Company Registration No. 02279107 (England and Wales)
THE BLAYSON GROUP LIMITED
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE BLAYSON GROUP LIMITED
COMPANY INFORMATION
Directors
Nr Ron Williams
Mr Gavin Williams
Mr Matthew Williams
Mrs Charlotte Clifford
Secretary
Mrs Charlotte Clifford
Company number
02279107
Registered office
Suite 18
30 Harley Street
London
W1G 9PW
Auditor
Xeinadin Audit Ltd
249 Cranbrook Road
Ilford
Essex
IG1 4TG
THE BLAYSON GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
11
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
13
Company statement of changes in equity
12
Group statement of cash flows
15
Company statement of cash flows
14
Notes to the financial statements
16 - 32
THE BLAYSON GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.
Principal risks and uncertainties
The management team follow a continuous review of the performance of the Company through monthly senior management meetings. Action plans are developed and reviewed on an ongoing basis. The key risks are principally the competitiveness of the UK market. Sales opportunities are continually evaluated to the current market and economic climate.
Key performance indicators
The management team analyse various key performance indicators as part of their overall strategic review but have identified the following as being particularly important:
Sales performance versus main competitors, sales versus budget and prior year and quality statistics.
Mr Gavin Williams
Director
26 June 2025
THE BLAYSON GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be the provision of management services.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Ron Williams
Mrs Brenda Williams
Resigned 23/11/2023
Mr Gavin Williams
Mr Matthew Williams
Mrs Charlotte Clifford
Financial instruments
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Foreign currency risk
The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Auditor
The auditors, Xeinadin Audit Ltd, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
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 auditor of the company 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 auditor of the company is aware of that information.
THE BLAYSON GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
On behalf of the board
Mr Gavin Williams
Director
26 June 2025
THE BLAYSON GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
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 group and company, and of the profit or loss of the group 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE BLAYSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE BLAYSON GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of The Blayson Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 seeking an opinion on the financial statements we considered the implications of the significant uncertainties disclosed in the financial statements concerning the following matter:-
The overseas subsidiary Blayson Japan Limited has not been audited.
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.
Because of the significance of the possible impact of the uncertainties described in the Basis for disclaimer of Opinion on the Financial Statements paragraph to the financial statements, we have not been able to obtain sufficient, appropriate audit evidence to provide a basis for an audit opinion on the group and company. Accordingly we do not express an opinion on the financial statements of the group and company.
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 group's and parent 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.
THE BLAYSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BLAYSON GROUP LIMITED
- 6 -
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5
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.
THE BLAYSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BLAYSON GROUP LIMITED
- 7 -
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.
Barry Leibovitch (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Ltd
26 June 2025
Statutory Auditors
249 Cranbrook Road
Ilford
Essex
IG1 4TG
THE BLAYSON GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
448,978
233,426
Other comprehensive income
Revaluation of tangible fixed assets
(13,704)
(13,704)
Currency translation loss arising in the year
(16,785)
Cash flow hedges gain arising in the year
Other comprehensive income for the year
(30,489)
(13,704)
Total comprehensive income for the year
418,489
219,722
Total comprehensive income for the year is attributable to:
- Owners of the parent company
391,006
256,444
- Non-controlling interests
27,483
(36,722)
418,489
219,722
THE BLAYSON GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,605,144
1,504,238
Current assets
Stocks
14
1,537,002
1,781,277
Debtors
15
2,630,780
2,290,041
Cash at bank and in hand
1,297,001
1,638,487
5,464,783
5,709,805
Creditors: amounts falling due within one year
16
(2,428,207)
(2,807,740)
Net current assets
3,036,576
2,902,065
Total assets less current liabilities
4,641,720
4,406,303
Creditors: amounts falling due after more than one year
19
(1,475,079)
(1,632,621)
Provisions for liabilities
Deferred tax liability
20
160,167
109,778
(160,167)
(109,778)
Net assets
3,006,474
2,663,904
Capital and reserves
Called up share capital
21
100
100
Revaluation reserve
20,422
34,126
Other reserves
185,197
84,685
Distributable profit and loss reserves
2,258,031
2,037,667
Equity attributable to owners of the parent company
2,463,750
2,156,578
Non-controlling interests
542,724
507,326
3,006,474
2,663,904
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:
Mr Gavin Williams
Director
Company registration number 02279107 (England and Wales)
THE BLAYSON GROUP LIMITED
COMPANY BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
31,106
41,475
Investments
11
2,714,082
2,464,537
2,745,188
2,506,012
Current assets
Debtors
15
13,491
9,834
Cash at bank and in hand
10,001
10,001
23,492
19,835
Creditors: amounts falling due within one year
16
(399,570)
(415,496)
Net current liabilities
(376,078)
(395,661)
Total assets less current liabilities
2,369,110
2,110,351
Creditors: amounts falling due after more than one year
19
(35,817)
(40,297)
Net assets
2,333,293
2,070,054
Capital and reserves
Called up share capital
21
100
100
Other reserves
2,664,791
2,415,245
Distributable profit and loss reserves
(331,598)
(345,291)
Total equity
2,333,293
2,070,054
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £263,239 (2023 - £82,340 profit).
