Company registration number 04482537 (England and Wales)
FURNESS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FURNESS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs D M Chamberlain
Miss K W Diggle
Company number
04482537
Registered office
Carlyle House
78 Chorley New Road
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
Bankers
Svenska Handelsbanken AB
6 The Courtyard
Calvin Street
Bolton
Solicitors
KBL Solicitors LLP
New Mansion House
63-65 Chorley New Road
Bolton
FURNESS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the group financial statements
15 - 31
FURNESS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report and financial statements for the ended 31 December 2024.

Having successfully managed the market place challenges in 2022 & 2023, 2024 did not see the expected improvement in the new house building market which messages and policies from the new government promised, and forecasts for increased activity have now been extended by our key customers into quarter 2 to quarter 4 of 2025. Slower activity in this key area of the group’s supply chain inevitably affects turnover and profit levels but does allow the manufacturing process to settle and return to previous levels of consistent supply.

Nevertheless, the results for 2024 continue to reflect a strong underlying financial base and the group is well positioned to respond to growth when this materialises whilst at the same time managing its budgets and cost centres in the meantime. There is a continued optimism for the future.

Review of the business

During the year the Board of Directors and Senior Management team focused on revised targets and required improvements for each department across the company with an emphasis on more collaborative working together and smarter and more effective processes. System review continues to be a key area of concentration to allow the group to respond more effectively to customer expectations and communications. New IT applications have been implemented to modernise our logistics processes and provide a much more comprehensive service and overview for our drivers, customers and management team.

The group have benefited from the success of adding new customers in new sectors and look forward to developing these opportunities further during the new financial year

Despite the challenges of 2024 turnover remained commensurate with that of 2023 and margin was in line with expectations. Careful management of expenditure also contributed to an acceptable profit return.

Capital investment remained on budget and the year has seen the planned replacement of several installation vehicles in line with the planned cycle along with innovation in our buildings with solar panel heating provision for our office buildings, a new and cleaner heating system for our warehousing units and the installation of electric car chargers ahead of acquisition of electric vehicles in 2025 and beyond. The first of our newly liveried delivery vehicles will arrive in quarter 2 of 2025.

It is anticipated that 2025 will start slowly but build in the third and fourth quarters and the directors are confident that budget aspirations will be met although are mindful of the ongoing challenges of cost inflation particularly with regards to employment costs.

Principal risks and uncertainties

As in previous years, the group continues to add to, and to review existing risk assessments to identify changes in our market and client base, supplier capabilities and performance and against the backdrop of new government legislation and policy.

In addition to the regular review of general risk assessments, the group has over the course of the last twelve months extended its management agenda to include the development of a high level risk register so that key areas of potential impact on the company can be carefully monitored and reviewed. Compliance and Business Continuity have also been at the forefront of renewed areas of concentration.

The group has been particularly encouraged by the loyalty of our customers and their strong reliance on the excellent service levels provided by our focused team on a fully national basis and additionally to the levels of new enquiries and approaches from new and past customers.

Our supply chain remains robust in terms of our long standing and strong relationships with our key product suppliers and service providers and for 2025 a programme of planned review of current contract terms and provision is due to take place. This is largely to ensure that we do not become complacent in our choice of partners and to consider other opportunities that our long relationships could foster.

As reported in previous strategic reports and as a headline to this year’s report, inflationary pressures particularly in respect of wage and salary provision are a major concern and not only in respect of increased costs but in terms of the company’s ability to recruit the quality and level of staff to underpin its growth aspirations and potential.

FURNESS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance

The strategic plan for the group has been set for 2025 and is underpinned by detailed and carefully considered and crafted budgets. The plan is reviewed at each monthly board meeting in order that the directors can track progress and facilitate longer term aims and objectives.

Historic policies are reviewed but careful consideration is given to any updates or changes to ensure that these are beneficial to the company. During the year, depreciation of the group’s vehicle fleet was reviewed in detail, but it was determined that our robust policy should remain consistent ensuring that our fleet of both delivery and installation vehicles remain up to date, serviceable, reliable and efficient and also importantly allows for smarter acquisition where needed.

Whilst the group has budgeted for increases in turnover and growth to return the group to original levels of sales and return seen previously, the directors are also focused on ensuring that the cost base can absorb lower levels of sales should these not materialise due to external factors.

Key performance indicators

The directors and senior managers continue to measure ultimate performance across a range of individual departmental indicators and the company’s list of high level KPIs are regularly reviewed. Extensive use of the group’s IT system to interrogate and report automatically on a range of these indicators through the application of programmes like Power BI ensure that key information is live, timely and relevant. The comprehensive agenda for the company’s board and management meetings ensure that all members of the senior team are appraised of the performance of the company on a monthly basis but also have access daily to the information relevant to the success of their department and as an aid to their functionality and performance.

