Company registration number 01657211 (England and Wales)
BALDWIN BOXALL COMMUNICATIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
BALDWIN BOXALL COMMUNICATIONS LIMITED
COMPANY INFORMATION
Directors
D A Boxall
P A Baldwin
N J Baldwin
R D Schulz
A Morgan
R I K Frost
(Appointed 1 October 2023)
Secretary
R I K Frost
Company number
01657211
Registered office
Wealden Industrial Estate
Farningham Road
Crowborough
East Sussex
TN6 2JR
Auditor
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
Wealden Industrial Estate
Farningham Road
Crowborough
East Sussex
TN6 2JR
BALDWIN BOXALL COMMUNICATIONS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
BALDWIN BOXALL COMMUNICATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Baldwin Boxall Communications Limited is a UK manufacturer of voice alarm and emergency voice communication equipment.
With over 40 years of trading experience in the industry, the Baldwin Boxall brand is internationally recognised as a symbol of quality and reliability and the company is one of the leading players in the UK marketplace.
Review of the business
With the UK economy entering into recession and a corresponding downturn in construction activities in late 2023 and early 2024, the business suffered a relatively slow first half of the financial year. Our fortunes changed in the second half of the year, with the UK market rebounding and the commencement of a key long-term overseas project and the business ended up recording record revenues of close to £12m for the year to 30 September 2024, a 10.6% increase on 2023.
This included a 38% growth in its Commissioning and Maintenance activities, with recruitment creating additional capacity for these services to be provided and strategic relationships developed with key customers to enhance our site portfolio.
| | |
| | |
| | |
Commissioning & Installation | | |
| | |
| | |
Having absorbed a significant amount of raw material price increases in the previous year, the gross profit margin improved in 2024 to 41.5% (2023: 37.3%, or 38.9% excluding sales of £454,582 at 0% margin) following an increase to sales prices and the stabilisation of the component market.
The business has continued to invest and completed the £1m re-development of the St Florian premises, improving the flow of manufacturing at the site and increasing business capacity by 40%, ensuring that the business has the infrastructure needed to continue at its Crowborough site for the foreseeable future.
Further investment was made in the Baldwin Boxall team, with staff rewarded for their hard work and dedication through salary increments and bonuses; and recruitment completed as part of succession planning and to enhance the overall customer experience, with investment in technical support being a notable example of this.
BALDWIN BOXALL COMMUNICATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties
The directors continually monitor business risk, with quarterly SWOT and PESTLE reviews completed as part of the company’s ‘Traction’ initiative.
The following key risks have been identified and details of the company’s approach to mitigate these risks is outlined below.
| | |
Slowdown in UK construction | Reduced sales opportunities | The company is continuing to expand its global reach to diversify risk. |
| Technological changes can be fast paced and there is the potential for an existing product or a new product development to be superseded by a technological advancement or a superior competitor offering, which could result in lost revenue and/or an opportunity cost for the business. | The rate of advancement in the industries that the company operates in is not as fast paced as others, reducing the risk of obsolescence of an existing range or a product development. The company’s in-house R&D department keep abreast of technological advancements and seek to factor this into our product development. |
| A change to legislation could make a product obsolete or a competitor offering more attractive. | The directors stay abreast of potential legislation changes, actively participating in meetings of the key Industry Associations and this enables the Company to respond to both the risks and opportunities that can come from changes to legislation in a timely manner. |
New entrants to the marketplace | Added competition in the market place, with the potential for a loss of revenue and profit. | The Company seeks to provide a level of service (both sales and after-care) that our competitors cannot match, with 95% of customers saying that they would be ‘extremely likely’ to recommend Baldwin Boxall. With over 40 years of expertise; a flexible, scalable and reliable product range that is backed by our class-leading 7-year warranty, there are good reasons that customers choose to return to Baldwin Boxall to meet their needs and we believe that these factors create a barrier to entry for new entrants and will maintain the Company’s position as one of the leading players in our industry. |
BALDWIN BOXALL COMMUNICATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Key performance indicators
The directors monitor a number of financial and non-financial KPIs to assess the performance of the business, being:
Financial KPIs: Orders received, Open order book, Turnover, Margin and Profit before tax.
