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COMPANY REGISTRATION NUMBER: 10888773
SALAMANDER HASKELL HOLDINGS LIMITED
FINANCIAL STATEMENTS
30 September 2024
SALAMANDER HASKELL HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
Contents
Page
Officers and professional advisers 1
Strategic report 2
Director's report 3
Independent auditor's report to the members 5
Consolidated statement of income and retained earnings 9
Company statement of income and retained earnings 10
Consolidated statement of financial position 11
Balance sheet 12
Consolidated statement of cash flows 13
Notes to the financial statements 14
SALAMANDER HASKELL HOLDINGS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
M Haskell
Registered office
Commercial Mills
Slaithwaite
Huddersfield
HD7 5HB
Auditor
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
Bankers
National Westminster Bank plc
10 Yorkshire Street
Oldham
Lancashire
OL1 1QT
SALAMANDER HASKELL HOLDINGS LIMITED
STRATEGIC REPORT
YEAR ENDED 30 SEPTEMBER 2024
The director present his strategic report for the year ended 30 September 2024. Business review The business achieved another satisfactory trading result despite challenging inflationary conditions. Performance and developments during the year The director is continuing to pursue initiatives to protect turnover and improve the gross margin. Capital expenditure in the group is enhancing production efficiencies. Principal risks and uncertainties The business remains exposed to a range of risk factors including the sourcing and pricing of materials, adequate supply of skilled labour and general economic and political uncertainties. These are managed through careful market and data analysis, sensible planning, maintaining close dialogue with customers and suppliers and early reaction to changes affecting the business. Financial instruments The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds to finance the company's operations. Due to the nature of the financial instruments used by the company there is no material exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between the effective use of cash reserves and maintenance of a working capital buffer. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both length of time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Financial key performance indicators A range of KPIs, including order intake, margin achievement, overhead control and collection of trade receivables will continue to be monitored as part of the ongoing management of the company's operations. More efficient materials sourcing is being achieved following the recruitment of a purchasing manager. Outlook Based on current data, the director anticipates another profitable year during 2024/25.
This report was approved by the board of directors on 1 May 2025 and signed on behalf of the board by:
M Haskell
Director
Registered office:
Commercial Mills
Slaithwaite
Huddersfield
HD7 5HB
SALAMANDER HASKELL HOLDINGS LIMITED
DIRECTOR'S REPORT
YEAR ENDED 30 SEPTEMBER 2024
The director presents his report and the financial statements of the group for the year ended 30 September 2024 .
Director
The director who served the company during the year was as follows:
M Haskell
Dividends
The director does not recommend the payment of a dividend.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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. He is 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 1 May 2025 and signed on behalf of the board by:
M Haskell
Director
Registered office:
Commercial Mills
Slaithwaite
Huddersfield
HD7 5HB
SALAMANDER HASKELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALAMANDER HASKELL HOLDINGS LIMITED
YEAR ENDED 30 SEPTEMBER 2024
Opinion
We have audited the financial statements of Salamander Haskell Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, balance sheet, consolidated statement of cash flows 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, 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: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director 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 director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations; Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity; As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
David Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
1 May 2025
SALAMANDER HASKELL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30 SEPTEMBER 2024
2024
2023
Note
£
£
Turnover
4
6,045,118
6,300,671
Cost of sales
3,618,562
3,768,878
------------
------------
Gross profit
2,426,556
2,531,793
Administrative expenses
1,667,964
1,692,335
Other operating income
5
22,950
30,600
------------
------------
Operating profit
6
781,542
870,058
Other interest receivable and similar income
10
30,474
52,594
Interest payable and similar expenses
11
59,067
58,876
------------
------------
Profit before taxation
752,949
863,776
Tax on profit
12
100,075
239,897
------------
------------
Profit for the financial year and total comprehensive income
652,874
623,879
------------
------------
Retained earnings at the start of the year
4,268,388
3,644,509
------------
------------
Retained earnings at the end of the year
4,921,262
4,268,388
------------
------------
All the activities of the group are from continuing operations.