Overall, the directors are extremely positive about the future of the group as it moves into its 51st year.

On behalf of the board

Miss K W Diggle
Director
29 May 2025
FURNESS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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 a holding company of a trading group. The principal activities of the subsidiaries are included in note 17 but the group operates largely through its main trading company Chamberlain Doors Ltd and in the specialist manufacture, distribution and installation of garage doors and related products on a fully national basis. The group also has a dormant subsidiary Auto-over Limited.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £130,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs D M Chamberlain
Miss K W Diggle
Future developments

The directors intend that the group maintains its current level of business and are looking to capitalise on opportunities in the areas in which it is skilled and experienced in order that profitability may be improved.

Auditor

The auditor, Barlow Andrews LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the group and principle risks and uncertainties.

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Miss K W Diggle
Director
29 May 2025
FURNESS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FURNESS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FURNESS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Furness Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Profit and Loss Account, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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. 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:

FURNESS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FURNESS HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

FURNESS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FURNESS HOLDINGS LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Emma Woods (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
29 May 2025
FURNESS HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,634,799
10,819,703
Cost of sales
(7,856,693)
(7,911,135)
Gross profit
2,778,106
2,908,568
Distribution costs
(1,117,942)
(1,125,341)
Administrative expenses
(1,457,337)
(1,520,326)
Operating profit
4
202,827
262,901
Interest receivable and similar income
8
93,370
53,440
Interest payable and similar expenses
9
(22,745)
(25,886)
Gain/(loss) on investments
10
(1,767)
27,799
Profit before taxation
271,685
318,254
Taxation
11
(68,305)
(92,684)
Profit for the financial year
27
203,380
225,570
Profit for the financial year is attributable to:
- Owners of the parent company
195,894
213,575
- Non-controlling interests
7,486
11,995
203,380
225,570
There is no other comprehensive income for the year.  The total comprehensive income is the profit for the financial year shown above.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FURNESS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
-
0
6,614
Tangible assets
14
438,502
596,239
Investment property
15
200,000
200,000
Investments
16
15,553
17,320
654,055
820,173
Current assets
Stocks
18
131,416
151,645
Debtors
20
1,792,793
1,698,140
Cash at bank and in hand
4,032,902
3,168,178
5,957,111
5,017,963
Creditors: amounts falling due within one year
21
(2,753,258)
(1,988,366)
Net current assets
3,203,853
3,029,597
Total assets less current liabilities
3,857,908
3,849,770
Creditors: amounts falling due after more than one year
22
(43,565)
(74,791)
Provisions for liabilities
Deferred tax liability
24
(48,959)
(82,975)
(48,959)
(82,975)
Net assets
3,765,384
3,692,004
Capital and reserves
Called up share capital
26
10,000
10,000
Profit and loss reserves
27
3,780,405
3,684,511
Equity attributable to owner of the parent company
3,790,405
3,694,511
Non-controlling interests
(25,021)
(2,507)
Total equity
3,765,384
3,692,004
FURNESS HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
Miss K W Diggle
Director
Company registration number 04482537 (England and Wales)
FURNESS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
3,000
3,465
Investment property
15
200,000
200,000
Investments
16
9,501
9,501
212,501
212,966
Current assets
Debtors
20
100,375
618,253
Cash at bank and in hand
2,169,732
1,680,237
2,270,107
2,298,490
Creditors: amounts falling due within one year
21
(184,104)
(166,604)
Net current assets
2,086,003
2,131,886
Net assets
2,298,504
2,344,852
Capital and reserves
Called up share capital
26
10,000
10,000
Profit and loss reserves
27
2,288,504
2,334,852
Total equity
2,298,504
2,344,852

