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COMPANY REGISTRATION NUMBER: 08563852
AUTEX ACOUSTICS LIMITED
FINANCIAL STATEMENTS
31 March 2025
AUTEX ACOUSTICS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
Contents
Page
Strategic report 1
Directors' report 3
Independent auditor's report to the members 5
Profit and loss account 8
Balance sheet 9
Statement of changes in shareholders funds 10
Statement of cash flows 11
Notes to the financial statements 12
AUTEX ACOUSTICS LIMITED
STRATEGIC REPORT
YEAR ENDED 31 MARCH 2025
The principal activity of the company continued to be the manufacture of interior acoustic solutions. Results, Performance and Developments during the year We are pleased to report another profitable year for the company during 2024/25. Sales during the year were 24% higher than the previous financial year with a maintained gross margin. Investments made during the year in people, premises and profile will facilitate further increases capacity in 2025/26. The company also continues to be debt free and cash generative. We continue to monitor the effects of our business on the environment and instigate change where necessary. The directors would like to extend thanks to all employees, customers and suppliers for their hard work and support during the year. Principal risks and uncertainties The Directors consider that the key risks and principal uncertainties faced by the company are: Raw material price volatility Exchange rate variances Supply chain disruption These risks are managed through monitoring of the appropriate markets, the use of forward contracts and currency hedges, maintaining close supplier relationships and dual sourcing of key resources. Financial Instruments 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 risk applicable to the financial instruments concerned are shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of short term funding. Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Key Performance indicators Key performance indicators monitored by management include order in-take, gross margin, stock volumes and cash collection. Outlook The directors continue to examine opportunities for further development of the business and its efficiencies. The directors have considered the results of the current financial year up to the date of this report, and despite the volatile market conditions expect to further enhance shareholder value in 2025/26.
This report was approved by the board of directors on 28 May 2025 and signed on behalf of the board by:
S R Senior
Director
AUTEX ACOUSTICS LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements of the company for the year ended 31 March 2025 .
Directors
The directors who served the company during the year were as follows:
S R Senior
M Robinson
M Van Vliet
D L Senior
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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 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 company's auditor is aware of that information.
This report was approved by the board of directors on 28 May 2025 and signed on behalf of the board by:
S R Senior
Director
AUTEX ACOUSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTEX ACOUSTICS LIMITED
YEAR ENDED 31 MARCH 2025
Opinion
We have audited the financial statements of Autex Acoustics Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, balance sheet, statement of changes in shareholders funds, 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 company's affairs as at 31 March 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to: - agreement of the financial statement disclosures to underlying supporting documentation; - enquiries of management regarding known or suspected instances of non-compliance with laws and regulations; - obtaining an understanding of the control environment in place to prevent and detect irregularities. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. 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 internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' 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 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 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. 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.
Mr David Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
28 May 2025
AUTEX ACOUSTICS LIMITED
PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2025
2025
2024
Note
£
£
Turnover
4
15,058,338
12,152,752
Cost of sales
7,116,508
5,540,389
-------------
-------------
Gross profit
7,941,830
6,612,363
Administrative expenses
6,342,824
4,883,644
------------
------------
Operating profit
5
1,599,006
1,728,719
Other interest receivable and similar income
9
51
Interest payable and similar expenses
10
18,173
------------
------------
Profit before taxation
1,580,833
1,728,770
Tax on profit
11
507,520
478,532
------------
------------
Profit for the financial year and total comprehensive income
1,073,313
1,250,238
------------
------------
All the activities of the company are from continuing operations.
