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Registered number: 06800513
Azpects Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—18
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 June 2024.
Principal Activity
The company's principal activity continues to be that of retail and distribution of landscaping products.
Review of the Business
The company’s core business is the sale and distribution of a range of specialist hard landscaping material to builders merchants and landscape supply companies throughout the UK.  
The turnover has risen despite the continued cost of living pressure on consumers and increased competition. 
Turnover was £16.665m (2023:£14.175m). Despite tough conditions, with good management and reviews of our costings, we achieved a Gross Margin of 33.2% (2023: 32.5%) and a Profit before tax of £2.119m (2023: £1.491m)
All of these results were achieved, despite increases in inflation (and wages), distribution costs, interest rates and energy costs. 
Our Net Asset position has improved to £9.067m (2023: £8.128m)
We are in a competitive market, but our products are of high quality and the service levels we supply are (as reported by our customers) the best in the industry.  Our loyal and dedicated workforce are key to our success and we remain focused on our mission - to deliver products which make common landscape construction and care challenges EASY and less frequent.
Principal Risks and Uncertainties
The Company faces the usual commercial risks of competition, alongside more global pressures.  The principal risks, in no particular order, are set out below:
• Changing customer and competitor strategies
• Changes within key employees
• Market conditions, leading to demand fluctuations and price changes
• Operational disruption to the wider environment from macro-economic factors
• Financial disruption caused by the loss of key customers or suppliers.
• Breaches of data security and confidentiality.
The above risks have been identified and strategies and policies are in place to counter them. The senior management team has many years of industry experience and continually monitors the business.
Good practice is employed in maintaining credit control and the company has no external borrowing.  This sound footing has been achieved through good housekeeping and one of the core principles of our strategy is never to over-extend.
However, it is recognised there will undoubtedly be continued pressure on consumer spend following the world-wide challenges presented by the tough economic conditions and inflationary factors.
Financial key performance indicators
The key, high level, financial performance measures monitored by the Directors are Turnover, Profit before Tax and Shareholders Funds. (as itemised above)
Future Developments
The board regularly monitors the impact of macro-economic and geopolitical events and is well positioned to respond to changes in the market place.
The business remains in a strong financial position and has a robust balance sheet. The key management focus is directed towards maintaining our competitive position and ensuring our product range meets the needs of our customers.
On behalf of the board
Mr Paul Taylor
Director
2nd July 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors
The directors who held office during the year were as follows:
Mr David Eastgate
Mr Paul Taylor
Mr Michael Downing
Mr Kevin Ager
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, GMS FC Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Paul Taylor
Director
2nd July 2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Azpects Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.
Page 3
Page 4
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 directors' report.
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;
  • the financial statements are not in agreement with the accounting records or returns;
  • certain disclosures of directors' remuneration specified by law are not made;
  • we have not received all the information and explanations we require for our audit, or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 entity.
The following laws and regulations were identified as being a significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements including operating licences, environmental and health & safety legislation
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 about any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journals, and the performance of an analytical review to identify unexpected movements in account balances that 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 the 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 conducted in line with ISA’s (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 4
Page 5
Ian James Nicholl (Senior Statutory Auditor)
for and on behalf of GMS FC Ltd , Statutory Auditor
2nd July 2025
Page 5
Page 6
Profit and Loss Account
2024 2023
as restated
Notes £ £
TURNOVER 3 16,665,315 14,174,911
Cost of sales (11,137,572 ) (9,566,673 )
GROSS PROFIT 5,527,743 4,608,238
Distribution costs (448,753 ) (534,485 )
Administrative expenses (3,042,826 ) (2,618,786 )
Other operating income 39,579 25,369
OPERATING PROFIT 5 2,075,743 1,480,336
Loss on disposal of fixed assets (7,540 ) -
Other interest receivable and similar income 10 50,815 15,656
Interest payable and similar charges 11 - (85 )
PROFIT BEFORE TAXATION 2,119,018 1,495,907
Tax on Profit 12 (536,311 ) (337,389 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,582,707 1,158,518
The notes on pages 11 to 18 form part of these financial statements.
