REGISTERED NUMBER: 07566611 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
AYM GROUP LTD |
PREVIOUSLY KNOWN AS |
LTC CENTRAL LIMITED |
REGISTERED NUMBER: 07566611 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
AYM GROUP LTD |
PREVIOUSLY KNOWN AS |
LTC CENTRAL LIMITED |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 |
AYM GROUP LTD |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The director presents his strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The group has experienced unprecedented trading conditions this financial year but nevertheless, with these extenuating circumstances have managed to show a profit before tax of £139,538 from £24.06M turnover, an increase of £0.04M from the previous year's turnover. We expect a better outcome in comparison to Sep 24 figures for the future. |
Interest rate risk |
Increases in interest rates have impacted the business especially when we are experiencing growth. Despite this, the group has managed to expand wherever possible as indicated from the increase in turnover from £24.04M in 2023 to £24.06M in 2024. The group will grow even further should interest rates become more favourable in the future. |
Brexit |
Sourcing of labour remain a priority for the group which the shortage being felt by the construction industry. Brexit has undoubtedly played a key role, forcing companies to adapt and accept higher inflated cost of labour thus limiting our potential. The business is striving to acquire labour services to support demand, and continues to recruit, retaining skilled labour for our projects. |
Nonetheless, the business has overcome the challenges while investing heavily in our people. We continue to invest in our skilled, experienced, and dedicated labour force, we believe the key to navigate through these difficult times. We have experienced success in promoting the trade while actively engaging with our stakeholders whether suppliers or employees and will continue to do so to enhance the mutual benefits promoting the business in the long run. |
Despite more prevalent in the last few years, the legacy of Covid & conflict between Russia & Ukraine remains a dominant feature in the trading conditions. The business has had to adapt and acknowledge that the conditions prevailing prior to these occurrences remain to be seen. Nevertheless, the business has maintained its vision of delivering profits. |
Prospects |
We have committed ourselves to deliver an excellent service and believe we have performed on that level judging by the profits and turnover for the financial year. The same ethos will ensure we outperform ourselves for the next financial year. We are confident in delivering the profits and level of trade with our noticeable presence. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The market is highly competitive. The director actively manages risk across all areas of the business. The main risks are competition risk, reputational risk and credit risk. |
The director has made strategic decisions in the best interest of the group, it is the opinion of the director that the group has sufficient reserves to be able to continue in operational existence for the foreseeable future. |
KEY PERFORMANCE INDICATORS |
The Director considers the following as key performance indicators |
2024 | 2023 |
£ | £ |
Turnover | 24,064,578 | 24,042,494 |
Gross Profit | 5,499,133 | 4,772,030 |
Gross Margin | 22.85% | 19.85% |
Profit before tax | 139,538 | 210,121 |
Net Assets | 3,201,197 | 3,195,560 |
KEY STRATEGY AND FUTURE DEVELOPMENTS |
The Director has built a strong brand and reputation by providing first class service in construction projects. This is achieved by aligning ourselves closely with our clients, ensuring we have a full understanding of their requirements. Our strategy is to continue to specialise in our principal activities, maintain our brand reputation whilst managing the risk areas across our business. |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FINANCIAL POSITION |
The Group is in good health and allows expansion of the business from its own resources. The results for the year and the financial position at the year-end were considered satisfactory by the director who expects controlled growth and profitability to continue in the foreseeable future. |
The director is confident that the Group will be able to strengthen its financial position by building on its current portfolio of contracts and grow the business with both existing and new clients in the future. |
Employees |
It is the policy of the Group's to encourage and develop all members of staff to realise their maximum potential. Wherever possible, vacancies are filled from within the Group and adequate opportunities for internal promotion are created. The Board is committed to a systematic training policy and has a comprehensive training and development potential to a maximum level of attainment. In this way, staff will make their best possible contribution to the organisation's success. The Group supports the principle of equal opportunities in employment and opposes all forms of unlawful or unfair discrimination on the grounds of race, age, nationality, religion, ethnic or national origin, sexual orientation, gender or gender reassignment, marital status or disability. It is also the policy of the Group, where possible, to give sympathetic consideration to disabled persons in their application for employment with the Group and to protect the interests of existing members of the staff who are disabled. |
