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REGISTERED NUMBER: 00793018 (England and Wales)















MOULTON BULB COMPANY LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2 to 4

Report of the Directors 5 to 7

Report of the Independent Auditors 8 to 10

Consolidated Statement of Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17 to 29


MOULTON BULB COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: R H Oldershaw Snr
D J Grimwood
Mrs J R A Cooke
Mrs B L Posey
A R Greetham
R H Oldershaw Jnr
C J Woodrow





SECRETARY: Mrs J R A Cooke





REGISTERED OFFICE: Long Lane
Moulton
Spalding
Lincolnshire
PE12 6PP





REGISTERED NUMBER: 00793018 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

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
Adhering to our fundamental principles has demonstrated its efficacy with the reinstatement of a customer lost during the preceding fiscal period. Furthermore, we successfully secured additional business towards the close of the year, contributing to the expansion of our overall volume and enhancing our capacity to efficiently manage the substantial overhead expenses inherent in operating a professional fresh produce business. This growth has placed strain on both our supply chain and growing operation, necessitating further investments and collaborative efforts with growing partners to fortify our capabilities for future expansion.

The group strives to increase volume and turnover whist maintaining or reducing controllable operating costs.

Turnover increased by 28.5% to £89.2M which was largely a reflection of both cost inflation and some additional business. Operating profit rose from a £1.6m to £2.7m, 3% of sales.

PRINCIPAL RISKS AND UNCERTAINTIES
The key fundamental risk to the business is the loss of a significant part of its turnover with retail customers alongside the willingness of our growers to grow the crops due to less than favourable returns and the high risks of growing onions. However, with the spread of customers, now more even than ever, that risk is minimised. Product quality, safety, legality and authenticity are paramount along with a sustainable and cost-effective offer. The core values of the business are shared among all employees and working collaboratively with the grower base ensures the supply chain is working towards the same goals.

As a fresh produce supplier, the profitability of Moulton Bulb Company Limited is influenced by the quality of the raw material. This is significantly influenced by extreme weather conditions along with ever tighter regulations around pesticide and herbicide use, leading to disease pressure and ultimately decreased yields.

The group mitigates these influences through the application of a variety of management tools including supply contracts, purchasing to stock and national and international sourcing along with nurturing close working relationships with key suppliers.

Maintaining the high degree of respect and delight from the group's customers and suppliers is key to growing the business and mitigating risk. By packing and processing a comprehensive range of alliums and delivering better quality, value and service than anyone else, the group will be able to continue to grow.


MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

SECTION 172(1) STATEMENT
As the Board at Moulton Bulb Co. Ltd, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders. This statement addresses the ways in which we as a Board outwork this responsibility.

Decision Making at the Board

All matters under the group's governance are reserved for decision by the Directors and presented at Board meetings. Directors are briefed on any potential impact or risk for our stakeholders. The Directors take these factors into consideration before making a final decision which they believe to be in the best interests of the group and its stakeholders.

Long Term Sustainability

The long term sustainability of the group is at the forefront of any decision making process. We aim to make sufficient profit to sustain our commercial viability. This is balanced against the needs of our customers, employees, suppliers and other stakeholders to ensure our business operates with integrity.

Stakeholders

Our employees are our most important stakeholders and are vital to the success of our business. We focus on fostering long-term partnerships with our customers, working closely with them to achieve shared goals. Other key stakeholders include our growers and suppliers, who provide the goods and services we rely on, as well as the local community in which we operate and the broader environment we all share.

Our Employees

In order to remain competitive, we strive to ensure our processes are as mechanised as possible. However many areas of our business are still labour intensive and so we rely heavily on our dedicated workforce. We have a great reputation for delivering on our promises and having a high level of flexibility and our team help deliver these promises.

We engage with our team in the following ways:

- We set our remuneration at rates comparable to other local businesses within our sector
- Salaried staff are all entitled to take part in the company discretionary bonus scheme
- Training and career development for all levels
- Access to our internal social media platform for all team members, providing multidirectional communication.


Customers

Long term relationships are developed with all customers. Our account management team develop strong bonds with buyers across all customers to ensure maximum customer satisfaction. Our long-term approach and continued investment and innovation give our customers confidence that we can deliver year on year. Customer performance is reviewed regularly by the Directors.

Our Growers and Suppliers

We work closely with our growers and suppliers. Suppliers and growers are audited against industry and internal technical and ethical standards and measures have been taken to prevent modern slavery and human trafficking among our supply base.

Our Community

We are a local, family run business and take our impact on the local community very seriously. Extra care is taken to ensure minimal disturbance in relation to noise and traffic. All hauliers are instructed to use alternative routes to site rather than though the local village for example.

We have sponsored local sports teams and provided financial backing for local projects.

Our Environment

Our values talk about being outstanding and to nurture. These values uphold our responsibility to the wider environment. We are constantly looking to reduce our environmental impact with initiatives such as packaging and carbon reduction.


MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The key performance indicators of the business which are monitored through the production of periodic management accounts as follows:

2024 2023
Turnover £89.2m £69.4m
Turnover movement year on year 29% 22%
Gross profit £6.1m £5.4m
Gross profit - % of sales 6.81% 7.81%
Operating profit/(loss) £2.7m £1.6m

ON BEHALF OF THE BOARD:





D J Grimwood - Director


17 June 2025

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

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.

PRINCIPAL ACTIVITY
The principal activities of the group consist of the parent company engaged in the sourcing, packing, processing and selling of onions and a subsidiary engaged in the wholesaling of imported fresh produce.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

R H Oldershaw Snr
D J Grimwood
Mrs J R A Cooke
Mrs B L Posey
A R Greetham
R H Oldershaw Jnr
C J Woodrow

FINANCIAL INSTRUMENTS
The majority of the Group's sales are in Pounds Sterling with the remainder being in Euros. The Group sources produce from around the world, with some of the payments in currencies other than sterling being in US Dollars and Euros. The Group is therefore exposed to movements in the exchange rates between Sterling and these currencies. Forward contracts and options on currency purchases are taken out to manage this exposure where this is deemed necessary.

The group's credit risk is primarily attributable to its trade debtors. As the majority of the Group's sales are to the UK's major supermarkets, the risk of default is not considered to be high. Credit risk on these accounts is managed by monitoring payments against contractual agreements and by running strict credit control procedures. In relation to the smaller customers that the Group serves, the risk is managed by the holding of credit insurance in addition to strict credit control procedures.

The Group's operations are financed by a mixture of retained profits, bank loans, loans from directors and loans from the parent company directors pension scheme.

DISABLED PERSONS
The Group will employ disabled persons when they appear to be suitable for a particular vacancy and every effort is made to ensure that they are given full and fair consideration when such vacancies arise. There is a training scheme in operation so that employees who have been injured or disabled in the course of their employment can, where possible, continue in employment with the Group. The Group operates a progressive system for career development and progression which is available to all employees.

EMPLOYEE INVOLVEMENT
The Group encourages the involvement of its employees in its management through regular meetings of the site consultative teams which have responsibility for the dissemination of information of particular concern to employees and for receiving their views on important matters of policy.

STREAMLINED ENERGY AND CARBON REPORTING
Onions and shallots are cured in an artificially created environment to replicate nature. This process ensures a more consistent saleable product. Cold storage is further used to prolong the life of the bulbs' lifespan, maintain product quality and reduce the need for imported products to be shipped and packed in the UK for domestic consumption. However, these curing and cold storage processes significantly impact the amount of primary energy consumed on our site (electricity, LPG and kerosine). The business's carbon emissions can be greatly affected by the climatic conditions at harvest or during storage. Scope 1 emissions can be volatile, especially with the use of LPG and kerosine, which are used heat the air for curing onions. Usage increases significantly during cool and wet harvests. Weather conditions (dry/wet/warm/cold) can affect how the onion stores operate and the amount of primary energy required. If the strict protocols for curing and cold storage are not followed, it could impact raw material quality and availability of crop at a later stage of the season.


MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

During the year, the businesses annual energy consumption was 17,559,902kWh (a 26.39% increase YoY). This can be broken down as follows: 9,085,919kWh (+827,842kWh) for electricity consumption and 783,563kWh (+98,210kWh) for direct transport energy consumption. Both increases are due to a higher volume of product being packed and supplied to our customers. The business has seen a 25.6% volume increase YoY. During the period covered by the report, and in line with key performance indicators, Moulton Bulb Company Ltd. implemented a program of energy efficiency measures across our site to reduce energy consumption and improve our environmental sustainability.

The Intensity ratios reported in this report are based on market-based data for Scope 1 and 2 emissions. The business recognises the environmental impact of its operations and has taken steps to mitigate tCO2e from its operations. Moulton Bulb Company Ltd. sources its electricity from REGO-backed contracts. All LPG for forklift and onion stores is carbon offset against the Gold Standard (www.goldstandard.org). Starting April 1, 2024, all fuel oils used will also be offset against the Gold Standard.

The following intensity ratios that incorporate Scope 1, 2 and 3 have been used for carbon reporting:

- Tonne CO2/kg prepared product
- Tonne CO2/kg pallets shipped

Tonne CO2/kg prepared product.
2022/2023: 0.043 tCO2e / T Produce MB
2023/2024: 0.044 tCO2e / T Produce MB. Increase of +2.33%

Decrease YoY in tCO2e / T prepared product explanation:
1) Disbanding of night shift production
2) Continuation of energy efficient measures being implemented through site such as EC fans in finished product cold stores and the retro fitting of variable speed compressors and electronic expansion valves to long term refrigerated stores.
3) Supply of finished product to some customers working on a consolidator model. Less distance travelled by finished product to the consolidator than it would have been to depot.
4) Market based reporting and the carbon offsetting of LPG usage within the business.
5) Fugitive F-gas emissions significantly reduced in the reporting year.

Tonne CO2/kg pallets shipped
2022/2023: 0.020 tCO2e / pallets shipped.
2023/2024: 0.020 tCO2e / pallets shipped. No change

Scope 1 & 2 CO2e emissions
Scope 1 emissions have increased by 34% from 1,566 tCO2e to 1,171 tCO2e (+395 tCO2e YoY). Despite carbon offsetting LPG gas used by Moulton Bulb Company Ltd. the business’s Scope 1 emissions have increased. Fugitive refrigeration leaks from cold stores, defined as under Moulton Bulb Company Ltd. direct operational control, have significant driven Scope 1 emission increases, with 982 tCO2e (+682%) on the previous reporting year. F-gas losses represents 72% of MBC’s Scope 1 emissions. All refrigeration plant onsite are fluorinated gases. Equipment is serviced twice a year and all systems have dye in them to help identify F-gas leaks. However, if F-gas leaks occur on the high-pressure side of the system, the charge can be lost almost instantly. MBC has replaced some older refrigeration systems where leaks have occurred and is undertaking F-gas replacement to utilise more modern F-gases with lower global warming potential and associated tCO2e. This is to help mitigate tCO2e associated with refrigeration F-gas leaks.

Scope 2 emissions
Scope 2 emissions are market based. Elecricity is purchased through REGO-backed tariff. No tCO2e are atttributed to Scope 2 emissions.

During this reporting period, Moulton Bulb Company Ltd. has produced 50,050 kWh of renewable energy from existing solar panels.

Scope 3 Emissions
Scope 3 emissions have increased by 32% 2,504 tCO2e to 3,304 tCO2e. The increase in Scope 3 emissions is due to the increase in volume packed by the business and the expanded Scope 3 reporting, resulting in more comprehensive and accurate data.