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:
2025-06-26
Mr Gavin Williams
Director
Company registration number 02279107 (England and Wales)
THE BLAYSON GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
11,292,035
11,578,923
Cost of sales
(7,767,485)
(8,450,848)
Gross profit
3,524,550
3,128,075
Administrative expenses
(3,058,060)
(2,694,983)
Other operating income
20,630
24,106
Operating profit
5
487,120
457,198
Interest payable and similar expenses
8
(116,894)
(141,010)
Fair value gains and losses on investmentsin subsidiaries
9
131,500
-
Income statement non-controlling interests
27,483
(36,722)
Profit before taxation
529,209
279,466
Taxation
10
(80,231)
(46,040)
Profit for the financial year
448,978
233,426
Profit for the financial year is attributable to:
- Owners of the parent company
421,495
270,148
- Non-controlling interests
27,483
(36,722)
448,978
233,426
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THE BLAYSON GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
100
2,329,372
(341,758)
1,987,714
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
82,340
82,340
Transfers
-
-
(85,873)
(85,873)
Other movements
-
85,873
-
85,873
Balance at 30 September 2023
100
2,415,245
(345,291)
2,070,054
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
263,239
263,239
Transfers
-
-
(249,546)
(249,546)
Other movements
-
249,546
-
249,546
Balance at 30 September 2024
100
2,664,791
(331,598)
2,333,293
THE BLAYSON GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
Balance at 1 October 2022
100
47,830
740,530
1,874,241
2,662,701
470,332
3,133,033
Year ended 30 September 2023:
Profit for the year
-
-
-
270,148
270,148
(36,722)
233,426
Other comprehensive income:
Revaluation of tangible fixed assets
-
(13,704)
-
-
(13,704)
(3,699)
(17,403)
Total comprehensive income
-
(13,704)
-
270,148
256,444
(40,421)
216,023
Transfers
-
-
-
444,047
444,047
86,724
530,771
Other movements
-
-
(655,845)
(550,769)
(1,206,614)
(9,309)
(1,215,923)
Balance at 30 September 2023
100
34,126
84,685
2,037,667
2,156,578
507,326
2,663,904
Year ended 30 September 2024:
Profit for the year
-
-
-
421,495
421,495
27,483
448,978
Other comprehensive income:
Revaluation of tangible fixed assets
-
(13,704)
-
-
(13,704)
-
(13,704)
Currency translation differences
-
-
(16,785)
(16,785)
-
(16,785)
Total comprehensive income
-
(13,704)
(16,785)
421,495
391,006
27,483
418,489
Transfers
-
-
(3,865)
(249,546)
(253,411)
-
(253,411)
Other movements
-
-
121,162
48,415
169,577
7,915
177,492
Balance at 30 September 2024
100
20,422
185,197
2,258,031
2,463,750
542,724
3,006,474
THE BLAYSON GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
7,709
9,001
Interest paid
(3,229)
(1,392)
Income taxes paid
(852)
Net cash inflow from operating activities
4,480
6,757
Investing activities
Purchase of tangible fixed assets
(55,300)
Proceeds from disposal of tangible fixed assets
28,000
Proceeds from disposal of subsidiaries
(249,545)
(85,873)
Proceeds from disposal of investments
249,545
85,873
Net cash used in investing activities
-
(27,300)
Financing activities
Payment of finance leases obligations
(4,480)
20,516
Net cash (used in)/generated from financing activities
(4,480)
20,516
Net increase/(decrease) in cash and cash equivalents
-
(27)
Cash and cash equivalents at beginning of year
10,001
10,028
Cash and cash equivalents at end of year
10,001
10,001
THE BLAYSON GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
496,492
942,219
Interest paid
(116,894)
(141,010)
Income taxes (paid)/refunded
(76,030)
6,853
Net cash inflow from operating activities
303,568
808,062
Investing activities
Proceeds from disposal of intangibles
8,142
10,972
Purchase of tangible fixed assets
(215,694)
(174,063)
Proceeds from disposal of tangible fixed assets
-
28,395
Net cash used in investing activities
(207,552)
(134,696)
Financing activities
Repayment of bank loans
(193,530)
(119,326)
Movement in finance leases obligations
21,385
(4,138)
Net cash used in financing activities
(172,145)
(123,464)
Net (decrease)/increase in cash and cash equivalents
(76,129)
549,902
Cash and cash equivalents at beginning of year
1,373,130
823,228
Cash and cash equivalents at end of year
1,297,001
1,373,130
Relating to:
Cash at bank and in hand
1,297,001
1,638,487
Bank overdrafts included in creditors payable within one year
-
(265,357)
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information
The Blayson Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 147 Grosvenor Drive, Loughton, IG10 2LB.