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £53,652 (2023 - £13,624 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
Miss K W Diggle
Director
Company registration number 04482537 (England and Wales)
FURNESS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
10,000
3,730,936
3,740,936
-
3,740,936
Year ended 31 December 2023:
Profit and total comprehensive income
-
213,575
213,575
11,995
225,570
Dividends
12
-
(260,000)
(260,000)
(15,000)
(275,000)
Disposal of shares in subsidiary to non-controlling interest
-
-
-
498
498
Balance at 31 December 2023
10,000
3,684,511
3,694,511
(2,507)
3,692,004
Year ended 31 December 2024:
Profit and total comprehensive income
-
195,894
195,894
7,486
203,380
Dividends
12
-
(100,000)
(100,000)
(30,000)
(130,000)
Balance at 31 December 2024
10,000
3,780,405
3,790,405
(25,021)
3,765,384
FURNESS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
10,000
2,608,476
2,618,476
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(13,624)
(13,624)
Dividends
12
-
(260,000)
(260,000)
Balance at 31 December 2023
10,000
2,334,852
2,344,852
Year ended 31 December 2024:
Profit and total comprehensive income
-
53,652
53,652
Dividends
12
-
(100,000)
(100,000)
Balance at 31 December 2024
10,000
2,288,504
2,298,504
FURNESS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,288,691
44,633
Interest paid
(22,745)
(25,886)
Income taxes paid
(109,628)
(36,178)
Net cash inflow/(outflow) from operating activities
1,156,318
(17,431)
Investing activities
Purchase of tangible fixed assets
(63,471)
(113,035)
Proceeds from disposal of tangible fixed assets
30,000
89,500
Proceeds from disposal of investments
-
2,024,502
Interest received
92,725
51,995
Dividends received
645
1,445
Net cash generated from investing activities
59,899
2,054,407
Financing activities
Payment of finance leases obligations
(221,493)
(310,816)
Disposal of shares in subsidiary to non-controlling interest
-
498
Dividends paid to equity shareholders
(100,000)
(260,000)
Dividends paid to non-controlling interests
(30,000)
(15,000)
Net cash used in financing activities
(351,493)
(585,318)
Net increase in cash and cash equivalents
864,724
1,451,658
Cash and cash equivalents at beginning of year
3,168,178
1,716,520
Cash and cash equivalents at end of year
4,032,902
3,168,178
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Furness Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Carlyle House, 78 Chorley New Road, Bolton.

 

The group consists of Furness Holdings Limited and all of its subsidiaries.

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, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Furness Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and the parent 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.

1.5
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.

Revenue from the sale of services is recognised in the period when rental is undertaken as customers are charged by the hour.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
Over 5 years
1.7
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.

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:

Land and buildings Leasehold
Straight line over the remainder of the lease
Plant and machinery
4% straight line for assets available for hire and variable in the range of 10%-50% straight line for other assets
Motor vehicles
20%-50% 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 recognised in the profit and loss account.

1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is calculated using the FIFO method of valuation.

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.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group 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 group after deducting all of its liabilities.

FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. 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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

When tax losses are surrendered to companies within the group, a charge is made to the company receiving the tax relief. The charge is equivalent to the tax saved by the receiving company arising from the group relief.

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.

 

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 if, and only if, there is 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.

1.16
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Supply and distribution of garage doors
10,634,799
10,819,703
2024
2023
£
£
Other revenue
Interest income
92,725
51,995
Dividends received
645
1,445
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
120,678
142,166
Depreciation of tangible fixed assets held under finance leases
160,269
154,845
Profit on disposal of tangible fixed assets
(3,809)
(37,135)
Amortisation of intangible assets
6,614
9,920
Operating lease charges
279,023
265,240
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,300
7,000
Audit of the financial statements of the company's subsidiaries
14,851
13,685
23,151
20,685
For other services
All other non-audit services
1,074
1,013
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
13
13
2
3
Sales and warehouse
41
48
-
-
Total
54
61
2
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,814,721
1,752,654
161,964
127,755
Social security costs
151,845
143,960
19,839
15,340
Pension costs
45,253
44,608
12,000
12,000
2,011,819
1,941,222
193,803
155,095
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
186,266
191,054

 

The directors are also considered to be the key management personnel.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
92,725
51,995
Other income from investments
Dividends received
645
1,445
Total income
93,370
53,440
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
5,004
5,701
Interest on finance leases and hire purchase contracts
17,741
20,185
Total finance costs
22,745
25,886
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(1,767)
3,297
Other gains/(losses)
Gain on disposal of fixed asset investments
-
24,502
(1,767)
27,799
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
102,321
109,628
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(34,016)
(16,944)
Total tax charge
68,305
92,684

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
271,685
318,254
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
67,921
74,855
Tax effect of expenses that are not deductible in determining taxable profit
2,478
16,394
Gains not taxable
-
0
(67)
Tax effect of utilisation of tax losses not previously recognised
-
0
(5,970)
Permanent capital allowances in excess of depreciation
(1,933)
8,057
Tax at marginal rate
-
0
(245)
Dividend income
(161)
(340)
Taxation charge
68,305
92,684
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
100,000
260,000
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2024 and 31 December 2024
154,691
Amortisation and impairment
At 1 January 2024
148,077
Amortisation charged for the year
6,614
At 31 December 2024
154,691
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
6,614
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
14
Tangible fixed assets
Group
Land and buildings Leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
59,134
351,950
1,171,037
1,582,121
Additions
-
0
53,221
96,180
149,401
Disposals
-
0
-
0
(143,465)
(143,465)
At 31 December 2024
59,134
405,171
1,123,752
1,588,057
Depreciation and impairment
At 1 January 2024
58,891
228,465
698,526
985,882
Depreciation charged in the year
243
41,815
238,889
280,947
Eliminated in respect of disposals
-
0
-
0
(117,274)
(117,274)
At 31 December 2024
59,134
270,280
820,141
1,149,555
Carrying amount
At 31 December 2024
-
0
134,891
303,611
438,502
At 31 December 2023
243
123,485
472,511
596,239
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 25 -
Company
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
75,601
75,933
151,534
Additions
-
0
3,000
3,000
At 31 December 2024
75,601
78,933
154,534
Depreciation and impairment
At 1 January 2024
75,601
72,468
148,069
Depreciation charged in the year
-
0
3,465
3,465
At 31 December 2024
75,601
75,933
151,534
Carrying amount
At 31 December 2024
-
0
3,000
3,000
At 31 December 2023
-
0
3,465
3,465