AUTEX ACOUSTICS LIMITED
BALANCE SHEET
31 March 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
12
1,364,484
726,708
Current assets
Stocks
13
4,438,838
3,838,611
Debtors
14
2,679,152
2,599,837
Cash at bank and in hand
2,088,364
1,615,301
------------
------------
9,206,354
8,053,749
Creditors: amounts falling due within one year
15
4,056,064
3,463,445
------------
------------
Net current assets
5,150,290
4,590,304
------------
------------
Total assets less current liabilities
6,514,774
5,317,012
Provisions
16
232,740
108,291
------------
------------
Net assets
6,282,034
5,208,721
------------
------------
Capital and reserves
Called up share capital
19
100
100
Profit and loss account
6,281,934
5,208,621
------------
------------
Shareholders funds
6,282,034
5,208,721
------------
------------
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 28 May 2025 , and are signed on behalf of the board by:
S R Senior
Director
Company registration number: 08563852
AUTEX ACOUSTICS LIMITED
STATEMENT OF CHANGES IN SHAREHOLDERS FUNDS
YEAR ENDED 31 MARCH 2025
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2023
100
3,958,383
3,958,483
Profit for the year
1,250,238
1,250,238
------------
------------
------------
Total comprehensive income for the year
1,250,238
1,250,238
At 31 March 2024
100
5,208,621
5,208,721
Profit for the year
1,073,313
1,073,313
------------
------------
------------
Total comprehensive income for the year
1,073,313
1,073,313
------------
------------
------------
At 31 March 2025
100
6,281,934
6,282,034
------------
------------
------------
AUTEX ACOUSTICS LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2025
2025
2024
£
£
Cash flows from operating activities
Profit for the financial year
1,073,313
1,250,238
Adjustments for:
Depreciation of tangible assets
246,002
196,284
Other interest receivable and similar income
( 51)
Interest payable and similar expenses
18,173
Loss/(gains) on disposal of tangible assets
16,042
( 194)
Tax on profit
507,520
478,532
Changes in:
Stocks
( 600,227)
( 229,127)
Trade and other debtors
( 79,315)
( 876,857)
Trade and other creditors
866,499
( 243,727)
------------
------------
Cash generated from operations
2,048,007
575,098
Interest paid
( 18,173)
Interest received
51
Tax paid
( 656,951)
( 368,720)
------------
------------
Net cash from operating activities
1,372,883
206,429
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,015,818)
( 27,797)
Proceeds from sale of tangible assets
115,998
668
------------
------------
Net cash used in investing activities
( 899,820)
( 27,129)
------------
------------
Net increase in cash and cash equivalents
473,063
179,300
Cash and cash equivalents at beginning of year
1,615,301
1,436,001
------------
------------
Cash and cash equivalents at end of year
2,088,364
1,615,301
------------
------------
AUTEX ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit J4 Lowfields Way, Lowfields Business Park, Elland, West Yorkshire, HX5 9DA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. 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.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Short leasehold property
-
33% straight line
Plant and machinery
-
10% / 25% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2025
2024
£
£
Sale of goods
15,058,338
12,152,752
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company. 14.2% (2024: 13.2%) of turnover was to markets outside the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2025
2024
£
£
Depreciation of tangible assets
246,002
196,284
Loss/(gains) on disposal of tangible assets
16,042
( 194)
Impairment of trade debtors
30,000
50,756
Foreign exchange differences
4,708
4,542
------------
------------
6. Auditor's remuneration
2025
2024
£
£
Fees payable for the audit of the financial statements
13,000
13,000
------------
------------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2025
2024
No.
No.
Production staff
13
12
Management, sales and administration
28
19
------------
------------
41
31
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2025
2024
£
£
Wages and salaries
3,269,399
2,506,064
Other pension costs
131,032
44,173
------------
------------
3,400,431
2,550,237
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2025
2024
£
£
Remuneration
581,578
549,164
Company contributions to defined benefit pension plans
62,642
2,201
------------
------------
644,220
551,365
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2025
2024
No.
No.
Defined contribution plans
2
1
------------
------------
Remuneration of the highest paid director in respect of qualifying services:
2025
2024
£
£
Aggregate remuneration
330,340
318,900
------------
------------
9. Other interest receivable and similar income
2025
2024
£
£
Interest receivable
51
------------
------------
10. Interest payable and similar expenses
2025
2024
£
£
Other interest payable and similar charges
18,173
------------
------------
11. Tax on profit
Major components of tax expense
2025
2024
£
£
Current tax:
UK current tax expense
376,065
499,945
Adjustments in respect of prior periods
7,006
------------
------------
Total current tax
383,071
499,945
------------
------------
Deferred tax:
Origination and reversal of timing differences
124,449
( 21,413)
------------
------------
Tax on profit
507,520
478,532
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).
