Company registration number 12062436 (England and Wales)
AUTO MARINE CABLES INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
AUTO MARINE CABLES INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr C S Richardson
Mr P C Price
Ms D Hammond
Mr P C Hammond
Company number
12062436
Registered office
7400 Daresbury Park
Daresbury
Warrington
WA4 4BS
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
AUTO MARINE CABLES INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
AUTO MARINE CABLES INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
Overview
During the year, the group experienced a decline in trading performance. Sales fell from £15.8M in the previous year to £13.9M, contrary to initial expectations. Despite this, the gross profit margin improved by 4.8% to 31.6%, reflecting cost control and efficiency measures.
Financial Position
The directors remain satisfied with the group's pre-taxation profit position.
The group maintains a strong cash position, closing the year with cash of £1.9M (2023: £1.3M).
An unused bank facility remains available, providing additional financial security.
AMC's strategy focuses on maintaining a strong, liquid cash position for working capital needs while pursuing low-risk returns where feasible.
Principal risks and uncertainties
Credit Risk
AMC’s financial assets primarily consist of cash, receivables, and stock. Credit risk is predominantly attributable to trade receivables. The group operates under strict credit control procedures to mitigate this risk. These procedures include:
These measures ensure creditworthiness is assessed, and exposure to potential credit defaults is minimized.
Market Risk
The cost of copper and other raw materials has continued to rise due to macroeconomic factors. To address this:
AMC has implemented robust supply chain management practices.
Strong long-term relationships with key suppliers are maintained.
FX contracts are utilized to manage currency exchange rate exposure.
Strategic and Operational Risk
The directors regularly evaluate risks and opportunities, identifying key areas of interest. Projects are explored to mitigate risks to acceptable levels or capitalize on opportunities. This proactive approach helps AMC navigate volatile market conditions effectively.
Key performance indicators
The directors have identified the following KPIs as critical measures of the subsidiary’s financial performance:
1) Gross Profit Margin:
2) Debtor Days:
3) Stock Days:
These KPIs demonstrate that operational metrics are being closely monitored and managed effectively.
AUTO MARINE CABLES INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Other information and explanations
Future Outlook
AMC remains committed to mitigating credit risk through stringent credit control measures and strengthening relationships with suppliers to ensure supply chain continuity.
The directors will continue monitoring market conditions, including raw material costs and economic fluctuations, to adapt strategies as needed.
Continued focus on maintaining a strong cash position will support future working capital requirements and strategic investments.
By closely managing key risks, monitoring performance metrics, and pursuing operational efficiency, AMC aims to achieve sustainable growth and profitability.
Mr P C Hammond
Director
6 June 2025
AUTO MARINE CABLES INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company is that of a holding company. The principal activity of the trading subsidiary is the manufacturer and national distributors of electrical cables to the motor, marine, caravan and allied industries.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C S Richardson
Mr P C Price
Ms D Hammond
Mr P C Hammond
Auditor
MHA were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr P C Hammond
Director
6 June 2025
AUTO MARINE CABLES INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUTO MARINE CABLES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUTO MARINE CABLES INTERNATIONAL LIMITED
- 5 -
Opinion
We have audited the financial statements of Auto Marine Cables International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 September 2024 and of the group's loss 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.
