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COMPANY REGISTRATION NUMBER: 01144914
J A Harvey (Bassingham) Limited
Financial Statements
For the period ended
31 December 2024
J A Harvey (Bassingham) Limited
Financial Statements
Period from 1 May 2024 to 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13
J A Harvey (Bassingham) Limited
Officers and Professional Advisers
The board of directors
P R Millward
P E Harvey
D A Harvey
Registered office
Corpacq House
1 Goose Green
Altrincham
Cheshire
WA14 1DW
Auditor
Streets Audit LLP
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Bankers
Barclays
City Office Park
Tritton Road
Lincoln
LN6 7AR
J A Harvey (Bassingham) Limited
Strategic Report
Period from 1 May 2024 to 31 December 2024
The directors present their strategic report for the period ended 31 December 2024. Review of the business The directors aim to present a balanced and comprehensive review of the development and performance of the company during the period and its position at the period end. The review is consistent with the size and non complex nature of the company and is written in the context of the risks and uncertainties that it faces. During the period the entire share capital of the company was transferred to JA Harvey (Bassingham) Holdings Limited which became the immediate parent undertaking. The company has continued to operate at its site in Bassingham with strong growth in the UK for its products. The directors consider that the key performance indicators are those that best communicate the the financial performance and strength of the company as a whole, these being turnover and gross profit. Turnover has decreased by 26.3% (pro-rated) on the previous year to £4.8m. The gross profit percentage for the period has decreased when compared to the previous year at 31% and £1.5m (April 2024 - 36%, £3.6m) which is in line with the directors' expectations. As for many businesses of this size, the business environment in which the company operates continues to be challenging, however the business has, once again, delivered satisfactory results for the period. Results and dividends The profit for the period, before taxation, amounted to £155k (April 2024 - £2.4m). Particulars of dividends paid are detailed in the notes to the financial statements. Principal risks and uncertainties Competitive pressures within the market is the main risk facing the company. The company manages this risk by focusing on product differentiation, quality, efficiency, market knowledge and customer service to give it a competitive advantage. Future developments The company intends to continue to serve its core markets with its existing product range and develop complimentary new products where opportunities present themselves. On 24 February 2025, 100% of the issued share capital of CorpAcq Holdings Limited was acquired by Celadon Bidco Limited, which is in turn owned 55.32% by Celadon Bidco Sarl, 25.23% by Orange UK Holdings Limited, 5.16% by Goldman Sachs and 14.29% by other shareholders. CorpAcq Holdings Limited holds 100% of the issued share capital of CorpAcq Limited. Celadon Bidco Sarl is ultimately 100% owned by TDR Capital V LP managed by TDR Capital LLP. Accordingly, from this date the ultimate parent of J A Harvey (Bassingham) Limited changed from Mr S Orange to TDR Capital V LP managed by TDR Capital LLP. The company's principal financial instruments comprise cash and various items, such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks. The main risks arising from the company's financial risks are credit risk, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years. Credit risk The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear and contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitability.
This report was approved by the board of directors on 23 June 2025 and signed on behalf of the board by:
D A Harvey
Director
Registered office:
Corpacq House
1 Goose Green
Altrincham
Cheshire
WA14 1DW
J A Harvey (Bassingham) Limited
Directors' Report
Period from 1 May 2024 to 31 December 2024
The directors present their report and the financial statements of the company for the period ended 31 December 2024 .
Directors
The directors who served the company during the period were as follows:
P E Harvey
D A Harvey
P R Millward
(Appointed 11 October 2024)
Dividends
The directors do not recommend the payment of a dividend.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 25 to the financial statements.
