Company Registration No. 02017417 (England and Wales)
ANDREW MARTIN INTERNATIONAL LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ANDREW MARTIN INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
M C Waller
M Durbridge
J Dilley
E Haslam
J Krumins
(Appointed 20 May 2024)
Secretary
Dentons Secretaries Limited
Company number
02017417
Registered office
190-196 Walton Street
London
SW3 2JL
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
Bankers
HSBC Bank plc
74 Goswell Road
London
EC1V 7DA
ANDREW MARTIN INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
ANDREW MARTIN INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
Introduction
The directors present their strategic report and group financial statements for the year ended 31 December 2024.
Andrew Martin was established in 1978. The principal aim of Andrew Martin (together with its subsidiary, the ‘group’) is to empower more people to create homes as interesting as the people who live in them. The group does this through the design and distribution of fine fabrics and furniture. It operates four Andrew Martin showrooms in Greater London. The group’s products are sold through its expanding network of interior designers or directly to consumers via its showrooms or its website, under the Andrew Martin brand. The group also exports products worldwide, to selected distribution partners outside of the United Kingdom.
Review of the business
The turnover for the group for the year ended 31 December 2024 was £23.1m (2023: £23.9m), a decrease of 3.5%. This decrease was primarily due to a reduction in the number of commercial interior design projects completed by the group in 2024, compared to the previous year. The directors believe the group’s relative performance illustrates the resilience of its brand and business model, despite a challenging year within the luxury furnishing industry in the United Kingdom, reflecting subdued customer sentiment.
The group’s gross margin for the year ended 31 December 2024 was 48.3% (2023: 49.1%), primarily attributable to increased shipping costs associated with fulfilling customer orders and the weakening of the Pound compared to the US Dollar.
The group’s adjusted earnings before interest, tax, depreciation, amortisation, and other exceptional items (“Adjusted EBITDA”) for the year ended 31 December 2024 was positive £0.5m (2023: positive £1.8m). The lower Adjusted EBITDA reflects the unwind of the operational leverage embedded in the business model (i.e. a lower turnover and gross margin), together with the group’s increased investment during the year into its people and its brand identity (including how to drive brand engagement more effectively).
Despite the challenging year, the directors remain confident of the group’s future success and the potential to grow the Andrew Martin brand through elevating its product offering increasing the value that it brings to its customers, investing into its showrooms, and increasing the brand’s reach and awareness.
Principal risks and uncertainties
The principal risk and uncertainty facing the group is the ongoing global economic headwinds, which continues to exert influence on consumer sentiment in the United Kingdom, the group’s primary market. The group continues to build its business through all of its channels to mitigate the effect of each channel, whilst developing a range of products to elevate the holistic proposition the Andrew Martin brand offers to its customers.
Treasury management and financial instruments
The group operates a central treasury function which is primarily responsible for managing cash balances and foreign currency risks. We have little exposure to foreign currency fluctuations as we buy and sell in Euros and Dollars.
The group seeks to specifically manage financial risk, to ensure sufficient liquidity is available to meet foreseeable needs as and when they fall due. Liquid resources are managed to ensure cash assets are invested safely and profitably.
The group has no significant concentrations of credit risk. The group operates a policy that requires appropriate credit checks on potential customers before credit sales commence.
ANDREW MARTIN INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
J Krumins
Director
4 July 2025
ANDREW MARTIN INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their report and group financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the group continued to be that of design and distribution of fine fabrics and furniture.
Results and dividends
The results for the year are set out on page 7.
The directors have not recommended the payment of a dividend for the year (2023: £nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M C Waller
M Durbridge
J Dilley
E Haslam
J Krumins
(Appointed 20 May 2024)
M Rosamond
(Resigned 20 May 2024)
Future developments
Likely future developments in the business are discussed in the strategic report.
Statement of directors' responsibilities
The directors are responsible for preparing the directors' and strategic reports and the annual 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
ANDREW MARTIN INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
J Krumins
Director
4 July 2025
ANDREW MARTIN INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANDREW MARTIN INTERNATIONAL LIMITED
- 5 -
Opinion
We have audited the financial statements of Andrew Martin International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ANDREW MARTIN INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANDREW MARTIN INTERNATIONAL LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
ANDREW MARTIN INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANDREW MARTIN INTERNATIONAL LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group.