Non-Financial KPIs: On-time delivery, Number of returns, Key product availability, Number of Active customers and Staff turnover.
R I K Frost
Director
26 June 2025
BALDWIN BOXALL COMMUNICATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company is the manufacture of voice alarm systems, emergency voice communication, refuge alarms, fire telephones, and public address systems.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £374,070 (2023: £690,584).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D A Boxall
P A Baldwin
N J Baldwin
R D Schulz
A Morgan
R I K Frost
(Appointed 1 October 2023)
Financial instruments
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in Sterling, minimising the exposure to foreign currency exchange movements. No formal hedging instruments have been utilised during the current or prior year.
Research and development
The company continually conducts research and development (R&D) activities through its in-house R&D department to advance its product offerings and work towards its vision of ‘Life Safety for every building – for everyone – everywhere’.
Future developments
The company is keeping abreast of recent changes to UK legislation and will be exploring the opportunities that this presents.
2025 will see the launch of the new OmniCALL EVC range, with further product developments in progress and anticipated for release in 2026 and 2027.
Auditor
The auditor, Lindeyer Francis Ferguson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
BALDWIN BOXALL COMMUNICATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
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:
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.
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.
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
R I K Frost
Director
26 June 2025
BALDWIN BOXALL COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BALDWIN BOXALL COMMUNICATIONS LIMITED
- 6 -
Opinion
We have audited the financial statements of Baldwin Boxall Communications Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the 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.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BALDWIN BOXALL COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BALDWIN BOXALL COMMUNICATIONS LIMITED (CONTINUED)
- 7 -
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.
We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the company, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Companies Act 2006, and Financial Reporting Standard 102.
We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the company’s operations and to avoid material penalties, including industry-specific certifications and standards such as The British Standards Institution ISO 9001 and ISO 14001, UKCA certification, and Safe Contractor accreditation, and general laws and regulations including the General Data Protection Regulation, health and safety and employment law.
Having reviewed the laws and regulations applicable to the company, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:
Obtained an understanding of the company’s procedures for ensuring compliance with laws and regulations;
Confirmed that relevant certifications and accreditations were up to date;
Obtained and reviewed internal policy and procedure documents;
Made enquiries of management and the directors regarding whether they were aware of any actual or suspected incidences of non-compliance with laws and regulations;
Obtained and reviewed meeting minutes;
Reviewed legal expenses accounts for indications of any possible non-compliance; and
Reviewed the completeness and accuracy of any disclosures made in the financial statements.
BALDWIN BOXALL COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BALDWIN BOXALL COMMUNICATIONS LIMITED (CONTINUED)
- 8 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including considering how fraud might occur. This was performed by:
Making an assessment of the company’s control environment, systems and controls including identifying any weaknesses and considering the risk of management override of controls;
Assessing the susceptibility of the company’s financial statements to material misstatement, including considering how fraud could occur;
Considering whether there are any incentives or opportunities for management to manipulate financial results;
Obtaining and evaluating the directors’ assessment of the risk of fraud, and enquiring as to whether they are aware of any actual or suspected incidences of fraud;
Reviewing the accounting policies and accounting estimates for signs of management bias; and
Identifying key risks relating to irregularities within the estimations involved in ascertaining provisions for stock and warranty claims, the completeness and cut-off of material revenue streams, and the potential for management override of controls.
We then designed audit procedures in response to the risks identified, including review of the data underlying the calculation of provisions, analytical procedures and substantive testing to confirm the reasonableness of the judgements made, performing substantive testing on all material income streams, and reviewing journal entries particularly around the year end.
