
COMPANY INFORMATION


Directors
Gillian M Homden 
Richard L Homden 
Jonathon S Homden 




Company secretary
A D Delamere



Registered number
01362506



Registered office
Brixton Way
Harlescott Industrial Estate

Shrewsbury

SY1 3LB




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
R.A. HOMDEN LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9 - 10
Company balance sheet
 
11 - 12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Notes to the financial statements
 
17 - 40


 
R.A. HOMDEN LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present the strategic report for the period ended 30 September 2024. 

Business review
 
Despite the challenges arising from the turbulent economic environment the business has demonstrated its operational and financial resilience and ability to manage business risks successfully.  
The Group produced a profit before tax of £468k (2023: loss before tax £106k).
The Group continues to maintain a strong balance sheet with net assets and net current assets at period end of £11.0m (2023: £11.1m) and £5.2m (2023: £5.6m) respectively.

Principal risks and uncertainties
 
The Group is in a strong financial position with continued investment being funded out of retained earnings and cash at bank. The principal risks and uncertainties are considered to be those external to the group itself such as changes in the political and economic environments. The control of risk and the management of the Group's ability to adjust to changing external and internal influences is integral to the Group's business. The directors regularly review and agree policies for managing such risks.  

Financial key performance indicators
 
The Group uses various key performance indicators to monitor its financial performance and position. Key performance indicators that are relevant to the financial statements include turnover, gross profit margin, operating profit, net current assets and net assets. An analysis of the Group's performance by reference to these key performance indicators is provided in the business review above.

Other key performance indicators
 
The Group uses a number of targeted non-financial key performance indicators to monitor and measure performance on a weekly and monthly basis.


This report was approved by the board and signed on its behalf.






................................................
Richard L Homden
Director

Date: 2 May 2025

Page 1

 
R.A. HOMDEN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £353,496 (2023 - loss £243,267).

Dividends totalling £Nil (2023: £Nil) were paid during the year.

Directors

The directors who served during the year were:

Gillian M Homden 
Richard L Homden 
Jonathon S Homden 

Future developments

The organisation has invested significantly on ERP/CRM systems to enable it to enter into defence, renewables, aerospace, and energy markets. 

Page 2

 
R.A. HOMDEN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Richard L Homden
Director

Date: 2 May 2025

Page 3

 
R.A. HOMDEN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R.A. HOMDEN LIMITED
 

Opinion


We have audited the financial statements of R.A. Homden Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company'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; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 4

 
R.A. HOMDEN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R.A. HOMDEN LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group 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.


Page 5

 
R.A. HOMDEN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R.A. HOMDEN LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a 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.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
R.A. HOMDEN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R.A. HOMDEN LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.






John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

2 May 2025
Page 7

 
R.A. HOMDEN LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
As restated
2023
Note
£
£

  

Turnover
 4 
16,902,867
15,738,386

Cost of sales
  
(14,514,311)
(13,872,558)

Gross profit
  
2,388,556
1,865,828

Administrative expenses
  
(1,961,198)
(1,990,935)

Operating profit/(loss)
 5 
427,358
(125,107)

Interest receivable and similar income
 9 
100,131
78,312

Interest payable and similar expenses
 10 
(59,876)
(59,639)

Profit/(loss) before taxation
  
467,613
(106,434)

Tax on profit/(loss)
 11 
(132,579)
(123,392)

Profit/(loss) for the financial year
  
335,034
(229,826)

Profit/(loss) for the year attributable to:
  

Non-controlling interests
  
(18,462)
13,441

Owners of the parent Company
  
353,496
(243,267)

  
335,034
(229,826)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 40 form part of these financial statements.

