Company registration number 00958950 (England and Wales)
ALLAWAY ACOUSTICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ALLAWAY ACOUSTICS LIMITED
COMPANY INFORMATION
Directors
Mr R N Wade
Mr J R Grieves
Mr M Saunders
Mr W C Wade
Company number
00958950
Registered office
1 Queens Road
Hertford
Hertfordshire
United Kingdom
SG14 1EN
Auditor
Henton & Co LLP
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
ALLAWAY ACOUSTICS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
ALLAWAY ACOUSTICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business
2024
2023
Turnover increase/(decrease) on previous year
55%
37%
Gross profit margin
33%
29%
Net profit margin
17%
11%
Liquidity ratio
3.25
3.40
Debtor days
86
93

The company has achieved significant growth in the past year, marked by a 55% increase in turnover. This growth has been primarily driven by Allaway's specialism in acoustic enclosures, and has benefited from the surging demand for data centers worldwide. Increases in the availability of materials and the focus of management on workflow planning has led to the company carrying out a greater number of contracts and achieving greater turnover. Gross profit margin improved in 2024 and the directors were pleased that they had properly managed the significant changes in costs which were tempered by increasing efficiency in the manufacturing process and the rise in turnover.

 

The company's liquidity has continued to remain strong as a result of the continued focus on careful cash management and the retention of the company reserves. The company also ensures it focuses on debtor recoverability to improve cash flow, as a strong working capital allows us to take advantage of early payment discounts wherever possible.

 

To support rising demand, a fellow subsidiary, Allaway Manufacturing Limited leased a new factory in close proximity to our existing facility, allowing for a seamless increase in production. This expansion also enabled the company to introduce a second shift, further increasing output capacity.

 

Continued investment in plant and machinery enhanced production efficiency, reduced downtime, and increased capacity, thereby improving profitability.

 

The company experienced remarkable growth, driven by strategic market positioning, operational efficiencies, and timely investments. With a solid foundation in place and a proactive approach to expansion, the outlook remains highly positive for sustained profitability and long-term success.

ALLAWAY ACOUSTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

The company uses various financial instruments including cash and equity investments as well as other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

 

Interest rate risk

The company finances its operations primarily through cash reserves. The company's exposure to interest rate fluctuations on its deposits are managed by the use of both fixed and floating rates.

 

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The directors consider that the cash reserves are more than sufficient to finance short to medium term operations with funding being received from the company's parent undertaking when required.

 

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparties have appropriate credit ratings. In order to manage credit risk on trade debtors the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

 

Foreign Currency Risk

The company's principal foreign currency exposures arise from trading with overseas companies and the company has limited its exposure by invoicing its overseas customers in sterling wherever possible although some exposure may still remain with regards to foreign currency costs.

 

Key performance indicators

The directors consider that the company's key performance indicators (KPIs) are those that communicate the financial performance and strength of the company as a whole to the members. The KPIs comprise; Revenue growth, operating profit and gross margin.

On behalf of the board

Mr W C Wade
Director
24 June 2025
ALLAWAY ACOUSTICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of trading in acoustic and sound insulating systems.

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 final 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 R N Wade
Mr J R Grieves
Mr M Saunders
Mr W C Wade
Auditor

In accordance with the company's articles, a resolution proposing that Henton & Co LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company’s auditor 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 company’s auditor is aware of that information.

ALLAWAY ACOUSTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
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 W C Wade
Director
24 June 2025
ALLAWAY ACOUSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLAWAY ACOUSTICS LIMITED
- 5 -
Opinion

We have audited the financial statements of Allaway Acoustics Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ALLAWAY ACOUSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLAWAY ACOUSTICS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the company's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the company's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the company's policies in relation to the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102, applicable tax legislation and health and safety laws.

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of the directors, management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

ALLAWAY ACOUSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLAWAY ACOUSTICS LIMITED (CONTINUED)
- 7 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Heaney
Senior Statutory Auditor
For and on behalf of Henton & Co LLP
24 June 2025
Chartered Accountants
Statutory Auditor
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
ALLAWAY ACOUSTICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
32,932,592
21,205,759
Cost of sales
(21,886,746)
(14,953,323)
Gross profit
11,045,846
6,252,436
Administrative expenses
(3,519,599)
(3,319,672)
Operating profit
4
7,526,247
2,932,764
Interest receivable and similar income
7
78,194
17,048
Interest payable and similar expenses
8
(17,304)
-
0
Profit before taxation
7,587,137
2,949,812
Tax on profit
9
(1,947,838)
(578,713)
Profit for the financial year
5,639,299
2,371,099

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ALLAWAY ACOUSTICS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
219,243
299,665
Current assets
Stocks
11
1,629,135
770,816
Debtors
12
10,316,854
7,010,730
Cash at bank and in hand
6,334,325
2,140,956
18,280,314
9,922,502
Creditors: amounts falling due within one year
13
(5,555,960)
(2,917,869)
Net current assets
12,724,354
7,004,633
Net assets
12,943,597
7,304,298
Capital and reserves
Called up share capital
15
19,499
19,499
Capital redemption reserve
1
1
Profit and loss reserves
12,924,097
7,284,798
Total equity
12,943,597
7,304,298