The audit has been planned and performed in in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Healey FCA
Senior Statutory Auditor
For and on behalf of Lindeyer Francis Ferguson Limited
27 June 2025
Chartered Accountants
Statutory Auditor
North House
198 High Street
Tonbridge
Kent
TN9 1BE
BALDWIN BOXALL COMMUNICATIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
11,997,097
10,846,230
Cost of sales
(7,017,908)
(6,801,433)
Gross profit
4,979,189
4,044,797
Administrative expenses
(3,875,777)
(3,240,937)
Other operating income
38,884
9,000
Operating profit
4
1,142,296
812,860
Interest receivable and similar income
7
39,372
18,318
Interest payable and similar expenses
8
(316)
(412)
Profit before taxation
1,181,352
830,766
Tax on profit
9
(193,029)
(39,091)
Profit for the financial year
988,323
791,675
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BALDWIN BOXALL COMMUNICATIONS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
29,173
24,198
Tangible assets
12
1,023,684
439,796
1,052,857
463,994
Current assets
Stocks
13
1,417,920
1,747,588
Debtors
14
3,289,936
2,457,053
Cash at bank and in hand
2,063,095
1,857,543
6,770,951
6,062,184
Creditors: amounts falling due within one year
15
(1,927,287)
(1,364,985)
Net current assets
4,843,664
4,697,199
Total assets less current liabilities
5,896,521
5,161,193
Provisions for liabilities
Provisions
16
120,103
108,103
Deferred tax liability
78,275
(198,378)
(108,103)
Net assets
5,698,143
5,053,090
Capital and reserves
Called up share capital
18
1,090
1,060
Share premium account
64,250
33,480
Capital redemption reserve
30
30
Profit and loss reserves
5,632,773
5,018,520
Total equity
5,698,143
5,053,090
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 26 June 2025 and are signed on its behalf by:
R D Schulz
R I K Frost
Director
Director
Company registration number 01657211 (England and Wales)
BALDWIN BOXALL COMMUNICATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
1,060
33,480
30
4,917,429
4,951,999
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
791,675
791,675
Dividends
10
-
-
-
(690,584)
(690,584)
Balance at 30 September 2023
1,060
33,480
30
5,018,520
5,053,090
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
988,323
988,323
Issue of share capital
18
30
30,770
-
-
30,800
Dividends
10
-
-
-
(374,070)
(374,070)
Balance at 30 September 2024
1,090
64,250
30
5,632,773
5,698,143
BALDWIN BOXALL COMMUNICATIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,245,704
896,164
Interest paid
(316)
(412)
Tax paid
(38,255)
(114,968)
Net cash inflow from operating activities
1,207,133
780,784
Investing activities
Purchase of intangible assets
(4,975)
(14,871)
Purchase of tangible fixed assets
(670,039)
(426,806)
Proceeds from disposal of tangible fixed assets
3,153
9,350
Interest received
39,372
18,318
Net cash used in investing activities
(632,489)
(414,009)
Financing activities
Repayment of directors' loan from issue of shares
4,978
Dividends paid
(374,070)
(690,584)
Net cash used in financing activities
(369,092)
(690,584)
Net increase/(decrease) in cash and cash equivalents
205,552
(323,809)
Cash and cash equivalents at beginning of year
1,857,543
2,181,352
Cash and cash equivalents at end of year
2,063,095
1,857,543
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information
Baldwin Boxall Communications Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wealden Industrial Estate, Farningham Road, Crowborough, East Sussex, TN6 2JR.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised by the company in respect of goods and services supplied during the year and is shown net of VAT and other sales related taxes.
Revenue from product sales is recognised when goods are dispatched. Revenue from maintenance services is recognised when the service is provided.
1.4
Research and development expenditure
Research and development expenditure is written off against profits in the year in which it is incurred.
1.5
Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised once available for use.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
Over the useful life of the patent
1.6
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 improvements
Straight line over the life of the lease
Plant and equipment
25% Straight line
Fixtures and fittings
25% Straight line
Computers
33% Straight line
Motor vehicles
25% Straight line
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The warranty provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. The amount expected to be required to settle the obligation is recognised at present value.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Cost absorption
Finished goods are inclusive of the cost of direct labour and an allocation of production overheads.