The group has made the necessary provision for allowing employees to work remotely and be connected to the company intranet. |
Environmental Policy |
The Board acknowledges that environmental protection is one of the Group's business responsibilities. It aims for a continuous improvement in the Group's environmental performance and to comply with all relevant regulations. Also the Board does not consider that this line of business has a large adverse impact upon the environment. As a result the company does not manage its business by reference to any environmental key performance indicators. The company seeks to maintain a high proportion of its records electronically and of the paper it does use, over 80% of its paper consumption is recycled through the use of recycling bags. |
ON BEHALF OF THE BOARD: |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 September 2024. |
CHANGE OF NAME |
The group passed a special resolution on 24 January 2025 changing its name from LTC Central Limited to AYM Group Ltd. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of scaffold erection, roofing activities and building and construction. |
DIVIDENDS |
No interim dividend was paid during the year. The director recommends a final dividend of £358.21 per share. |
The total distribution of dividends for the year ended 30 September 2024 will be £ 72,000 . |
DIRECTOR |
POLITICAL DONATIONS AND EXPENDITURE |
Company paid £1,526 for donations (2023: £1,366) which is made up of small donations to various causes. It did not make any political donations during the year. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AYM GROUP LTD |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
Opinion |
We have audited the financial statements of AYM Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 the 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AYM GROUP LTD |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AYM GROUP LTD |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the group through discussions with directors and other |
management, and from our commercial knowledge and experience of the industry; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of |
actual,suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in |
determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators, and the group's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations |
are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 3 | 24,064,578 | 24,042,494 |
Cost of sales | 18,565,445 | 19,270,464 |
GROSS PROFIT | 5,499,133 | 4,772,030 |
Administrative expenses | 4,876,131 | 4,119,763 |
623,002 | 652,267 |
Other operating income | 4,249 | 4,582 |
OPERATING PROFIT | 5 | 627,251 | 656,849 |
Interest payable and similar expenses | 6 | 487,713 | 446,728 |
PROFIT BEFORE TAXATION | 139,538 | 210,121 |
Tax on profit | 7 | 62,001 | 142,160 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 77,537 | 67,961 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 77,537 | 67,961 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
77,537 |
67,961 |
Total comprehensive income attributable to: |
Owners of the parent | 77,537 | 67,961 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 10 | 3,747,005 | 3,681,020 |
Investments | 11 | - | - |
3,747,005 | 3,681,020 |
CURRENT ASSETS |
Inventories | 12 | 956,753 | 1,961,482 |
Debtors | 13 | 7,281,029 | 5,065,451 |
Cash at bank and in hand | 738,089 | 662,149 |
8,975,871 | 7,689,082 |
CREDITORS |
Amounts falling due within one year | 14 | 7,721,137 | 5,956,094 |
NET CURRENT ASSETS | 1,254,734 | 1,732,988 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,001,739 |
5,414,008 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(971,107 |
) |
(1,442,129 |
) |
PROVISIONS FOR LIABILITIES | 19 | (829,435 | ) | (776,319 | ) |
NET ASSETS | 3,201,197 | 3,195,560 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 301 | 201 |
Retained earnings | 21 | 3,200,896 | 3,195,359 |
SHAREHOLDERS' FUNDS | 3,201,197 | 3,195,560 |
The financial statements were approved by the director and authorised for issue on 30 June 2025 and were signed by: |
Mr M Loizias - Director |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 14,042 | 64,393 |
The financial statements were approved by the director and authorised for issue on |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 | 201 | 3,199,832 | 3,200,033 |
Changes in equity |
Dividends | - | (72,434 | ) | (72,434 | ) |
Total comprehensive income | - | 67,961 | 67,961 |
Balance at 30 September 2023 | 201 | 3,195,359 | 3,195,560 |
Changes in equity |
Issue of share capital | 100 | - | 100 |
Dividends | - | (72,000 | ) | (72,000 | ) |
Total comprehensive income | - | 77,537 | 77,537 |