Disclosure of information in the strategic report
The company has chosen to set out in the Strategic Report information about the future developments of the company and the financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the directors' 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 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 judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. A resolution to reappoint Streets Audit LLP as auditors will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board of directors on 23 June 2025 and signed on behalf of the board by:
D A Harvey
Director
Registered office:
Corpacq House
1 Goose Green
Altrincham
Cheshire
WA14 1DW
J A Harvey (Bassingham) Limited
Independent Auditor's Report to the Members of J A Harvey (Bassingham) Limited
Period from 1 May 2024 to 31 December 2024
Opinion
We have audited the financial statements of J A Harvey (Bassingham) Limited (the 'company') for the period ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, 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 FRS 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 31 December 2024 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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: - 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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
25 June 2025
J A Harvey (Bassingham) Limited
Statement of Comprehensive Income
Period from 1 May 2024 to 31 December 2024
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
Note
£
£
Turnover
4
4,819,892
9,810,236
Cost of sales
3,391,274
6,247,633
------------
------------
Gross profit
1,428,618
3,562,603
Administrative expenses
1,259,396
1,201,768
Other operating income
5
4,015
6,000
------------
------------
Operating profit
6
173,237
2,366,835
Other interest receivable and similar income
10
15,927
14,529
Interest payable and similar expenses
11
34,047
14,587
------------
------------
Profit before taxation
155,117
2,366,777
Tax on profit
12
26,130
532,497
---------
------------
Profit for the financial period and total comprehensive income
128,987
1,834,280
---------
------------
All the activities of the company are from continuing operations.
J A Harvey (Bassingham) Limited
Statement of Financial Position
31 December 2024
31 Dec 24
30 Apr 24
Note
£
£
£
Fixed assets
Tangible assets
13
675,160
1,463,767
Current assets
Stocks
14
465,241
559,284
Debtors
15
9,369,491
3,244,656
Cash at bank and in hand
334,048
4,952,156
-------------
------------
10,168,780
8,756,096
Creditors: amounts falling due within one year
16
2,567,624
2,688,580
-------------
------------
Net current assets
7,601,156
6,067,516
------------
------------
Total assets less current liabilities
8,276,316
7,531,283
Creditors: amounts falling due after more than one year
17
823,909
93,900
Provisions
Taxation including deferred tax
19
166,681
230,644
------------
------------
Net assets
7,285,726
7,206,739
------------
------------
Capital and reserves
Called up share capital
22
1,000
51,000
Profit and loss account
23
7,284,726
7,155,739
------------
------------
Shareholders funds
7,285,726
7,206,739
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 23 June 2025 , and are signed on behalf of the board by:
D A Harvey
Director
Company registration number: 01144914
J A Harvey (Bassingham) Limited
Statement of Changes in Equity
Period from 1 May 2024 to 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2023
51,000
5,321,459
5,372,459
Profit for the period
1,834,280
1,834,280
--------
------------
------------
Total comprehensive income for the period
1,834,280
1,834,280
At 30 April 2024
51,000
7,155,739
7,206,739
Profit for the period
128,987
128,987
--------
------------
------------
Total comprehensive income for the period
128,987
128,987
Redemption of shares
( 50,000)
( 50,000)
--------
----
--------
Total investments by and distributions to owners
( 50,000)
( 50,000)
--------
------------
------------
At 31 December 2024
1,000
7,284,726
7,285,726
--------
------------
------------
J A Harvey (Bassingham) Limited
Notes to the Financial Statements
Period from 1 May 2024 to 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Corpacq House, 1 Goose Green, Altrincham, Cheshire, WA1 1DW. The trading address is Navenby Lane, Bassingham, Lincoln, LN5 9JF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of CorpAcq Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements The directors do not consider there to be any significant judgements recognised within the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charge The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors. See note 6 for the carrying value of property plant and equipment, and accounting policy note for the useful economic lives for each class of asset.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Machinery
-
15% straight line
Fixtures & Fittings
-
15% straight line
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. The entity uses the percentage of completion method to determine the amounts to be recognised in the period in respect of manufacturing contracts.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Sale of goods
4,819,892
9,810,236
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Other operating income
4,015
6,000
-------
-------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Depreciation of tangible assets
210,457
325,036
Loss on disposal of tangible assets
6,341
15,493
Impairment of trade debtors
314,237
31,108
Foreign exchange differences
( 42)
Operating lease payments
49,322
---------
---------
7. Auditor's remuneration
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Fees payable for the audit of the financial statements
12,000
12,625
--------
--------
8. Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:
31 Dec 24
30 Apr 24
No.
No.