The group consists of The Blayson Group Limited and all of its subsidiaries.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company The Blayson Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
1.5
Turnover
The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the United Kingdom and Japan.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Land and buildings Freehold
2% p.a. straight line
Plant and machinery
15% p.a. staright line
Fixtures, fittings & equipment
25% p.a. reducing balance
Motor vehicles
25% p.a. reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.9
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.14
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 group’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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
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.
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
3
Turnover
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sales
11,292,035
11,578,923
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom, Europe and Asia
11,292,035
11,578,923
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,200
6,200
Audit of the financial statements of the company's subsidiaries
9,000
9,000
15,200
15,200
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
20,712
(17,292)
Depreciation of owned tangible fixed assets
235,207
158,128
Depreciation of tangible fixed assets held under finance leases
8,808
64,546
Loss on disposal of tangible fixed assets
2,272
1,376
Profit on disposal of intangible assets
(8,142)
(10,972)
Operating lease charges
67,856
57,300
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
202,409
169,902
Company pension contributions to defined contribution schemes
15,291
14,144
217,700
184,046
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
68,600
60,000
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
50
50
6
6
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,722,226
1,606,442
255,452
218,115
Social security costs
136,362
139,767
33,262
31,357
Pension costs
96,876
92,942
17,348
16,108
1,955,464
1,839,151
306,062
265,580
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
110,283
133,073
Other finance costs:
Interest on finance leases and hire purchase contracts
6,611
7,937
Total finance costs
116,894
141,010
9
Fair value adjustment of invetments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
249,545
85,873
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
30,230
46,357
Adjustments in respect of prior periods
(388)
(43,536)
Total current tax
29,842
2,821
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 25 -
Deferred tax
Origination and reversal of timing differences
50,389
43,219
Total tax charge
80,231
46,040
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
2,714,082
2,464,537
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
2,464,537
Valuation changes
249,545
At 30 September 2024
2,714,082
Carrying amount
At 30 September 2024
2,714,082
At 30 September 2023
2,464,537
12
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Blayson Casting Systems Ltd
England and Wales
Ordinary
100.00
Blayson Japan
Japan
Ordinary
70.00
Blayson Olefines Ltd
England and Wales
Ordinary
99.00
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
13
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
2,073,536
2,274,730
235,854
106,818
4,690,938
Additions
11,120
153,272
30,989
20,313
215,694
Disposals
(14,792)
(14,792)
Revaluation
131,500
131,500
Exchange adjustments
32,702
65,051
25,171
1,880
124,804
At 30 September 2024
2,248,858
2,478,261
292,014
129,011
5,148,144
Depreciation and impairment
At 1 October 2023
1,170,823
1,792,511
187,184
52,100
3,202,618
Depreciation charged in the year
47,578
128,603
35,204
32,630
244,015
Eliminated in respect of disposals
(12,520)
(12,520)
Exchange adjustments
28,174
54,814
24,503
1,396
108,887
At 30 September 2024
1,246,575
1,963,408
246,891
86,126
3,543,000
Carrying amount
At 30 September 2024
1,002,283
514,853
45,123
42,885
1,605,144
At 30 September 2023
907,241
492,456
49,339
55,202
1,504,238
Company
Motor vehicles
£
Cost
At 1 October 2023 and 30 September 2024
55,300
Depreciation and impairment
At 1 October 2023
13,825
Depreciation charged in the year
10,369
At 30 September 2024
24,194
Carrying amount
At 30 September 2024
31,106
At 30 September 2023
41,475
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
477,897
753,126
-
-
Finished goods and goods for resale
1,059,105
1,028,151
1,537,002
1,781,277
