| REGISTERED NUMBER: 02872433 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 30 September 2024 |
| for |
| Trafalgar Scientific Limited |
| REGISTERED NUMBER: 02872433 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 30 September 2024 |
| for |
| Trafalgar Scientific Limited |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 8 |
| Consolidated Other Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 12 |
| Company Statement of Changes in Equity | 13 |
| Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Financial Statements | 16 |
| Trafalgar Scientific Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Park House |
| 37 Clarence Street |
| Leicester |
| Leicestershire |
| LE1 3RW |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| The business has enjoyed another positive year, growing the core business sales from £21,789,419 to £24,784,196. This is a very positive growth figure for two main reasons. Firstly, there has been very little material impact from any legacy COVID-19 products/sales for the first time since the pandemic began - as this has been reported in this summary since 2020. Secondly, over the course of this year, the business has experienced some closures and acquisitions to some of our large customers, out of our control, to which we have managed to mitigate, replace and grow to just over 5% year on year. |
| During this financial year, the business has also successfully completed its acquisition of OCON Chemicals, to further strengthen our presence across the UK and Ireland. |
| The business continues its growth trajectory and is ensuring it maintains a focus on overheads through careful planning and strategic operational decisions by the directors. |
| Moving into the new financial year, our business continues to strengthen its online presence and platform, investing accordingly to ensure we differentiate ourselves from the competition. Also enriching our strong presence in Ireland to our Irish customers, with the acquisition of OCON chemicals. |
| The focus will continue to keep pushing our core product lines into our core markets, as well as exploring and investing in new markets, products and industries to continue our growth, whilst ensuring we continue to source the markets for sustainable, cost-effective products to help combat the ever-rising raw material costs that our suppliers are pushing onto ourselves. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company’s operations expose it to a variety of financial risks, outlined in more detail below. The company has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the company by monitoring levels of a number of financial costs. |
| Currency Risk |
| Foreign Exchange risk has continued to be stable, however this will continue to be closely monitored. The |
| increase in prices due to the weakening GBP has stabilised but does still remain a risk. This risk continues to be managed by the monitoring of the ratio between goods sold and goods purchased into the Euro zone. Fluctuating pricing strategies are also in place to ensure the risk is minimised. The US Dollar is also now a currency that is used largely throughout the business. Again, the exchange rate is monitored closely with a strict business plan to ensure that currencies are bought at the right time. |
| Price Risk |
| The company is exposed indirectly to raw material price fluctuations as a result of the products distributed. |
| These however are only realised annually, and the majority are either passed over to the existing customer base, and / or absorbed by suppliers directly. These are forecast to be roughly the same as the previous 12 months, despite the increased uncertainty following the European Exit. |
| Credit Risk |
| The company continues to monitor and review policies surrounding strict credit checks, on both new and |
| existing customers, when looking at offering credit limits and reviewing payment terms. The company has |
| seen significant success in reducing its average days to pay, as well as continuing to reduce its financial |
| exposure by closely monitoring credit terms. This is a core strategy that will continue to be in place for the |
| foreseeable future. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The directors use a number of performance indicators, both financial and non-financial, to evaluate the |
| company’s performance. Operating profit and credit control are of primary importance in ensuring the |
| successful management of the company. |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| FUTURE DEVELOPMENTS |
| The future prospects of the company remain healthy, with increases in both turnover and operating profit |
| expected for the forthcoming year. It is the directors' intention to develop the existing activities of the |
| company, as opportunities arise. |