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
AUTO MARINE CABLES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUTO MARINE CABLES INTERNATIONAL LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
AUTO MARINE CABLES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUTO MARINE CABLES INTERNATIONAL LIMITED
- 7 -
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Virginia Cooper FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
7 June 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
AUTO MARINE CABLES INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
13,877,264
15,808,141
Cost of sales
(9,487,738)
(11,561,867)
Gross profit
4,389,526
4,246,274
Distribution costs
(711,353)
(615,740)
Administrative expenses
(3,222,993)
(2,815,125)
Other operating income
-
241,416
Operating profit
3
455,180
1,056,825
Interest receivable and similar income
7
24,164
Interest payable and similar expenses
8
(547,696)
(648,870)
(Loss)/profit before taxation
(68,352)
407,955
Tax on (loss)/profit
9
(74,454)
(185,638)
(Loss)/profit for the financial year
(142,806)
222,317
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
AUTO MARINE CABLES INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
2,292,594
2,674,693
Other intangible assets
10
317,745
357,795
Total intangible assets
2,610,339
3,032,488
Tangible assets
11
423,209
669,162
3,033,548
3,701,650
Current assets
Stocks
14
1,333,850
1,725,276
Debtors
15
2,219,486
2,186,493
Cash at bank and in hand
1,910,645
1,259,407
5,463,981
5,171,176
Creditors: amounts falling due within one year
16
(2,120,016)
(1,758,121)
Net current assets
3,343,965
3,413,055
Total assets less current liabilities
6,377,513
7,114,705
Creditors: amounts falling due after more than one year
17
(4,939,805)
(5,440,267)
Provisions for liabilities
Deferred tax liability
20
182,596
255,336
(182,596)
(255,336)
Net assets
1,255,112
1,419,102
Capital and reserves
Called up share capital
23
101
101
Profit and loss reserves
1,255,011
1,419,001
Total equity
1,255,112
1,419,102
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
06 June 2025
Mr P C Hammond
Director
Company registration number 12062436 (England and Wales)
AUTO MARINE CABLES INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
9,921,996
9,921,996
Current assets
Debtors
15
4,451
21,062
Cash at bank and in hand
16,182
45,703
20,633
66,765
Creditors: amounts falling due within one year
16
(8,167,069)
(6,968,171)
Net current liabilities
(8,146,436)
(6,901,406)
Total assets less current liabilities
1,775,560
3,020,590
Creditors: amounts falling due after more than one year
17
(4,939,805)
(5,439,805)
Net liabilities
(3,164,245)
(2,419,215)
Capital and reserves
Called up share capital
23
101
101
Profit and loss reserves
(3,164,346)
(2,419,316)
Total equity
(3,164,245)
(2,419,215)
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £723,846 (2023 - £577,154 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
06 June 2025
Mr P C Hammond
Director
Company registration number 12062436 (England and Wales)
AUTO MARINE CABLES INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
101
1,184,219
1,184,320
Year ended 30 September 2023:
Profit and total comprehensive income
-
222,317
222,317
Credit to equity for equity settled share-based payments
22
-
12,465
12,465
Balance at 30 September 2023
101
1,419,001
1,419,102
Year ended 30 September 2024:
Loss and total comprehensive income
-
(142,806)
(142,806)
Debit to equity for equity settled share-based payments
22
-
(21,184)
(21,184)
Balance at 30 September 2024
101
1,255,011
1,255,112
AUTO MARINE CABLES INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
101
(1,854,627)
(1,854,526)
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(577,154)
(577,154)
Credit to equity for equity settled share-based payments
22
-
12,465
12,465
Balance at 30 September 2023
101
(2,419,316)
(2,419,215)
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
(723,846)
(723,846)
Debit to equity for equity settled share-based payments
22
-
(21,184)
(21,184)
Balance at 30 September 2024
101
(3,164,346)
(3,164,245)
AUTO MARINE CABLES INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,931,379
1,208,135
Interest paid
(547,696)
(648,870)
Income taxes paid
(179,653)
(173,345)
Net cash inflow from operating activities
1,204,030
385,920
Investing activities
Purchase of intangible assets
(34,486)
(69,055)
Purchase of tangible fixed assets
(46,258)
(76,497)
Proceeds from disposal of tangible fixed assets
6,100
7,257
Interest received
24,164
Adjustment to consideration for goodwill
176,000
Net cash (used in)/generated from investing activities
(50,480)
37,705
Financing activities
Repayment of borrowings
(500,000)
(500,000)
Write off borrowings
-
(417,416)
Payment of finance leases obligations
(2,312)
(1,850)
Net cash used in financing activities
(502,312)
(919,266)
Net increase/(decrease) in cash and cash equivalents
651,238
(495,641)
Cash and cash equivalents at beginning of year
1,259,407
1,755,048
Cash and cash equivalents at end of year
1,910,645
1,259,407
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information
Auto Marine Cables International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 7400 Daresbury Park, Daresbury, Warrington, WA4 4BS.