SALAMANDER HASKELL HOLDINGS LIMITED
COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30 SEPTEMBER 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
673,939
2,600,000
Retained earnings at the start of the year
5,072,000
2,472,000
------------
------------
Retained earnings at the end of the year
5,745,939
5,072,000
------------
------------
SALAMANDER HASKELL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
13
674,168
887,062
Tangible assets
14
2,065,687
2,247,739
------------
------------
2,739,855
3,134,801
Current assets
Stocks
16
444,598
412,105
Debtors
17
7,112,583
2,719,499
Cash at bank and in hand
1,735,396
5,098,604
------------
------------
9,292,577
8,230,208
Creditors: amounts falling due within one year
18
1,806,611
1,758,049
------------
------------
Net current assets
7,485,966
6,472,159
-------------
------------
Total assets less current liabilities
10,225,821
9,606,960
Creditors: amounts falling due after more than one year
19
51,636
68,849
Provisions
20
32,800
49,600
-------------
------------
Net assets
10,141,385
9,488,511
-------------
------------
Capital and reserves
Called up share capital
24
3,000
3,000
Share premium account
25
5,217,123
5,217,123
Profit and loss account
25
4,921,262
4,268,388
-------------
------------
Shareholders funds
10,141,385
9,488,511
-------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 1 February 2025 , and are signed on behalf of the board by:
M Haskell
Director
Company registration number: 10888773
SALAMANDER HASKELL HOLDINGS LIMITED
BALANCE SHEET
30 September 2024
2024
2023
Note
£
£
Fixed assets
Investments
15
5,220,124
5,220,124
Current assets
Debtors
17
5,648,178
1,148,178
Cash at bank and in hand
101,511
3,923,821
------------
------------
5,749,689
5,071,999
Creditors: amounts falling due within one year
18
3,751
------------
------------
Net current assets
5,745,938
5,071,999
-------------
-------------
Total assets less current liabilities
10,966,062
10,292,123
-------------
-------------
Capital and reserves
Called up share capital
24
3,000
3,000
Share premium account
25
5,217,123
5,217,123
Profit and loss account
25
5,745,939
5,072,000
-------------
-------------
Shareholders funds
10,966,062
10,292,123
-------------
-------------
The profit for the financial year of the parent company was £ 673,939 (2023: £ 2,600,000 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 1 February 2025 , and are signed on behalf of the board by:
M Haskell
Director
Company registration number: 10888773
SALAMANDER HASKELL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 30 SEPTEMBER 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
652,874
623,879
Adjustments for:
Depreciation of tangible assets
166,871
201,563
Amortisation of intangible assets
212,894
212,894
Government grant income
( 22,950)
( 30,600)
Other interest receivable and similar income
( 30,474)
( 52,594)
Interest payable and similar expenses
59,067
58,876
Gains on disposal of tangible assets
( 5,748)
Tax on profit
100,075
239,897
Changes in:
Stocks
( 32,493)
121,171
Trade and other debtors
106,916
1,445,525
Trade and other creditors
62,053
( 21,248)
------------
------------
Cash generated from operations
1,269,085
2,799,363
Interest paid
( 59,067)
( 58,876)
Interest received
30,474
52,594
Tax paid
( 147,579)
( 170,548)
------------
------------
Net cash from operating activities
1,092,913
2,622,533
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 5,975)
( 115,427)
Proceeds from sale of tangible assets
26,904
Cash advances and loans granted
( 4,500,000)
( 1,251,000)
------------
------------
Net cash used in investing activities
( 4,479,071)
( 1,366,427)
------------
------------
Cash flows from financing activities
Government grant income
22,950
30,600
------------
------------
Net cash from financing activities
22,950
30,600
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 3,363,208)
1,286,706
Cash and cash equivalents at beginning of year
5,098,604
3,811,898
------------
------------
Cash and cash equivalents at end of year
1,735,396
5,098,604
------------
------------
SALAMANDER HASKELL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. General information
The company is a private company limited by shares, company registration number 10888773 , registered in England and Wales. The address of the registered office is Commercial Mills, Slaithwaite, Huddersfield, HD7 5HB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £. No transactions have taken place in the year and therefore no Profit and Loss Account is included in the financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Salamander Haskell Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Research and development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
- There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- The use or sale of the intangible asset will generate probable future economic benefits;
- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
- The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The group operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
5,966,503
6,235,945
Rendering of services
78,615
64,726
------------
------------
6,045,118
6,300,671
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
22,950
30,600
------------
------------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
212,894
212,894
Depreciation of tangible assets
166,871
201,563
Gains on disposal of tangible assets
( 5,748)
------------
------------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
10,500
8,000
------------
------------
8. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
48
45
Administrative staff
10
9
Management staff
2
2
Sales staff
2
2
------------
------------
62
58
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,288,107
2,190,854
Social security costs
194,984
186,773
Other pension costs
70,003
71,860
------------
------------
2,553,094
2,449,487
------------
------------
9. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
41,583
38,873
Company contributions to defined contribution pension plans
7,161
7,120
------------
------------
48,744
45,993
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
------------
------------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
12,785
52,454
Interest on bank deposits
17,689
125
Other interest recievable
15
------------
------------
30,474
52,594
------------
------------
11. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
59,067
58,876
------------
------------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
208,993
239,697
Adjustments in respect of prior periods
( 92,118)
------------
------------
Total current tax
116,875
239,697
------------
------------
Deferred tax:
Origination and reversal of timing differences
( 16,800)
200
------------
------------
Tax on profit
100,075
239,897
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 22.01 %).