Moulton Bulb Company Ltd. is already calculating haulage out emissions. In 2023, the business further developed
Scope 3 reporting and started capturing emissions from the following sources:
- Raw material goods in haulage emissions - UK.
- Waste out haulage (landfill, mixed recycling and onion waste).
- Top 5 packaging suppliers haulage in emissions.
- Tray and pallet deliveries to site.
- Business travel mileage.

In 2024, the business began collecting data on:

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

- Raw material goods in haulage emissions - Overseas.
- Staff commuting emissions.

Moulton Bulb Company Ltd. continues to invest in projects and implement energy-saving measures to make the
business more environmentally sustainable. To date, these actions include but are not limited to:

- Continued role out of LED lighting across site - All main lighting areas in production have beenreplaced with LED lighting
and baton PIR sensors. In ancillary areas, failed lighting units are nowreplaced with LED units.
- Installation of demand-side response software and hardware onto long-term coldstore refrigerationplant.
- All onsite long term-onion storage refrigeration plants have been retrofitted with inverted drives andelectronic
expansion valves.
- All duty air compressors onsite have been changed to VSD units.
- Installation of EC fans in the main finished product coldstore to replace existing AC fans.
- Engineering of line start/stop processes engineered so common start/stop points, preventingconveyor belts or parts of
machines left running at breaks or after shifts.
- Continued engagement with staff on Microsoft Teams and Viva Engage on the Corporate and SocialResponsibility
community to communicate CSR topics and initiatives.
- Completion of a 1.4MW solar array, scheduled to be energised energised on October 1,2024


Moulton Bulb Company Ltd. continues to engage in the Climate Change Agreement and has undergone ESOS
phase 3. The energy efficiency recommendations from this assessment will serve as a framework for the next
energy efficiency projects the business undertakes.

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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:





D J Grimwood - Director


17 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOULTON BULB COMPANY LIMITED

Opinion
We have audited the financial statements of Moulton Bulb Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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
MOULTON BULB COMPANY 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 seven, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOULTON BULB COMPANY LIMITED


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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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.




Sally-Anne Hurn FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

17 June 2025

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 3 89,225,804 69,409,224

Cost of sales 83,148,563 63,988,275
GROSS PROFIT 6,077,241 5,420,949

Administrative expenses 3,402,500 3,790,883
2,674,741 1,630,066

Other operating income 21,985 14,494
OPERATING PROFIT 5 2,696,726 1,644,560

Profit on sale of tangible
fixed asset 6 - 116,761
2,696,726 1,761,321

Income from interest in associated undertakings 7,821 -
Income from fixed asset investments 2,120 62
Interest receivable and similar income 6,133 2,511
16,074 2,573
2,712,800 1,763,894

Interest payable and similar expenses 7 370,430 280,654
PROFIT BEFORE TAXATION 2,342,370 1,483,240

Tax on profit 8 641,185 412,934
PROFIT FOR THE FINANCIAL YEAR 1,701,185 1,070,306

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,701,185 1,070,306

Profit attributable to:
Owners of the parent 1,701,185 1,070,306

Total comprehensive income attributable to:
Owners of the parent 1,701,185 1,070,306

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 8,900,850 7,640,011
Investments 12
Interest in associate 7,846 -
8,908,696 7,640,011

CURRENT ASSETS
Stocks 13 3,965,147 3,989,122
Debtors 14 13,379,000 12,397,528
Investments 15 806 806
Cash at bank and in hand 2,638,974 1,244,821
19,983,927 17,632,277
CREDITORS
Amounts falling due within one year 16 12,175,245 11,566,023
NET CURRENT ASSETS 7,808,682 6,066,254
TOTAL ASSETS LESS CURRENT LIABILITIES 16,717,378 13,706,265

CREDITORS
Amounts falling due after more than one year 17 (2,088,594 ) (1,200,680 )