Labour and overhead allocations are determined at the start of each financial year, using the budget in place, and an hourly rate is determined for each area of production. This is based on the total labour cost for the area, along with an allocation of overheads based on floor areas. For each product costs are absorbed based on the time spent in each department. If there are significant changes to costs during the year, the hourly rates are reviewed and adapted as appropriate.
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Warranty provision
The warranty provisions has been based on historical returns data. The company provides a 7 year warranty on the sale of its products. The carrying amount of the provision at the year-end is £120,103 (2023: £108,103).
Stock provision
The stock provision includes two elements:
The first is a provision against items which are considered to be obsolete. The second relates to items which are considered to be slow moving, based on there having been no usage over the last year. The carrying amount of the provision at the year-end is £104,847 (2023: £106,847).
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
UK & export sales
11,235,981
10,296,178
Commissioning & installation
423,240
333,907
Maintenance
337,876
216,145
11,997,097
10,846,230
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,236,369
8,490,538
Outside of the United Kingdom
2,760,728
2,355,692
11,997,097
10,846,230
2024
2023
£
£
Other revenue
Interest income
39,372
18,318
Grants received
-
9,000
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
3,678
2,236
Research and development costs
20,549
10,650
Government grants
-
(9,000)
Fees payable to the company's auditor for the audit of the company's financial statements
11,825
10,900
Depreciation of owned tangible fixed assets
86,151
48,858
Profit on disposal of tangible fixed assets
(3,153)
(5,157)
Operating lease charges
179,658
162,149
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
75
71
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,507,142
3,126,720
Social security costs
399,736
357,677
Pension costs
487,859
249,036
4,394,737
3,733,433
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
616,757
463,023
Benefits received in kind
27,497
25,869
Company pension contributions to defined contribution schemes
216,978
144,605
861,232
633,497
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023: 5).
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
109,766
98,294
Company pension contributions to defined contribution schemes
43,617
40,322
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
38,984
18,318
Other interest income
388
Total income
39,372
18,318
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
38,984
18,318
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
316
412
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
114,754
39,091
Deferred tax
Origination and reversal of timing differences
78,275
Total tax charge
193,029
39,091
On 1 April 2023 the applicable rate of corporation tax increased from 19% to 25%.
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
(Continued)
- 19 -
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
1,181,352
830,766
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.70%)
295,338
180,276
Tax effect of expenses that are not deductible in determining taxable profit
7,253
(3,860)
Effect of change in corporation tax rate
34
Permanent capital allowances in excess of depreciation
(83,521)
(47,828)
Research and development tax credit
(126,209)
(119,529)
Deferred tax movement
78,275
Timing differences not provided
21,893
29,998
Taxation charge for the year
193,029
39,091
10
Dividends
2024
2023
£
£
Interim paid
374,070
690,584
11
Intangible fixed assets
Patents & licences
£
Cost
At 1 October 2023
24,198
Additions
4,975
At 30 September 2024
29,173
Amortisation
At 1 October 2023 and 30 September 2024
Carrying amount
At 30 September 2024
29,173
At 30 September 2023
24,198
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
365,797
38,996
189,792
212,895
157,121
964,601
Additions
626,046
9,790
20,898
13,305
670,039
At 30 September 2024
991,843
48,786
210,690
226,200
157,121
1,634,640
Depreciation
At 1 October 2023
37,179
19,167
178,488
191,905
98,066
524,805
Depreciation charged in the year
36,628
7,945
5,925
14,998
20,655
86,151
At 30 September 2024
73,807
27,112
184,413
206,903
118,721
610,956
Carrying amount
At 30 September 2024
918,036
21,674
26,277
19,297
38,400
1,023,684
At 30 September 2023
328,618
19,829
11,304
20,990
59,055
439,796
13
Stocks
2024
2023
£
£
Raw materials and consumables
471,805
664,774
Work in progress
281,433
309,864
Finished goods and goods for resale
664,682
772,950
1,417,920
1,747,588
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,063,140
2,177,420
Corporation tax recoverable
2,779
Other debtors
33,593
6,791
Prepayments and accrued income
190,424
272,842
3,289,936
2,457,053
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
443,486
478,490
Corporation tax
117,538
38,260
Other taxation and social security
284,563
75,814
Other creditors
62,878
117,857
Accruals and deferred income
1,018,822
654,564
1,927,287
1,364,985
16
Provisions for liabilities
2024
2023
£
£
Warranties
120,103
108,103
Movements on provisions:
Warranties
£
At 1 October 2023
108,103
Additional provisions in the year
12,000
At 30 September 2024
120,103
The provisions relates to warranty costs which are expected to be incurred. The company has a 7 year warranty in place on its products.