The following laws and regulations were identified as being of significance to the group:
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Matthew Burge (Senior Statutory Auditor)
For and on behalf of Beavis Morgan Audit Limited, Statutory Auditor
Chartered Accountants
82 St John Street
London
EC1M 4JN
7 July 2025
ANDREW MARTIN INTERNATIONAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
23,063,892
23,905,009
Cost of sales
(11,934,565)
(12,159,371)
Gross profit
11,129,327
11,745,638
Distribution costs
(1,928,944)
(2,077,309)
Administrative expenses
(8,971,129)
(8,127,545)
Exceptional item
4
(304,612)
Operating profit
5
229,254
1,236,172
Interest receivable and similar income
9
27,775
87,064
Interest payable and similar expenses
10
(40,643)
(52,787)
Profit before taxation
216,386
1,270,449
Tax on profit
11
(32,762)
(89,867)
Profit for the financial period
183,624
1,180,582
Profit for the financial period is attributable to:
- Owners of the parent company
130,011
1,084,744
- Non-controlling interests
53,613
95,838
183,624
1,180,582
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ANDREW MARTIN INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the period
183,624
1,180,582
Other comprehensive income
-
-
Total comprehensive income for the period
183,624
1,180,582
Total comprehensive income for the period is attributable to:
- Owners of the parent company
130,011
1,084,744
- Non-controlling interests
53,613
95,838
183,624
1,180,582
ANDREW MARTIN INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
16,372
18,798
Other intangible assets
12
441,789
341,782
Total intangible assets
458,161
360,580
Tangible assets
13
1,646,792
1,669,475
2,104,953
2,030,055
Current assets
Stocks
16
4,290,999
4,327,225
Debtors
17
3,954,812
3,384,397
Cash at bank and in hand
1,776,719
2,253,369
10,022,530
9,964,991
Creditors: amounts falling due within one year
18
(4,988,669)
(4,768,295)
Net current assets
5,033,861
5,196,696
Total assets less current liabilities
7,138,814
7,226,751
Creditors: amounts falling due after more than one year
19
(215,601)
(468,109)
Provisions for liabilities
22
(14,013)
(3,066)
Net assets
6,909,200
6,755,576
Capital and reserves
Called up share capital
24
47,064
47,064
Share premium account
25
2,419,042
2,419,042
Profit and loss reserves
4,236,834
4,106,823
Equity attributable to owners of the parent company
6,702,940
6,572,929
Non-controlling interests
206,260
182,647
6,909,200
6,755,576
The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
04 July 2025
J Krumins
Director
ANDREW MARTIN INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
441,789
341,782
Tangible assets
13
1,466,776
1,545,034
Investments
14
110,000
110,000
2,018,565
1,996,816
Current assets
Stocks
16
4,123,885
4,155,405
Debtors
17
3,762,840
3,205,937
Cash at bank and in hand
1,521,394
1,966,761
9,408,119
9,328,103
Creditors: amounts falling due within one year
18
(4,695,722)
(4,479,808)
Net current assets
4,712,397
4,848,295
Total assets less current liabilities
6,730,962
6,845,111
Creditors: amounts falling due after more than one year
19
(215,601)
(436,390)
Net assets
6,515,361
6,408,721
Capital and reserves
Called up share capital
24
47,064
47,064
Share premium account
25
2,419,042
2,419,042
Profit and loss reserves
4,049,255
3,942,615
Total equity
6,515,361
6,408,721
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £106,640 (2023: £955,423).
The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
04 July 2025
J Krumins
Director
Company registration number 02017417 (England and Wales)
ANDREW MARTIN INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
47,064
2,419,042
3,022,079
5,488,185
118,809
5,606,994
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,084,744
1,084,744
95,838
1,180,582
Dividends
-
-
-
-
(32,000)
(32,000)
Balance at 31 December 2023
47,064
2,419,042
4,106,823
6,572,929
182,647
6,755,576
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
130,011
130,011
53,613
183,624
Dividends
-
-
-
-
(30,000)
(30,000)
Balance at 31 December 2024
47,064
2,419,042
4,236,834
6,702,940
206,260
6,909,200
ANDREW MARTIN INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
47,064
2,419,042
2,987,192
5,453,298
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
955,423
955,423
Balance at 31 December 2023
47,064
2,419,042
3,942,615
6,408,721
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
106,640
106,640
Balance at 31 December 2024
47,064
2,419,042
4,049,255
6,515,361
ANDREW MARTIN INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
207,618
(264,743)
Interest paid
(40,643)
(52,787)
Income taxes paid
(39,865)
(37,491)
Net cash inflow/(outflow) from operating activities
127,110
(355,021)
Investing activities
Purchase of intangible assets
(210,747)
(131,031)
Purchase of tangible fixed assets
(156,139)
(184,778)
Proceeds from disposal of tangible fixed assets
(729)
11,000
Interest received
27,775
87,064
Net cash used in investing activities
(339,840)
(217,745)
Financing activities
Repayment of bank loans
(215,756)
(218,433)
Payment of finance leases obligations
(18,164)
-
Dividends paid to non-controlling interests
(30,000)
(32,000)
Net cash used in financing activities
(263,920)
(250,433)
Net decrease in cash and cash equivalents
(476,650)
(823,199)
Cash and cash equivalents at beginning of year
2,253,369
3,076,568
Cash and cash equivalents at end of year
1,776,719
2,253,369
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
Andrew Martin International Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is 190-196 Walton Street, London, SW3 2JL.
