| REGISTERED NUMBER: 14601999 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 31 OCTOBER 2023 TO 31 OCTOBER 2024 |
| FOR |
| BRIGHT FUTURES NOTTS LTD |
| REGISTERED NUMBER: 14601999 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 31 OCTOBER 2023 TO 31 OCTOBER 2024 |
| FOR |
| BRIGHT FUTURES NOTTS LTD |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the Period 31 October 2023 to 31 October 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 18 |
| BRIGHT FUTURES NOTTS LTD |
| COMPANY INFORMATION |
| for the Period 31 October 2023 to 31 October 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| 42-44 Nottingham Road |
| Mansfield |
| Nottinghamshire |
| NG18 1BL |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| GROUP STRATEGIC REPORT |
| for the Period 31 October 2023 to 31 October 2024 |
| The directors present their strategic report of the company and the group for the period 31 October 2023 to 31 October 2024. |
| The group is principally engaged in the manufacture, sale and distribution of windows, and standard, French, patio, bi-fold, composite and FD30S fire doors. |
| REVIEW OF BUSINESS |
| The results for the year and financial position of the group are shown in the annexed financial statements. |
| The underlying business acquired by the company on 31 October 2023 continued profitability in the year to 31 October 2024. Revenue reported for the year of £17.3m decreased in comparison to 2023 (£18.1m) due to a strategic decision to consolidate its product lines and replace with newer lines towards the end of the year and continuing into the future. Pre-tax profits of the underlying business for the year are £74,243 (2023: profit £169,869) after an exceptional impairment of old stock acquired on purchase of the company of £404,391. Gross margin has decreased from 26% in 2023 to 24.6% in 2024. The margin has been affected by the stock impairment. |
| The company acquired Future Products Limited through the purchase of its holding company, Castlegate 263 Ltd by way of management buyout for £10m plus costs.. |
| Amortisation of the goodwill acquired on consolidation leads to a recorded a post tax loss on consolidation for the group of £341,872 and net liabilities of £451,762. This position solely arises largely through the stock impairment, a legacy issue on acquisition. |
| The underlying business continues to trade successfully and increase turnover both through its position in the market and through developing existing and new product in the current year and maintains a strong balance sheet. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors consider the principal risks and uncertainties faced by the grouo to be as follows: |
| ECONOMIC RISK |
| The group continues to seek out new and improved product to ensure the volume of trade is enhanced, and continues to employ high standard staff to continue to supply high quality products to give customer satisfaction, itself protecting the group against economic risk as far as it is able to do. |
| COMPETITION AND SUPPLY RISK |
| The group has faced reduced competition in their market which has added to turnover and profitability, with fewer operating in our sector. The risk of price competition has been greatly ameliorated, and there is a continuing trend towards increased profitability. The group considers that there is no significant risk to supply chains in this sector because of global changes. |
| FINANCIAL RISK |
| The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk. |
| The group uses various financial instruments, which include sales invoice financing, hire purchase contracts, and cash to finance its activities. The main purpose of these financial instruments is to raise finance for the group's operations. No transactions of a speculative nature are undertaken. The main risks arising from the group's financial instruments are credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. |
| LIQUIDITY RISK |
| The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| GROUP STRATEGIC REPORT |
| for the Period 31 October 2023 to 31 October 2024 |
| CREDIT RISK |
| The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk arises therefore from trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the commercial manager, credit controller and the directors on a regular basis in conjunction with debt ageing and collection. |
| The group monitors its performance by reviewing profit before taxation. |
| ON BEHALF OF THE BOARD: |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| REPORT OF THE DIRECTORS |
| for the Period 31 October 2023 to 31 October 2024 |
| The directors present their report with the financial statements of the company and the group for the period 31 October 2023 to 31 October 2024. |
| DIVIDENDS |
| Dividends of £109,990 were paid in the year. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 31 October 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| FINANCIAL INSTRUMENTS |
| The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The group does not enter into any hedging transactions. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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; |
| - | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| REPORT OF THE DIRECTORS |
| for the Period 31 October 2023 to 31 October 2024 |
| AUDITORS |
| The auditors, Beeley Hawley & Co. Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRIGHT FUTURES NOTTS LTD |
| Opinion |
| We have audited the financial statements of Bright Futures Notts Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2024 and of the group's loss for the period then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRIGHT FUTURES NOTTS LTD |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept 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 set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We focussed on those areas that could give rise to a material misstatement in the company financial statements. Our procedures included, but were not limited to: |
| - Enquiry of management and those charged with governance around actual and potential litigation and claims, including non-compliance with laws and regulations and fraud; |
| - Reviewing minutes of meetings of those charged with governance where available; |
| - Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; |
| - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
| - Performing audit work over the risk of management override of controls, including where appropriate testing of journal entries, reviewing individual account balances over the year and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing |
| accounting estimates for bias. |
| It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BRIGHT FUTURES NOTTS LTD |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| 42-44 Nottingham Road |
| Mansfield |
| Nottinghamshire |
| NG18 1BL |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| CONSOLIDATED |
| INCOME STATEMENT |
| for the Period 31 October 2023 to 31 October 2024 |
| Period | Period |
| 31.10.23 to 31.10.24 | 18.1.23 to 30.10.23 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 17,275,048 | - |
| Cost of sales | 13,026,403 | - |
| GROSS PROFIT | 4,248,645 | - |
| Distribution costs | 1,225,675 | - |
| Administrative expenses | 3,330,753 | - |
| 4,556,428 | - |
| OPERATING LOSS | 5 | (307,783 | ) | - |
| Interest payable and similar expenses | 6 | 12,269 | - |
| LOSS BEFORE TAXATION | (320,052 | ) | - |
| Tax on loss | 7 | 21,820 | - |
| LOSS FOR THE FINANCIAL PERIOD | ( |
) |
| Loss attributable to: |
| Owners of the parent | (341,872 | ) | - |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| for the Period 31 October 2023 to 31 October 2024 |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| Notes | £ | £ |
| LOSS FOR THE PERIOD | (341,872 | ) | - |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(341,872 |
) |
- |
| Total comprehensive income attributable to: |
| Owners of the parent | (341,872 | ) | - |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| CONSOLIDATED BALANCE SHEET |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 7,491,570 | - |
| Tangible assets | 12 | 534,674 | - |
| Investments | 13 | - | - |
| 8,026,244 | - |
| CURRENT ASSETS |
| Stocks | 14 | 1,346,861 | - |
| Debtors | 15 | 1,332,672 | - |
| Cash at bank and in hand | 1,019,406 | 100 |
| 3,698,939 | 100 |
| CREDITORS |
| Amounts falling due within one year | 16 | 4,457,487 | - |
| NET CURRENT (LIABILITIES)/ASSETS | (758,548 | ) | 100 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
7,267,696 |
100 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(7,586,403 |
) |
- |
| PROVISIONS FOR LIABILITIES | 21 | (133,055 | ) | - |
| NET (LIABILITIES)/ASSETS | (451,762 | ) | 100 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 100 | 100 |
| Retained earnings | 23 | (451,862 | ) | - |
| SHAREHOLDERS' FUNDS | (451,762 | ) | 100 |
| The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2025 and were signed on its behalf by: |
| A M Francis - Director |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| COMPANY BALANCE SHEET |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 109,990 | - |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| for the Period 31 October 2023 to 31 October 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | 100 | - | 100 |
| Balance at 30 October 2023 | 100 | - | 100 |
| Changes in equity |
| Dividends | - | (109,990 | ) | (109,990 | ) |
| Total comprehensive income | - | (341,872 | ) | (341,872 | ) |
| Balance at 31 October 2024 | 100 | (451,862 | ) | (451,762 | ) |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| for the Period 31 October 2023 to 31 October 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Balance at 30 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| CONSOLIDATED CASH FLOW STATEMENT |
| for the Period 31 October 2023 to 31 October 2024 |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,509,389 | - |
| Interest element of hire purchase payments paid |
(12,269 |
) |
- |
| Tax paid | (70,821 | ) | - |
| Net cash from operating activities | 1,426,299 | - |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (64,502 | ) | - |
