57 false false false false true false false false false false false true false false false false false false 2023-11-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,024,930 948,867 5,000 5,000 15,797 6,402 22,199 xbrli:pure xbrli:shares iso4217:GBP 05903424 2023-11-01 2024-10-31 05903424 2024-10-31 05903424 2023-10-31 05903424 2022-11-01 2023-10-31 05903424 2023-10-31 05903424 2022-10-31 05903424 core:PlantMachinery 2023-11-01 2024-10-31 05903424 core:FurnitureFittings 2023-11-01 2024-10-31 05903424 core:MotorVehicles 2023-11-01 2024-10-31 05903424 bus:RegisteredOffice 2023-11-01 2024-10-31 05903424 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 05903424 bus:LeadAgentIfApplicable 2023-11-01 2024-10-31 05903424 bus:Director2 2023-11-01 2024-10-31 05903424 bus:Director3 2023-11-01 2024-10-31 05903424 bus:Director4 2023-11-01 2024-10-31 05903424 core:WithinOneYear 2024-10-31 05903424 core:WithinOneYear 2023-10-31 05903424 core:NetGoodwill 2024-10-31 05903424 core:LandBuildings 2023-10-31 05903424 core:PlantMachinery 2023-10-31 05903424 core:FurnitureFittings 2023-10-31 05903424 core:MotorVehicles 2023-10-31 05903424 core:LandBuildings 2024-10-31 05903424 core:PlantMachinery 2024-10-31 05903424 core:FurnitureFittings 2024-10-31 05903424 core:MotorVehicles 2024-10-31 05903424 core:DeferredTaxation 2023-11-01 2024-10-31 05903424 core:LandBuildings 2023-11-01 2024-10-31 05903424 core:OtherReservesSubtotal 2022-11-01 2023-10-31 05903424 core:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 05903424 core:OtherReservesSubtotal 2023-11-01 2024-10-31 05903424 core:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 05903424 core:UKTax 2023-11-01 2024-10-31 05903424 core:UKTax 2022-11-01 2023-10-31 05903424 bus:AllOrdinaryShares 2023-11-01 2024-10-31 05903424 bus:AllOrdinaryShares 2022-11-01 2023-10-31 05903424 core:ShareCapital 2024-10-31 05903424 core:ShareCapital 2023-10-31 05903424 core:OtherReservesSubtotal 2024-10-31 05903424 core:OtherReservesSubtotal 2023-10-31 05903424 core:RetainedEarningsAccumulatedLosses 2024-10-31 05903424 core:RetainedEarningsAccumulatedLosses 2023-10-31 05903424 core:ShareCapital 2022-10-31 05903424 core:OtherReservesSubtotal 2022-10-31 05903424 core:RetainedEarningsAccumulatedLosses 2022-10-31 05903424 1 2023-11-01 2024-10-31 05903424 1 2022-11-01 2023-10-31 05903424 core:BetweenOneFiveYears 2024-10-31 05903424 core:BetweenOneFiveYears 2023-10-31 05903424 core:MoreThanFiveYears 2024-10-31 05903424 core:AcceleratedTaxDepreciationDeferredTax 2024-10-31 05903424 core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 05903424 core:TaxLossesCarry-forwardsDeferredTax 2024-10-31 05903424 core:LandBuildings 2023-10-31 05903424 core:PlantMachinery 2023-10-31 05903424 core:FurnitureFittings 2023-10-31 05903424 core:MotorVehicles 2023-10-31 05903424 core:DeferredTaxation 2023-10-31 05903424 core:DeferredTaxation 2024-10-31 05903424 bus:HighestPaidDirector 2023-11-01 2024-10-31 05903424 bus:HighestPaidDirector 2022-11-01 2023-10-31 05903424 bus:Director1 2023-11-01 2024-10-31 05903424 bus:SmallEntities 2023-11-01 2024-10-31 05903424 bus:Audited 2023-11-01 2024-10-31 05903424 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 05903424 bus:FullAccounts 2023-11-01 2024-10-31 05903424 bus:OrdinaryShareClass1 2024-10-31 05903424 bus:OrdinaryShareClass1 2023-10-31 05903424 core:LandBuildings core:ShortLeaseholdAssets 2023-11-01 2024-10-31 05903424 core:NetGoodwill 2023-11-01 2024-10-31 05903424 core:OtherReservesSubtotal 1 2022-11-01 2023-10-31 05903424 core:RetainedEarningsAccumulatedLosses 1 2022-11-01 2023-10-31 05903424 core:OtherReservesSubtotal 2 2022-11-01 2023-10-31 05903424 core:RetainedEarningsAccumulatedLosses 2 2022-11-01 2023-10-31 05903424 core:OtherReservesSubtotal 1 2023-11-01 2024-10-31 05903424 core:RetainedEarningsAccumulatedLosses 1 2023-11-01 2024-10-31 05903424 core:OtherReservesSubtotal 2 2023-11-01 2024-10-31 05903424 core:RetainedEarningsAccumulatedLosses 2 2023-11-01 2024-10-31 05903424 1 2024-10-31 05903424 1 2023-10-31 05903424 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2024-10-31 05903424 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-10-31 05903424 core:OtherDeferredTax 2024-10-31 05903424 core:OtherDeferredTax 2023-10-31 05903424 core:ComputerEquipment 2023-11-01 2024-10-31 05903424 core:ComputerEquipment 2023-10-31 05903424 core:ComputerEquipment 2024-10-31 05903424 core:RevaluationReserve 2023-11-01 2024-10-31
COMPANY REGISTRATION NUMBER: 05903424
CROWTHER & SHAW LIMITED
FINANCIAL STATEMENTS
31 October 2024
CROWTHER & SHAW LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
Contents
Pages
