Company registration number 00499299 (England and Wales)
SEDDONS (PLANT AND ENGINEERS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SEDDONS (PLANT AND ENGINEERS) LIMITED
COMPANY INFORMATION
Directors
S J Seddon
D Probert
C Derbyshire
C Rawlinson
(Appointed 1 November 2024)
Secretary
S J Cook
Company number
00499299
Registered office
Units A2-A6
Edgefold Industrial Estate
Plodder Lane
Bolton
United Kingdom
BL4 0LR
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
Bankers
Barclays Bank plc
1st floor
3 Hardman Street
Spinningfields
Manchester
United Kingdom
M3 3HF
SEDDONS (PLANT AND ENGINEERS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 19
SEDDONS (PLANT AND ENGINEERS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Business review
A difficult trading year with higher interest rates dampening the construction market, as a result the business recorded a fall in turnover of 4.1% to £14,834,552 (2023: £15,474,517) and gross margins were squeezed.
The business had planned significant investment in new employees in 2024, however difficulties in recruitment resulted in cost savings helping to generate a pre-tax profit greater than budget but, as expected, lower than the previous year of £293,446 (2023: £446,242)
The directors have monitored the progress of the company by reference to certain financial key performance indicators:
Indicator 2024 2023 Measure
Growth in turnover (4.1%) (8.1%) Year on year sales growth
Gross Profit % 16.6% 16.2% Gross Profit / turnover
Return on capital employed 5.9% 7.9% PBT/shareholders funds
Future review
The recruitment of additional sales and marketing resource in 2025 along with an improved web offering, new products and selling into new markets plus the implementation of an additional workshop facility will help the company to achieve its future growth plans.
A full strategic report has been prepared in the financial statements of Edgefold Holdings Limited, the ultimate parent undertaking. |
S J Cook
Secretary
20 May 2025
SEDDONS (PLANT AND ENGINEERS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the manufacture, distribution and servicing of contractors' plant and equipment and the sale of contractors' plant spares.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £500,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S J Seddon
D Probert
C Derbyshire
C Rawlinson
(Appointed 1 November 2024)
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
SEDDONS (PLANT AND ENGINEERS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
By order of the board
S J Cook
Secretary
20 May 2025
SEDDONS (PLANT AND ENGINEERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SEDDONS (PLANT AND ENGINEERS) LIMITED
- 4 -
Opinion
We have audited the financial statements of Seddons (Plant and Engineers) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 company's affairs as at 31 December 2024 and of its 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SEDDONS (PLANT AND ENGINEERS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SEDDONS (PLANT AND ENGINEERS) LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
SEDDONS (PLANT AND ENGINEERS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SEDDONS (PLANT AND ENGINEERS) LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member for our audit work, for this report, or for the opinions we have formed.
Helen Davies
Senior Statutory Auditor
For and on behalf of Azets Audit Services
21 May 2025
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
SEDDONS (PLANT AND ENGINEERS) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
14,834,552
15,474,517
Cost of sales
(12,379,253)
(12,966,377)
Gross profit
2,455,299
2,508,140
Administrative expenses
(2,285,205)
(2,122,605)
Other operating income
34,347
Operating profit
4
204,441
385,535
Interest receivable and similar income
89,005
60,707
Profit before taxation
293,446
446,242
Tax on profit
7
(73,810)
(104,309)
Profit for the financial year
219,636
341,933
Retained earnings brought forward
5,583,797
5,391,864
Dividends
8
(500,000)
(150,000)
Retained earnings carried forward
5,303,433
5,583,797
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SEDDONS (PLANT AND ENGINEERS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
148,662
164,011
Investments
10
1
148,662
164,012
Current assets
Stocks
12
2,604,393
3,505,960
Debtors
13
2,079,212
4,453,241
Cash at bank and in hand
2,839,157
486,560
7,522,762
8,445,761
Creditors: amounts falling due within one year
14
(2,359,037)
(3,017,022)
Net current assets
5,163,725
5,428,739
Net assets
5,312,387
5,592,751
Capital and reserves
Called up share capital
17
8,954
8,954
Profit and loss reserves
5,303,433
5,583,797
Total equity
5,312,387
5,592,751
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
S J Seddon
Director
Company Registration No. 00499299
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information
Seddons (Plant and Engineers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units A2-A6, Edgefold Industrial Estate, Plodder Lane, Bolton, United Kingdom, BL4 0LR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Edgefold Holdings Limited. These consolidated financial statements are available from its registered office, Units A2-A6, Edgefold Industrial Estate, Bolton, BL4 0LR.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Fixtures and fittings
20%-33.33% straight line
Motor vehicles
20%-33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on purchase price on a first in, first out basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.14
Other operating income
Other operating income consists of government grant income receivable in relation to the Coronavirus Job Retention Scheme. Income is recognised once the company is entitled to the income, which is when the claim is submitted.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not believe there are any key accounting estimates.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
14,657,615
15,432,695
Europe
176,937
41,822
14,834,552
15,474,517
2024
2023
£
£
Other revenue
Interest income
89,005
60,707
Grants received
29,347
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Foreign exchange differences
(112)
8,029
Government grants
(29,347)
-
Fees payable to the company's auditor for the audit of the company's financial statements
17,660
17,250
Depreciation of tangible fixed assets
117,841
156,474
Loss/(profit) on disposal of tangible fixed assets
7,379
(6,000)
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Workshop
7
4
Sales and distribution
32
31
Office and management
9
8
Total
48
43
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,251,162
1,029,310
Social security costs
96,897
95,266
Pension costs
149,296
90,359
1,497,355
1,214,935
£70,946 (2023: £63,731) of wages costs have been charged to production in cost of sales and are excluded from the above analysis.