| Purchase of tangible fixed assets | (225,702 | ) | - |
| Sale of tangible fixed assets | 23,200 | - |
| Introduced through business combination | 1,539,761 | - |
| Net cash from investing activities | 1,272,757 | - |
| Cash flows from financing activities |
| Loan repayments in year | (1,650,000 | ) | - |
| New hire purchase in year | 134,164 | - |
| Capital repayments in year | (53,924 | ) | - |
| Share issue | - | 100 |
| Equity dividends paid | (109,990 | ) | - |
| Net cash from financing activities | (1,679,750 | ) | 100 |
| Increase in cash and cash equivalents | 1,019,306 | 100 |
| Cash and cash equivalents at beginning of period |
2 |
100 |
- |
| Cash and cash equivalents at end of period |
2 |
1,019,406 |
100 |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| for the Period 31 October 2023 to 31 October 2024 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| £ | £ |
| Loss before taxation | (320,052 | ) | - |
| Depreciation charges | 634,555 | - |
| Profit on disposal of fixed assets | (23,200 | ) | - |
| Finance costs | 12,269 | - |
| 303,572 | - |
| Decrease in stocks | 172,889 | - |
| Decrease in trade and other debtors | 19,931 | - |
| Increase in trade and other creditors | 1,012,997 | - |
| Cash generated from operations | 1,509,389 | - |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Period ended 31 October 2024 |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Cash and cash equivalents | 1,019,406 | 100 |
| Period ended 30 October 2023 |
| 30.10.23 | 18.1.23 |
| £ | £ |
| Cash and cash equivalents | 100 | - |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| for the Period 31 October 2023 to 31 October 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| Cash |
| acquired on |
| At 31.10.23 | Cash flow | acquisition | At 31.10.24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 100 | (520,453 | ) | 1,539,759 | 1,019,406 |
| 100 | (520,453 | ) | 1,539,759 | 1,019,406 |
| Debt |
| Finance leases | - | (80,240 | ) | (54,884 | ) | (135,124 | ) |
| Debts falling due |
| within 1 year | - | (850,000 | ) | - | (850,000 | ) |
| Debts falling due |
| after 1 year | - | (7,500,000 | ) | - | (7,500,000 | ) |
| - | (8,430,240 | ) | (54,884 | ) | (8,485,124 | ) |
| Total | 100 | (8,950,693 | ) | 1,484,875 | (7,465,718 | ) |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the Period 31 October 2023 to 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Bright Futures Notts Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in Sterling which is the functional currency of the company. |
| Basis of consolidation |
| The financial statements consolidate the accounts of Bright Futures Notts Limited and its subsidiary undertakings ('subsidiaries'). |
| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. |
| Significant judgements and estimates |
| The group makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| In preparing these financial statements, the directors have made the following judgements: |
| Impairment of non-current assets |
| The group assesses the impairment of leasehold alterations, plant and machinery, motor vehicles and fixtures and fittings, subject to depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following: |
| • significant underperformance relative to historical or projected future operating results; |
| • significant changes in the manner of the use of the acquired assets or the strategy for the overall business; |
| and |
| • significant negative industry or economic trends. |
| Carrying value of stocks |
| The directors review the market value of and demand for the group's stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the group's products and achievable selling prices. |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Recoverability of trade debtors |
| Trade debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. |
| The directors make allowances for doubtful debts based on an assessment of recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
| Sale of goods |
| Turnover from the sale of goods is recognised when all of the following conditions are satisfied: |
| • The group has transferred the significant risks and rewards of ownership to the buyer; |
| • The group retains neither continuing managerial involvement to the degree usually associated with |
| ownership nor effective control over the goods sold; |
| • The amount of turnover can be measured reliably; |
| • It is probable that the group will receive the consideration due under the transaction; and |
| • The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary to for it to be capable of operating in the manner intended by the directors. |
| Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Depreciation is provided on the following basis: |
| Improvements to property | - | 10% | Straight line |
| Plant and machinery | - | 20% | Straight line |
| Fixtures and fittings | - | 20% | Straight line |
| Computer hardware and software | - | 33% | Straight line |
| Motor vehicles | - | 25% | Straight line |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. |