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,254,905
2,006,292
2,568
Corporation tax recoverable
388
Other debtors
202,207
134,319
7,429
6,425
Prepayments and accrued income
173,280
149,430
3,494
3,409
2,630,780
2,290,041
13,491
9,834
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
155,055
431,599
Obligations under finance leases
18
25,356
11,696
4,480
4,480
Trade creditors
743,328
863,800
13,683
12,214
Amounts owed to group undertakings
320,159
375,642
Corporation tax payable
93,327
139,127
Other taxation and social security
83,181
47,774
7,069
6,165
Other creditors
1,057,589
1,063,229
10,440
4,053
Accruals and deferred income
270,371
250,515
43,739
12,942
2,428,207
2,807,740
399,570
415,496
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,496,675
1,690,205
Bank overdrafts
265,357
1,496,675
1,955,562
-
-
Payable within one year
155,055
431,599
Payable after one year
1,341,620
1,523,963
The long-term bank loan is secured by a fixed and floating charge over the freehold land and buildings. The bank also holds a floating charge over all the assets of the company.
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
25,356
26,776
4,480
4,480
In two to five years
80,117
47,513
35,817
40,297
105,473
74,289
40,297
44,777
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
1,341,620
1,523,963
Obligations under finance leases
18
80,117
62,593
35,817
40,297
Accruals and deferred income
53,342
46,065
1,475,079
1,632,621
35,817
40,297
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
20
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
52,329
109,778
Fair value adjustment
107,838
-
160,167
109,778
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
109,778
-
Charge to profit or loss
50,389
-
Liability at 30 September 2024
160,167
-
The deferred tax liability of £52,329 set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,876
92,942
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
226,261
187,801
16,408
10,801
Between two and five years
572,004
694,987
20,567
2,987
798,265
882,788
36,975
13,788
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
322,410
315,848
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities over which the group has control, joint control or significant influence
620,629
532,114
620,629
532,114
Company
Entities over which the company has control, joint control or significant influence
620,629
532,114
620,629
532,114
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Entities over which the group has control, joint control or significant influence
320,159
375,642
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
24
Related party transactions
(Continued)
- 31 -
Company
Entities over which the company has control, joint control or significant influence
320,159
375,642
25
Controlling party
The ultimate controlling party is R Williams by virtue of his majority shareholding.
26
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
263,239
82,340
Adjustments for:
Taxation charged
852
Finance costs
3,229
1,392
Gain on disposal of tangible fixed assets
-
(10,076)
Depreciation and impairment of tangible fixed assets
10,369
13,825
Other gains and losses
(249,545)
(85,873)
Movements in working capital:
Increase in debtors
(3,657)
(994)
(Decrease)/increase in creditors
(15,926)
7,535
Cash generated from operations
7,709
9,001
THE BLAYSON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
448,978
233,426
Adjustments for:
Taxation charged
80,231
46,040
Finance costs
116,894
141,010
Loss on disposal of tangible fixed assets
2,272
1,376
Gain on disposal of intangible assets
(8,142)
(10,972)
Depreciation and impairment of tangible fixed assets
244,015
222,674
Movements in working capital:
Decrease in stocks
244,275
320,080
(Increase)/decrease in debtors
(548,037)
42,391
Decrease in creditors
(63,572)
(17,694)
Cash generated from operations
516,914
978,331
Revaluation reserve
(20,422)
(34,126)
Per cash flow statement page
496,492
942,219
28
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,638,487
(341,486)
1,297,001
Bank overdrafts
(265,357)
265,357
1,373,130
(76,129)
1,297,001
Borrowings excluding overdrafts
(1,690,205)
193,530
(1,496,675)
Obligations under finance leases
(74,289)
(31,184)
(105,473)
(391,364)
86,217
(305,147)
29
Analysis of changes in net debt - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
10,001
-
10,001
Obligations under finance leases
(44,777)
4,480
(40,297)
(34,776)
4,480
(30,296)
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