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
487,859
249,036
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. At the year-end £217,652 (2023: £135,691) was due to the pension provider.
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Founder shares of £1 each
970
970
970
970
B Ordinary shares of £1 each
120
90
120
90
1,090
1,060
1,090
1,060
19
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
158,639
201,287
Between two and five years
258,209
111,309
In over five years
240,000
656,848
312,596
20
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
30,766
390,691
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
942,257
798,256
BALDWIN BOXALL COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
21
Related party transactions
(Continued)
- 23 -
Other information
During the year, the company paid rent totalling £42,000 (2023: £42,000) for property jointly owned by a director and a person closely connected to a director. No amounts were due in relation to this rental arrangement at the balance sheet date (2023: £nil).
The company also paid rent of £55,200 (2023: £52,635) for use of buildings owned by The Baldwin Boxall Trust Fund, of which three of the Directors are trustees. An amount of £84,123 (2023: £44,485) was due to the Trust Fund at the balance sheet date.
During the year, the company paid for roof repairs to the buildings owned by the Baldwin Boxall Trust Fund totalling £38,884 (2023: £nil), the costs of which will be borne by the Baldwin Boxall Trust Fund. At the balance sheet date, an amount of £38,884 (2023: £nil) was owing to the company by the Trust Fund.
During the year, the company provided a loan of £30,800 (2023: £nil) to a director at an interest rate of 2.25%. Total interest paid by the director during the year amounted to £332 (2023: £nil). The loan is repayable over a 3-year period and £25,822 (2023: £nil) was outstanding at the balance sheet date.
22
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
988,323
791,675
Adjustments for:
Taxation charged
193,029
39,091
Finance costs
316
412
Investment income
(39,372)
(18,318)
Gain on disposal of tangible fixed assets
(3,153)
(5,157)
Depreciation and impairment of tangible fixed assets
86,151
48,858
Increase in provisions
12,000
8,103
Movements in working capital:
Decrease in stocks
329,668
62,956
Increase in debtors
(804,282)
(119,372)
Increase in creditors
483,024
87,916
Cash generated from operations
1,245,704
896,164
23
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,857,543
205,552
2,063,095
2024-09-302023-10-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100D A BoxallP A BaldwinN J BaldwinR D SchulzA MorganRichard FrostR I K Frost016572112023-10-012024-09-3001657211bus:Director12023-10-012024-09-3001657211bus:Director22023-10-012024-09-3001657211bus:Director32023-10-012024-09-3001657211bus:Director42023-10-012024-09-3001657211bus:Director52023-10-012024-09-3001657211bus:CompanySecretaryDirector12023-10-012024-09-3001657211bus:CompanySecretary12023-10-012024-09-3001657211bus:Director62023-10-012024-09-3001657211bus:RegisteredOffice2023-10-012024-09-30016572112024-09-30016572112022-10-012023-09-3001657211dpl:Item12023-10-012024-09-3001657211dpl:Item12022-10-012023-09-3001657211core:RetainedEarningsAccumulatedLosses2022-10-012023-09-3001657211core:RetainedEarningsAccumulatedLosses2023-10-012024-09-3001657211core:OtherResidualIntangibleAssets2024-09-3001657211core:OtherResidualIntangibleAssets2023-09-3001657211core:PatentsTrademarksLicencesConcessionsSimilar2024-09-3001657211core:PatentsTrademarksLicencesConcessionsSimilar2023-09-30016572112023-09-3001657211core:LeaseholdImprovements2024-09-3001657211core:PlantMachinery2024-09-3001657211core:FurnitureFittings2024-09-3001657211core:ComputerEquipment2024-09-3001657211core:MotorVehicles2024-09-3001657211core:LeaseholdImprovements2023-09-3001657211core:PlantMachinery2023-09-3001657211core:FurnitureFittings2023-09-3001657211core:ComputerEquipment2023-09-3001657211core:MotorVehicles2023-09-3001657211core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3001657211core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3001657211core:CurrentFinancialInstruments2024-09-3001657211core:CurrentFinancialInstruments2023-09-3001657211core:ShareCapital2024-09-3001657211core:ShareCapital2023-09-3001657211core:SharePremium2024-09-3001657211core:SharePremium2023-09-3001657211core:CapitalRedemptionReserve2024-09-3001657211core:CapitalRedemptionReserve2023-09-3001657211core:RetainedEarningsAccumulatedLosses2024-09-3001657211core:RetainedEarningsAccumulatedLosses2023-09-3001657211core:ShareCapital2022-09-3001657211core:SharePremium2022-09-3001657211core:CapitalRedemptionReserve2022-09-3001657211core:RetainedEarningsAccumulatedLosses2022-09-3001657211core:ShareCapitalOrdinaryShareClass12024-09-3001657211core:ShareCapitalOrdinaryShareClass12023-09-3001657211core:ShareCapitalOrdinaryShareClass22024-09-3001657211core:ShareCapitalOrdinaryShareClass22023-09-3001657211core:ShareCapitalOrdinaryShares2024-09-3001657211core:ShareCapitalOrdinaryShares2023-09-3001657211core:ShareCapital2023-10-012024-09-3001657211core:SharePremium2023-10-012024-09-30016572112023-09-30016572112022-09-3001657211core:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3001657211core:PatentsTrademarksLicencesConcessionsSimilar2023-10-012024-09-3001657211core:LeaseholdImprovements2023-10-012024-09-3001657211core:PlantMachinery2023-10-012024-09-3001657211core:FurnitureFittings2023-10-012024-09-3001657211core:ComputerEquipment2023-10-012024-09-3001657211core:MotorVehicles2023-10-012024-09-300165721112023-10-012024-09-300165721112022-10-012023-09-3001657211core:UKTax2023-10-012024-09-3001657211core:UKTax2022-10-012023-09-300165721122023-10-012024-09-3001657211core:PatentsTrademarksLicencesConcessionsSimilar2023-09-3001657211core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2023-10-012024-09-3001657211core:LeaseholdImprovements2023-09-3001657211core:PlantMachinery2023-09-3001657211core:FurnitureFittings2023-09-3001657211core:ComputerEquipment2023-09-3001657211core:MotorVehicles2023-09-3001657211bus:OrdinaryShareClass12023-10-012024-09-3001657211bus:OrdinaryShareClass22023-10-012024-09-3001657211bus:OrdinaryShareClass12024-09-3001657211bus:OrdinaryShareClass12023-09-3001657211bus:OrdinaryShareClass22024-09-3001657211bus:OrdinaryShareClass22023-09-3001657211bus:AllOrdinaryShares2024-09-3001657211bus:AllOrdinaryShares2023-09-3001657211core:WithinOneYear2024-09-3001657211core:WithinOneYear2023-09-3001657211core:BetweenTwoFiveYears2024-09-3001657211core:BetweenTwoFiveYears2023-09-3001657211core:MoreThanFiveYears2024-09-3001657211core:MoreThanFiveYears2023-09-3001657211bus:PrivateLimitedCompanyLtd2023-10-012024-09-3001657211bus:FRS1022023-10-012024-09-3001657211bus:Audited2023-10-012024-09-3001657211bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP