Registration number:
Carbide Properties Limited
for the Period from 1 March 2023 to 31 August 2024
Carbide Properties Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account and Statement of Retained Earnings |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Carbide Properties Limited
Company Information
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Directors |
D. J. Sear-Mayes J. D. Penman |
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Registered office |
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Auditors |
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Carbide Properties Limited
Strategic Report for the period from 1 March 2023 to 31 August 2024
The directors present their strategic report for the period from 1 March 2023 to 31 August 2024.
Principal activity
The principal activity of the group is property development.
Fair review of the business
The directors continue to successfully invest in commercial property development and seek new development opportunities.
The company year end was extended by six months and therefore the group presents an eighteen month period in these financial statements. During this period the group maintained an expected gross profit margin of 15%. Even though turnover and gross profit are relatively low compared to the previous twelve month period, the directors are satisfied with the performance and a stable net asset position.
The group's key financial and other performance indicators during the period were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
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Turnover |
£'000 |
51,355 |
50,602 |
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Gross profit |
£'000 |
7,609 |
7,584 |
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Gross profit |
% |
15 |
15 |
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Profit before tax |
£'000 |
3,082 |
4,040 |
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Net assets |
£'000 |
18,386 |
18,093 |
Principal risks and uncertainties
The management of the business and the nature of the group's strategies are subject to a number of risks.
The directors have set out below the principal risks facing the business. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all risks identified below. Where possible, processes are in place to monitor and mitigate such risks.
The principal risks are the economic downturn due to market uncertainties; the impact of this has had serious consequences on the economic conditions and consequently commercial decision making. The directors mitigate these risks by constantly monitoring the market, costs, strategies and pricing.
Section 172(1) statement
The directors will continue to operate the business efficiently and in line with their regulatory duties.
The employees are fundamental to the delivery of the group strategy, with their safety, health and well-being as one of the primary considerations in the way we do business. The group aims to be a responsible employer in its approach to pay and benefits.
Carbide Properties Limited
Strategic Report for the period from 1 March 2023 to 31 August 2024
The group's duty is to provide a quality product which meets and exceeds the customers' expectations. The strategy was informed by engagement with customers, enabling the group to gain an understanding of their views and priorities. The directors aim to act responsibly and fairly in how we engage with our suppliers who are integral to the successful delivery of our plan.
The directors' strategy considers the impact of the group's operations on the local community and environment and our wider social responsibilities.
The directors' intention is to behave responsibly and ensure the business is operated in an ethical manner.
The directors' purpose is to behave responsibly toward our shareholders and treat them fairly, so they too may benefit from the successful delivery of our strategy.
The directors of the group consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1) (a-f) of the Companies Act 2006) in the decisions taken during the year.
Engagement with employees
We recognise that our employees are key to the success of our business and engaging with them is of critical importance in maintaining strong business delivery in times of change. We strive to maintain strong communication between all levels of our employees. We regularly engage with the employees through a range of formal and informal channels.
The directors consider effective engagement a key element of its understanding of the company's ability to create value. Employee views can help inform the Board on matters such as operational effectiveness, culture, risk identification and strategy development and delivery. The Board considers the current employee engagement approach to be effective.
Engagement with suppliers, customers and other relationships
Delivering our strategy requires strong mutually beneficial relationships with both our suppliers and customers. The company seeks to promote the high level of and application of certain general principles in such relationships, and these shared beliefs help to underpin the relationship. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships.
Approved and authorised by the
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Carbide Properties Limited
Directors' Report for the Period from 1 March 2023 to 31 August 2024
The directors present their report and the for the period from 1 March 2023 to 31 August 2024.
Directors of the group
The directors who held office during the period were as follows:
Financial instruments
Objectives and policies
The group uses various financial instruments which include bank balances, capital loans, bank loans and connected party loans that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. Their existence exposes the group to a number of financial risks.
The main risks arising from the financial instruments are interest rate risk, liquidity risk and cash flow risk. The directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged from previous years.
Price risk, credit risk, liquidity risk and cash flow risk
Interest rate risk; the group finances its operations through a mixture of borrowings and retained earnings. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of fixed and floating facilities. The group policy throughout the year has been to achieve its objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum policies for the level of fixed interest rate borrowings.
Liquidity and cash flow risk; the group seeks to manage risk by ensuring sufficient liquidity is available to meet forseeable needs and to invest cash assets safely and profitably.