| ON BEHALF OF THE BOARD: |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30 September 2024 will be £314,124. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Trafalgar Scientific Limited |
| Opinion |
| We have audited the financial statements of Trafalgar Scientific Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company 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; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 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 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Trafalgar Scientific Limited |
| 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 Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' 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 a Report of the Auditors 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: |
| Extent to which the audit was considered capable of detecting irregularities, including fraud |
| The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| a) Identifying and assessing potential risks related to irregularities |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken: |
| - | Understanding the nature of the industry and sector, control environment and business performance; |
| - | Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities; |
| - | Understanding the company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud; |
| - | Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; |
| - | Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation. |
| Report of the Independent Auditors to the Members of |
| Trafalgar Scientific Limited |
| b) Audit response to risks identified |
| Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified: |
| - | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement; |
| - | Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims; |
| - | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - | Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators; |
| - | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; |
| - |
| Communication of potential fraud risks to all engagements team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditor |
| Park House |
| 37 Clarence Street |
| Leicester |
| Leicestershire |
| LE1 3RW |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Consolidated |
| Income Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as | restated |
| Notes | £ | £ |
| TURNOVER | 3 | 24,784,196 | 21,789,419 |
| Cost of sales | (18,406,205 | ) | (16,172,740 | ) |
| GROSS PROFIT | 6,377,991 | 5,616,679 |
| Administrative expenses | (5,266,571 | ) | (4,368,862 | ) |
| OPERATING PROFIT | 5 | 1,111,420 | 1,247,817 |
| Interest receivable and similar income | 345,005 | 157,402 |
| 1,456,425 | 1,405,219 |
| Interest payable and similar expenses | 6 | (476 | ) | (761 | ) |
| PROFIT BEFORE TAXATION | 1,455,949 | 1,404,458 |
| Tax on profit | 7 | (414,826 | ) | (317,175 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,041,123 | 1,087,283 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as | restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,041,123 | 1,087,283 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of freehold property | 329,737 | - |
| Income tax relating to other comprehensive income |
(68,966 |
) |
13,358 |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
260,771 |
13,358 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,301,894 |
1,100,641 |
| Note |
| Prior year adjustment | 10 | 442,190 |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
1,744,084 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,744,084 | 1,100,641 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Consolidated Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as | restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 969,158 | 75,704 |
| Tangible assets | 12 | 3,882,765 | 3,453,522 |
| Investments | 13 | - | - |
| 4,851,923 | 3,529,226 |
| CURRENT ASSETS |
| Stocks | 14 | 3,465,975 | 2,289,937 |
| Debtors | 15 | 5,537,229 | 4,818,448 |
| Cash at bank | 9,357,957 | 9,191,554 |
| 18,361,161 | 16,299,939 |
| CREDITORS |
| Amounts falling due within one year | 16 | (4,999,913 | ) | (2,701,856 | ) |
| NET CURRENT ASSETS | 13,361,248 | 13,598,083 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
18,213,171 |
17,127,309 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(3,197 |
) |
(6,830 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (387,315 | ) | (285,590 | ) |
| NET ASSETS | 17,822,659 | 16,834,889 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 5,001 | 5,001 |
| Share premium | 4,999 | 4,999 |
| Revaluation reserve | 723,201 | 472,385 |
| Capital redemption reserve | 5,000 | 5,000 |
| Retained earnings | 17,084,458 | 16,347,504 |
| SHAREHOLDERS' FUNDS | 17,822,659 | 16,834,889 |
| The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by: |