The group in the current year and previous year consisted of Andrew Martin International Limited and its subsidiary Sofa-Icon Limited.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties to their fair values. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Andrew Martin International Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover comprises amounts receivable for goods and services, net of VAT. Turnover is recognised when the product has been delivered or the service provided, respectively.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website and software
25% reducing balance
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
not depreciated
Land and buildings leasehold
over the period of the lease
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
Freehold land and buildings are carried at fair value determined annually by the directors with reference to periodic external valuations. No depreciation is provided. Changes in fair value are reported in other comprehensive income and accumulated in equity.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
In the parent company financial statements, investments in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are valued on a FIFO basis and stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, and are classified as current liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.16
Retirement benefits
The group operates a defined contribution pension scheme. The amounts payable in the year were equal to the amounts paid.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit and loss on a straight line basis over the term of the relevant lease.
1.18
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. These would be in respect of the estimated useful life of fixed assets, the valuation of the freehold property and provisions against debtors and stock.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Fabric
3,656,270
3,386,713
Furniture
19,407,622
20,518,296
23,063,892
23,905,009
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,692,188
21,305,028
United States of America
968,025
820,992
Europe
1,410,851
1,196,807
Rest of the world
992,828
582,182
23,063,892
23,905,009
2024
2023
£
£
Other revenue
Interest income
27,775
87,064
4
Exceptional item
2024
2023
£
£
Expenditure
Cash loss due to fraud
-
226,166
Tax due on old share options
-
78,446
-
304,612
Following the cash loss due to fraud in 2023, the directors enhanced the company’s controls around payments to vendors.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
5
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging:
Depreciation of owned tangible fixed assets
178,822
185,479
Loss on disposal of tangible fixed assets
729
16,894
Amortisation of intangible assets
113,166
89,617
Operating lease charges
1,671,489
1,609,901
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,000
18,000
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and warehouse staff
81
81
43
48
Administration staff
16
12
13
9
Total
97
93
56
57
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,889,813
3,584,769
2,786,130
2,560,576
Social security costs
404,517
364,592
309,613
272,877
Pension costs
121,041
96,478
75,288
56,734
4,415,371
4,045,839
3,171,031
2,890,187
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
622,915
553,658
Company pension contributions to defined contribution schemes
10,622
11,256
633,537
564,914
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 3).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
274,900
274,900
Company pension contributions to defined contribution schemes
2,815
2,815
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
27,775
86,964
Other interest income
-
100
Total income
27,775
87,064
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
39,271
52,760
Interest on finance leases and hire purchase contracts
519
27
Other interest
853
-
Total finance costs
40,643
52,787
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
21,815
98,032
Deferred tax
Origination and reversal of timing differences
10,947
(8,165)
Total tax charge
32,762
89,867
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
216,386
1,270,449
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
54,097
317,612
Tax effect of expenses that are not deductible in determining taxable profit
15,531
75,237
Tax effect of income not taxable in determining taxable profit
(7,527)
Tax effect of utilisation of unrecognised tax losses
(299,757)
Change in unrecognised deferred tax
(36,866)
Other permanent differences
40
Deferred tax adjustments in respect of prior years
18,397
Tax at marginal rate
(14,135)
Taxation charge
32,762
89,867
The company has approximately £476,279 (2023: £576,382) of tax losses to carry forward to offset against future trading profits.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
12
Intangible fixed assets
Group
Goodwill
Website and software
Total
£
£
£
Cost
At 1 January 2024
24,257
537,981
562,238
Additions
210,747
210,747
At 31 December 2024
24,257
748,728
772,985
Amortisation and impairment
At 1 January 2024
5,459
196,199
201,658
Amortisation charged for the year
2,426
110,740
113,166
At 31 December 2024
7,885
306,939
314,824
Carrying amount
At 31 December 2024
16,372
441,789
458,161
At 31 December 2023
18,798
341,782
360,580
Company
Website and software
£
Cost
At 1 January 2024
537,981
Additions
210,747
At 31 December 2024
748,728
Amortisation and impairment
At 1 January 2024
196,199
Amortisation charged for the year
110,740
At 31 December 2024
306,939
Carrying amount
At 31 December 2024
441,789
At 31 December 2023
341,782
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
13
Tangible fixed assets
Group
Land and buildings freehold
Land and buildings leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost/valuation
At 1 January 2024
890,150
256,487
1,477,562
56,290
2,680,489
Additions
81,772
74,367
156,139
At 31 December 2024
890,150
338,259
1,551,929
56,290
2,836,628
Depreciation and impairment
At 1 January 2024
53,844
941,840
15,330
1,011,014
Depreciation charged in the year
23,830
144,752
10,240
178,822
At 31 December 2024
77,674
1,086,592
25,570
1,189,836
Carrying amount
At 31 December 2024
890,150
260,585
465,337
30,720
1,646,792
At 31 December 2023
890,150
202,643
535,722
40,960
1,669,475
Company
Land and buildings freehold
Land and buildings leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost/valuation
At 1 January 2024
890,150
201,507
1,386,664
20,290
2,498,611
Additions
71,254
71,254
At 31 December 2024
890,150
201,507
1,457,918
20,290
2,569,865
Depreciation and impairment
At 1 January 2024
52,189
887,558
13,830
953,577
Depreciation charged in the year
12,699
135,198
1,615
149,512
At 31 December 2024
64,888
1,022,756
15,445
1,103,089
Carrying amount
At 31 December 2024
890,150
136,619
435,162
4,845
1,466,776
At 31 December 2023
890,150
149,318
499,106
6,460
1,545,034
Freehold land and buildings were valued on a fair value basis on 7 September 2021 by Bruton Knowles LLP, an independent firm of Chartered Surveyors. The directors believe the current valuation of £890,150 to be a materially appropriate reflection of the fair value as at 31 December 2024.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
110,000
110,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
110,000
Carrying amount
At 31 December 2024
110,000
At 31 December 2023
110,000
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Sofa-Icon Limited
1
Ordinary
51.00
Registered office addresses (all UK unless otherwise indicated):
1
14c Western Avenue, Bridgend Industrial Estate, Bridgend CF31 3RT
The following subsidiaries are exempt from the requirements of the UK Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of the Act.
Registered number Company
05735303 Sofa-Icon Limited
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,290,999
4,327,225
4,123,885
4,155,405
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
934,755
617,434
773,807
483,621
Amount due from parent undertaking
1,596,297
1,577,600
1,596,297
1,577,600
Other debtors
282,201
290,981
278,302
274,801
Prepayments and accrued income
1,141,559
898,382
1,114,434
869,915
3,954,812
3,384,397
3,762,840
3,205,937
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
187,921
168,741
173,754
158,721
Obligations under finance leases
21
10,880
11,472
Trade creditors
2,316,774
2,371,470
2,217,178
2,277,066
Amounts owed to group undertakings
151,895
345,778
174,940
394,154
Corporation tax payable
79,982
98,032
Other taxation and social security
178,033
164,030
87,718
81,528
Other creditors
166,813
306,568
161,580
280,146
Accruals and deferred income
1,896,371
1,302,204
1,880,552
1,288,193
4,988,669
4,768,295
4,695,722
4,479,808
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
215,601
450,537
215,601
436,390
Obligations under finance leases
21
17,572
215,601
468,109
215,601
436,390
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
403,522
619,278
389,355
595,111
Payable within one year
187,921
168,741
173,754
158,721
Payable after one year
215,601
450,537
215,601
436,390
Bank loans include a balance of £134,355 due to HSBC Bank Plc, which is secured by fixed and floating charges over the assets of the company, with interest charged at a fixed rate of 4.26%.
Bank loans also include a balance of £255,000 due to HSBC Bank Plc under the Coronavirus Business Interruption Loan Scheme. The loan is secured by fixed and floating charges over the assets of the company, with interest charged at 3.99% above bank base rate after the first 12 months.
Bank loans also include a balance of £14,167 due to Lloyds Bank Plc under the Coronavirus Business Interruption Loan Scheme. The loan is secured by fixed and floating charges over the assets of the subsidiary Sofa-Icon Limited, with interest charged at 3.99% above bank base rate after the first 12 months.
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,880
11,472
In two to five years
17,572
10,880
29,044
-
-
22
Deferred taxation
Deferred tax assets and liabilities are offset only where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
14,013
3,066
The company has no deferred tax assets or liabilities.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
3,066
-
Charge to profit or loss
10,947
-
Liability at 31 December 2024
14,013
-
The deferred tax liability set out above relates to accelerated capital allowances on fixed assets within a subsidiary undertaking. These are expected to reverse in future periods when assets are either sold or become fully depreciated.
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
121,041
96,478
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
4,706,401
4,706,401
47,064
47,064
25
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
2,419,042
2,419,042
2,419,042
2,419,042
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
26
Operating lease commitments
Lessee
At the balance sheet date, the group and company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,332,600
1,232,217
1,274,600
1,174,217
Between two and five years
4,547,942
4,184,042
4,315,942
3,952,042
In over five years
1,533,238
2,046,118
1,330,238
1,843,118
7,413,780
7,462,377
6,920,780
6,969,377
27
Controlling party
At 31 December 2024, the immediate parent undertaking is Andrew Martin Holdings Limited, a company incorporated in Hong Kong. The ultimate parent undertaking is Halo Cayman Limited, a company incorporated in the Cayman Islands. The directors consider the ultimate controlling party of the company to be Oliver Oulton. Halo (BVI) II Limited, an intermediate parent company incorporated in the British Virgin Islands, produces consolidated financial statements which include the group.
28
Events after the reporting date
On 12 February 2025, 220 ordinary shares in Sofa-Icon Limited, the company's subsidiary, were transferred from an existing shareholder to Andrew Martin International Limited for £100,000. Consequently, the company's shareholding in Sofa-Icon Limited increased from 51% to 73%.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
29
Related party transactions
The details of the remuneration of key management personnel, all of whom are directors, are given in note 8 to the financial statements.
During the year the company engaged in normal trading transactions with Halo Creative & Design Limited, a fellow group undertaking. A balance of £nil (2023: £213,595) was owed by the company to Halo Creative & Design Limited at the balance sheet date. Purchases of £679,092 (2023: £559,482) were made from Halo Creative & Design Limited during the year.
During the year the company engaged in normal trading transactions with Halo Fabrics PTE Ltd, a fellow group undertaking. Purchases of £nil (2023: £5,262) were made from Halo Fabrics PTE Ltd during the year.
During the year the company engaged in normal trading transactions with Timothy Oulton Korea Limited, a fellow group undertaking. A balance of £25 (2023: £nil) was owed by the company to Timothy Oulton Korea Limited at the balance sheet date. Sales of £42,535 (2023: £39,126) were made to Timothy Oulton Korea Limited during the year.
During the year the company engaged in normal trading transactions with Halo Poland Sp. z o.o, a fellow group undertaking. Purchases of £nil (2023: £30,460) were made from Halo Poland Sp. z o.o during the year.
During the year the company engaged in normal trading transactions with Timothy Oulton UK Limited, a fellow group undertaking. A balance of £151,870 (2023: £132,182) was owed by the company to Timothy Oulton UK Limited at the balance sheet date. Purchases of £114,108 (2023: £58,904), rental payments of £400,948 (2023: £520,249) and sales of £nil (2023: £38,163) were made from/to Timothy Oulton UK Limited during the year.
The company engaged in normal trading transactions with Sofa-Icon Limited during the year, an entity in which the company has a 51% shareholding. A balance of £23,045 (2023: £48,376) was owed to Sofa-Icon Limited by the company at the balance sheet date. Purchases of £1,136,373 (2023: £1,221,790) were made from Sofa-Icon Limited during the year.
At the balance sheet date the company was owed £1,596,297 (2023: £1,577,600) by Andrew Martin Holdings Limited (HK), the immediate parent undertaking.
ANDREW MARTIN INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
30
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
183,624
1,180,582
Adjustments for:
Taxation charged
32,762
89,867
Finance costs
40,643
52,787
Investment income
(27,775)
(87,064)
Loss on disposal of tangible fixed assets
729
16,894
Amortisation and impairment of intangible assets
113,166
89,617
Depreciation and impairment of tangible fixed assets
178,822
185,479
Movements in working capital:
Decrease in stocks
36,226
298,272
Increase in debtors
(570,415)
(1,140,374)
Increase/(decrease) in creditors
219,836
(950,803)
Cash generated from/(absorbed by) operations
207,618
(264,743)
31
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,253,369
(476,650)
1,776,719
Borrowings excluding overdrafts
(619,278)
215,756
(403,522)
Obligations under finance leases
(29,044)
18,164
(10,880)
1,605,047
(242,730)
1,362,317
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100M C WallerM DurbridgeJ DilleyE HaslamJ KruminsM RosamondDentons Secretaries 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