Company registration number 02139590 (England and Wales)
ALLAWAY MANUFACTURING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ALLAWAY MANUFACTURING LIMITED
COMPANY INFORMATION
Directors
Mr R N Wade
Mr J R Grieves
Mr M Saunders
Mr W C Wade
Company number
02139590
Registered office
1 Queens Road
Hertford
Hertfordshire
England
SG14 1EN
Auditor
Henton & Co LLP
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
ALLAWAY MANUFACTURING 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 - 19
ALLAWAY MANUFACTURING 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
43%
35%
Gross profit margin
22%
10%
Net profit margin
9%
1%
Liquidity ratio
1.42
1.00
Stock turnover days
24
30

The company has achieved significant growth in the past year, marked by a 43% increase in turnover. This growth has been primarily driven by the expansion of our fellow subsidiary, Allaway Acoustics Limited, which specialises in acoustic enclosures, and has benefited from the surging demand for data centers worldwide.

 

Key financial metrics indicate substantial improvements in profitability and operational efficiency. Gross profit margin has more than doubled from 10% in 2023 to 22% in 2024, while net profit margin has increased from 1% in 2023 to 9% in 2024. Improved liquidity, operational efficiencies, and strategic investments have contributed to this success.

 

To support rising demand, 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 MANUFACTURING 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.

 

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 MANUFACTURING 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 the manufacture of 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

The auditors, Henton & Co LLP, will be proposed for re-appointment at the forthcoming Annual 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 MANUFACTURING 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 MANUFACTURING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLAWAY MANUFACTURING LIMITED
- 5 -
Opinion

We have audited the financial statements of Allaway Manufacturing 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 MANUFACTURING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLAWAY MANUFACTURING 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 MANUFACTURING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLAWAY MANUFACTURING 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 MANUFACTURING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
19,402,416
13,527,310
Cost of sales
(15,226,937)
(12,120,213)
Gross profit
4,175,479
1,407,097
Administrative expenses
(1,908,290)
(1,462,704)
Other operating income
-
0
300,000
Operating profit
4
2,267,189
244,393
Interest receivable and similar income
7
152
207
Profit before taxation
2,267,341
244,600
Tax on profit
8
(604,917)
(81,236)
Profit for the financial year
1,662,424
163,364

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

ALLAWAY MANUFACTURING LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
876,234
829,894
Current assets
Stocks
10
1,019,725
997,719
Debtors
11
4,265,265
2,109,216
Cash at bank and in hand
256,094
181,533
5,541,084
3,288,468
Creditors: amounts falling due within one year
12
(3,914,596)
(3,298,428)
Net current assets/(liabilities)
1,626,488
(9,960)
Total assets less current liabilities
2,502,722
819,934
Provisions for liabilities
Deferred tax liability
13
191,044
170,680
(191,044)
(170,680)
Net assets
2,311,678
649,254
Capital and reserves
Called up share capital
15
1,000
1,000
Profit and loss reserves
2,310,678
648,254
Total equity
2,311,678
649,254

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 02139590 (England and Wales)
ALLAWAY MANUFACTURING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
1,000
484,890
485,890
Year ended 30 June 2023:
Profit and total comprehensive income
-
163,364
163,364
Balance at 30 June 2023
1,000
648,254
649,254
Year ended 30 June 2024:
Profit and total comprehensive income
-
1,662,424
1,662,424
Balance at 30 June 2024
1,000
2,310,678
2,311,678
ALLAWAY MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

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

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.

1.2
Going concern

The directors 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.true

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 MANUFACTURING 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:

Leasehold land and buildings
amoritsed over the period of the lease
Plant and equipment
25% on reducing balance
Office equipment
25% 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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated on the weighted average basis.

 

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

 

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 MANUFACTURING 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 for the year comprises current and deferred tax. Tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

 

1.10
Leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period 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.

ALLAWAY MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
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.