| M Bramley - Director |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Company Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as | restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Stocks | 14 |
| Debtors | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Share premium |
| Revaluation reserve |
| Capital redemption reserve |
| Retained earnings | 16,347,504 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,091,361 | 1,087,283 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 October 2022 | 5,001 | 15,611,561 | 4,999 |
| Changes in equity |
| Prior period adjustment |
| - 1 October 2022 | - | (443,941 | ) | - |
| Prior period adjustment |
| - 30 September 2023 | - | (2,858 | ) | - |
| Dividends | - | (359,500 | ) | - |
| Total comprehensive income | - | 1,100,052 | - |
| Balance at 30 September 2023 | 5,001 | 15,905,314 | 4,999 |
| Prior year adjustment | - | 442,190 | - |
| As restated | 5,001 | 16,347,504 | 4,999 |
| Changes in equity |
| Dividends | - | (314,124 | ) | - |
| Total comprehensive income | - | 1,051,078 | - |
| Balance at 30 September 2024 | 5,001 | 17,084,458 | 4,999 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 October 2022 | 25,836 | 5,000 | 15,652,397 |
| Changes in equity |
| Prior period adjustment |
| - 1 October 2022 | 443,102 | - | (839 | ) |
| Prior period adjustment |
| - 30 September 2023 | 3,447 | - | 589 |
| Dividends | - | - | (359,500 | ) |
| Total comprehensive income | - | - | 1,100,052 |
| Balance at 30 September 2023 | 472,385 | 5,000 | 16,392,699 |
| Prior year adjustment | - | - | 442,190 |
| As restated | 472,385 | 5,000 | 16,834,889 |
| Changes in equity |
| Dividends | - | - | (314,124 | ) |
| Total comprehensive income | 250,816 | - | 1,301,894 |
| Balance at 30 September 2024 | 723,201 | 5,000 | 17,822,659 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Company Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Prior period adjustment |
| - 1 October 2022 | - | (443,941 | ) | - |
| Prior period adjustment |
| - 30 September 2023 | - | (2,858 | ) | - |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Balance at 30 September 2023 |
| Prior year adjustment | - | - |
| As restated |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Balance at 30 September 2024 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Prior period adjustment |
| - 1 October 2022 | 443,102 | - | (839 | ) |
| Prior period adjustment |
| - 30 September 2023 | 3,447 | - | 589 |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 30 September 2023 |
| Prior year adjustment | - | - |
| As restated |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 30 September 2024 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| as | restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,242,996 | 569,833 |
| Interest element of hire purchase payments paid |
(476 |
) |
(761 |
) |
| Tax paid | (277,119 | ) | 353,691 |
| Net cash from operating activities | 965,401 | 922,763 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (762,758 | ) | (62,827 | ) |
| Purchase of tangible fixed assets | (173,796 | ) | (644,168 | ) |
| Sale of tangible fixed assets | - | 46,000 |
| Cash on acquisition of subsidiary | 101,823 | - |
| Interest received | 345,005 | 157,402 |
| Net cash from investing activities | (489,726 | ) | (503,593 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (3,455 | ) | (7,248 | ) |
| Amount introduced by directors | 8,403 | - |
| Amount withdrawn by directors | (96 | ) | (48,168 | ) |
| Equity dividends paid | (314,124 | ) | (359,500 | ) |
| Net cash from financing activities | (309,272 | ) | (414,916 | ) |
| Increase in cash and cash equivalents | 166,403 | 4,254 |
| Cash and cash equivalents at beginning of year |
2 |
9,191,554 |
9,187,300 |
| Cash and cash equivalents at end of year |
2 |
9,357,957 |
9,191,554 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Profit before taxation | 1,455,949 | 1,404,458 |
| Depreciation charges | 357,495 | 204,327 |
| Loss on disposal of fixed assets | - | 76,844 |
| Finance costs | 476 | 761 |
| Finance income | (345,005 | ) | (157,402 | ) |
| 1,468,915 | 1,528,988 |
| Increase in stocks | (559,298 | ) | (308,500 | ) |
| Decrease/(increase) in trade and other debtors | 88,393 | (302,981 | ) |
| Increase/(decrease) in trade and other creditors | 244,986 | (347,674 | ) |
| Cash generated from operations | 1,242,996 | 569,833 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 9,357,957 | 9,191,554 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 9,191,554 | 9,187,300 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 9,191,554 | 166,403 | 9,357,957 |
| 9,191,554 | 166,403 | 9,357,957 |
| Debt |
| Finance leases | (10,301 | ) | 3,455 | (6,846 | ) |
| (10,301 | ) | 3,455 | (6,846 | ) |