PROVISIONS FOR LIABILITIES 22 (1,144,591 ) (722,577 )
NET ASSETS 13,484,193 11,783,008

CAPITAL AND RESERVES
Called up share capital 23 650 650
Retained earnings 13,483,543 11,782,358
SHAREHOLDERS' FUNDS 13,484,193 11,783,008

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:





D J Grimwood - Director


MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

COMPANY STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 8,815,808 7,574,829
Investments 12 436,194 436,169
9,252,002 8,010,998

CURRENT ASSETS
Stocks 13 3,962,629 3,950,387
Debtors 14 12,670,614 10,848,292
Investments 15 806 806
Cash at bank 1,943,971 859,234
18,578,020 15,658,719
CREDITORS
Amounts falling due within one year 16 11,738,474 10,518,481
NET CURRENT ASSETS 6,839,546 5,140,238
TOTAL ASSETS LESS CURRENT LIABILITIES 16,091,548 13,151,236

CREDITORS
Amounts falling due after more than one year 17 (2,065,835 ) (1,192,057 )

PROVISIONS FOR LIABILITIES 22 (1,144,591 ) (722,577 )
NET ASSETS 12,881,122 11,236,602

CAPITAL AND RESERVES
Called up share capital 23 650 650
Retained earnings 12,880,472 11,235,952
SHAREHOLDERS' FUNDS 12,881,122 11,236,602

Company's profit for the financial year 1,644,520 1,031,126

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:





D J Grimwood - Director


MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 650 10,712,052 10,712,702

Changes in equity
Total comprehensive income - 1,070,306 1,070,306
Balance at 30 September 2023 650 11,782,358 11,783,008

Changes in equity
Total comprehensive income - 1,701,185 1,701,185
Balance at 30 September 2024 650 13,483,543 13,484,193

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 650 10,204,826 10,205,476

Changes in equity
Total comprehensive income - 1,031,126 1,031,126
Balance at 30 September 2023 650 11,235,952 11,236,602

Changes in equity
Total comprehensive income - 1,644,520 1,644,520
Balance at 30 September 2024 650 12,880,472 12,881,122

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 26 3,902,043 1,640,399
Interest paid (347,890 ) (276,685 )
Interest element of hire purchase payments paid (1,561 ) (3,969 )
Tax paid (39,381 ) -
Net cash from operating activities 3,513,211 1,359,745

Cash flows from investing activities
Purchase of tangible fixed assets (2,627,177 ) (1,038,680 )
Sale of tangible fixed assets 114,166 234,562
Interest received 6,133 2,511
Dividends received 2,120 62
Net cash from investing activities (2,504,758 ) (801,545 )

Cash flows from financing activities
New loans in year 2,255,775 -
Loan repayments in year (1,262,700 ) (161,080 )
Capital repayments in year (86,724 ) (59,518 )
Net cash from financing activities 906,351 (220,598 )

Increase in cash and cash equivalents 1,914,804 337,602
Cash and cash equivalents at beginning of year 27 (1,608,983 ) (1,946,585 )

Cash and cash equivalents at end of year 27 305,821 (1,608,983 )

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Moulton Bulb Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and all its subsidiary undertakings.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT. Revenue from the sale of goods and services is recognised when significant risks and benefits of ownership of the product have transferred to the buyer.

Purchased goodwill
Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 10 years. At the end of the year of acquisition an impairment review is carried out on the business acquired.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.
Freehold property-15% on reducing balance, 5% on reducing balance and 5% on cost
Plant and machinery-25% on reducing balance, 20% on reducing balance, 15% on reducing balance, 10%
on cost and 6.7% on cost
Motor vehicles-25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable values, being the estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.

Stocks are measured on a first-in-first-out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cashflows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

For financial assets that are held at fair value, the fair value is taken as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. For cash and cash equivalents these shall be taken as the carrying amount and for current asset investments these shall be based on quoted market prices.