Production staff
50
48
Administrative staff
2
2
Management staff
2
2
----
----
54
52
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Wages and salaries
1,395,849
1,938,310
Social security costs
138,481
193,608
Other pension costs
35,210
46,237
------------
------------
1,569,540
2,178,155
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Remuneration
110,723
142,772
Company contributions to defined contribution pension plans
916
1,320
---------
---------
111,639
144,092
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
31 Dec 24
30 Apr 24
No.
No.
Defined contribution plans
2
2
----
----
10. Other interest receivable and similar income
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Interest on cash and cash equivalents
15,927
14,529
--------
--------
11. Interest payable and similar expenses
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Interest on banks loans and overdrafts
21,921
Interest on obligations under finance leases and hire purchase contracts
12,126
14,587
--------
--------
34,047
14,587
--------
--------
12. Tax on profit
Major components of tax expense
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Current tax:
UK current tax expense
90,093
671,172
Adjustments in respect of prior periods
( 63,621)
--------
---------
Total current tax
90,093
607,551
--------
---------
Deferred tax:
Origination and reversal of timing differences
( 63,963)
( 75,054)
--------
---------
Tax on profit
26,130
532,497
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).
Period from
1 May 24 to
Year to
31 Dec 24
30 Apr 24
£
£
Profit on ordinary activities before taxation
155,117
2,366,777
---------
------------
Profit on ordinary activities by rate of tax
38,779
591,694
Adjustment to tax charge in respect of prior periods
( 63,621)
Effect of expenses not deductible for tax purposes
( 425)
5,205
Effect of capital allowances and depreciation
( 12,224)
( 781)
---------
------------
Tax on profit
26,130
532,497
---------
------------
13. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2024
568,099
2,793,022
12,774
243,373
3,617,268
Additions
45,000
45,000
Disposals
( 568,099)
( 67,542)
( 166,667)
( 802,308)
---------
------------
--------
---------
------------
At 31 December 2024
2,770,480
12,774
76,706
2,859,960
---------
------------
--------
---------
------------
Depreciation
At 1 May 2024
118,972
1,951,017
12,529
70,983
2,153,501
Charge for the period
190,021
141
20,295
210,457
Disposals
( 118,972)
( 14,603)
( 45,583)
( 179,158)
---------
------------
--------
---------
------------
At 31 December 2024
2,126,435
12,670
45,695
2,184,800
---------
------------
--------
---------
------------
Carrying amount
At 31 December 2024
644,045
104
31,011
675,160
---------
------------
--------
---------
------------
At 30 April 2024
449,127
842,005
245
172,390
1,463,767
---------
------------
--------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 December 2024
366,823
---------
At 30 April 2024
494,493
---------
Capital commitments
31 Dec 24
30 Apr 24
£
£
Contracted for but not provided for in the financial statements
405,000
---------
----
14. Stocks
31 Dec 24
30 Apr 24
£
£
Finished goods and goods for resale
465,241
559,284
---------
---------
15. Debtors
31 Dec 24
30 Apr 24
£
£
Trade debtors
1,707,844
2,770,524
Amounts owed by group undertakings
7,536,690
Prepayments and accrued income
10,536
47,798
Directors loan account
10,673
298,017
Other debtors
103,748
128,317
------------
------------
9,369,491
3,244,656
------------
------------
16. Creditors: amounts falling due within one year
31 Dec 24
30 Apr 24
£
£
Bank loans and overdrafts
602,311
Trade creditors
742,629
1,382,635
Accruals and deferred income
78,184
29,636
Social security and other taxes
961,064
972,983
Obligations under finance leases and hire purchase contracts
110,836
231,569
Other creditors
72,600
71,757
------------
------------
2,567,624
2,688,580
------------
------------
Hire purchase creditors of £110,836 (April 2024 - £231,569) are secured against assets to which they relate. There is a fixed and floating charge over the assets of the company. The bank loans and overdrafts includes £411,257 (April 2024 - £Nil). This is secured on the debts to which it relates. Bank loans and overdrafts are secured against the assets to which they relate.