Officers and professional advisers 1
Strategic report 2
Directors' report 3 to 4
Independent auditor's report to the members 5 to 8
Profit and loss account 9
Balance sheet 10
Statement of change in shareholders funds 11
Statement of cash flows 12
Notes to the financial statements 13 to 20
CROWTHER & SHAW LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
M R Gledhill
R S Cowgill
A L Gledhill
Registered office
Unit 23
The Ringway Centre
Beck Road
Huddersfield
HD1 5DG
Auditor
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
Bankers
Handelsbanken
12 Longbow Close
Pennine Business Park
Bradley
Huddersfield
West Yorkshire
HD2 1GQ
CROWTHER & SHAW LIMITED
STRATEGIC REPORT
YEAR ENDED 31 OCTOBER 2024
The principal activity of the company continues to be that of commercial refrigeration and air conditioning engineers. Results, performance and developments during the year We are pleased to report another profitable year of operations. The company saw an increase in turnover due to our larger construction based clients being successful in winning projects which filtered the M&E works to us. Principal risks and uncertainties Risks to the business in the coming period include government policies increasing employment costs and the knock on effect of a reduction in investment in our sector. Should any of our larger clients reduce their spend with us this would have a negative impact on our growth although the company does spread its work across a wide marketplace so a major impact would not be expected. Outlook The outlook for the coming year appears generally negative to level with an uncertain global economy coupled with UK government polices leading to uncertainly within the top end of our supply chain. As with the post banking crash and post Covid periods we are expecting this year to see little if any growth and be a period of careful management and preparation for the economy to restart again.
This report was approved by the board of directors on 17 June 2025 and signed on behalf of the board by:
M R Gledhill
Director
CROWTHER & SHAW LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 OCTOBER 2024
The directors present their report and the financial statements of the company for the year ended 31 October 2024 .
Principal activities
The principal activity of the company during the year was that of commercial refrigeration and air conditioning engineers.
Directors
The directors who served the company during the year were as follows:
M R Gledhill
R S Cowgill
A L Gledhill
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 17 June 2025 and signed on behalf of the board by:
M R Gledhill
Director
CROWTHER & SHAW LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CROWTHER & SHAW LIMITED
YEAR ENDED 31 OCTOBER 2024
Opinion
We have audited the financial statements of Crowther & Shaw Limited (the 'company') for the year ended 31 October 2024 which comprise the profit and loss account, balance sheet, statement of change in shareholders funds, statement of cash flows 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The 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. The financial statements for the year ended 31 October 2023 were unaudited.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to: - agreement of the financial statement disclosures to underlying supporting documentation; - enquiries of management regarding known or suspected instances of non-compliance with laws and regulations; - review of minutes of the Directors's Board meetings throughout the year; and - obtaining an understanding of the control environment in place to prevent and detect irregularities. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.
David Martin Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
17 June 2025
CROWTHER & SHAW LIMITED
PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 OCTOBER 2024
2024
2023
Note
£
£
Turnover
4
13,478,174
12,276,793
Cost of sales
( 10,367,884)
( 9,440,517)
-------------
-------------
Gross profit
3,110,290
2,836,276
Distribution costs
( 292,554)
( 255,768)
Administrative expenses
( 1,549,644)
( 1,362,918)
------------
------------
Operating profit
5
1,268,092
1,217,590
Gain on financial assets at fair value through profit or loss
62,936
23,195
Income from current asset investments
9
33,901
Other interest receivable and similar income
10
6,631
790
------------
------------
Profit before taxation
1,371,560
1,241,575
Tax on profit
11
( 346,630)
( 292,708)
------------
------------
Profit for the financial year and total comprehensive income
1,024,930
948,867
------------
------------
All the activities of the company are from continuing operations.