Basic financial liabilities, including trade and other creditors and bank loans are classified as debt, and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Defined contribution scheme
For defined contribution schemes the amount charged to the profit and loss account in respect of pensions costs and other post retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,126,167 9,370,425
Social security costs 980,623 926,731
Other pension costs 496,190 480,253
11,602,980 10,777,409

The average number of employees during the year was as follows:
2024 2023

Office and management 15 15
Production 302 274
317 289

PENSION COSTS

DEFINED CONTRIBUTION SCHEMES
The group operates a Small Self Administered Scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents the contributions paid by the group to the fund and amounted to £180,000 (2023: £180,000. Two directors qualified for benefits and contributions paid amounted to £120,000 (2023: £120,000).

The group also contributes to individual pension plans and contributions during the year amounted to £376,190 (2023: £360,253). One director (2023: One) qualified for benefits and contributions paid amounted to £71,854 (2023: £87,240).

2024 2023
£    £   
Directors' remuneration 819,001 1,224,780
Directors' pension contributions to money purchase schemes 191,854 207,240

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 217,183 331,937

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Operating leases- machinery 79,079 69,874
Site rent 59,575 55,903
Depreciation - owned assets 1,424,816 1,395,048
Profit on disposal of fixed assets (54,210 ) (51,784 )
Auditors' remuneration - audit 18,600 16,907
Auditors' remuneration - tax 1,551 2,278
Auditors' remuneration - other 34,382 32,021
Auditors' remuneration - pension 2,450 1,900
Foreign exchange differences 7,717 (19,272 )
Government grants (12,556 ) (2,464 )

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit on sale of tangible
fixed asset - 116,761

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 348,816 259,885
Other interest 20,053 16,800
Hire purchase interest 1,561 3,969
370,430 280,654

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 219,171 39,381

Deferred tax 422,014 373,553
Tax on profit 641,185 412,934

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 2,342,370 1,483,240
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
25 %)

585,593

370,810

Effects of:
Expenses not deductible for tax purposes 5,077 6,436
Income not taxable for tax purposes (1,956 ) -
Depreciation in excess of capital allowances 52,471 42,649
Adjustments to tax charge in respect of previous periods - (1,027 )
Marginal relief - (511 )
Change in tax rate - (5,423 )
Total tax charge 641,185 412,934

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 276,901
AMORTISATION
At 1 October 2023
and 30 September 2024 276,901
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 4,272,982 3,979,970 19,678,430 499,310 28,430,692
Additions 535,299 - 1,975,651 234,661 2,745,611
Disposals - (840 ) (162,388 ) (156,945 ) (320,173 )
At 30 September 2024 4,808,281 3,979,130 21,491,693 577,026 30,856,130
DEPRECIATION
At 1 October 2023 2,323,885 2,761,100 15,394,029 311,667 20,790,681
Charge for year 112,227 180,823 1,047,883 83,883 1,424,816
Eliminated on disposal - (840 ) (137,746 ) (121,631 ) (260,217 )
At 30 September 2024 2,436,112 2,941,083 16,304,166 273,919 21,955,280
NET BOOK VALUE
At 30 September 2024 2,372,169 1,038,047 5,187,527 303,107 8,900,850
At 30 September 2023 1,949,097 1,218,870 4,284,401 187,643 7,640,011

Included in cost of land and buildings is freehold land of £637,600 (2023 - £637,600) which is not depreciated.

The net book value of tangible fixed assets includes £251,649 (2023 - £109,359) in respect of assets held under hire purchase contracts.

