| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| Camden Boss Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| Camden Boss Limited |
| Camden Boss Limited (Registered number: 02009736) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Notes to the Financial Statements | 13 |
| Camden Boss Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| Camden Boss Limited (Registered number: 02009736) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| The directors present their strategic report for the year ended 31 October 2024. |
| REVIEW OF BUSINESS |
| The results for the year and financial position of the company are as shown in the annexed financial statements. |
| The key financial highlights are as follows: |
| 2024 | 2023 |
| £ | £ |
| Gross profit | 2,749,186 | 3,314,247 |
| Operating (loss)/profit | (976,839 | ) | (313,213 | ) |
| Gross assets | 4,851,129 | 5,521,221 |
| Net Assets | 1,117,848 | 2,283,666 |
| Whilst market conditions remained challenging, the year has been spent building foundations for a restructured sales focus. Gross margin reduced to 34.7% (2023 - 35.2%) due to increased costs and product dilution. Overheads were marginally reduced to counter reduced revenue. Transformative product development launches are planned for early 2025 aimed at de-risking market exposure whilst entering new markets. |
| Utilisation of the solar panels that were installed on the roof of the Galaxy building continues to reduce energy costs and further reduce the company's carbon footprint. This will be further augmented by the addition of our new products to enhance operational savings. |
| Following the acquisition of Cogent Technology Limited, Camden Boss Limited have been extensively involved in supporting the transition and turnaround of this business. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company has implemented a co-ordinated set of risk management and control systems, including strategic planning and management reporting, to help anticipate, measure, monitor and manage its exposure to risk. |
| The company has identified a number of key risks to its business which, whilst having remained relatively stable over recent years, are nevertheless critical to its future financial and operational performance. These are explained further below: |
| Foreign exchange volatility |
| The company is exposed to exchange rate variations in both customer and supplier contracts; an imbalance in these could lead to exchange rate risk exposure. The Directors monitor the impact of changes in exchange rates on an ongoing basis and work with other subsidiaries within the Group to make best use of currencies at hand. |
| Other significant risks |
| Other risks include but are not limited to failure to comply with legislative and regulatory requirements including environmental and litigation risk, equipment failures, business continuity and the actions of customers and competitors. The company has implemented risk controls and loss mitigation plans which are considered to be commensurate with risks involved. |
| Camden Boss Limited (Registered number: 02009736) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| FINANCIAL RISK MANAGEMENT POLICIES |
| The overall aim of the company financial risk management policy is to minimise potential adverse effects on financial performance and net assets. In the course of its business, the company is exposed primarily to foreign exchange risk, liquidity risk and credit risk. Interest rate risk is not considered significant as this is charged on a loan from the parent company which can be varied if needed. |
| The company manages the principal financial risks within policies and operating parameters approved by the Board of Directors. The company does not enter into speculative transactions. |
| i) Foreign currency risk |
| The company operates domestically and overseas and any exposure to currency risk is likely to be short term. A reassessment of sales prices is undertaken when marked movements in exchange rates occurs to limit any potential losses. |
| ii) Liquidity risk |
| The company's policy on group borrowings is to ensure that sufficient cash is available to fund on-going operations without the need to carry any more debt than is necessary. Where appropriate financing can be negotiated, assets may be purchased under finance lease arrangements. |
| iii) Credit risk |
| Credit risk arises on financial instruments such as trade receivables. Policies and procedures exist to ensure that customers have an appropriate credit history. |
| ON BEHALF OF THE BOARD: |
| Camden Boss Limited (Registered number: 02009736) |
| Report of the Directors |
| for the Year Ended 31 October 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 October 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review continued to be that of the design, manufacture, assembly, import, export and distribution of electro-mechanical components and standard and bespoke enclosures for the electronics industry. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 October 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
| GOING CONCERN |
| The financial statements have been prepared on a going concern basis despite the balance sheet showing net current liabilities of £21,864 (2023 net current assets: £897,654) and net assets of £1,117,848 (2023: £2,283,666). Despite the results, the company has obtained continued financial support of its creditors from group companies. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| Camden Boss Limited (Registered number: 02009736) |
| Report of the Directors |
| for the Year Ended 31 October 2024 |
| AUDITORS |
| The auditors, Hardcastle Burton LLP, 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 |
| Camden Boss Limited |
| Opinion |
| We have audited the financial statements of Camden Boss Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Camden Boss Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur at the planning stage. We held pre audit discussions with the directors, carried out a preliminary analytical review and discussed within the audit team areas of risk. We evaluated potential areas where fraud might occur and the possible incentives for manipulating the financial statements. We also identified the relevant laws and regulations applicable to the company using our understanding of the industry and discussions with directors. |
| During the audit fieldwork we carried out audit procedures to mitigate assessed risks identified in the financial statements. We selected a sample of manual journals posted into the accounting system for reasonableness, vouching the journals to supporting documentation where appropriate to ensure the journal was accurate and correct. |
| We also held a discussion with management to question whether there were any known cases of fraud affecting the company. We then corroborated our discussions by reviewing the board meeting minutes throughout the year and after the year end. We also reviewed the nominal ledger for legal and professional fees to confirm that there had been no legal costs associated with actual or potential fraudulent activity. |
| Accounting estimates were also highlighted as a potential area for fraudulent manipulation or management bias in the financial statements. We scrutinised each key accounting estimate and the method chosen for each estimate to verify that the methods used are appropriate and reasonable. We also substantively tested these to confirm that the methods were applied correctly. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Camden Boss Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| Camden Boss Limited (Registered number: 02009736) |
| Income Statement |
| for the Year Ended 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (976,839 | ) | (313,213 | ) |
| Other operating income |
| OPERATING LOSS | 5 | ( |
) | ( |
) |
| Loan waiver | 6 |
| Exceptional items | 6 | ( |
) |
| (863,318 | ) | (313,213 | ) |
| Interest payable and similar expenses | 7 |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 8 |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Camden Boss Limited (Registered number: 02009736) |
| Other Comprehensive Income |
| for the Year Ended 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| LOSS FOR THE YEAR | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Prior year adjustment |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(334,202 |
) |
| Camden Boss Limited (Registered number: 02009736) |
| Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Camden Boss Limited (Registered number: 02009736) |
| Statement of Changes in Equity |
| for the Year Ended 31 October 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 November 2022 |
| Prior year adjustment | - |
| As restated |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 October 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 October 2024 |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Camden Boss Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 £1. |
| The financial statements have been prepared on a going concern basis. The balance sheet for 31 October 2024 shows net current liabilities of £21,864 (2023 net current assets: £897,654) and net assets of £1,117,848 (2023: £2,283,666) The Directors have reviewed the projections for the next 12 months and can confirm that positive cash flows are expected. Furthermore, the company has obtained continued financial support from its parent company, Heathpatch Limited and therefore the directors have continued to adopt the going concern basis. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Camden Boss Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Heathpatch Limited, Dairy Farm Office, Semer, Ipswich, Suffolk, IP7 6RA. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the carrying amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised int he 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. |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year are addressed below. |
| Stock Provisions: |
| A provision for slow-moving and obsolete stock is recognised based on the number of years since the item was last purchased. |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. |
| 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. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Depreciation is not charged on assets under construction until construction is complete. |
| Tangible fixed assets are reviewed for impairment annually. Where impairment is considered necessary, the net book value of the assets are written down to the recoverable amount. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Indicators of impairments are considered annually to assess whether the net realisable value of investments are lower than cost. Where identified, impairment reviews are undertaken on the investment. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method. |
| Work in progress is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and labour. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets |
| Basic financial assets, which include debtors, 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. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans 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. |
| 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. |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and loss before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| UK | 5,116,807 | 5,762,380 |
| Europe | 1,928,459 | 2,506,675 |
| Rest of the world | 868,479 | 1,139,642 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.10.24 | 31.10.23 |