Balance at 30 September 2024 | 301 | 3,200,896 | 3,201,197 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,109,959 | 1,588,876 |
Interest paid | (346,677 | ) | (305,208 | ) |
Interest element of hire purchase payments paid |
(141,036 |
) |
(141,520 |
) |
Tax paid | (8,885 | ) | (66,606 | ) |
Net cash from operating activities | 1,613,361 | 1,075,542 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (487,920 | ) | (346,499 | ) |
Sale of tangible fixed assets | 48,612 | 98,142 |
Net cash from investing activities | (439,308 | ) | (248,357 | ) |
Cash flows from financing activities |
Loan repayments in year | (492,166 | ) | (410,775 | ) |
Capital repayments in year | (254,576 | ) | (398,848 | ) |
Amount introduced by directors | 62,914 | - |
Amount withdrawn by directors | (342,385 | ) | (158,097 | ) |
Share issue | 100 | - |
Equity dividends paid | (72,000 | ) | (72,434 | ) |
Net cash from financing activities | (1,098,113 | ) | (1,040,154 | ) |
Increase/(decrease) in cash and cash equivalents | 75,940 | (212,969 | ) |
Cash and cash equivalents at beginning of year |
2 |
662,149 |
875,118 |
Cash and cash equivalents at end of year | 2 | 738,089 | 662,149 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year | 77,537 | 67,961 |
Depreciation charges | 381,253 | 399,962 |
Profit on disposal of fixed assets | (7,930 | ) | (33,224 | ) |
Finance costs | 487,713 | 446,728 |
Taxation | 62,001 | 142,160 |
1,000,574 | 1,023,587 |
Decrease/(increase) in inventories | 1,004,729 | (243,247 | ) |
(Increase)/decrease in trade and other debtors | (1,936,007 | ) | 409,563 |
Increase in trade and other creditors | 2,040,663 | 398,973 |
Cash generated from operations | 2,109,959 | 1,588,876 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 738,089 | 662,149 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 662,149 | 875,118 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 662,149 | 75,940 | 738,089 |
662,149 | 75,940 | 738,089 |
Debt |
Finance leases | (1,281,431 | ) | 254,576 | (1,026,855 | ) |
Debts falling due within 1 year | (826,106 | ) | 177,661 | (648,445 | ) |
Debts falling due after 1 year | (800,123 | ) | 314,505 | (485,618 | ) |
(2,907,660 | ) | 746,742 | (2,160,918 | ) |
Total | (2,245,511 | ) | 822,682 | (1,422,829 | ) |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
AYM Group Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the time of approving the financial statements, the Director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the Director continues to adopt the going concern basis of accounting in preparing the financial statements. |
The director regards the foreseeable future as no less than twelve months following the publication of these annual financial statements. The director has considered the group's balance sheet position as at the year end, its working capital forecasts, taking account of possible changes in trading performance and the current state of its operating market, and is satisfied that for the foreseeable future, the group's financial position is improving and will enable the group to remain in operational existence. In addition, the director and the shareholders have agreed to provide continuing financial support as and when required to enable the group to continue in operational existence. Consequently, the director considers it to be appropriate to prepare the financial statements on the going concern basis. |
Basis of consolidation |
The group financial statements consolidate the financial statements of AYM Group Limited and all its subsidiary undertakings drawn up to 30 September each year. No profit and loss account is presented for AYM Group Limited as permitted by section 408 of the Companies Act 2006. |
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. |
Investment in Subsidiaries |
In the parent company financial statements investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
Significant judgements and estimates |
In the application of the group's accounting policies, the director is 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 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. |
In preparing these financial statements the director has made the following judgements: |
Provisions |
Provisions have been made for trade debtors and inventory obsolescence and returns, where appropriate. These provisions are an estimate of the actual costs and the timing of future cash flows is dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made. |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Turnover is reduced for customer returns and other similar allowances. |
Turnover is recognised at the point the group has transferred to the buyer the significant risks and rewards, the amount of the turnover can be measured reliably and it is probable the economic benefits associated with the transactions will flow to the company. |
Turnover related income from maintenance contracts is recognised evenly over the period of the contract. |
When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the balance sheet date. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are likely to be recoverable. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. |