| Total | 9,181,253 | 169,858 | 9,351,111 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Trafalgar Scientific Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| The consolidated financial statements incorporate the results of the business combination using the purchase method. In the Balance Sheet, the acquirees' identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The combined results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the |
| circumstances. |
| The company makes estimates and assumptions concerning the future. The resulting accounting |
| estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| i) Useful economic lives of tangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful |
| economic lives and residual values of the assets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current accounting estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property, plant and equipment, and this note for the useful economic lives of each class of asset. |
| There are not considered to be any critical judgements in applying the company's accounting policies. |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and Value Added Tax. |
| The company recognises turnover when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no ongoing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity; and (e) when the goods have been "delivered" to the customer, as described below. |
| Delivery occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
| Cost is determined on the first-in, first-out (FIFO) basis. |
| At the end of each reporting period stocks are assessed for impairment. If an item of stock is |
| impaired, the identified stock is reduced to its selling price less costs to sell and an impairment charge is recognised in the profit and loss account. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Amounts not paid are shown in other creditors in the balance sheet. Once the contributions have been paid the company has no further payment obligations. The assets of the scheme are held separately from the company in independently administered funds. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| United Kingdom | 20,768,659 | 19,826,799 |
| Europe | 3,988,146 | 1,899,679 |
| Rest of World | 27,391 | 62,941 |
| 24,784,196 | 21,789,419 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Wages and salaries | 2,737,655 | 2,268,392 |
| Social security costs | 285,744 | 247,890 |
| Other pension costs | 208,836 | 180,956 |
| 3,232,235 | 2,697,238 |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| as | restated |
| Directors | 3 | 3 |
| Sales and administration | 74 | 65 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 15 (2023 - NIL ) . |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Directors' remuneration | 161,343 | 190,432 |
| Directors' pension contributions to money purchase schemes | 11,988 | 5,478 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 1 | 1 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Depreciation - owned assets | 232,775 | 190,370 |
| Depreciation - assets on hire purchase contracts | 993 | - |
| Loss on disposal of fixed assets | - | 76,844 |
| Goodwill amortisation | 62,598 | - |
| Development costs amortisation | 7,567 | - |
| Computer software amortisation | 57,347 | 13,957 |
| Auditors' remuneration | 20,874 | 19,000 |
| Foreign exchange differences | (20,351 | ) | 27,409 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Hire purchase | 476 | 761 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Current tax: |
| UK corporation tax | 382,067 | 242,764 |
| Deferred tax | 32,759 | 74,411 |
| Tax on profit | 414,826 | 317,175 |
| UK corporation tax has been charged at 25 % (2023 - 22 %). |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Profit before tax | 1,455,949 | 1,404,458 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22 %) |
363,987 |
308,981 |
| Effects of: |
| Expenses not deductible for tax purposes | 26,365 | 6,290 |
| Adjustments to tax charge in respect of previous periods | 21,030 | - |
| Enhanced capital allowances | - | (905 | ) |
| Depreciation in excess of capital allowances - revaluation reserve | 3,444 | 2,809 |
| Total tax charge | 414,826 | 317,175 |
| Tax effects relating to effects of other comprehensive income |
| 30.9.24 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of freehold property | 329,737 | (68,966 | ) | 260,771 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | TAXATION - continued |
| 30.9.23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of freehold property | - | 13,358 | 13,358 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 314,124 | 359,500 |
| 10. | PRIOR YEAR ADJUSTMENT |
| The prior year adjustment relates to the revaluation of freehold property as at 30 September 2022 and has the following effect on the financial statements: |
| 30.09.23 | 1.10.22 |
| £ | £ |