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr W C Wade
Director
Company registration number 00958950 (England and Wales)
ALLAWAY ACOUSTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
19,499
1
4,913,699
4,933,199
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
2,371,099
2,371,099
Balance at 30 June 2023
19,499
1
7,284,798
7,304,298
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
5,639,299
5,639,299
Balance at 30 June 2024
19,499
1
12,924,097
12,943,597
ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

Allaway Acoustics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Road, Hertford, Hertfordshire, United Kingdom, SG14 1EN.

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.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

 

 

The financial statements of the company are consolidated in the financial statements of Allaway Group Limited. These consolidated financial statements are available from its registered office, 1 Queens Road, Hertford, Herts, SG14 1EN.

The company has taken advantage of the 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.

1.2
Going concern

The truedirectors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis for preparing its financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable from the sale of goods and from the rendering of services in the year, net of returns and value added tax.

 

The company recognises turnover when the risks and rewards of ownership have transferred to the buyer, usually on the completion of an order, when the amount of revenue can be measured reliably and it is probable that economic benefits associated to the transaction will flow to the entity.

 

ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.4
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:

Improvements to property
Straight line over 25 years
Plant and equipment
25% on reducing balance
Fixtures and fittings
20% on reducing balance
Office equipment
20% on reducing balance
Motor vehicles
25% on 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 credited or charged to profit or loss.

1.5
Stocks

Stocks are valued at the lower of cost and fair value less costs to sell, and is comprised of contract costs paid for installation work not yet invoiced to customers at the year end.

1.6
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.

1.7
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors, trade creditors and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

 

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

1.8
Taxation

Taxation expense for the period compromises current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it relates to items directly in equity, in which case the tax is also recognised in equity respectively. Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

 

The directors periodically evaluate the position taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. They establish provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

 

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in the periods different from those in which they are recognised in the financial statements.

 

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing differences.

1.9
Retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year, the assets of which are held separately from those of the company, in independently administered funds.

ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.10
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

 

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals applicable to operating leases, where substantially all of the benefits of ownership remain with the lessor, are charged to the profit and loss account on a straight line basis over the term of the lease.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.12

Trade debtors

Trade debtors represents amounts receivable in respect of turnover outstanding at the year end, less specific provisions made for bad and doubtful debts and all retentions.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Depreciation

The annual depreciation charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

Recoverability of debtors

The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Finished goods valuation

Judgement is used in the financial statements is in relation to the value of finished goods, in which directors must make an estimate for this amount by considering the standard costs.

ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Manufacture and supply of acoustic and sound insulating systems
32,932,592
21,205,759
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
26,508,862
17,141,642
Europe
6,423,730
4,064,117
32,932,592
21,205,759
2024
2023
£
£
Other revenue
Interest income
78,194
17,048
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
30
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
14,550
12,750
Depreciation of owned tangible fixed assets
92,162
61,028
Loss on disposal of tangible fixed assets
4,031
5,081
Operating lease charges
34,312
79,971
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
4
4
Administrative staff
33
30
Total
37
34
ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,934,389
1,649,494
Social security costs
223,632
197,061
Pension costs
213,338
131,577
2,371,359
1,978,132
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
474,154
368,651
Company pension contributions to defined contribution schemes
178,188
99,263
652,342
467,914

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
236,361
154,431
Company pension contributions to defined contribution schemes
75,000
72,675
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
78,194
17,048
8
Interest payable and similar expenses
2024
2023
£
£
Interest on corporation tax
17,304
-
ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,947,838
578,713

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
7,587,137
2,949,812
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
1,896,784
604,711
Tax effect of expenses that are not deductible in determining taxable profit
35,388
3,955
Effect of change in corporation tax rate
-
0
(116)
Group relief
-
0
(1,516)
Depreciation in excess of capital allowances
15,666
(28,321)
Taxation charge for the year
1,947,838
578,713
ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
10
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
351,851
-
0
-
0
376,381
168,805
897,037
Additions
-
0
1,364
678
13,729
-
0
15,771
Disposals
-
0
-
0
-
0
(37,832)
-
0
(37,832)
At 30 June 2024
351,851
1,364
678
352,278
168,805
874,976
Depreciation and impairment
At 1 July 2023
321,579
-
0
-
0
248,501
27,292
597,372
Depreciation charged in the year
30,272
114
23
26,375
35,378
92,162
Eliminated in respect of disposals
-
0
-
0
-
0
(33,801)
-
0
(33,801)
At 30 June 2024
351,851
114
23
241,075
62,670
655,733
Carrying amount
At 30 June 2024
-
0
1,250
655
111,203
106,135
219,243
At 30 June 2023
30,272
-
0
-
0
127,880
141,513
299,665
11
Stocks
As restated
2024
2023
£
£
Finished goods and goods for resale
1,629,135
770,816
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,744,786
5,393,513
Amounts owed by group undertakings
755,830
487,317
Other debtors
1,744,837
1,038,576
Prepayments and accrued income
71,401
91,324
10,316,854
7,010,730
ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
534,135
247,428
Amounts owed to group undertakings
4,053,690
1,930,109
Corporation tax
207,819
394,591
Other taxation and social security
47,360
48,345
Other creditors
136,343
90,762
Accruals and deferred income
576,613
206,634
5,555,960
2,917,869
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
213,338
131,577