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
216,049
157,394
Company pension contributions to defined contribution schemes
24,886
36,059
240,935
193,453
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
216,049
162,445
Company pension contributions to defined contribution schemes
24,886
36,059
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
77,386
125,639
Deferred tax
Origination and reversal of timing differences
(3,576)
(21,330)
Total tax charge
73,810
104,309
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
293,446
446,242
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
73,362
104,956
Tax effect of expenses that are not deductible in determining taxable profit
160
Effect of change in corporation tax rate
(1,260)
Depreciation on assets not qualifying for tax allowances
613
Fixed asset differences
288
Taxation charge for the year
73,810
104,309
8
Dividends
2024
2023
£
£
Final paid
500,000
150,000
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
9
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
446,796
523,953
324,448
1,295,197
Additions
16,252
108,619
124,871
Disposals
(88,034)
(88,034)
At 31 December 2024
446,796
540,205
345,033
1,332,034
Depreciation and impairment
At 1 January 2024
413,357
487,089
230,740
1,131,186
Depreciation charged in the year
9,945
33,104
74,792
117,841
Eliminated in respect of disposals
(65,655)
(65,655)
At 31 December 2024
423,302
520,193
239,877
1,183,372
Carrying amount
At 31 December 2024
23,494
20,012
105,156
148,662
At 31 December 2023
33,439
36,864
93,708
164,011
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 & 31 December 2024
1
Impairment
At 1 January 2024
-
Disposals
1
At 31 December 2024
1
Carrying amount
At 31 December 2024
-
At 31 December 2023
1
11
Subsidiaries
On 11 June 2024, the company disposed of its 100% holding in Brownpower Engineering Limited.
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,604,393
3,505,960
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,880,378
1,613,780
Amounts owed by group undertakings
349
2,519,443
Other debtors
104,369
Prepayments and accrued income
155,770
176,510
2,036,497
4,414,102
Deferred tax asset (note 15)
42,715
39,139
2,079,212
4,453,241
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,935,612
2,723,262
Amounts owed to group undertakings
71,276
148
Corporation tax
77,386
125,639
Other taxation and social security
62,926
42,726
Other creditors
23,637
19,365
Accruals and deferred income
188,200
105,882
2,359,037
3,017,022
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
42,715
39,139
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Deferred taxation
(Continued)
- 18 -
2024
Movements in the year:
£
Asset at 1 January 2024
(39,139)
Credit to profit or loss
(3,576)
Asset at 31 December 2024
(42,715)
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
149,296
90,359
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the balance sheet date, £nil (2023: £nil) was payable to the fund.
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,954
8,954
8,954
8,954
18
Related party transactions
Transactions with related parties
In preparing these financial statements, advantage has been taken of the provision under Financial Reporting Standard 102 which states that disclosure is not required of transactions with entities that are part of the group, as the consolidated financial statements in which the company is included are publicly available.
19
Contingent liabilities
Contingent liabilities exist at 31 December 2024 in respect of counter-indemnities to H M Revenue and Customs totalling £40,000 (2023: £40,000).
The directors have confirmed that there are no other contingent liabilities at 31 December 2024 and 31 December 2023.
SEDDONS (PLANT AND ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
20
Ultimate controlling party
The company is a wholly owned subsidiary of Seddon Engineering Holdings Limited, a company incorporated in England and Wales.
The largest group in which the results are consolidated is that headed by Edgefold Holdings Limited, a company incorporated in England and Wales.
Throughout the current and previous financial year, the ultimate controlling party of Edgefold Holdings Limited was S J Seddon.
The consolidated financial statements of the group are available to the public and may be obtained from its registered office, Units A2-A6, Edgefold Industrial Estate, Bolton, BL4 0LR.
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