Page 8

 
R.A. HOMDEN LIMITED
REGISTERED NUMBER: 01362506

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Intangible assets
 13 
59,203
71,017

Tangible assets
 14 
6,791,010
6,518,015

  
6,850,213
6,589,032

Current assets
  

Stocks
 16 
1,127,993
1,200,220

Debtors: amounts falling due within one year
 17 
3,541,989
3,510,830

Cash at bank and in hand
 18 
4,412,426
3,397,383

  
9,082,408
8,108,433

Creditors: amounts falling due within one year
 19 
(3,882,959)
(2,498,416)

Net current assets
  
 
 
5,199,449
 
 
5,610,017

Total assets less current liabilities
  
12,049,662
12,199,049

Creditors: amounts falling due after more than one year
 20 
(316,666)
(516,666)

Provisions for liabilities
  

Deferred taxation
 22 
(741,208)
(608,629)

  
 
 
(741,208)
 
 
(608,629)

Net assets
  
10,991,788
11,073,754

Page 9

 
R.A. HOMDEN LIMITED
REGISTERED NUMBER: 01362506
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
                                                                     Note
£
£

Capital and reserves
  

Called up share capital 
 23 
2,250,128
2,667,128

Capital redemption reserve
 24 
1,417,000
-

Profit and loss account
 24 
7,116,069
8,179,573

Equity attributable to owners of the parent Company
  
10,783,197
10,846,701

Non-controlling interests
  
208,591
227,053

  
10,991,788
11,073,754


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Richard L Homden
Director

Date: 2 May 2025

The notes on pages 17 to 40 form part of these financial statements.

Page 10

 
R.A. HOMDEN LIMITED
REGISTERED NUMBER: 01362506

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Tangible assets
 14 
2,617,256
2,761,720

Investments
 15 
202,404
202,404

  
2,819,660
2,964,124

Current assets
  

Debtors: amounts falling due after more than one year
 17 
1,452,482
1,434,542

Debtors: amounts falling due within one year
 17 
489,566
544,635

Cash at bank and in hand
 18 
3,669,525
2,810,433

  
5,611,573
4,789,610

Creditors: amounts falling due within one year
 19 
(859,534)
(111,058)

Net current assets
  
 
 
4,752,039
 
 
4,678,552

Total assets less current liabilities
  
7,571,699
7,642,676

  

Provisions for liabilities
  

Deferred taxation
 22 
(148,358)
(161,675)

  
 
 
(148,358)
 
 
(161,675)

Net assets
  
7,423,341
7,481,001

Page 11

 
R.A. HOMDEN LIMITED
REGISTERED NUMBER: 01362506
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
                                                                     Note
£
£


Capital and reserves
  

Called up share capital 
 23 
2,250,128
2,667,128

Capital redemption reserve
 24 
1,417,000
-

Profit and loss account brought forward
  
4,813,873
5,130,233

Profit/(loss) for the year
  
359,340
(316,360)

Other changes in the profit and loss account

  

(1,417,000)
-

Profit and loss account carried forward
  
3,756,213
4,813,873

  
7,423,341
7,481,001


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Richard L Homden
Director

Date: 2 May 2025

The notes on pages 17 to 40 form part of these financial statements.

Page 12

 
R.A. HOMDEN LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Non-controlling interests
Total equity

£
£
£
£
£

At 1 October 2022
2,667,128
-
8,422,840
213,612
11,303,580


Comprehensive income for the year

Loss for the year
-
-
(243,267)
-
(243,267)

NCI profit
-
-
-
13,441
13,441
Total comprehensive income for the year
-
-
(243,267)
13,441
(229,826)


At 1 October 2023
2,667,128
-
8,179,573
227,053
11,073,754


Comprehensive income for the year

Profit for the year
-
-
353,496
-
353,496

NCI profit
-
-
-
(18,462)
(18,462)
Total comprehensive income for the year
-
-
353,496
(18,462)
335,034


Contributions by and distributions to owners

Shares issued during the year
1,000,000
-
-
-
1,000,000

Shares redeemed during the year
(1,417,000)
-
-
-
(1,417,000)

Shares redeemed during the year
-
1,417,000
(1,417,000)
-
-


Total transactions with owners
(417,000)
1,417,000
(1,417,000)
-
(417,000)


At 30 September 2024
2,250,128
1,417,000
7,116,069
208,591
10,991,788


The notes on pages 17 to 40 form part of these financial statements.