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £118,112 (2023 - £12,325) were payable to the funds at the balance sheet date and are included in creditors.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
19,499
19,499
19,499
19,499
16
Financial commitments, guarantees and contingent liabilities

The Company is party to a cross-company guarantee and debenture dated 15th November 2017 between fellow group undertakings, Allaway Group Limited and Allaway Manufacturing Limited.

17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
25,922
86,383
Between two and five years
8,230
34,152
34,152
120,535
ALLAWAY ACOUSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Operating lease commitments
(Continued)
- 20 -

The Company has an operating lease agreement for property rental dated for 10 years, with a break clause at 5 years. The annual commitment is £87,500 (2023 - £nil) per annum which is met by fellow subsidiary Allaway Manufacturing Limited. As at 30 June 2024 the remaining commitment was £362,286 (2023 - £nil).

18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2024
2023
Amounts due to related parties
£
£
Entities under common control
1,396
1,409
2024
2023
Amounts due from related parties
£
£
Entities under common control
809,076
619,016
19
Ultimate controlling party

The parent company and ultimate parent company in the current and previous year is Allaway Group Limited.

2024-06-302023-07-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr R N WadeMr J R GrievesMr M SaundersMr W C Wade009589502023-07-012024-06-3000958950bus:Director12023-07-012024-06-3000958950bus:Director22023-07-012024-06-3000958950bus:Director32023-07-012024-06-3000958950bus:Director42023-07-012024-06-3000958950bus:RegisteredOffice2023-07-012024-06-30009589502024-06-30009589502022-07-012023-06-3000958950core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3000958950core:RetainedEarningsAccumulatedLosses2023-07-012024-06-30009589502023-06-3000958950core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-06-3000958950core:PlantMachinery2024-06-3000958950core:FurnitureFittings2024-06-3000958950core:ComputerEquipment2024-06-3000958950core:MotorVehicles2024-06-3000958950core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3000958950core:PlantMachinery2023-06-3000958950core:FurnitureFittings2023-06-3000958950core:ComputerEquipment2023-06-3000958950core:MotorVehicles2023-06-3000958950core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3000958950core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3000958950core:CurrentFinancialInstruments2024-06-3000958950core:CurrentFinancialInstruments2023-06-3000958950core:ShareCapital2024-06-3000958950core:ShareCapital2023-06-3000958950core:CapitalRedemptionReserve2024-06-3000958950core:CapitalRedemptionReserve2023-06-3000958950core:RetainedEarningsAccumulatedLosses2024-06-3000958950core:RetainedEarningsAccumulatedLosses2023-06-3000958950core:ShareCapital2022-06-3000958950core:CapitalRedemptionReserve2022-06-3000958950core:RetainedEarningsAccumulatedLosses2022-06-3000958950core:ShareCapitalOrdinaryShareClass12024-06-3000958950core:ShareCapitalOrdinaryShareClass12023-06-3000958950core:LandBuildingscore:LongLeaseholdAssets2023-07-012024-06-3000958950core:PlantMachinery2023-07-012024-06-3000958950core:FurnitureFittings2023-07-012024-06-3000958950core:ComputerEquipment2023-07-012024-06-3000958950core:MotorVehicles2023-07-012024-06-3000958950core:UKTax2023-07-012024-06-3000958950core:UKTax2022-07-012023-06-300095895012023-07-012024-06-300095895012022-07-012023-06-3000958950core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3000958950core:PlantMachinery2023-06-3000958950core:FurnitureFittings2023-06-3000958950core:ComputerEquipment2023-06-3000958950core:MotorVehicles2023-06-30009589502023-06-3000958950core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-07-012024-06-3000958950bus:OrdinaryShareClass12023-07-012024-06-3000958950bus:OrdinaryShareClass12024-06-3000958950bus:OrdinaryShareClass12023-06-3000958950core:WithinOneYear2024-06-3000958950core:WithinOneYear2023-06-3000958950core:BetweenTwoFiveYears2024-06-3000958950core:BetweenTwoFiveYears2023-06-3000958950bus:PrivateLimitedCompanyLtd2023-07-012024-06-3000958950bus:FRS1022023-07-012024-06-3000958950bus:Audited2023-07-012024-06-3000958950bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP