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Registered number: NI051451
Silverwood Enterprise Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—17
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 August 2024.
Review of the Business
Silverwood Enterprise Limited's principal activities during the year was galvanising steel. The key financial and other performance indicators during the year were as follows:
2024
2023
Turnover
11,088,287
10,294,416
GP %
46.89%
52,.61%
NP %
7.18%
23.51%
Current Ratio
2.52 : 1
2.87 : 1
Despite the decrease in NP% turnover has increased during the year, and the business continues to grow at a steady pace and targets are frequently attained. The directors are satisfied that the business will continue to perform well in the future.
Principal Risks and Uncertainties
There are certain risk factors which could affect the company's future and cause them to materially differ from expected results. The factors considered should not be regarded as a complete and comprehensive statement of all risks and uncertainties.
Price risk
The company is exposed to price pressure through competition in the market, this risk could result in loss of revenue. The company actively manages the risk by providing quality products and services to its customers.The company has the biggest bath in Northern Ireland meaning it can galvanise large quantities of product, therefore maintaining good status with customers.
Credit risk
The company provides credit to customers and as a result there is an associated risk that the customer may not be able to pay outstanding balances. The company has established procedures and credit control policies around managing its receivables and takes action were necessary. Any major outstanding and overdue balances are regularly reviewed with the directors.
Liquidity risk
The company manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.
Employees
Details of the number of employees and related costs can be found within the financial statement.
On behalf of the board
Mr Peter Maginnis
Director
22/05/2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 August 2024.
Principal Activity
The company's principal activity continues to be that of treatment and coating of metals.
Directors
The directors who held office during the year were as follows:
Mrs Heather Maginnis
Mr Peter Maginnis
Mr Alastair Maginnis
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, WHR Accountants Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Peter Maginnis
Director
22/05/2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Silverwood Enterprise Limited for the year ended 31 August 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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. 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 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 the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 3
Page 4
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 or 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 set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
-the Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their 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 have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 4
Page 5
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 that 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.
James Robinson (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd , Statutory Auditor
22/05/2025
WHR Accountants Ltd
Chartered Certified Accountants
56 English Street
Armagh
Co Armagh
BT61 7LG
Page 5
Page 6
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 11,088,287 10,294,416
Cost of sales (5,888,520 ) (4,878,377 )
GROSS PROFIT 5,199,767 5,416,039
Distribution costs (224,228 ) (199,897 )
Administrative expenses (4,378,644 ) (2,896,122 )
OPERATING PROFIT 3 596,895 2,320,020
Profit on disposal of fixed assets 25,150 8,658
Other interest receivable and similar income 8 186,627 102,707
Interest payable and similar charges 9 (12,004 ) (11,387 )
PROFIT BEFORE TAXATION 796,668 2,419,998
Tax on Profit 10 (201,886 ) (409,872 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 594,782 2,010,126
The notes on pages 11 to 17 form part of these financial statements.
Page 6
Page 7
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 594,782 2,010,126
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 594,782 2,010,126
Page 7
Page 8
Balance Sheet
Registered number: NI051451
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 1,134,625 1,148,290
1,134,625 1,148,290
CURRENT ASSETS
Stocks 12 152,344 124,724
Debtors 13 3,276,015 3,153,153
Cash at bank and in hand 7,033,816 5,633,748
10,462,175 8,911,625
Creditors: Amounts Falling Due Within One Year 14 (4,151,133 ) (3,107,741 )
NET CURRENT ASSETS (LIABILITIES) 6,311,042 5,803,884
TOTAL ASSETS LESS CURRENT LIABILITIES 7,445,667 6,952,174
Creditors: Amounts Falling Due After More Than One Year 15 (60,770 ) (178,746 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (164,917 ) (148,230 )
NET ASSETS 7,219,980 6,625,198
CAPITAL AND RESERVES
Called up share capital 20 4,000 4,000
Capital redemption reserve 16,000 16,000
Profit and Loss Account 7,199,980 6,605,198
SHAREHOLDERS' FUNDS 7,219,980 6,625,198
On behalf of the board
Mr Peter Maginnis
Director
22/05/2025
The notes on pages 11 to 17 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 September 2022 4,000 16,000 5,595,072 5,615,072
Profit for the year and total comprehensive income - - 2,010,126 2,010,126
Dividends paid - - (1,000,000) (1,000,000)
As at 31 August 2023 and 1 September 2023 4,000 16,000 6,605,198 6,625,198
Profit for the year and total comprehensive income - - 594,782 594,782
As at 31 August 2024 4,000 16,000 7,199,980 7,219,980
Page 9
Page 10
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,255,114 3,280,206
Interest paid (12,004 ) (11,387 )
Tax paid (408,115 ) (650,099 )
Net cash generated from operating activities 1,834,995 2,618,720
Cash flows from investing activities
Purchase of tangible assets (235,349 ) (167,202 )
Proceeds from disposal of tangible assets 63,416 11,666
Interest received 186,627 102,707
Net cash generated from/(used in) investing activities 14,694 (52,829 )
Cash flows from financing activities
Equity dividends paid - (1,000,000 )
Repayment of bank borrowings (113,408 ) (108,865 )
Repayment of other loans (405) 157
Repayment of finance leases (514 ) (20,782 )
Amount withdrawn by directors (335,294) (1,814,156)
Net cash used in financing activities (449,621 ) (2,943,646 )
Increase/(decrease) in cash and cash equivalents 1,400,068 (377,755 )
Cash and cash equivalents at beginning of year 2 5,633,748 6,011,503
Cash and cash equivalents at end of year 2 7,033,816 5,633,748
Page 10
Page 11
Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 594,782 2,010,126
Adjustments for:
Tax on profit 201,886 409,872
Interest expense 12,004 11,387
Interest income (186,627 ) (102,707 )
Depreciation of tangible assets 210,748 229,751
Profit on disposal of tangible assets (25,150) (8,658)
Movements in working capital:
(Increase)/decrease in stocks (27,620 ) 30,177
(Increase)/decrease in trade and other debtors (122,862 ) 279,387
Increase in trade and other creditors 1,597,953 420,871
Net cash generated from operations 2,255,114 3,280,206
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 7,033,816 5,633,748
3. Analysis of changes in net funds
As at 1 September 2023 Cash flows As at 31 August 2024
£ £ £
Cash at bank and in hand 5,633,748 1,400,068 7,033,816
Finance leases (514) 514 -
Debts falling due within one year (113,878 ) (4,163) (118,041 )
Debts falling due after more than one year (178,746) 117,976 (60,770)
5,340,610 1,514,395 6,855,005
Page 11
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Notes to the Financial Statements
1. General Information
Silverwood Enterprise Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI051451 . The registered office is 16 Silverwood Industrial, Lurgan, Co. Armagh, BT66 6LN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 4% reducing balance / not depreciated
Leasehold Not depreciated
Plant & Machinery 18% straight line
Motor Vehicles 25% reducing balance / 12.5% straight line
Fixtures & Fittings 15% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 20,700 1,082
Depreciation of tangible fixed assets 210,748 229,751
4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 5,820 5,820
5. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 5,010,523 3,391,797
Other pension costs 61,484 57,336
5,072,007 3,449,133
6. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 18 14
Production 34 36
52 50
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7. Directors' remuneration
2024 2023
£ £
Emoluments 3,084,765 1,698,266
Company contributions to money purchase pension schemes 27,466 27,231
3,112,231 1,725,497
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 1,542,247 856,163
Company contributions to defined benefit pension schemes 12,000 13,912
1,554,247 870,075
8. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 169,996 85,581
Other interest 16,631 17,126
186,627 102,707
9. Interest Payable and Similar Charges
2024 2023
£ £
Interest payable on other loans 12,004 10,143
Finance charges payable under finance leases and hire purchase contracts - 1,244
12,004 11,387
10. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% 185,199 380,426
Deferred Tax
Deferred taxation 16,687 29,446
Total tax charge for the period 201,886 409,872
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
...CONTINUED
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2024 2023
£ £
Profit before tax 796,668 2,419,998
Tax on profit at 25% (UK standard rate) 199,167 604,999
Goodwill/depreciation not allowed for tax 53,067 57,438
Expenses not deductible for tax purposes (6,287 ) (174,665 )
Capital allowances (60,368 ) (228,633 )
Short term timing differences 16,307 29,446
Difference in tax rates - 121,287
Total tax charge for the period 201,886 409,872
11. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 September 2023 810,795 2,114,583 775,252 182,571 3,883,201
Additions - 212,960 - 22,389 235,349
Disposals - (53,100 ) (65,195 ) - (118,295 )
As at 31 August 2024 810,795 2,274,443 710,057 204,960 4,000,255
Depreciation
As at 1 September 2023 397,245 1,669,559 498,920 169,187 2,734,911
Provided during the period 10,877 120,636 76,481 2,754 210,748
Disposals - (48,413 ) (31,616 ) - (80,029 )
As at 31 August 2024 408,122 1,741,782 543,785 171,941 2,865,630
Net Book Value
As at 31 August 2024 402,673 532,661 166,272 33,019 1,134,625
As at 1 September 2023 413,550 445,024 276,332 13,384 1,148,290
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 10,636 12,156
12. Stocks
2024 2023
£ £
Raw Materials 152,344 124,724
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13. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,040,878 1,887,608
Prepayments and accrued income 152,464 126,692
Other debtors 1,011,196 1,097,172
Staff Loans 3,983 4,955
VAT 67,494 36,726
3,276,015 3,153,153
14. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 514
Trade creditors 488,158 422,638
Bank loans and overdrafts 117,978 113,410
Other loans 63 468
Corporation tax 27,404 250,320
Other taxes and social security 66,312 52,007
Net wages 18,807 -
Pension contributions 2,273 873
Accruals and deferred income 3,118,871 1,620,950
Directors' loan accounts 311,267 646,561
4,151,133 3,107,741
15. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 60,770 178,746
16. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 117,978 113,410
Other loans 63 468
118,041 113,878
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 60,770 178,746
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17. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 514
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 164,917 148,230
19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2023 148,230 148,230
Additions 16,687 16,687
Balance at 31 August 2024 164,917 164,917
20. Share Capital
2024 2023
Allotted, called up and fully paid £ £
4,000 Ordinary Shares of £ 1.00 each 4,000 4,000
21. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid - 1,000,000
22. Related Party Disclosures
Included within creditors is a loan from a director of £197,018 (2023: £501,842) and a loan from another director of £114,248 (2023:£144,719). There are no set repayment terms and no interest is chargeable.
Included within trade debtors was a balance due from Sprint Coatings Ltd, a company with a common director, of £26,860 and trade creditor of £3,780.
There was also a loan receivable from CCKM Ltd, a company with a common director for £572,907. Interest is set at a rate of 1% p.a and the total interest received during the year was £5,062.
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