CROWTHER & SHAW LIMITED
BALANCE SHEET
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
75,035
91,799
Current assets
Stocks
15
61,644
156,142
Debtors
16
3,686,043
2,631,132
Investments
17
935,354
779,917
Cash at bank and in hand
1,984,211
1,457,690
------------
------------
6,667,252
5,024,881
Creditors: amounts falling due within one year
18
( 2,747,785)
( 1,853,510)
------------
------------
Net current assets
3,919,467
3,171,371
------------
------------
Total assets less current liabilities
3,994,502
3,263,170
Provisions
Taxation including deferred tax
19
( 22,199)
( 15,797)
------------
------------
Net assets
3,972,303
3,247,373
------------
------------
Capital and reserves
Called up share capital
22
50,000
50,000
Revaluation reserve
23
63,730
10,435
Profit and loss account
23
3,858,573
3,186,938
------------
------------
Shareholders funds
3,972,303
3,247,373
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 17 June 2025 , and are signed on behalf of the board by:
M R Gledhill
Director
Company registration number: 05903424
CROWTHER & SHAW LIMITED
STATEMENT OF CHANGE IN SHAREHOLDERS FUNDS
YEAR ENDED 31 OCTOBER 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 November 2022
50,000
( 9,282)
2,782,323
2,823,041
Profit for the year
948,867
948,867
Other comprehensive income for the year:
Unrealised profit on listed investments
23,195
( 23,195)
Deferred taxation on unrealised profits
( 3,478)
3,478
------------
------------
------------
------------
Total comprehensive income for the year
19,717
929,150
948,867
Dividends paid and payable
12
( 524,535)
( 524,535)
------------
------------
------------
------------
Total investments by and distributions to owners
( 524,535)
( 524,535)
At 31 October 2023
50,000
10,435
3,186,938
3,247,373
Profit for the year
1,024,930
1,024,930
Other comprehensive income for the year:
Unrealised profit on listed investments
62,840
( 62,840)
Deferred taxation on unrealised profits
( 9,545)
9,545
------------
------------
------------
------------
Total comprehensive income for the year
53,295
971,635
1,024,930
Dividends paid and payable
12
( 300,000)
( 300,000)
------------
------------
------------
------------
Total investments by and distributions to owners
( 300,000)
( 300,000)
------------
------------
------------
------------
At 31 October 2024
50,000
63,730
3,858,573
3,972,303
------------
------------
------------
------------
CROWTHER & SHAW LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 31 OCTOBER 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,024,930
948,867
Adjustments for:
Depreciation of tangible assets
33,732
30,601
Gain on financial assets at fair value through profit or loss
(62,936)
(23,195)
Income from current asset investments
( 33,901)
Other interest receivable and similar income
( 6,631)
( 790)
Tax on profit
346,630
292,708
Changes in:
Stocks
94,498
( 18,779)
Trade and other debtors
( 1,054,911)
13,414
Trade and other creditors
839,892
( 115,287)
------------
------------
Cash generated from operations
1,181,303
1,127,539
Interest received
6,631
790
Tax paid
( 285,845)
( 119,898)
------------
------------
Net cash from operating activities
902,089
1,008,431
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 16,968)
( 48,909)
Purchases of other investments
( 59,600)
( 372,164)
Proceeds from sale of other investments
1,000
------------
------------
Net cash used in investing activities
( 75,568)
( 421,073)
------------
------------
Cash flows from financing activities
Dividends paid
( 300,000)
( 524,535)
------------
------------
Net cash used in financing activities
( 300,000)
( 524,535)
------------
------------
Net increase in cash and cash equivalents
526,521
62,823
Cash and cash equivalents at beginning of year
1,457,690
1,394,867
------------
------------
Cash and cash equivalents at end of year
1,984,211
1,457,690
------------
------------
CROWTHER & SHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 05903424 . The address of the registered office is Unit 23, The Ringway Centre, Beck Road, Huddersfield, HD1 5DG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest pound.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over the term of lease
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Investments
Investments are stated at market value.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities .
Defined contribution plans
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
13,478,174
12,276,793
-------------
-------------
The turnover was derived from the company's principal activity which was carried out wholly within the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
33,732
30,601
Impairment of trade debtors
5,798
(7,162)
Operating lease rentals
294,333
235,062
------------
------------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
6,000
------------
------------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Engineering
42
38
Sales
4
4
Directors and administrative
11
9
------------
------------
57
51
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,425,562
2,248,068
Social security costs
252,456
238,615
Other pension costs
288,342
203,159
------------
------------
2,966,360
2,689,842
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
304,671
331,934
Company contributions to defined contribution pension plans
210,028
138,450
------------
------------
514,699
470,384
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
3
3
------------
------------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
143,372
151,775
Company contributions to defined contribution pension plans
60,000
40,450
------------
------------
203,372
192,225
------------
------------
9. Income from current asset investments
2024
2023
£
£
Income from current asset investments
33,901
------------
------------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
4,553
790
Interest received on taxation
2,078
------------
------------
6,631
790
------------
------------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
340,228
285,845
Deferred tax:
Origination and reversal of timing differences
6,402
6,863
------------
------------
Tax on profit
346,630
292,708
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 22.52 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,371,560
1,241,575
------------
------------
Profit on ordinary activities by rate of tax
342,890
279,603
Effect of expenses not deductible for tax purposes
17,999
15,099
Effect of revenue exempt from tax
( 8,475)
Deferred tax not recognised in prior year
( 5,784)
( 1,994)
------------
------------
Tax on profit
346,630
292,708
------------
------------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
300,000
524,535
------------
------------
13. Intangible assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
5,000
------------
Amortisation
At 1 November 2023 and 31 October 2024
5,000
------------
Carrying amount
At 31 October 2024
------------
At 31 October 2023
------------
14. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2023
70,384
3,185
50,918
99,387
71,297
295,171
Additions
4,079
4,700
8,189
16,968
------------
------------
------------
------------
------------
------------
At 31 Oct 2024
70,384
7,264
55,618
99,387
79,486
312,139
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Nov 2023
49,266
796
47,571
40,451
65,288
203,372
Charge for the year
7,240
1,617
2,012
14,806
8,057
33,732
------------
------------
------------
------------
------------
------------
At 31 Oct 2024
56,506
2,413
49,583
55,257
73,345
237,104
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Oct 2024
13,878
4,851
6,035
44,130
6,141
75,035
------------
------------
------------
------------
------------
------------
At 31 Oct 2023
21,118
2,389
3,347
58,936
6,009
91,799
------------
------------
------------
------------
------------
------------
15. Stocks
2024
2023
£
£
Raw materials and work in progress
61,644
156,142
------------
------------
16. Debtors
2024
2023
£
£
Trade debtors
3,235,704
2,269,060
Prepayments and accrued income
89,219
94,797
Amounts owed by related undertakings
250,000
250,000
Other debtors
111,120
17,275
------------
------------
3,686,043
2,631,132
------------
------------
17. Investments
2024
2023
£
£
Listed investments
935,354
779,917
------------
------------
Investments having a cost of £858,061 (2023: £765,464) are listed on a recognised stock exchange and had a market value of £935,354 at the end of the year (2023: £779,917).
18. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,776,554
954,838
Accruals and deferred income
570,471
553,373
Corporation tax
340,228
285,845
Social security and other taxes
60,199
59,454
Other creditors
333
------------
------------
2,747,785
1,853,510
------------
------------
19. Provisions
Deferred tax (note 20)
£
At 1 November 2023
15,797
Additions
6,402
------------
At 31 October 2024
22,199
------------
20. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 19)
22,199
15,797
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
16,334
19,260
Other revaluations
19,323
3,613
Unused tax losses
( 5,760)
Other timing differences
( 7,698)
( 7,076)
------------
------------
22,199
15,797
------------
------------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 288,342 (2023: £ 203,159 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
------------
------------
------------
------------
23. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 Nov 2023
Cash flows
At 31 Oct 2024
£
£
£
Cash at bank and in hand
1,457,690
526,521
1,984,211
Current asset investments
779,917
155,437
935,354
------------
------------
------------
2,237,607
681,958
2,919,565
------------
------------
------------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
294,811
241,276
Later than 1 year and not later than 5 years
506,195
561,760
Later than 5 years
13,217
------------
------------
814,223
803,036
------------
------------
26. Related party transactions
Included in note 16 is a loan to Ream Estates Limited, a company under common control, amounting to £250,000 (2023: £250,000). The loan is unsecured, repayable on demand and currently interest free. During the year £76,000 (2023: £85,000) was paid in consultancy fees to Ream Estates Limited.
27. Controlling party
The company is a wholly owned subsidiary of Crowther & Shaw Holdings Limited . This company is registered in England and is controlled by M R Gledhill .