Page 13

 
R.A. HOMDEN LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
2,667,128
-
5,130,233
7,797,361


Comprehensive income for the year

Loss for the year
-
-
(316,360)
(316,360)
Total comprehensive income for the year
-
-
(316,360)
(316,360)


Total transactions with owners
-
-
-
-


At 1 October 2023
2,667,128
-
4,813,873
7,481,001


Comprehensive income for the year

Profit for the year
-
-
359,340
359,340
Total comprehensive income for the year
-
-
359,340
359,340


Contributions by and distributions to owners

Shares issued during the year
1,000,000
-
-
1,000,000

Shares redeemed during the year
(1,417,000)
-
-
(1,417,000)

Shares redeemed during the year
-
1,417,000
(1,417,000)
-


Total transactions with owners
(417,000)
1,417,000
(1,417,000)
(417,000)


At 30 September 2024
2,250,128
1,417,000
3,756,213
7,423,341


The notes on pages 17 to 40 form part of these financial statements.

Page 14

 
R.A. HOMDEN LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
335,034
(229,826)

Adjustments for:

Amortisation of intangible assets
11,814
11,814

Depreciation of tangible assets
566,125
522,089

(Profit) on disposal of tangible assets
(2,899)
(3,410)

Interest paid
59,876
59,639

Interest received
(100,131)
(78,312)

Taxation charge
132,579
123,392

Decrease in stocks
72,227
23,219

(Increase) in debtors
(543,163)
(62,643)

(Decrease) in creditors
(31,279)
(152,659)

Corporation tax received/(paid)
510,826
(19,831)

Net cash generated from operating activities

1,011,009
193,472


Cash flows from investing activities

Purchase of tangible fixed assets
(844,861)
(2,368,367)

Sale of tangible fixed assets
8,640
25,725

Interest received
100,131
78,312

Net cash from investing activities

(736,090)
(2,264,330)
Page 15

 
R.A. HOMDEN LIMITED
 

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


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
1,000,000
-

Repayment of loans
(200,000)
(200,000)

Interest paid
(59,876)
(59,639)

Net cash used in financing activities
740,124
(259,639)

Net increase/(decrease) in cash and cash equivalents
1,015,043
(2,330,497)

Cash and cash equivalents at beginning of year
3,397,383
5,727,880

Cash and cash equivalents at the end of year
4,412,426
3,397,383


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,412,426
3,397,383

4,412,426
3,397,383


Page 16

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

R A Homden Limited ('the Company') and its subsidiaries (together "the Group") manufacture and produce precision metal pressings and assemblies predominantly for the automotive and domestic appliance markets. 
The company is a private company limited by shares. It is incorporated and domiciled in England.The address of its registered office and principal place of business is Brixton Way, Harlescott Industrial Estate, Shrewsbury, Shropshire, SY1 3LB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

 
2.3

Going concern

The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

Page 17

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 18

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation will be charged so as to reduce the book value of Goodwill over a useful economic life
of 10 years. Other Intangible assets have no amortisation charged. 

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance methods.

The estimated useful lives range as follows:

Freehold property
-
2% straight line
Plant and machinery
-
7% - 25% reducing balance
Motor vehicles
-
25% straight line and 33% reducing balance
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 19

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
 
Page 21

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 22

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 23

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 24

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the relates actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 25

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the manufacture and production of precision metal pressing and assemblies predominantly for the automotive and domestic appliance industries.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,140,370
12,648,560

Rest of Europe
1,762,497
3,089,826

16,902,867
15,738,386



5.


Operating profit/(loss)

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

2024
2023
£
£

Exchange differences
(123)
(512)

Other operating lease rentals
156,315
140,185

(Profit)/loss on disposal of fixed assets
(2,899)
(3,410)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
16,250
14,465

Page 26

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,886,607
3,753,307

Social security costs
365,884
348,553

Cost of defined contribution scheme
85,275
80,902

4,337,766
4,182,762


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
117
114



Administration
14
16



Directors
4
5

135
135

During the year the key management personnel of the Group received remuneration totalling £325,349 (2023: £276,811).

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
315,496
281,682

Group contributions to defined contribution pension schemes
9,852
10,082

325,348
291,764


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £85,000 (2023 - £85,000).

Page 27

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
100,131
78,312

100,131
78,312


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
51,406
55,068

Other loan interest payable
8,470
4,571

59,876
59,639


11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(92,936)


-
(92,936)


Total current tax
-
(92,936)

Deferred tax


Origination and reversal of timing differences
132,579
216,328

Total deferred tax
132,579
216,328


Taxation on profit on ordinary activities
132,579
123,392
Page 28

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
467,613
(106,434)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
116,903
(23,415)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
2,954
-

Expenses not deductible for tax purposes
633
8,256

Utilisation of tax losses
(39,597)
107,610

Adjustments to tax charge in respect of prior periods
-
(92,936)

Non-taxable income
-
(2,272)

Timing differences net of movement in tax rates
46,350
(257,171)

Book profit on chargeable assets
(725)
(750)

Unrelieved tax losses carried forward
6,061
384,070

Total tax charge for the year
132,579
123,392


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £359,340 (2023 - loss £316,360).


13.


Intangible assets

Group and Company





Licence Option
Other Intangible Assets
Goodwill
Total

£
£
£
£



Cost


At 1 October 2023
50,000
43,135
25,137
118,272



At 30 September 2024

50,000
43,135
25,137
118,272



Amortisation


At 1 October 2023
15,000
22,255
10,000
47,255


Charge for the year on owned assets
5,000
4,314
2,500
11,814


Amortisation transfer
5,000
(5,000)
-
-



At 30 September 2024

25,000
21,569
12,500
59,069



Net book value



At 30 September 2024
25,000
21,566
12,637
59,203



At 30 September 2023
35,000
20,880
15,137
71,017



Page 30

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
3,218,481
10,608,065
864,305
259,300
14,950,151


Additions
-
751,451
43,760
49,650
844,861


Disposals
-
-
(43,000)
(21,330)
(64,330)



At 30 September 2024
3,218,481
11,359,516
865,065
287,620
15,730,682



Depreciation



At 1 October 2023
1,308,867
6,506,154
445,385
171,730
8,432,136


Charge for the year on owned assets
54,560
322,815
148,497
40,253
566,125


Disposals
-
-
(39,242)
(19,347)
(58,589)



At 30 September 2024
1,363,427
6,828,969
554,640
192,636
8,939,672



Net book value




At 30 September 2024
1,855,054
4,530,547
310,425
94,984
6,791,010



At 30 September 2023
1,909,614
4,101,911
418,920
87,570
6,518,015

Page 31

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           14.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Total

£
£
£

Cost or valuation


At 1 October 2023
3,218,481
1,926,000
5,144,481



At 30 September 2024
3,218,481
1,926,000
5,144,481



Depreciation


At 1 October 2023
1,308,867
1,073,894
2,382,761


Charge for the year on owned assets
54,560
89,904
144,464



At 30 September 2024

1,363,427
1,163,798
2,527,225



Net book value



At 30 September 2024
1,855,054
762,202
2,617,256



At 30 September 2023
1,909,614
852,106
2,761,720






Page 32

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
202,404



At 30 September 2024
202,404





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Salop Design & Engineering Limited
Brixton Way, Harlescott, Shrewsbury, Shropshire, SY1 3LB
Ordinary
100%
SDE Pressings Limited
Brixton Way, Harlescott, Shrewsbury, Shropshire, SY1 3LB
Ordinary
100%
Salop Fabrications Limited
Brixton Way, Harlescott, Shrewsbury, Shropshire, SY1 3LB
Ordinary
100%
Salop Powder Coating Limited
Brixton Way, Harlescott, Shrewsbury, Shropshire, SY1 3LB
Ordinary
100%
Salop Haulage Limited
Brixton Way, Harlescott, Shrewsbury, Shropshire, SY1 3LB
Ordinary
75%

Page 33

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
614,538
861,915

Work in progress (goods to be sold)
243,782
156,790

Finished goods and goods for resale
269,673
181,515

1,127,993
1,200,220


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Amounts owed by group undertakings
-
-
1,452,482
1,434,542

-
-
1,452,482
1,434,542


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
2,765,519
2,600,399
-
-

Other debtors
221,034
733,038
124,370
544,635

Prepayments and accrued income
550,487
172,444
365,196
-

Tax recoverable
4,949
4,949
-
-

3,541,989
3,510,830
489,566
544,635


Page 34

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,412,426
3,397,383
3,669,525
2,810,433