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
283,285
379,432
-
0
-
0
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
200,000
200,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out on the

6 December 2023 by Alan McNaughton, a Chartered Surveyor, who is not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
9,501
9,501
Listed investments
15,553
17,320
-
0
-
0
15,553
17,320
9,501
9,501
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024
17,320
Valuation changes
(1,767)
At 31 December 2024
15,553
Carrying amount
At 31 December 2024
15,553
At 31 December 2023
17,320
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
9,501
Carrying amount
At 31 December 2024
9,501
At 31 December 2023
9,501
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
17
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Auto-Over Limited
See below
Dormant
Ordinary
100.00
Chamberlain Doors Ltd.
See below
Supply and installation of garage doors
Ordinary
95.00

All subsidiaries above share the same registered office of Carlyle House, 78 Chorley New Road, Bolton.

18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
131,416
151,645
-
0
-
0
19
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,631,184
4,687,171
n/a
n/a
Equity instruments measured at cost less impairment
15,553
17,320
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
2,649,558
1,913,338
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,548,818
1,472,982
-
0
-
0
Amounts owed by group undertakings
-
-
30,000
550,000
Other debtors
134,649
123,445
15,000
25,000
Prepayments and accrued income
109,326
101,713
34,659
21,283
1,792,793
1,698,140
79,659
596,283
Amounts falling due after more than one year:
Deferred tax asset (note 24)
-
0
-
0
20,716
21,970
Total debtors
1,792,793
1,698,140
100,375
618,253
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
99,753
204,090
-
0
-
0
Trade creditors
2,267,515
1,336,363
-
0
-
0
Corporation tax payable
102,321
109,628
17,384
18,003
Other taxation and social security
44,944
40,191
14,456
15,015
Other creditors
150,378
132,681
144,414
126,586
Accruals and deferred income
88,347
165,413
7,850
7,000
2,753,258
1,988,366
184,104
166,604
22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
43,565
74,791
-
0
-
0
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
99,753
204,090
-
0
-
0
In two to five years
43,565
74,791
-
0
-
0
143,318
278,881
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance lease liabilities are secured against the assets to which they relate.

24
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Timing differences on depreciation and capital allowances
48,959
82,975
-
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Timing differences on depreciation and capital allowances
-
-
20,716
21,970
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 January 2024
82,975
(21,970)
(Credit)/charge to profit or loss
(34,016)
1,254
Liability/(Asset) at 31 December 2024
48,959
(20,716)
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,253
44,608

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000

 

The holders of ordinary shares are entitled to full rights with regards to voting, participation and dividends.

27
Reserves
Profit and loss reserves

The profit and loss reserves represent total accumulated undistributed profit held.

28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
67,571
67,571
-
-
Between two and five years
58,393
98,477
-
-
125,964
166,048
-
-
FURNESS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
29
Related party transactions
Transactions with related parties

 

Group

Land and buildings at Scot Lane, Blackrod, are leased from the directors' pension fund at an annual rent of £184,744 (2023: £183,133). There was no balance outstanding at the year end (2023: £Nil).

 

Company

At 31 December 2024 there was a balance owed by the company to the directors of £144,414 (2023: £126,586). No interest has been paid on the loan and there are no fixed terms for repayment.

 

Immediate family members of directors of the company have received employee benefits of £12,000 (2023: £12,000) during the year.

30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
203,380
225,570
Adjustments for:
Taxation charged
68,305
92,684
Finance costs
22,745
25,886
Investment income
(93,370)
(53,440)
Gain on disposal of tangible fixed assets
(3,809)
(37,135)
Amortisation and impairment of intangible assets
6,614
9,920
Depreciation and impairment of tangible fixed assets
280,947
297,011
Gain on sale of investments
-
(24,502)
Amounts written off investments
1,767
(3,297)
Movements in working capital:
Decrease in stocks
20,229
22,848
Increase in debtors
(86,914)
(177,459)
Increase in creditors
868,797
76,286
Cash generated from operations
1,288,691
454,372
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mrs D M ChamberlainMiss K W 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