REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
for |
| Power Tool Products Limited |
REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
for |
| Power Tool Products Limited |
Power Tool Products Limited (Registered number: 01132092) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
Power Tool Products Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Rubis House |
15 Friarn Street |
Somerset |
TA6 3LH |
Power Tool Products Limited (Registered number: 01132092) |
Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The principal activity of the company, which is unchanged from the previous year, is the wholesale supply of power tools. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the company's strategy are subject to a number of risks including domestic and international competitors, prevailing macro-economic conditions and the evolving structure of the market place. Risks are formally reviewed by the board and appropriate procedures put in place to monitor and mitigate them. |
RESULTS AND PREFORMING |
The results for the year, as set out on page 8, show a profit on ordinary activities before taxation of £456,517: £297,914). The shareholders' funds total £4,975,379 (2023: £4,763,526). |
The company has increased its turnover during the year from £19,208,425 to £21,662,786. |
BUSINESS ENVIRONMENT |
The market remains highly competitive giving rise to aggressive pricing structures. |
STRATEGY |
The company has established excellent relationships with all major suppliers giving us an extremely strong buying position which means savings can be passed on to our customers. |
KEY PERFORMANCE INDICATORS |
The progress of the company is monitored by the board by reference to the following key performance indicators: |
30/9/24 | 30/9/23 |
Sales | 21,662,786 | 19,208,425 |
Current liquidity ratio | 1.83 | 2.32 |
ON BEHALF OF THE BOARD: |
Power Tool Products Limited (Registered number: 01132092) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
150.51 | - 1 October 2023 |
266.86 | - 6 April 2024 |
417.37p |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 September 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Power Tool Products Limited (Registered number: 01132092) |
Report of the Directors |
for the Year Ended 30 September 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Aspen Waite Chartered Certified Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Power Tool Products Limited |
Opinion |
| We have audited the financial statements of Power Tool Products Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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. |
Report of the Independent Auditors to the Members of |
Power Tool Products Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
Report of the Independent Auditors to the Members of |
Power Tool Products Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
We concentrated on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We used tests agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. |
We addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Power Tool Products Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Rubis House |
15 Friarn Street |
Somerset |
TA6 3LH |
Power Tool Products Limited (Registered number: 01132092) |
Income Statement |
for the Year Ended 30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,798,646 | 2,390,082 |
302,744 | 89,220 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
456,517 | 239,914 |
Gain/loss on revaluation of investment property | - | 58,000 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( | ) |
PROFIT FOR THE FINANCIAL YEAR |
Power Tool Products Limited (Registered number: 01132092) |
Other Comprehensive Income |
for the Year Ended 30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Power Tool Products Limited (Registered number: 01132092) |
Balance Sheet |
30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Power Tool Products Limited (Registered number: 01132092) |
Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( | ) | - | ( | ) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( | ) | - | ( | ) |
Total comprehensive income | - |
Balance at 30 September 2024 |
Power Tool Products Limited (Registered number: 01132092) |
Cash Flow Statement |
for the Year Ended 30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( | ) |
Tax paid | ( | ) | ( | ) |
Net cash from operating activities | ( | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( | ) |
Cash flows from financing activities |
Amount introduced by directors | - | 317,202 |
Amount withdrawn by directors | (315,319 | ) | - |
Equity dividends paid | ( | ) | ( | ) |
Net cash from financing activities | ( | ) |
Increase/(decrease) in cash and cash equivalents | ( | ) |
Cash and cash equivalents at beginning of year | 2 | (342,313 | ) | 660,541 |
Cash and cash equivalents at end of year | 2 | 512,484 | ( | ) |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
1. | Reconciliation of profit before taxation to cash generated from operations |
30/9/24 | 30/9/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( | ) | ( | ) |
Gain on revaluation of fixed assets | - | (58,000 | ) |
Finance income | (4,465 | ) | (6,832 | ) |
514,010 | 295,517 |
(Increase)/decrease in stocks | ( | ) |
Increase in trade and other debtors | ( | ) | ( | ) |
Increase/(decrease) in trade and other creditors | ( | ) |
Cash generated from operations | ( | ) |
2. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30/9/24 | 1/10/23 |
£ | £ |
Cash and cash equivalents | 512,484 | 54,216 |
Bank overdrafts | ( | ) |
512,484 | (342,313 | ) |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 54,216 | 660,541 |
Bank overdrafts | ( | ) |
(342,313 | ) | 660,541 |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
3. | Analysis of changes in net (debt)/funds |
At 1/10/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 54,216 | 458,268 | 512,484 |
Bank overdrafts | (396,529 | ) | 396,529 | - |
(342,313 | ) | 512,484 |
Total | (342,313 | ) | 854,797 | 512,484 |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | Statutory information |
Power Tool Products Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | Accounting policies - continued |
Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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. |
Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
30/9/24 | 30/9/23 |
£ | £ |
United Kingdom |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | Employees and directors |
30/9/24 | 30/9/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30/9/24 | 30/9/23 |
Sales and distribution | 15 | 16 |
Administration | 8 | 7 |
30/9/24 | 30/9/23 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
30/9/24 | 30/9/23 |
£ | £ |
Emoluments etc |
5. | Operating profit |
The operating profit is stated after charging/(crediting): |
30/9/24 | 30/9/23 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( | ) | ( | ) |
Auditors' remuneration |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
6. | Taxation |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
30/9/24 | 30/9/23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( | ) |
Tax on profit | ( | ) |
7. | Dividends |
30/9/24 | 30/9/23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | Tangible fixed assets |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 October 2023 |
Additions |
Disposals | ( | ) | ( | ) | ( | ) | ( | ) |
At 30 September 2024 |
Depreciation |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) | ( | ) |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
9. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 October 2023 |
and 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
10. | Investment property |
Total |
£ |
Fair value |
At 1 October 2023 |
and 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2003 | 160,000 |
Valuation in 2005 | 673,500 |
Valuation in 2010 | 100,000 |
Valuation in 2016 | 111,500 |
Valuation in 2017 | 50,000 |
Valuation in 2018 | 10,000 |
Valuation in 2019 | 25,000 |
Valuation in 2021 | 1,147,921 |
Valuation in 2022 | 379,000 |
Valuation in 2023 | 58,000 |
2,714,921 |
11. | Stocks |
30/9/24 | 30/9/23 |
£ | £ |
Finished goods |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
12. | Debtors: amounts falling due within one year |
30/9/24 | 30/9/23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
13. | Creditors: amounts falling due within one year |
30/9/24 | 30/9/23 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Corporation tax |
Social security and other taxes | ( | ) |
PAYE | 30,976 | 30,421 |
Other creditors |
Directors' current accounts | 1,895 | 317,214 |
Accruals and deferred income |
14. | Loans |
An analysis of the maturity of loans is given below: |
30/9/24 | 30/9/23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
15. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30/9/24 | 30/9/23 |
£ | £ |
Between one and five years |
In more than five years |
Power Tool Products Limited (Registered number: 01132092) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
16. | Secured debts |
The following secured debts are included within creditors: |
30/9/24 | 30/9/23 |
£ | £ |
Bank overdraft |
17. | Provisions for liabilities |
30/9/24 | 30/9/23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year | ( | ) |
Balance at 30 September 2024 |
18. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/9/24 | 30/9/23 |
value: | £ | £ |
Ordinary | £1 | 68,763 | 68,763 |
19. | Reserves |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2023 | 4,694,763 |
Profit for the year |
Dividends | ( | ) | ( | ) |
At 30 September 2024 | 4,906,616 |