Company
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 4,272,982 3,979,970 19,621,379 407,456 28,281,787
Additions 535,299 - 1,975,650 172,392 2,683,341
Disposals - (840 ) (162,388 ) (105,945 ) (269,173 )
At 30 September 2024 4,808,281 3,979,130 21,434,641 473,903 30,695,955
DEPRECIATION
At 1 October 2023 2,323,885 2,761,100 15,343,287 278,686 20,706,958
Charge for year 112,227 180,823 1,046,306 63,395 1,402,751
Eliminated on disposal - (840 ) (137,746 ) (90,976 ) (229,562 )
At 30 September 2024 2,436,112 2,941,083 16,251,847 251,105 21,880,147
NET BOOK VALUE
At 30 September 2024 2,372,169 1,038,047 5,182,794 222,798 8,815,808
At 30 September 2023 1,949,097 1,218,870 4,278,092 128,770 7,574,829

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
Additions 25
Share of profit/(loss) 7,821
At 30 September 2024 7,846
NET BOOK VALUE
At 30 September 2024 7,846
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 October 2023 436,169 - 436,169
Additions - 25 25
At 30 September 2024 436,169 25 436,194
NET BOOK VALUE
At 30 September 2024 436,169 25 436,194
At 30 September 2023 436,169 - 436,169

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Goldwood (Moulton) Limited
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Goldwood (Moulton) Limited is exempt from the requirements of the Companies Act 2006 relating to audit of its individual accounts by virtue of section 394.

Goldwood (Holbeach) Limited
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Goldwood (Holbeach) Limited is exempt from the requirements of the Companies Act 2006 relating to audit of its individual accounts by virtue of section 394.

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. FIXED ASSET INVESTMENTS - continued

Moulton Bulb Imports Limited
Registered office: England and Wales
Nature of business: Wholesaling of imported fresh produce
%
Class of shares: holding
Ordinary 100.00


Associated company

Carl Grooby Electrical Services Limited
Registered office: Carl Grooby Electrical Services Ltd, Broad Lane, Moulton, Spalding, Lincolnshire, PE12 6PW
Nature of business: Electrical Services
%
Class of shares: holding
Ordinary 25.00
2024
£   
Aggregate capital and reserves 31,383
Profit for the year 31,283


13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Raw materials 2,581,974 2,770,863 2,579,456 2,732,128
Packaging stocks 1,018,262 1,014,071 1,018,262 1,014,071
Finished goods 364,911 204,188 364,911 204,188
3,965,147 3,989,122 3,962,629 3,950,387

There is no material difference between the carrying cost of stocks and its replacement value.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 12,338,332 11,141,336 11,536,422 9,591,134
Amounts owed by group undertakings - - 108,854 88,872
Other debtors 593,117 923,901 585,726 845,115
Prepayments and accrued income 447,551 332,291 439,612 323,171
13,379,000 12,397,528 12,670,614 10,848,292

15. CURRENT ASSET INVESTMENTS

Market value of listed investments at 30 September 2024 held by the group and the company was £1,183 (2023 - £917).

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 2,609,218 3,010,117 2,609,218 3,010,117
Hire purchase contracts (see note 19) 36,767 34,096 18,591 24,778
Trade creditors 7,796,485 6,754,673 7,343,708 5,733,638
Amounts owed to group undertakings - - 147,344 147,344
Taxation 228,566 48,776 207,077 33,640
Other taxes and social security 557,166 594,167 545,276 571,399
Other creditors 474,179 476,354 434,202 447,960
Accruals and deferred income 444,325 577,027 404,519 478,792
Deferred government grants 28,539 70,813 28,539 70,813
12,175,245 11,566,023 11,738,474 10,518,481

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 1,897,905 1,024,582 1,897,905 1,024,582
Hire purchase contracts (see note 19) 43,137 14,098 20,378 5,475
Deferred government grants 147,552 162,000 147,552 162,000
2,088,594 1,200,680 2,065,835 1,192,057

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,333,153 2,853,804 2,333,153 2,853,804
Bank loans 276,065 156,313 276,065 156,313
2,609,218 3,010,117 2,609,218 3,010,117
Amounts falling due between one and two years:
Bank loans - 1-2 years 298,237 171,997 298,237 171,997
Amounts falling due between two and five years:
Bank loans - 2-5 years 956,463 626,639 956,463 626,639
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instalments 643,205 225,946 643,205 225,946

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 36,767 34,096
Between one and five years 43,137 14,098
79,904 48,194

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 18,591 24,778
Between one and five years 20,378 5,475
38,969 30,253

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts 2,333,153 2,853,804
Bank loans 2,173,970 1,180,895
Hire purchase contracts 79,904 48,194
4,587,027 4,082,893

The bank loan is secured by way of fixed and floating charge over the assets of the company. The interest rate is a variable rate of 2.75% above base and the loan is to be repaid over 60 months.