Work in progress valuation

Judgement is used in the financial statements in relation to the value of work in progress, in which directors must make an estimate for this amount by considering the standard costs as well as the costs relating to each stage of the production process.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Manufacture and supply of acoustic and sound insulation systems
19,402,416
13,527,310
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,402,416
13,527,310
2024
2023
£
£
Other revenue
Interest income
152
207
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
1,401
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
12,700
9,450
Depreciation of owned tangible fixed assets
345,714
237,957
Loss on disposal of tangible fixed assets
1,064
1,218
Operating lease charges
103,757
45,000
ALLAWAY MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
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
Administration and management
11
9
Production
89
70
Total
104
83

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,552,726
2,846,148
Social security costs
287,495
229,862
Pension costs
57,805
44,877
3,898,026
3,120,887
6
Directors' remuneration

No remuneration was paid to the directors.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
152
207
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
584,553
-
0
Adjustments in respect of prior periods
-
0
637
Total current tax
584,553
637
Deferred tax
Origination and reversal of timing differences
20,364
80,599
Total tax charge
604,917
81,236
ALLAWAY MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Taxation
(Continued)
- 16 -

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
2,267,341
244,600
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
566,835
50,143
Tax effect of expenses that are not deductible in determining taxable profit
4,772
556
Adjustments in respect of prior years
-
0
637
Group relief
-
0
1,516
Depreciation in excess of capital allowances
823
(52,215)
Deferred tax
20,364
80,599
Capital allowances on revenue items
12,123
-
0
Taxation charge for the year
604,917
81,236
9
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
694,179
2,547,547
85,773
88,516
3,416,015
Additions
184,281
185,948
22,890
-
0
393,119
Disposals
-
0
-
0
(12,311)
-
0
(12,311)
At 30 June 2024
878,460
2,733,495
96,352
88,516
3,796,823
Depreciation and impairment
At 1 July 2023
536,449
1,935,257
66,780
47,635
2,586,121
Depreciation charged in the year
161,911
165,109
8,473
10,221
345,714
Eliminated in respect of disposals
-
0
-
0
(11,246)
-
0
(11,246)
At 30 June 2024
698,360
2,100,366
64,007
57,856
2,920,589
Carrying amount
At 30 June 2024
180,100
633,129
32,345
30,660
876,234
At 30 June 2023
157,730
612,290
18,993
40,881
829,894
ALLAWAY MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
10
Stocks
2024
2023
£
£
Raw materials and consumables
958,805
896,867
Work in progress
24,875
30,110
Finished goods and goods for resale
36,045
70,742
1,019,725
997,719
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,583
26,895
Amounts owed by group undertakings
4,053,690
1,930,109
Other debtors
5,108
17,102
Prepayments and accrued income
189,884
135,110
4,265,265
2,109,216
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,728,086
1,720,788
Amounts owed to group undertakings
1,372,242
1,239,670
Corporation tax
255,803
-
0
Other taxation and social security
354,579
249,656
Other creditors
12,254
3,473
Accruals and deferred income
191,632
84,841
3,914,596
3,298,428
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
191,044
170,680
ALLAWAY MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Deferred taxation
(Continued)
- 18 -
2024
Movements in the year:
£
Liability at 1 July 2023
170,680
Charge to profit or loss
20,364
Liability at 30 June 2024
191,044
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,805
44,877

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 £13,359 (2023 - £13,682) 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
1,000
1,000
1,000
1,000
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 Acoustics 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
144,582
20,925
Between two and five years
435,276
63,985
579,858
84,910

Included in the above is 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 and as at 30 June 2024 the remaining commitment was £362,286 (2023 - £nil). This lease agreement is in the name of a fellow subsidiary, Allaway Acoustics Limited, all commitments are met by Allaway Manufacturing Limited.

ALLAWAY MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
18
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2024
2023
£
£
Entities under common control
45,000
45,000
2024
2023
Amounts due to related parties
£
£
Entities under common control
7,132
-
2024
2023
Amounts due from related parties
£
£
Entities under common control
-
368
19
Ultimate controlling party

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

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