| Direct | 64 | 73 |
| Administration | 33 | 32 |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 5. | OPERATING LOSS |
| The operating loss is stated after charging/(crediting): |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| 6. | EXCEPTIONAL ITEMS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Intercompany loan waiver | (3,245,492 | ) | - |
| Impairment of shares in group undertakings | 313,613 | - |
| Impairment of loan in group undertakings | 2,931,879 | - |
| - | - |
| A loan from the parent company amounting to £3,245,492 was waived during the year. |
| An investment and loan in the subsidiary has been impaired during the year by £3,245,492. |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Loan interest |
| Hire purchase |
| 8. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 8. | TAXATION - continued |
| 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: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Loss before tax | ( |
) | ( |
) |
| Loss multiplied by the standard rate of corporation tax in the UK of (2023 - |
( |
) |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Unprovided deferred tax | 330,121 | 134,338 |
| R&D tax credit | (55,683 | ) | (24,769 | ) |
| Total tax charge | - | - |
| No liability to UK corporation tax arose for the year ended 31 October 2024 nor the year ended 31 October 2023, due to losses of approximately £4.0m (2023: £2.9m). |
| 9. | PRIOR YEAR ADJUSTMENT |
| For the year ended 31 October 2022 a prior year adjustment was made of £102,329, which increased the opening retained earnings for 31 October 2023, as shown in the statement of other comprehensive income. |
| 10. | TANGIBLE FIXED ASSETS |
| Improvements | Assets |
| to | Plant and | Motor | under |
| property | machinery | vehicles | construction | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Impairments |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 11. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2023 |
| Additions |
| Impairments | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: Room 1901, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Dairy Farm Office Dairy Road, Semer, Ipswich, England, IP7 6RA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Dairy Farm Office, Dairy Road, Semer, Ipswich, England, IP7 6RA |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Dairy Farm Office, Dairy Road, Semer, Ipswich, England, IP7 6RA |
| Nature of business: |
| % |
| Class of shares: | holding |
| The additions during the year relate to the purchase of the entire share capital of Cogent Technology Ltd. On 18 January 2024 the company purchased 90% of the share capital at a price of £300 per share. On 11 October 2024 the company purchased the remaining 10% share capital at a price of £300 per share from a director of Camden Boss Ltd. The transaction is considered an arms length transaction. |
| 12. | STOCKS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Raw materials | 575,399 | 654,023 |
| Work-in-progress |
| Finished goods |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Hire purchase contracts (see note 17) |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors |
| Accruals |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 17) |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 355,787 | 474,383 |
| The company has given a cross guarantee and debenture between Global Machinery Solutions Limited and Heathpatch Limited dated 15 September 2020 to Barclays Bank Plc. |
| The company has entered into a Composite Accounting Agreement with an unlimited guarantee to Barclays Bank Plc dated 19 February 2021. The participating companies in the guarantee are: Global Machinery Solutions Limited, Nedging Hall Estate Limited, and the ultimate parent company, Heathpatch Limited. The agreement allows for interest to be set off and debit balances to be used in reducing liabilities within the Composite Accounting System. |
| There was a deed of release to remove Material Change Ltd and Pedersen Contracting Services Ltd from this cross guarantee on 25 July 2024 following the sale of these companies. |
| There is a fixed and floating charge held by the ultimate parent company Heathpatch limited over the assets of the company. |
| In addition to this, the company's banker also holds a separate debenture over the company's assets. |
| Hire purchase liabilities are secured by the individual assets to which the liability relates. |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
| value: | £ | £ |
| Ordinary | £1 | 50,000 | 50,000 |
| 20. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 November 2023 |
| Deficit for the year | ( |
) |
| At 31 October 2024 |
| 21. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and other schemes and amounted to £55,607 (2023: £69,801). Outstanding pension contributions at the end of the year totalled £11,364 (2023: £13,182). |
| Camden Boss Limited (Registered number: 02009736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 22. | CAPITAL COMMITMENTS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| There was a capital commitment at 31 October 2023 for further installation costs to a fixed asset purchased during the prior year. |
| 23. | 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. |
| No compensation was paid to key management personnel during the year, other than that disclosed in note 4. |
| 24. | ULTIMATE CONTROLLING PARTY |
| The immediate parent company is KW Holdings Limited, a company incorporated in England and Wales. The ultimate parent company is Heathpatch Limited, a company registered in England and Wales. The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by Heathpatch Limited and copies are available from the Registrar of Companies (www.companieshouse.gov.uk). There is no overall controlling party. |