2025
2024
£
£
Profit on ordinary activities before taxation
1,580,833
1,728,770
------------
------------
Profit on ordinary activities by rate of tax
395,208
432,193
Adjustment to tax charge in respect of prior periods
7,006
Effect of expenses not deductible for tax purposes
105,839
34,577
Effect of capital allowances and depreciation
( 533)
11,762
------------
------------
Tax on profit
507,520
478,532
------------
------------
12. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2024
179,980
972,124
81,120
320,795
121,350
1,675,369
Additions
81,621
573,779
28,683
258,400
73,335
1,015,818
Disposals
( 9,392)
( 266,186)
( 275,578)
------------
------------
------------
------------
------------
------------
At 31 Mar 2025
252,209
1,545,903
109,803
313,009
194,685
2,415,609
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Apr 2024
137,849
517,718
53,743
144,270
95,081
948,661
Charge for the year
19,934
116,496
10,802
64,146
34,624
246,002
Disposals
( 5,121)
( 138,417)
( 143,538)
------------
------------
------------
------------
------------
------------
At 31 Mar 2025
152,662
634,214
64,545
69,999
129,705
1,051,125
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Mar 2025
99,547
911,689
45,258
243,010
64,980
1,364,484
------------
------------
------------
------------
------------
------------
At 31 Mar 2024
42,131
454,406
27,377
176,525
26,269
726,708
------------
------------
------------
------------
------------
------------
13. Stocks
2025
2024
£
£
Raw materials, WIP and finished goods
4,438,838
3,838,611
------------
------------
14. Debtors
2025
2024
£
£
Trade debtors
1,995,610
1,971,662
Prepayments and accrued income
586,179
532,738
Other debtors
97,363
95,437
------------
------------
2,679,152
2,599,837
------------
------------
15. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,880,361
1,252,806
Accruals and deferred income
1,442,429
1,299,867
Corporation tax
126,065
399,945
Social security and other taxes
596,261
503,147
Other creditors
10,948
7,680
------------
------------
4,056,064
3,463,445
------------
------------
Included within trade creditors is £1,054,532 (2024: £703,099) owing to the parent company. Included in accruals is £715,000 (2024: £715,000) owing to the parent company.
16. Provisions
Deferred tax (note 17)
£
At 1 April 2024
108,291
Additions
124,449
------------
At 31 March 2025
232,740
------------
17. Deferred tax
The deferred tax included in the balance sheet is as follows:
2025
2024
£
£
Included in provisions (note 16)
232,740
108,291
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2025
2024
£
£
Accelerated capital allowances
234,276
109,292
Provisions
( 1,536)
( 1,001)
------------
------------
232,740
108,291
------------
------------
18. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 131,032 (2024: £ 44,173 ).
19. Called up share capital
Issued, called up and fully paid
2025
2024
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
20. Analysis of changes in net debt
At 1 Apr 2024
Cash flows
At 31 Mar 2025
£
£
£
Cash at bank and in hand
1,615,301
473,063
2,088,364
------------
------------
------------
21. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
60,000
70,672
Later than 1 year and not later than 5 years
630,455
272,534
Later than 5 years
2,646,240
2,873,467
------------
------------
3,336,695
3,216,673
------------
------------
22. Related party transactions
The company meets the definition of a qualifying entity under FRS 102 Section 33 and has taken advantage of the exemptions available for disclosure of intra-group transactions and remuneration of key management personnel.
23. Controlling party
The company is a wholly owned subsidiary of Autex International Limited, a company registered in New Zealand. The registered office and principal place of business of the parent company is 702-718 Rosebank Road, Avondale, Auckland , 1026 , New Zealand.