The group consists of Auto Marine Cables International Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of PHD Industrial Holdings Limited. These consolidated financial statements are available from its registered offices 7400 Daresbury Park, Daresbury, Warrington.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Auto Marine Cables International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
15% reducing balance
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.19
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
13,877,264
15,808,141
2024
2023
£
£
Turnover analysed by geographical market
UK
12,084,036
14,005,632
Europe
1,519,559
1,738,401
Rest of the world
273,669
64,108
13,877,264
15,808,141
2024
2023
£
£
Other revenue
Interest income
24,164
-
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
-
13,374
Fees payable to the group's auditor for the audit of the group's financial statements
3,950
3,985
Depreciation of owned tangible fixed assets
257,987
113,464
Loss/(profit) on disposal of tangible fixed assets
28,124
(2,868)
Amortisation of intangible assets
456,635
506,455
Share-based payments
(21,184)
12,465
Operating lease charges
149,187
80,806
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,950
3,985
Audit of the financial statements of the company's subsidiaries
24,352
17,942
28,302
21,927
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
42
41
-
-
Administration
26
24
4
4
Total
68
65
4
4
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,127,253
2,439,457
(21,184)
12,465
Social security costs
347,903
244,112
-
-
Pension costs
55,195
64,244
2,530,351
2,747,813
(21,184)
12,465
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
259,275
319,648
Company pension contributions to defined contribution schemes
6,144
8,496
265,419
328,144
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
167,181
152,206
Company pension contributions to defined contribution schemes
4,504
4,950
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
24,164
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
24,164
-
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
886
-
Other interest on financial liabilities
546,540
648,600
547,426
648,600
Other finance costs:
Interest on finance leases and hire purchase contracts
270
270
Total finance costs
547,696
648,870
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
147,194
188,599
Adjustments in respect of prior periods
(326)
Total current tax
147,194
188,273
Deferred tax
Origination and reversal of timing differences
(72,740)
(2,635)
Total tax charge
74,454
185,638
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(68,352)
407,955
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
(17,088)
89,783
Tax effect of expenses that are not deductible in determining taxable profit
(2,378)
Adjustments in respect of prior years
1,313
Group relief
(321)
Permanent capital allowances in excess of depreciation
3,084
Amortisation on assets not qualifying for tax allowances
90,550
98,110
Under/(over) provided in prior years
(326)
Deferred tax adjustments in respect of prior years
(2,635)
Taxation charge
74,454
185,638
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 October 2023
4,533,250
908,381
5,441,631
Additions
34,486
34,486
At 30 September 2024
4,533,250
942,867
5,476,117
Amortisation and impairment
At 1 October 2023
1,858,557
550,586
2,409,143
Amortisation charged for the year
382,099
74,536
456,635
At 30 September 2024
2,240,656
625,122
2,865,778
Carrying amount
At 30 September 2024
2,292,594
317,745
2,610,339
At 30 September 2023
2,674,693
357,795
3,032,488
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2023
1,528,827
1,184,295
2,713,122
Additions
14,058
32,200
46,258
Disposals
(231,994)
(59,866)
(291,860)
At 30 September 2024
1,310,891
1,156,629
2,467,520
Depreciation and impairment
At 1 October 2023
1,262,342
781,618
2,043,960
Depreciation charged in the year
137,309
120,678
257,987
Eliminated in respect of disposals
(200,183)
(57,453)
(257,636)
At 30 September 2024
1,199,468
844,843
2,044,311
Carrying amount
At 30 September 2024
111,423
311,786
423,209
At 30 September 2023
266,485
402,677
669,162
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
9,921,996
9,921,996
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
9,921,996
Carrying amount
At 30 September 2024
9,921,996
At 30 September 2023
9,921,996
13
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Auto Marine Cables Limited
Unit 32 Devonshire Road, Oakhill Trading Estate, Worsley, Manchester
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
415,463
858,910
-
-
Work in progress
145,154
-
-
-
Finished goods and goods for resale
773,233
866,366
1,333,850
1,725,276
-
-
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,039,293
2,008,511
Other debtors
24,581
6,062
4,451
6,062
Prepayments and accrued income
155,612
171,920
15,000
2,219,486
2,186,493
4,451
21,062
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
1,850
Other borrowings
18
500,000
500,000
500,000
500,000
Trade creditors
937,452
867,667
Amounts owed to group undertakings
7,667,069
6,457,971
Corporation tax payable
52,080
84,539
Other taxation and social security
512,332
148,365
-
-
Other creditors
7,399
7,387
Accruals and deferred income
110,753
148,313
10,200
2,120,016
1,758,121
8,167,069
6,968,171
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
462
Other borrowings
18
4,939,805
5,439,805
4,939,805
5,439,805
4,939,805
5,440,267
4,939,805
5,439,805
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
5,439,805
5,939,805
5,439,805
5,939,805
Payable within one year
500,000
500,000
500,000
500,000
Payable after one year
4,939,805
5,439,805
4,939,805
5,439,805
The long-term loans are secured by fixed and floating charges over all the assets and property of the company and its subsidiary.
The loan notes attract interest at a rate of 10% per annum.
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,850
In two to five years
462
-
2,312
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
185,239
255,336
Retirement benefit obligations
(2,643)
-
182,596
255,336
The company has no deferred tax assets or liabilities.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
20
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
255,336
-
Credit to profit or loss
(72,740)
-
Liability at 30 September 2024
182,596
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
55,195
64,244
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share-based payment transactions
Group
Company
2024
2023
2024
2023
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
(21,184)
12,465
(21,184)
12,465
The company operates a share-based payment scheme whereby some key employees within the company are issued growth shares as C and D ordinary shares. They allow the shareholders a percentage of the capital growth of the company on an ultimate exit above an initial equity hurdle. No value accrues to the shares unless an IRR threshold is achieve. The share-based payment scheme is equity-settled.
The company is unable to directly measure the fair value of the employee services received. Instead the fair value of the share options is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the one adopted by the company.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Preferred A Ordinary of £1 each
5,010
5,010
50
50
B Ordinary of £1 each
4,990
4,990
50
50
C & D Ordinary of £1 each
60
60
1
1
10,060
10,060
101
101
The holders of A & B ordinary shares are entitled to received dividends and share in any capital distribution on winding up or dissolution of the company.
The holders of C & D ordinary shares are entitled to share in any capital distribution on winding up or dissolution of the company.
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
95,069
74,732
-
-
Between two and five years
251,963
261,562
-
-
347,032
336,294
-
-
25
Directors' transactions
At the year end, loan notes outstanding to two of the company's directors totalled £4,314,855 (2023: £4,314,855).
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
26
Related party transactions
The company has repaid loan notes totalling £500,000 (2023: £500,000). Interest is paid on these loan notes at a rate of 10% per annum, with total amounts paid in the year of £546,540 (2023: £648,600).
Amounts outstanding in respect of loan notes to PHD Industrial Holdings Limited, the ultimate parent company, totalled £1,124,950 (2023: £1,624,950).
Monitoring fees were also paid to related parties in the year, totalling £190,333 (2023: £120,000).
27
Controlling party
Auto Marine Cables Limited is under the ultimate control of PHD Industrial Holdings Limited and, together with it's subsidiaries, is included in the consolidated accounts of PHD Industrial Holdings Limited, a company incorporated in England and Wales.
28
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(142,806)
222,317
Adjustments for:
Taxation charged
74,454
185,638
Finance costs
547,696
648,870
Investment income
(24,164)
Loss/(gain) on disposal of tangible fixed assets
28,124
(2,868)
Amortisation and impairment of intangible assets
456,635
506,455
Depreciation and impairment of tangible fixed assets
257,987
113,464
Equity settled share based payment expense
(21,184)
12,465
Movements in working capital:
Decrease/(increase) in stocks
391,426
(516,737)
(Increase)/decrease in debtors
(32,993)
562,467
Increase/(decrease) in creditors
396,204
(523,936)
Cash generated from operations
1,931,379
1,208,135
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
29
Cash generated from operations - company
2024
2023
£
£
Loss for the year after tax
(723,846)
(577,154)
Adjustments for:
Finance costs
546,540
648,600
Equity settled share based payment expense
(21,184)
12,465
Movements in working capital:
Decrease/(increase) in debtors
16,611
(21,062)
Increase in creditors
1,198,898
6,468,171
Cash generated from operations
1,017,019
6,531,020
30
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,259,407
651,238
1,910,645
Borrowings excluding overdrafts
(5,939,805)
500,000
(5,439,805)
Obligations under finance leases
(2,312)
2,312
-
(4,682,710)
1,153,550
(3,529,160)
31
Analysis of changes in net debt - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
45,703
(29,521)
16,182
Borrowings excluding overdrafts
(5,939,805)
500,000
(5,439,805)
(5,894,102)
470,479
(5,423,623)
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