| Increase in Revaluation reserve | 446,799 | 443,352 |
| (Decrease) in Retained earnings | (4,609 | (1,751 | ) |
| Total increase/(decrease) in Net Assets | 442,190 | 441,601 |
| (Decrease) in Profit before tax | (12,769 |
| Decrease in Tax on profit | - |
| Total (decrease) in Profit for the Financial Period | (12,769 |
| Decrease in Income tax relating to other comprehensive income | 13,358 |
| Total increase in Total comprehensive income for the year | 589 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Development | Computer |
| Goodwill | costs | software | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 | - | - | 92,101 | 92,101 |
| Additions | 833,876 | - | 131,820 | 965,696 |
| Acquisition of subsidiary | - | 61,830 | - | 61,830 |
| At 30 September 2024 | 833,876 | 61,830 | 223,921 | 1,119,627 |
| AMORTISATION |
| At 1 October 2023 | - | - | 16,397 | 16,397 |
| Amortisation for year | 62,598 | 7,567 | 57,347 | 127,512 |
| Acquisition of subsidiary | - | 6,560 | - | 6,560 |
| At 30 September 2024 | 62,598 | 14,127 | 73,744 | 150,469 |
| NET BOOK VALUE |
| At 30 September 2024 | 771,278 | 47,703 | 150,177 | 969,158 |
| At 30 September 2023 | - | - | 75,704 | 75,704 |
| Company |
| Computer |
| software |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 | 2,569,566 | - | 139,744 |
| Additions | 43,999 | - | 67,926 |
| Disposals | - | - | - |
| Acquisition of subsidiary | - | 111,473 | 79,769 |
| Revaluations | 222,435 | - | - |
| At 30 September 2024 | 2,836,000 | 111,473 | 287,439 |
| DEPRECIATION |
| At 1 October 2023 | 53,431 | - | 57,050 |
| Charge for year | 53,871 | 3,744 | 28,256 |
| Eliminated on disposal | - | - | - |
| Acquisition of subsidiary | - | 9,930 | 33,776 |
| Revaluation adjustments | (107,302 | ) | - | - |
| At 30 September 2024 | - | 13,674 | 119,082 |
| NET BOOK VALUE |
| At 30 September 2024 | 2,836,000 | 97,799 | 168,357 |
| At 30 September 2023 | 2,516,135 | - | 82,694 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 | 644,816 | 295,438 | 197,136 | 3,846,700 |
| Additions | 16,688 | - | 45,183 | 173,796 |
| Disposals | - | (15,173 | ) | - | (15,173 | ) |
| Acquisition of subsidiary | - | 87,056 | - | 278,298 |
| Revaluations | - | - | - | 222,435 |
| At 30 September 2024 | 661,504 | 367,321 | 242,319 | 4,506,056 |
| DEPRECIATION |
| At 1 October 2023 | 122,148 | 42,822 | 117,727 | 393,178 |
| Charge for year | 56,822 | 38,866 | 52,209 | 233,768 |
| Eliminated on disposal | - | (15,173 | ) | - | (15,173 | ) |
| Acquisition of subsidiary | - | 75,114 | - | 118,820 |
| Revaluation adjustments | - | - | - | (107,302 | ) |
| At 30 September 2024 | 178,970 | 141,629 | 169,936 | 623,291 |
| NET BOOK VALUE |
| At 30 September 2024 | 482,534 | 225,692 | 72,383 | 3,882,765 |
| At 30 September 2023 | 522,668 | 252,616 | 79,409 | 3,453,522 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Cost or valuation at 30 September 2024 is represented by: |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| Valuation in 2022 | 373,750 | - | - |
| Valuation in 2024 | 222,435 | - | - |
| Cost | 2,239,815 | 111,473 | 287,439 |
| 2,836,000 | 111,473 | 287,439 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 2022 | - | - | - | 373,750 |
| Valuation in 2024 | - | - | - | 222,435 |
| Cost | 661,504 | 367,321 | 242,319 | 3,909,871 |
| 661,504 | 367,321 | 242,319 | 4,506,056 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Cost | 2,239,815 | 2,195,816 |
| Aggregate depreciation | 275,717 | 232,146 |
| Freehold land and buildings were valued on an open market basis on 30 September 2024 by the Directors . |
| Included within the tangible fixed assets are assets held under hire purchase contracts with a net book value of £5,627 (2023 - £6,620). |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Additions |
| Revaluations |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Revaluation adjustments | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Additions |
| Revaluations |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Revaluation adjustments | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Included within the tangible fixed assets are assets held under hire purchase contracts with a net book value of £5,627 (2023 - £6,620). |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Cost or valuation at 30 September 2024 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2022 | 373,750 | - | - |
| Valuation in 2024 | 222,435 | - | - |
| Cost | 2,239,815 | 207,670 | 661,504 |
| 2,836,000 | 207,670 | 661,504 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2022 | - | - | 373,750 |
| Valuation in 2024 | - | - | 222,435 |
| Cost | 295,438 | 242,319 | 3,646,746 |
| 295,438 | 242,319 | 4,242,931 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Cost | 2,239,815 | 2,195,816 |
| Aggregate depreciation | 275,717 | 232,146 |