4,412,426
3,397,383
3,669,525
2,810,433



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
200,000
200,000
-
-

Trade creditors
1,310,587
1,505,078
1,560
-

Amounts owed to group undertakings
-
-
-
99,875

Corporation tax
-
1,178
-
1,178

Other taxation and social security
264,339
112,795
1,144
-

Other creditors
1,227,276
390,087
845,526
1

Accruals and deferred income
880,757
289,278
11,304
10,004

3,882,959
2,498,416
859,534
111,058



20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
316,666
516,666

316,666
516,666



Page 35

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
200,000
200,000


200,000
200,000

Amounts falling due 1-2 years

Bank loans
200,000
200,000


200,000
200,000

Amounts falling due 2-5 years

Bank loans
116,666
316,666


116,666
316,666


516,666
716,666


Included within bank loans is a Coronavirus Business Interruption Loan, provided by Barclay's Bank Plc. Interest is charged at 2.95% plus the base rate and the balance is expected to be repaid in full by October 2026. The loan is secured by a fixed and floating charge over the assets of the Company. 

Page 36

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Deferred taxation


Group



2024


£






At beginning of year
(608,629)


Charged to the profit or loss
(132,579)



At end of year
(741,208)

Company


2024


£






At beginning of year
(161,675)


Charged to the profit or loss
13,317



At end of year
(148,358)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(1,096,667)
(1,037,418)
(148,358)
(161,675)

Short term timing differences
2,856
2,752
-
-

Unused taxable losses
352,603
426,037
-
-

(741,208)
(608,629)
(148,358)
(161,675)

Page 37

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



128 (2023 - 128) Ordinary shares of £1.00 each
128
128
1,250 (2023 - 2,667) Redeemable shares of £1,000.00 each
1,250,000
2,667,000
1,000 (2023 - nil) Redeemable B shares of £1,000.00 each
1,000,000
-

2,250,128

2,667,128

1,000 redeemable B shares were allotted at £1,000 each on the 26 June 2024.
1,417 redeemable shares were redeemed at £1,000 each on the 27 September 2024. 


The redeemable shares have the following rights and characteristics:
1. Redeemable shares of £1,000 each:
One vote per share. Rights to a dividend. Participation in a winding up only as to nominal value and any unpaid dividends. Redemption is at the discretion of the Company. 
2. Redeemable B shares of £1,000 each:
One vote per share. Rights to a dividend. Participation in a winding up only as to nominal value and any unpaid dividends. Redemption is at the discretion of the Company. 
 

Page 38

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Reserves

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares redeemed by the Company.

Profit and loss account

Group
This reserve represents the value of the cumulative retained profits and losses of the Group since incorporation less distribution made to Shareholders.
Company
This reserve represents the value of the cumulative retained profits and losses of the Company since incorporation less distribution made to Shareholders.

25.


Analysis of net debt




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

3,397,383

1,015,043

4,412,426

Debt due after 1 year

(516,666)

200,000

(316,666)

Debt due within 1 year

(211,007)

(856,206)

(1,067,213)


2,669,710
358,837
3,028,547


26.


Contingent liabilities

There is a cross guarantee and debenture between Salop Design & Engineering Limited and Salop Haulage Limited.


27.


Pension commitments

The Group operates a defined contributions pension scheme for the benefits of directors and senior employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions paid by the Group to the fund and amounted to £20,418 (2023: £25,900). Contributions totaling £11,423 (2023: £8,130) were payable to the fund at the balance sheet date and are included in creditors.

Page 39

 
R.A. HOMDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

28.


Transactions with directors

During the year the Group has operated loan accounts with the Directors. At the end of the year amounts due to the directors were £845,525 (2023: £446,239 owed from directors) and are included within other creditors (2023 other debtors). Interest has been charged on the overdrawn balances of £12,346 (2023: £8,849).


29.


Related party transactions

The Company has taken advantage of the exemption contained in FRS102 and has therefore not disclosed transactions or balances with entities which form part of the group. The group consolidated financial statements can be obtained from Companies House.


30.


Controlling party

The Company and Group are under control of R L Homden, Director, by virtue of him owning more than 50% of the voting rights of the ordinary share capital. 

 
Page 40