Contract revenue comprises the initial amount of revenue agreed in the contract and variations in the contract work and claims that can be measured reliably. A variation or a claim is recognised as contract revenue when it is probable that the customer will approve the variation or negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. |
The stage of completion is measured by reference to the ratio of contract costs incurred to date to the estimated total costs for the contract. Costs incurred during the financial year in connection with future activity on a contract are excluded from the costs incurred to date when determining the stage of completion of a contract. Such costs are shown as construction contract work-in-progress on the balance sheet unless it is not probable that such contract costs are recoverable from the customers, in which case, such costs are recognised as an expense immediately. |
At the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed progress billings, the balance is presented as due from customers on construction contracts within "Gross amounts recoverable on contract customers". Where progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within "Payments on account". |
Progress billings not yet paid by customers and retentions by customers are included within "Amount recoverable on contract". Advances received are included within "Payments on account". |
Tangible fixed assets |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
Plant and machinery 15% - 25% straight line |
Fixtures and fittings 33% straight line |
Motor vehicles 15% straight line |
Website development 33% straight line |
The company has a policy not to depreciate in the year fixed assets are bought and depreciate it full year in the year assets are sold. |
Stocks |
Stock is valued at lower of cost and net realisable value. A source of estimation uncertainty surrounds the net realisable value of the stock and as to whether or not there is an indication of impairment. To address this, management review both historic and post year end sales of all stock lines compared to quantity of stock held and use this to form the basis for any impairment. In order to establish an appropriate cost of the stock, the cumulative value of the last purchase price, the cost of duty, commission and shipping are taken into account. These costs are re-assessed on an annual basis. |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. |
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss under other operating expenses. |
The carrying value of all financial assets and liabilities are measured at amortised cost. |
Trade debtors are subject to factoring. If the risk of non-payment is fully transferred to the factor (without recourse), the receivables are derecognised from the balance sheet, and any resulting gain or loss is recognised in profit or loss. If the company retains the risk (with recourse), the receivables remain on the balance sheet, and the cash received is recognised as a liability. Factoring costs are recognised in profit or loss as incurred. |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the group. |
An analysis of revenue by class of business is given below: |
2024 | 2023 |
£ | £ |
Scaffolding | 6,224,658 | 7,381,948 |
Brickwork | 207,970 | 2,464,270 |
Building completion | 17,631,950 | 14,196,276 |
24,064,578 | 24,042,494 |
An analysis of revenue by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 24,064,578 | 24,042,494 |
24,064,578 | 24,042,494 |
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,725,261 | 2,136,516 |
Social security costs | 120,786 | 107,797 |
Other pension costs | 118,979 | 98,868 |
2,965,026 | 2,343,181 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Sales | 6 | 6 |
Administrative | 84 | 81 |
The average number of employees by undertakings that were proportionately consolidated during the year was 90 (2023 - 87 ) . |
2024 | 2023 |
£ | £ |
Director's remuneration | - | 5,133 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 731,275 | 592,402 |
Other operating leases | 94,738 | 89,032 |
Depreciation - owned assets | 279,682 | 306,229 |
Depreciation - assets on hire purchase contracts | 125,573 | 93,734 |
Profit on disposal of fixed assets | (7,930 | ) | (33,224 | ) |
Auditors' remuneration | 51,928 | 24,600 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 74,986 | 45,476 |
Interest payable | 265,039 | 252,487 |
Interest on overdue tax | 6,652 | 7,245 |
Hire purchase | 141,036 | 141,520 |
487,713 | 446,728 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
Corporation tax - PY Adj. | 8,885 | - |
Deferred tax | 53,116 | 142,160 |
Tax on profit | 62,001 | 142,160 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 139,538 | 210,121 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
34,885 |
52,530 |
Effects of: |
Expenses not deductible for tax purposes | 8,203 | 12,707 |
Income not taxable for tax purposes | - | (8,305 | ) |
Depreciation in excess of capital allowances | 16,311 | 11,108 |
Utilisation of tax losses | 142,776 | - |
Deferred tax | 62,001 | 142,479 |