Environmental matters
The group has emphasised waste reduction and energy efficiency, particular in respect of all property developments. The group is not required to disclose greenhouse gas emissions, energy consumption and energy efficiency as the consumption is less than 40,000 kWh of energy per annum.
Future developments
The group continues to seek development opportunities throughout the UK.
Carbide Properties Limited
Directors' Report for the Period from 1 March 2023 to 31 August 2024
Going concern
The directors have considered the future operating profits, cash flows and facilities available to the group, including the impact on the cost of living crisis.
The impact of the cost of living crisis to economic activity and the resulting uncertainty may have an impact on the group's ability to deliver forecasts, support projects and in the highly unlikely event, fail to secure additional or renewed funding where necessary.
The directors have concluded the group has adequate resources and the necessary means to continue as a going concern in the normal course of business for the forseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing these financial statements.
A non adjusting post balance sheet event occured on 17 December 2024 where the parent company and the group were acquired by an Employee Ownership Trust, governed by Carbide Properties Trustee Limited.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Carbide Properties Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Carbide Properties Limited
Independent Auditor's Report to the Members of Carbide Properties Limited
Opinion
We have audited the financial statements of Carbide Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 1 March 2023 to 31 August 2024, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 August 2024 and of the group's profit for the period 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Carbide Properties Limited
Independent Auditor's Report to the Members of Carbide Properties Limited
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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of 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 Statement of Directors' Responsibilities [set out on page 6], 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.
Carbide Properties Limited
Independent Auditor's Report to the Members of Carbide Properties Limited
Auditor 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.
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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: |
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enquiring of management, including obtaining and reviewing supporting documentation, concerning the group and parent company's policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they had knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
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we obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company based on our understanding of sector experience and discussions with management. The most significant considerations for the group and parent company are the Companies Act 2006, Corporate and VAT legislation, Employment Taxes, Health and Safety and the Bribery Act 2010. |
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discussing amongst the engagement team, who also undertook the audit testing on significant components, to assess how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: management override of control; and revenue recognition, specifically the manipulation of revenue using fraudulent journals. |
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we tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements. |
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we reviewed the group and parent company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business. |
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we critically assessed the appropriateness and tested the application of the revenue policies. |
Carbide Properties Limited
Independent Auditor's Report to the Members of Carbide Properties Limited
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Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX
Carbide Properties Limited
Consolidated Profit and Loss Account and Statement of Retained Earnings for the Period from 1 March 2023 to 31 August 2024
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Note |
1 March 2023 |
Year ended |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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10,156 |
74,263 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial period |
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Profit/(loss) attributable to: |
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Owners of the company |
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Retained earnings brought forward |
18,092,502 |
15,241,563 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
18,385,979 |
18,092,502 |
Carbide Properties Limited
(Registration number: 09192805)
Consolidated Balance Sheet as at 31 August 2024
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Note |
31 August |
28 February |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Equity attributable to owners of the company |
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Shareholders' funds |
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Approved and authorised by the
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Carbide Properties Limited
(Registration number: 09192805)
Balance Sheet as at 31 August 2024
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Note |
31 August |
28 February |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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The company made a profit after tax for the financial period of £4,388,854 (2023 - profit of £2,989,076).
Approved and authorised by the
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Carbide Properties Limited
Consolidated Statement of Cash Flows for the Period from 1 March 2023 to 31 August 2024
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Note |
1 March 2023 |
Year ended |
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Cash flows from operating activities |
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Profit for the period |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
- |
( |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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(Increase)/decrease in stocks |
( |
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Decrease/(increase) in debtors |
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( |
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Decrease in creditors |
( |
( |
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Cash generated from operations |
( |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
( |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
- |
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Investment additions |
(100) |
(200) |
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Net cash flows from investing activities |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Bank borrowing repayments |
( |
( |
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New loans |
|
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Carbide Properties Limited
Consolidated Statement of Cash Flows for the Period from 1 March 2023 to 31 August 2024
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Note |
1 March 2023 |
Year ended |
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Opening cash and cash equivalents |
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Closing cash and cash equivalents |
7,279,583 |
8,013,098 |
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the profit and loss account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Disclosure of long or short period
Judgements
Going concern; the directors have used a degree of judgement in forecasting results beyond the immediate future which are in many cases contingent on the approvals of third parties in connection with planned property developments. |
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Key sources of estimation uncertainty
Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are managment's best knowledge of the amount, events or actions, actual amounts may ultimately differ from those estimates.