17. Creditors: amounts falling due after more than one year
31 Dec 24
30 Apr 24
£
£
Bank loans and overdrafts
777,104
Obligations under finance leases and hire purchase contracts
46,805
89,900
Other creditors
4,000
---------
--------
823,909
93,900
---------
--------
Hire purchase creditors of £46,805 (April 2024 - £89,900) are secured against assets to which they relate. There is a fixed and floating charge over the assets of the company. Bank loans and overdrafts are secured against the assets to which they relate.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
31 Dec 24
30 Apr 24
£
£
Not later than 1 year
110,836
231,569
Later than 1 year and not later than 5 years
46,805
89,900
---------
---------
157,641
321,469
---------
---------
19. Provisions
Deferred tax (note 20)
£
At 1 May 2024
230,644
Charge against provision
( 63,963)
---------
At 31 December 2024
166,681
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31 Dec 24
30 Apr 24
£
£
Included in provisions (note 19)
166,681
230,644
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Dec 24
30 Apr 24
£
£
Accelerated capital allowances
177,931
230,644
---------
---------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 35,210 (2024: £ 46,237 ).
22. Called up share capital
Issued, called up and fully paid
31 Dec 24
30 Apr 24
No.
£
No.
£
Ordinary shares of £ 0.01 each
100,000
1,000
100,000
1,000
Preference shares of £– (2024 - £1) each
50,000
50,000
---------
-------
---------
--------
100,000
1,000
150,000
51,000
---------
-------
---------
--------
The Ordinary shares rank equally for voting purposes and dividends. The preference shares were redeemed in the period.
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Dec 24
30 Apr 24
£
£
Not later than 1 year
150,000
Later than 1 year and not later than 5 years
562,500
---------
----
712,500
---------
----
25. Events after the end of the reporting period
On 24 February 2025, 100% of the issued share capital of CorpAcq Holdings Limited was acquired by Celadon Bidco Limited, which is in turn owned 55.32% by Celadon Bidco Sarl, 25.23% by Orange UK Holdings Limited, 5.16% by Goldman Sachs and 14.29% by other shareholders. CorpAcq Holdings Limited holds 100% of the issued share capital of CorpAcq Limited. Celadon Bidco Sarl is ultimately 100% owned by TDR Capital V LP managed by TDR Capital LLP. Accordingly, from this date the ultimate parent of J A Harvey (Bassingham) Limited changed from Mr S Orange to TDR Capital V LP managed by TDR Capital LLP.
26. Directors' advances, credits and guarantees
During the period the company operated loan accounts with the directors. The period end balances were as follows:- Director A owed to the company £294 (April 2024 - £42,724 owed by the company) Director B owed to the company £10,379 (April 2024 - £255,293 owed to the company) The company also operated a loan account with the spouse of one of the directors. The balance owed to the company at the period end was £Nil (April 2024 - £16,313). No interest has been charged and the loans are repayable on demand.
27. Related party transactions
P E Harvey is a Director of the company and is a Trustee of The Harvey Engineering Pension Trust. Rent of £32,642 (April 2024 - £36,000) was paid during the period to The Harvey Engineering Pension Trust. In addition rent of £16,680 (April 2024 - £Nil) was paid to P E Harvey . Electricity costs of £10,757 (April 2024 - £10,228) was paid during the year to the Directors in respect of Solar power. During the year the company sold land for £500,000 and cars for £98,903 to the directors of the company. The disposal values were considered to be at market value.
28. Controlling party
During the period the shares were sold and at the end of the period the immediate parent company is Friars Bidco Limited , a company registered in England and Wales. As at and for the period ended 31 December 2024, the ultimate parent company was Orange UK Holdings Limited, a company registered in England and Wales. The directors consider that, by virtue of his shareholding in the ultimate parent company,the ultimate controlling party was Mr S Orange . Refer to Note 25 for details of change in the ultimate controlling party subsequent to the year end. The smallest group in which the results of the Company are consolidated is that headed by CorpAcq Limited, a company registered in England and Wales with registered office CorpAcq House, 1 Goose Green, Altrincham, Cheshire, England, WA14 1DW. The consolidated financial statements of the group are available to the public and may be obtained from Companies House. The largest group in which the results of the Company are consolidated is that headed by Orange UK Holdings Limited, which is the ultimate parent company. Orange UK Holdings Limited is registered in England and Wales with registered office 1 Goose Green, Altrincham, Cheshire, England, WA14 1DW. The consolidated financial statements of the group are available to the public and may be obtained from Companies House.