Profit on disposal of assets | (1,983 | ) | (9,604 | ) |
Tax losses carried forward | (200,192 | ) | (58,755 | ) |
Total tax charge | 62,001 | 142,160 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
The profit after tax of AYM Group Limited for the year ended 30 September 2024 was £14,042 (2023: £64,393). |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Final | 72,000 | 72,434 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 | 4,744,832 | 15,357 | 754,322 | 11,646 | 5,526,157 |
Additions | 276,630 | - | 210,411 | 879 | 487,920 |
Disposals | (24,430 | ) | - | (43,502 | ) | - | (67,932 | ) |
At 30 September 2024 | 4,997,032 | 15,357 | 921,231 | 12,525 | 5,946,145 |
DEPRECIATION |
At 1 October 2023 | 1,494,721 | 13,964 | 328,961 | 7,491 | 1,845,137 |
Charge for year | 299,002 | 464 | 103,691 | 2,098 | 405,255 |
Eliminated on disposal | (11,238 | ) | - | (40,014 | ) | - | (51,252 | ) |
At 30 September 2024 | 1,782,485 | 14,428 | 392,638 | 9,589 | 2,199,140 |
NET BOOK VALUE |
At 30 September 2024 | 3,214,547 | 929 | 528,593 | 2,936 | 3,747,005 |
At 30 September 2023 | 3,250,111 | 1,393 | 425,361 | 4,155 | 3,681,020 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2023 | 193,680 | 712,650 | 906,330 |
Additions | - | 210,411 | 210,411 |
Disposals | - | (40,045 | ) | (40,045 | ) |
At 30 September 2024 | 193,680 | 883,016 | 1,076,696 |
DEPRECIATION |
At 1 October 2023 | 117,842 | 291,327 | 409,169 |
Charge for year | 22,457 | 103,116 | 125,573 |
Eliminated on disposal | - | (36,872 | ) | (36,872 | ) |
At 30 September 2024 | 140,299 | 357,571 | 497,870 |
NET BOOK VALUE |
At 30 September 2024 | 53,381 | 525,445 | 578,826 |
At 30 September 2023 | 75,838 | 421,323 | 497,161 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | PROPERTY, PLANT AND EQUIPMENT - continued |
Company |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 103,164 | 125,428 |
Work-in-progress | 853,589 | 1,836,054 |
956,753 | 1,961,482 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 6,427,076 | 4,468,468 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | - | 182,768 |
Other debtors | 230,328 | 219,593 |
Directors' loan accounts | 342,385 | 62,914 | 147,438 | 62,914 |
VAT | 261,502 | 117,715 |
Prepayments | 19,738 | 13,993 |
7,281,029 | 5,065,451 |
The trade debtors balance includes £557,447 (2023: 657,049) which is covered by an invoice discounting arrangement. |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 648,445 | 826,106 |
Hire purchase contracts (see note 17) | 541,366 | 639,425 |
Trade creditors | 3,375,733 | 2,216,004 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 181,830 | 271,211 |
Other creditors | 2,329,278 | 1,128,948 |
Accrued expenses | 644,485 | 874,400 |
7,721,137 | 5,956,094 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 485,618 | 800,123 |
Hire purchase contracts (see note 17) | 485,489 | 642,006 |
971,107 | 1,442,129 |
The bank loans are secured by a fixed and floating charge over the assets of the company. |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 648,445 | 826,106 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 485,618 | 800,123 |
The bank loans are secured by a fixed and floating charge over the assets of the company. |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year | 568,113 | 662,401 |
Between one and five years | 512,250 | 662,264 |
1,080,363 | 1,324,665 |
Finance charges repayable: |
Within one year | 26,747 | 22,976 |
Between one and five years | 26,761 | 20,258 |
53,508 | 43,234 |
Net obligations repayable: |
Within one year | 541,366 | 639,425 |
Between one and five years | 485,489 | 642,006 |
1,026,855 | 1,281,431 |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 1,134,063 | 1,626,229 |
Bank loans are secured by way of a fixed and floating charges over the assets of the company. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 746,710 | 696,999 | ( |
) |
Deferred tax | 82,725 | 79,320 | 82,725 | 79,320 |
829,435 | 776,319 | 82,725 | 29,609 |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 776,319 |
Provided during year | 53,116 |
Balance at 30 September 2024 | 829,435 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Balance at 30 September 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 301 | 201 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 October 2023 | 3,195,359 |
Profit for the year | 77,537 |
Dividends | (72,000 | ) |
At 30 September 2024 | 3,200,896 |
Company |
Retained |
earnings |
£ |
At 1 October 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2024 |
22. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
AYM GROUP LTD (REGISTERED NUMBER: 07566611) |
PREVIOUSLY KNOWN AS LTC CENTRAL LIMITED |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
22. | RELATED PARTY DISCLOSURES - continued |
Included in debtors, amounts falling due within one year, is an amount of £342,385 (2023: £62,914) owed by the director which was repaid within 9 months of the year end. The interest of £4,249 has been charged by the company in respect of this amount. |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr M Loizias by virtue of his 100% shareholding in the company. |