Long term contracts; recognised profits and turnover. The directors have used the input method on percentage of completion for recognition of long term contracts. In making these assessments there is a degree of inherent uncertainty.
Long term contracts; work in progress. The directors have used the input method on percentage of completion for recognition of long term contracts. In making these assessments there is a degree of inherent uncertainty. The carrying amount is £14,516,841 (2023 -£6,950,269).
Long term contracts; amounts recoverable. The directors have used the input method on percentage of completion for recognition of long term contracts. In making these assessments there is a degree of inherent uncertainty. The carrying amount is £Nil (2023 -£14,736,731).
Long term contracts; payments on account. The directors have used the input method on percentage of completion for recognition of long term contracts. In making these assessments there is a degree of inherent uncertainty. The carrying amount is £159,039 (2023 -£268,014).
Long term contracts; forseeable losses. The directors have assessed the future likely outcome of specific contracts. In making these assessments there is a degree of inherent uncertainty. These are included in trade creditors. The carrying amount is £475,401 (2023 -£2,648,686).
Long term contracts; costs to be completed. The directors have used the input method on percentage of completion for recognition of long term contracts. In making these assessments there is a degree of inherent uncertainty. These are included in trade creditors. The carrying amount is £150,335 (2023 -£8,442,418).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of commercial developments in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Contract revenue recognition
Turnover and profits on long term contracts are recognised in proportion to the stage of completion reached when the outcome of the contract can be assessed with reasonable certainty. The directors have used the input method on percentage of completion for recognition of long term contract turnover.
This is recognised when all of the following conditions are satisfied:
- the amount of turnover 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.
The accounting treatments are:
- amounts recoverable on contracts are included within debtors;
- amounts invoiced in excess of amounts recoverable on contracts are included within creditors;
- forseeable losses are included within creditors;
- costs to complete are included within creditors;
- costs, net of amounts transferred to cost of sales, are included within work in progress.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Furniture, fittings and equipment |
Five years straight line |
|
Motor vehicles |
Three years straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
Seven years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss account. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtor.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Contract work in progress comprises costs incurred less costs recognised as contract expenses.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Where interest is incurred on borrowings that relate to specific developments, interest is capitalised within contract work in progress.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the group's Turnover for the period from continuing operations is as follows:
|
1 March 2023 |
Year ended |
|
|
Commercial property developments |
|
|
The amount of contract revenue recognised as turnover in the period was £
|
Operating profit |
Arrived at after charging/(crediting):
|
1 March 2023 |
Year ended |
|
|
Depreciation |
|
|
|
Amortisation |
|
|
|
Profit on disposal of property, plant and equipment |
- |
( |
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Other interest receivable and similar income |
|
1 March 2023 |
Year ended |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
1 March 2023 |
Year ended |
|
|
Interest on bank overdrafts and borrowings |
- |
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
1 March 2023 |
Year ended |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
|
1 March 2023 |
Year ended |
|
|
Administration and support |
|
|
|
|
|
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
1 March 2023 |
Year ended |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
380,967 |
1,038,193 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
1 March 2023 |
Year ended |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
1 March 2023 |
Year ended |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
1 March 2023 |
Year ended |
|
|
Audit of these financial statements |
55,000 |
57,500 |
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
1 March 2023 |
Year ended |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
- |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
1 March 2023 |
Year ended |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Effect of tax losses |
|
|
|
Deferred tax expense |
|
- |
|
Total tax charge |
|
|
On 1 April 2023 the rate of corporation tax in the United Kingdom increased from 19% to 25%.
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
Company
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 March 2023 |
|
|
|
At 31 August 2024 |
|
|
|
Amortisation |
||
|
At 1 March 2023 |
|
|
|
Amortisation charge |
|
|
|
At 31 August 2024 |
|
|
|
Carrying amount |
||
|
At 31 August 2024 |
- |
- |
|
At 28 February 2023 |
|
|
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Company
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 March 2023 |
|
|
|
At 31 August 2024 |
|
|
|
Amortisation |
||
|
At 1 March 2023 |
|
|
|
Amortisation charge |
|
|
|
At 31 August 2024 |
|
|
|
Carrying amount |
||
|
At 31 August 2024 |
- |
- |
|
At 28 February 2023 |
|
|
|
Tangible assets |
Group
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 March 2023 |
|
- |
|
|
Additions |
|
|
|
|
At 31 August 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 March 2023 |
|
- |
|
|
Charge for the period |
|
|
|
|
At 31 August 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 August 2024 |
|
|
|
|
At 28 February 2023 |
|
- |
|
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Company
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 March 2023 |
|
- |
|
|
Additions |
|
|
|
|
At 31 August 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 March 2023 |
|
- |
|
|
Charge for the period |
|
|
|
|
At 31 August 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 August 2024 |
|
|
|
|
At 28 February 2023 |
|
- |
|
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Unit D, Carbide Court, Finch Way, Nuneaton, CV11 6WH |
|
|
|
|
|
5 Armston Road, Quorn, Loughborough, Leicestershire, LE12 8QP |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
|
|
Gateway House, 4 Penman Way, Grove Park, Leicester, LE19 1SY |
|
|
|
* indicates direct investment of the company
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Subsidiary undertakings
|
Tungsten Properties Limited The principal activity of Tungsten Properties Limited is |
|
Carbide Fortwell RCF Limited The principal activity of Carbide Fortwell RCF Limited is |
|
Tungsten MW Witney Limited The principal activity of Tungsten MW Witney Limited is |
|
Tungsten Witham (1) Limited The principal activity of Tungsten Witham (1) Limited is |
|
Tungsten Lutterworth (1) Limited The principal activity of Tungsten Lutterworth (1) Limited is |
|
Tungsten Oakham (1) Limited The principal activity of Tungsten Oakham (1) Limited is |
|
Carbide Witney Fortwell Limited The principal activity of Carbide Witney Fortwell Limited is |
|
Tungsten Birkenhead Limited The principal activity of Tungsten Birkenhead Limited is |
|
Tungsten Worksop Limited The principal activity of Tungsten Worksop Limited is |
|
Tungsten Cirencester Limited The principal activity of Tungsten Cirencester Limited is |
|
Tungsten Colchester Limited The principal activity of Tungsten Colchester Limited is |
|
Tungsten Nuneaton Limited The principal activity of Tungsten Nuneaton Limited is |
|
Tungsten Bredbury Limited The principal activity of Tungsten Bredbury Limited is |
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Tungsten Dev Co 6 Limited The principal activity of Tungsten Dev Co 6 Limited is |
|
Tungsten Dev Co 8 Limited The principal activity of Tungsten Dev Co 8 Limited is |
|
Tungsten Asset Management Limited The principal activity of Tungsten Asset Management Limited is |
|
Carbide Court Management Limited The principal activity of Carbide Court Management Limited is |
|
Tungsten Court Management Limited The principal activity of Tungsten Court Management Limited is |
|
Tungsten Dev Co 3 Limited The principal activity of Tungsten Dev Co 3 Limited is |
|
Tungsten Dev Co 5 Limited The principal activity of Tungsten Dev Co 5 Limited is |
|
Tungsten Holdco 1 Limited The principal activity of Tungsten Holdco 1 Limited is |
|
Tungsten Dev Co 7 Limited The principal activity of Tungsten Dev Co 7 Limited is |
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
For the period ending 31 August 2024 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:
|
Tungsten Properties Limited |
|
Carbide Fortwell RCF Limited |
|
Tungsten MW Witney Limited |
|
Tungsten Witham (1) Limited |
|
Tungsten Lutterworth (1) Limited |
|
Tungsten Oakham (1) Limited |
|
Carbide Witney Fortwell Limited |
|
Tungsten Birkenhead Limited |
|
Tungsten Worksop Limited |
|
Tungsten Cirencester Limited |
|
Tungsten Dev Co 3 Limited |
|
Tungsten Colchester Limited |
|
Tungsten Nuneaton Limited |
|
Tungsten Holdco 1 Limited |
|
Tungsten Bredbury Limited |
Company
|
31 August |
28 February |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 March 2023 |
|
|
Additions |
|
|
Disposals |
( |
|
At 31 August 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 August 2024 |
|
|
At 28 February 2023 |
|
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Stocks |
|
Group |
Company |
|||
|
31 August |
28 February |
31 August |
28 February |
|
|
Long term contract balances |
|
|
|
|
|
Stock |
- |
|
- |
- |
|
|
|
|
|
|
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
31 August |
28 February |
31 August |
28 February |
|
Trade debtors |
|
|
|
|
|
|
Amounts recoverable on contracts |
- |
|
- |
|
|
|
Amounts owed by related parties |
|
|
|
|
|
|
Other debtors and prepayments |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
31 August |
28 February |
31 August |
28 February |
|
|
Cash at bank |
|
|
|
|
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
31 August |
28 February |
31 August |
28 February |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other creditors and accruals |
|
|
|
|
|
|
Corporate tax liability |
807,566 |
1,045,622 |
98,804 |
727,599 |
|
|
Amounts invoiced in excess of amounts recoverable on contracts |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
Additional provisions |
|
|
|
At 31 August 2024 |
|
|
|
|
||
Company
|
Deferred tax |
Total |
|
|
Additional provisions |
|
|
|
At 31 August 2024 |
|
|
|
|
||
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
31 August |
28 February |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
|
Ordinary have the following rights, preferences and restrictions: |
|
Reserves |
Group
Share capital
There is a single class of ordinary shares. All the shares hold full voting rights and there are no restrictions on the distribution of dividends and the repayment of capital.