| Freehold land and buildings were valued on an open market basis on 30 September 2024 by the Directors . |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| Additions |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 30.9.24 |
| £ |
| Aggregate capital and reserves | ( |
) |
| Profit for the year |
| 14. | STOCKS |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Stocks | 3,465,975 | 2,289,937 |
| Amount of inventories recognised as an expense in the year was £17,594,674 (2023 - £15,542,786). |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Trade debtors | 5,329,225 | 4,488,460 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 79,789 | 253,202 |
| Directors' current accounts | - | 8,403 | - | 8,403 |
| Prepayments | 128,215 | 68,383 |
| 5,537,229 | 4,818,448 |
| The impairment loss recognised in the profit for the period in respect of bad and doubtful trade debtors was £35,014 (2023 - £24,300). |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 18) | 3,649 | 3,471 |
| Trade creditors | 3,465,982 | 1,993,101 |
| Corporation tax | 219,770 | 114,822 |
| Social security and other taxes | 348,907 | 350,540 |
| Other creditors | 619,564 | 30,600 |
| Directors' current accounts | 450 | 546 | 450 | 546 |
| Accrued expenses | 341,591 | 208,776 |
| 4,999,913 | 2,701,856 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 18) | 3,197 | 6,830 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Net obligations repayable: |
| Within one year | 3,649 | 3,471 |
| Between one and five years | 3,197 | 6,830 |
| 6,846 | 10,301 |
| Company |
| Hire purchase contracts |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 18. | LEASING AGREEMENTS - continued |
| Group |
| Non-cancellable | operating leases |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Within one year | 41,872 | 15,787 |
| Between one and five years | 54,277 | 9,109 |
| 96,149 | 24,896 |
| Company |
| Non-cancellable | operating leases |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Within one year |
| Between one and five years |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Hire purchase contracts | 6,846 | 10,301 | 6,846 | 10,301 |
| 20. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 238,269 | 205,510 |
| Other timing differences | 149,046 | 80,080 | 149,046 | 80,080 |
| 387,315 | 285,590 | 387,315 | 285,590 |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 | 285,590 |
| Provided during year | 101,725 |
| Balance at 30 September 2024 | 387,315 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 5,000 | 5,000 |
| Ordinary B | £1 | 1 | 1 |
| 5,001 | 5,001 |
| There are two classes of Ordinary Shares: Ordinary and Ordinary B. |
| Ordinary shares carry full voting rights with no restrictions, whereas Ordinary B shares are non-voting. There are no restrictions on the repayment of capital. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share. |
| 22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| A J Smith |
| Balance outstanding at start of year | 8,403 | - |
| Amounts advanced | - | 8,403 |
| Amounts repaid | (8,403 | ) | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | 8,403 |
| The loan was interest free and repayable on demand. |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 23. | RELATED PARTY DISCLOSURES |
| Key management personnel of the entity or its parent (in the aggregate) |
| 30.9.24 | 30.9.23 |
| as | restated |
| £ | £ |
| Dividends paid | 314,124 | 359,500 |
| The key management personnel of the entity are considered to be the directors of the company. Their remuneration is stated in Note 4. |
| Trafalgar Scientific Limited (Registered number: 02872433) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 24. | BUSINESS COMBINATIONS |
| On 17 May 2024 Trafalgar Scientific Limited acquired 100% of the share capital of Ocon Chemicals Limited. The consideration and fair value of assets acquired is detailed below. |
| Recognised amounts of identifiable assets acquired and liabilities assumed |
| £ |
| Fixed Assets |
| Intangible | 26,237 |
| Tangible | 95,339 |
| 121,577 |
| Current Assets |
| Stocks | 616,740 |
| Debtors | 815,577 |
| Cash at bank and in hand | 101,823 |
| 1,534,139 |
| Total Assets | 1,655,716 |
| Creditors |
| Due within one year and after one year | 1,858,650 |
| Total Liabilities | 1,858,650 |
| Total identifiable net assets / (liabilities) | (202,934 | ) |
| Goodwill | 833,872 |
| Total purchase consideration | 630,938 |
| Consideration |
| £ |
| Cash | 35,088 |
| Deferred cash consideration | 491,257 |
| Directly attributable costs | 104.593 |
| 630,938 |
| Cash inflow on acquisition |
| £ |
| Purchase consideration settled / to be settled in cash | 526,345 |
| Directly attributable costs | 104,593 |
| 630,938 |
| Less: Cash and cash equivalents in subsidiary acquired | (101,823 | ) |
| Net cash inflow on acquisition | 529.115 |