The overdraft is secured by charges over freehold property in favour of Barclays Bank plc. The finance leases are secured on the assets concerned. The parent company has given a guarantee to the bankers of Moulton Bulb Imports Limited securing its bank borrowings amounting to £100,000.

The company has given a cross guarantee in favour of Barclays Bank plc with Oldershaws of Moulton Limited which secures all amounts due to the bank by this company. The balance due to Barclays at 30 September 2024 from Oldershaws of Moulton Limited amounted to £1,567,411 (2023 - £1,635,349).

Hire purchase liabilities are secured against the assets to which they relate.

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21. FINANCIAL INSTRUMENTS

The group has the following financial instruments:

2023 2023
£ £
Financial assets measured at amortised cost
Trade debtors 12,338,332 11,141,336
Other debtors 593,118 923,901
Financial assets measured at fair value through profit or loss
Current asset investments 806 806
Financial liabilities measured at amortised cost
Trade creditors 7,796,485 6,754,673
Bank loans and overdrafts 4,507,123 4,034,699
Hire purchase contracts 79,904 48,194
Other creditors 474,179 476,354
There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit or loss.

22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 1,144,591 722,577 1,144,591 722,577

Group
Deferred
tax
£   
Balance at 1 October 2023 722,577
Accelerated capital allowances 422,014
Balance at 30 September 2024 1,144,591

Company
Deferred
tax
£   
Balance at 1 October 2023 722,577
Accelerated capital allowances 422,014
Balance at 30 September 2024 1,144,591

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
650 Ordinary £1 650 650

MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 656,613 1,226,210

25. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Compensation 819,001 1,224,780

Other related parties
2024 2023
£    £   
Sales 56,543 56,886
Purchases 3,494,670 2,859,293
Amount due to related party 1,043,903 742,826

26. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,342,370 1,483,240
Depreciation charges 1,424,814 1,395,048
Profit on disposal of fixed assets (54,210 ) (168,545 )
Finance costs 370,430 280,654
Finance income (16,074 ) (2,573 )
4,067,330 2,987,824
Decrease/(increase) in stocks 23,975 (696,982 )
Increase in trade and other debtors (981,472 ) (2,984,243 )
Increase in trade and other creditors 792,210 2,333,800
Cash generated from operations 3,902,043 1,640,399

27. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 2,638,974 1,244,821
Bank overdrafts (2,333,153 ) (2,853,804 )
305,821 (1,608,983 )
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,244,821 938,251
Bank overdrafts (2,853,804 ) (2,884,836 )
(1,608,983 ) (1,946,585 )


MOULTON BULB COMPANY LIMITED (REGISTERED NUMBER: 00793018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

28. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.10.23 Cash flow changes At 30.9.24
£    £    £    £   
Net cash
Cash at bank
and in hand 1,244,821 1,394,153 2,638,974
Bank overdrafts (2,853,804 ) 520,651 (2,333,153 )
(1,608,983 ) 1,914,804 305,821

Liquid resources
Current asset
investments 806 - - 806
806 - - 806
Debt
Finance leases (48,194 ) 86,724 (118,434 ) (79,904 )
Debts falling due
within 1 year (156,313 ) (119,752 ) - (276,065 )
Debts falling due
after 1 year (1,024,582 ) (873,323 ) - (1,897,905 )
(1,229,089 ) (906,351 ) (118,434 ) (2,253,874 )
Total (2,837,266 ) 1,008,453 (118,434 ) (1,947,247 )