Profit and loss account
This represents accumulated comprehensive income for the period and prior periods.
Company
Share capital
There is a single class of ordinary shares. All the shares hold full voting rights and there are no restrictions on the distribution of dividends and the repayment of capital.
Profit and loss account
This represents accumulated comprehensive income for the period and prior periods.
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
31 August |
28 February |
31 August |
28 February |
|
|
Bank borrowings |
|
|
|
|
Current loans and borrowings
|
Group |
Company |
|||
|
31 August |
28 February |
31 August |
28 February |
|
|
Bank borrowings |
|
|
|
|
|
Other borrowings |
|
|
- |
|
|
|
|
|
|
|
Group
Bank borrowings
|
|
Other borrowings
MW Investor loan is denominated in pounds sterling with an interest rate of 8.0%. The carrying amount at year end is £8,131,250 (2023 - £3,980,800).
The loan is secured against the related developments and repayable on demand.
Company
Bank borrowings
|
|
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Obligations under leases and hire purchase contracts |
Group and Company
Operating leases
The total of future minimum lease payments is as follows:
|
31 August |
28 February |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
|
Contingent liabilities |
Company
Under S479C of the Companies Act 2006, the company has agreed to guarantee the liabilities of the subsidiaries listed on pages 30 and 33. These liabilites total £10,953,439 (2023 - £2,434,677)
|
Analysis of changes in net debt |
Group
|
At 1 March 2023 |
Financing cash flows |
At 31 August 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
8,013,098 |
(733,515) |
7,279,583 |
|
Borrowings |
|||
|
Long term borrowings |
(23,333) |
15,913 |
(7,420) |
|
Short term borrowings |
(3,990,800) |
(4,150,450) |
(8,141,250) |
|
(4,014,133) |
(4,134,537) |
(8,148,670) |
|
|
|
|||
|
Net cash/(debt) |
|
( |
( |
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
|
Related party transactions |
Group and company
|
Transactions with directors |
|
2024 |
At 1 March 2023 |
Advances to director |
Repayments by director |
At 31 August 2024 |
|
J. D. Penman |
||||
|
Director's loan |
|
|
( |
|
|
|
- |
- |
- |
- |
|
950,973 |
1,349,027 |
(975,000) |
1,325,000 |
|
|
D. J. Sear-Mayes |
||||
|
Director's loan |
|
|
( |
|
|
|
- |
- |
- |
- |
|
900,000 |
1,400,000 |
(975,000) |
1,325,000 |
|
|
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
|
J. D. Penman |
||||
|
Director's loan |
|
|
( |
|
|
233,036 |
1,117,937 |
(400,000) |
950,973 |
|
|
D. J. Sear-Mayes |
||||
|
Director's loan |
|
|
( |
|
|
200,000 |
1,100,000 |
(400,000) |
900,000 |
|
The group authorised unsecured, interest free loans to the directors totalling £2,650,000. These loans were still outstanding at the period end.
Carbide Properties Limited
Notes to the Financial Statements for the Period from 1 March 2023 to 31 August 2024
Summary of transactions with other related parties
Income totalling £1,298,947 from related parties by virtue of being controlled by one of the directors (2023 - £559,043).
Purchases totalling £334,992 from related parties connected to the directors (2023 - £2,171).
The directors provided consultancy services totalling £1,200,000 (2023 - £323,000).
Family members related to the directors received dividends of £1,950,000 (2023 - £400,000).
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Non adjusting events after the financial period |
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