Page 6
Page 7
Statement of Comprehensive Income
2024 2023
as restated
£ £
PROFIT FOR THE FINANCIAL YEAR 1,582,707 1,158,518
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,582,707 1,158,518
Page 7
Page 8
Balance Sheet
Registered number: 06800513
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 122,902 82,871
122,902 82,871
CURRENT ASSETS
Stocks 15 919,835 989,295
Debtors 16 6,410,743 5,823,250
Cash at bank and in hand 4,815,532 4,032,341
12,146,110 10,844,886
Creditors: Amounts Falling Due Within One Year 17 (3,186,139 ) (2,795,337 )
NET CURRENT ASSETS (LIABILITIES) 8,959,971 8,049,549
TOTAL ASSETS LESS CURRENT LIABILITIES 9,082,873 8,132,420
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (16,078 ) (4,892 )
NET ASSETS 9,066,795 8,127,528
CAPITAL AND RESERVES
Called up share capital 20 100 100
Profit and Loss Account 9,066,695 8,127,428
SHAREHOLDERS' FUNDS 9,066,795 8,127,528
On behalf of the board
Mr Paul Taylor
Director
2nd July 2025
The notes on pages 11 to 18 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2022 100 7,322,850 7,322,950
Profit for the year and total comprehensive income - 1,158,518 1,158,518
Dividends paid - (353,940) (353,940)
As at 30 June 2023 and 1 July 2023 as restated 100 8,127,428 8,127,528
Profit for the year and total comprehensive income - 1,582,707 1,582,707
Dividends paid - (643,440) (643,440)
As at 30 June 2024 100 9,066,695 9,066,795
Page 9
Page 10
Statement of Cash Flows
2024 2023
as restated
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,478,165 874,911
Interest paid - (85 )
Tax paid (17,943 ) (1,149,219 )
Net cash generated from/(used in) operating activities 1,460,222 (274,393 )
Cash flows from investing activities
Purchase of tangible assets (84,407 ) -
Proceeds from disposal of tangible assets 1 -
Interest received 50,815 15,656
Net cash (used in)/generated from investing activities (33,591 ) 15,656
Cash flows from financing activities
Equity dividends paid (643,440 ) (353,940 )
Increase/(decrease) in cash and cash equivalents 783,191 (612,677 )
Cash and cash equivalents at beginning of year 2 4,032,341 4,645,018
Cash and cash equivalents at end of year 2 4,815,532 4,032,341
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
as restated
£ £
Profit for the financial year 1,582,707 1,158,518
Adjustments for:
Tax on profit 536,311 337,389
Interest expense - 85
Interest income (50,815 ) (15,656 )
Depreciation of tangible assets 36,835 71,886
Loss on disposal of tangible assets 7,540 -
Movements in working capital:
Decrease/(increase) in stocks 69,460 (305,476 )
Increase in trade and other debtors (490,498 ) (1,521,874 )
(Decrease)/increase in trade and other creditors (213,375 ) 1,150,039
Net cash generated from operations 1,478,165 874,911
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
as restated
£ £
Cash at bank and in hand 4,815,532 4,032,341
3. Analysis of changes in net funds
As at 1 July 2023 Cash flows As at 30 June 2024
£ £ £
Cash at bank and in hand 4,032,341 783,191 4,815,532
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Notes to the Financial Statements
1. General Information
Azpects Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06800513 . The registered office is 1 London Road, Ipswich, Suffolk, IP1 2HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% on cost
Plant & Machinery 25% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 25% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other
Financial Instruments Issues" of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 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, bank loans, loans from fellow group companies and preference shares that
are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing
transaction, where the debt instrument is measured at 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Turnover
Company turnover derived from markets outside the United Kingdom.
2024 2023
as restated
£ £
United Kingdom 16,665,315 14,174,911
North America - 1,197,122
16,665,315 15,372,033
4. Other Operating Income
2024 2023
as restated
£ £
Other operating income 39,579 25,369
39,579 25,369
5. Operating Profit
The operating profit is stated after charging:
2024 2023
as restated
£ £
Bad debts 920 9,846
Research and Development Costs 11,174 18,755
Depreciation of tangible fixed assets 36,835 71,886
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
as restated
£ £
Audit Services
Audit of the company's financial statements - 10,500
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
as restated
£ £
Wages and salaries 1,619,808 1,464,058
Social security costs 20,146 20,530
Other pension costs 125,859 108,094
1,765,813 1,592,682
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8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 12 12
Sales, marketing and distribution 26 26
38 38
9. Directors' remuneration
2024 2023
as restated
£ £
Emoluments 172,229 170,824
10. Interest Receivable and Similar Income
2024 2023
as restated
£ £
Bank interest receivable 32,873 15,656
Interest receivable on Corporation tax payments on account 17,942 -
50,815 15,656
11. Interest Payable and Similar Charges
2024 2023
as restated
£ £
Other finance charges - 85
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
as restated
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 20.5% 525,125 344,734
Deferred Tax
Deferred taxation 11,186 (7,345 )
Total tax charge for the period 536,311 337,389
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 2,119,018 1,495,907
Tax on profit at 25% (UK standard rate) 529,754 306,661
...CONTINUED
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Goodwill/depreciation not allowed for tax 11,094 14,734
Expenses not deductible for tax purposes 5,958 3,813
Capital allowances (21,681 ) (505 )
Short term timing differences 11,186 (7,345 )
Prior period adjustment - 20,031
Total tax charge for the period 536,311 337,389
13. Prior Period Adjustment
There is a prior period adjustment for customer rebates outstanding that were not accounted for at 30 June 2023. These totalled £473,239 and have reduced 2023 sales by this amount. This generated an overprovision of corporation tax of £96,995 and this has also been adjusted.
14. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 July 2023 304,150 83,350 87,986 128,295 603,781
Additions - 18,696 - 65,711 84,407
Disposals - (9,779 ) - (34,936 ) (44,715 )
As at 30 June 2024 304,150 92,267 87,986 159,070 643,473
Depreciation
As at 1 July 2023 300,422 69,018 58,436 93,034 520,910
Provided during the period 2,560 4,694 7,388 22,193 36,835
Disposals - (8,014 ) - (29,160 ) (37,174 )
As at 30 June 2024 302,982 65,698 65,824 86,067 520,571
Net Book Value
As at 30 June 2024 1,168 26,569 22,162 73,003 122,902
As at 1 July 2023 3,728 14,332 29,550 35,261 82,871
15. Stocks
2024 2023
as restated
£ £
Finished goods 919,835 989,295
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16. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 5,210,261 4,698,276
Prepayments and accrued income 67,619 89,106
Other debtors 4,160 4,160
Corporation tax recoverable assets 96,995 -
Directors' loan accounts 109,273 109,273
Amounts owed by associates 922,435 922,435
6,410,743 5,823,250
17. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 1,764,416 2,063,379
Other creditors 39,531 -
Corporation tax 375,060 (229,117 )
Taxation and social security 409,729 464,236
Accruals and deferred income 597,403 496,839
3,186,139 2,795,337
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 16,078 4,892
19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 4,892 4,892
Additions 11,186 11,186
Balance at 30 June 2024 16,078 16,078
20. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.000 each 100 100
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21. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 197,550 81,130
Later than one year and not later than five years 196,451 167,318
394,001 248,448
22. 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.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £125,859 (2023: £108,094).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
23. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Paul Taylor 71,940 - - - 71,940
Mr Michael Downing 37,333 - - - 37,333
The above loan is unsecured, interest free and repayable on demand.
24. Dividends
2024 2023
as restated
£ £
On equity shares:
Final dividend paid 643,440 353,940
25. Related Party Disclosures
Related party - Unitech Innovations Ltd
Unitech Innovations owns 89% of the shares in Aspects Limited and is the ultimate parent company.
The company was owed £182,784 (2023 – £101,376) by its parent company, which is repayable on under normal trading terms. The company has sold £1,256,480 (2023- £1,477,015) worth of goods to its parent during the year.
26. Controlling Parties
The company's immediate parent undertaking is Unitech Innovations Ltd .
The ultimate parent undertaking is Unitech Innovations Ltd (incorporated in England & Wales). Its registered office is 1 London Road, Ipswich, IP1 2HA .
Copies of the group accounts may be obtained from the company's registered office.
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