2024
2023
£
£
Profit on ordinary activities before taxation
752,949
863,776
------------
------------
Profit on ordinary activities by rate of tax
188,240
190,120
Effect of expenses not deductible for tax purposes
53,090
49,761
Effect of different UK tax rates on some earnings
(673)
27
Rounding on tax charge
( 11)
Effect of R&D expenditure
( 140,582)
------------
------------
Tax on profit
100,075
239,897
------------
------------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
2,128,944
------------
Amortisation
At 1 October 2023
1,241,882
Charge for the year
212,894
------------
At 30 September 2024
1,454,776
------------
Carrying amount
At 30 September 2024
674,168
------------
At 30 September 2023
887,062
------------
The company has no intangible assets.
14. Tangible assets
Group
Freehold property
Plant and machinery
Motor vehicles
Equipment
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023
818,047
1,639,387
194,598
28,284
747,687
3,428,003
Additions
740
5,235
5,975
Disposals
( 74,636)
( 74,636)
------------
------------
------------
------------
------------
------------
At 30 Sep 2024
818,787
1,644,622
119,962
28,284
747,687
3,359,342
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Oct 2023
1,066,158
88,411
25,695
1,180,264
Charge for the year
143,749
21,258
1,864
166,871
Disposals
( 53,480)
( 53,480)
------------
------------
------------
------------
------------
------------
At 30 Sep 2024
1,209,907
56,189
27,559
1,293,655
------------
------------
------------
------------
------------
------------
Carrying amount
At 30 Sep 2024
818,787
434,715
63,773
725
747,687
2,065,687
------------
------------
------------
------------
------------
------------
At 30 Sep 2023
818,047
573,229
106,187
2,589
747,687
2,247,739
------------
------------
------------
------------
------------
------------
The company has no tangible assets.
The freehold property is used by a group company and is stated at cost. The freehold investment property is rented to third party tenants. Based on independent property valuations carried out in June 2023 there is no material difference between market value and cost value and the property continues to be stated at cost value.
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
5,220,124
------------
Impairment
At 1 October 2023 and 30 September 2024
------------
Carrying amount
At 1 October 2023 and 30 September 2024
5,220,124
------------
At 30 September 2023
5,220,124
------------
The company owns the whole of the issued share capitals of Salamander Fabrications Limited and Salamander Haskell Limited.
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Salamander Fabrications Limited
Ordinary
100
Salamader Haskell Limited
Ordinary
100
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
275,163
238,954
Work in progress
151,653
133,603
Finished goods and goods for resale
17,782
39,548
------------
------------
------------
------------
444,598
412,105
------------
------------
------------
------------
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,259,971
1,346,505
Amounts owed by group and related undertakings
998,178
1,148,178
Prepayments and accrued income
64,534
74,054
Amounts due from related undertakings
5,751,000
1,251,000
4,650,000
Other debtors
37,078
47,940
------------
------------
------------
------------
7,112,583
2,719,499
5,648,178
1,148,178
------------
------------
------------
------------
The debtors above include the following amounts falling due after more than one year:
Group
Company
2024
2023
2024
2023
£
£
£
£
Other debtors
32,250
35,250
------------
------------
------------
------------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
377,595
404,805
Accruals and deferred income
339,864
282,889
Corporation tax
208,993
239,697
3,751
Social security and other taxes
288,527
239,868
Director's loan account
588,763
588,763
Other creditors
2,869
2,027
------------
------------
------------
------------
1,806,611
1,758,049
3,751
------------
------------
------------
------------
19. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
51,636
68,849
------------
------------
------------
------------
20. Provisions
Group
Deferred tax (note 21)
£
At 1 October 2023
49,600
Charge against provision
( 16,800)
------------
At 30 September 2024
32,800
------------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the balance sheet is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
32,800
49,600
------------
------------
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
32,800
49,600
------------
------------
------------
------------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 62,842 (2023: £ 64,740 ).
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in creditors:
Deferred government grants due within one year
17,213
22,950
Deferred government grants due after more than one year
51,636
68,849
------------
------------
------------
------------
68,849
91,799
------------
------------
------------
------------
Recognised in other operating income:
Government grants released to profit or loss
22,950
30,600
------------
------------
------------
------------
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
300,000
3,000
300,000
3,000
------------
------------
------------
------------
25. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
5,098,604
(3,363,208)
1,735,396
------------
------------
------------
27. Related party transactions
Group
Included in creditors is a loan of £588,763 (2023: £588,763) owing to a director. This loan is unsecured, repayable on demand, and bears interest at 10% per annum. Included in debtors is a loan of £5,751,000 (2023: £1,251,000) to a company controlled by the director. This loan is unsecured, repayable on demand and currently interest-free.
Company
The loans owed by group and related undertakings are unsecured, repayable on demand and currently interest-free.
28. Controlling party
The company is controlled by M Haskell .