| At each balance sheet date, the directors review the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs. |
| If the recoverable amount of an asset is estimated to be less than the carrying amount,the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately in the profit and loss account. |
| Stocks |
| 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 items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average cost basis. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account. |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans from related parties. |
| All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. |
| The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. |
| Going concern |
| The group records net liabilities of £451,762, a position largely arising on consolidation. The directors are satisfied with the performance of the underlying business in the first year following acquisition and ongoing. |
| In determining the appropriate basis of preparation of this Report and Financial Statements, the directors are required to consider whether the company can continue its operational existence for the foreseeable future; that is for at least the 12 months following the signing of this report. The directors are satisfied with the performance of the underlying business in the first year following acquisition and ongoing and it is appropriate for the financial statements to be prepared on a going concern basis. |
| 3. | TURNOVER |
| The whole of the turnover is attributable to the principal activity of the group. |
| All turnover arose within the United Kingdom. |
| 4. | EMPLOYEES AND DIRECTORS |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| £ | £ |
| Wages and salaries | 3,631,260 | - |
| Social security costs | 329,298 | - |
| Other pension costs | 195,270 | - |
| 4,155,828 | - |
| The average number of employees during the period was as follows: |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| Production | 117 | - |
| Administration | 25 | 4 |
| The average number of employees by undertakings that were proportionately consolidated during the period was NIL (2023 - NIL). |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| £ | £ |
| Directors' remuneration | 193,046 | - |
| Directors' pension contributions to money purchase schemes | 9,401 | - |
| 5. | OPERATING LOSS |
| The operating loss is stated after charging/(crediting): |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| £ | £ |
| Other operating leases | 40,969 | - |
| Depreciation - owned assets | 200,244 | - |
| Depreciation - assets on hire purchase contracts | 40,018 | - |
| Profit on disposal of fixed assets | (23,200 | ) | - |
| Goodwill amortisation | 394,293 | - |
| Auditors' remuneration | 18,473 | - |
| Foreign exchange differences | 5,137 | - |
| Land and building operating lease rentals | 457,617 | - |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| £ | £ |
| Hire purchase | 12,269 | - |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the loss for the period was as follows: |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 20,884 | - |
| Deferred tax | 936 | - |
| Tax on loss | 21,820 | - |
| UK corporation tax has been charged at 22.46 % . |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 31.10.23 |
| to |
| 31.10.24 |
| £ |
| Loss before tax | (320,052 | ) |
| Loss multiplied by the standard rate of corporation tax in the UK of 22.466 % |
(71,903 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 969 |
| Depreciation in excess of capital allowances | 92,754 |
| Total tax charge | 21,820 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| Period | Period |
| 31.10.23 | 18.1.23 |
| to | to |
| 31.10.24 | 30.10.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 109,990 | - |
| 10. | EXCEPTIONAL ITEMS |
| The group impaired its stock valuation by £404,391 during the year. |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | 7,885,863 |
| At 31 October 2024 | 7,885,863 |
| AMORTISATION |
| Amortisation for period | 394,293 |
| At 31 October 2024 | 394,293 |
| NET BOOK VALUE |
| At 31 October 2024 | 7,491,570 |
| The intangible asset relates to goodwill created on consolidation. The amortisation cost is recorded within administrative expenses on the income statement. |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| Additions | 18,147 | 607,125 | 30,882 | 118,782 | 774,936 |
| Disposals | - | (167,579 | ) | - | - | (167,579 | ) |
| At 31 October 2024 | 18,147 | 439,546 | 30,882 | 118,782 | 607,357 |
| DEPRECIATION |
| Charge for period | 18,147 | 201,431 | 8,110 | 12,574 | 240,262 |
| Eliminated on disposal | - | (167,579 | ) | - | - | (167,579 | ) |
| At 31 October 2024 | 18,147 | 33,852 | 8,110 | 12,574 | 72,683 |
| NET BOOK VALUE |
| At 31 October 2024 | - | 405,694 | 22,772 | 106,208 | 534,674 |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| Additions | 118,924 | - | 118,924 |
| At 31 October 2024 | 118,924 | - | 118,924 |
| DEPRECIATION |
| Charge for period | 27,444 | 12,574 | 40,018 |
| At 31 October 2024 | 27,444 | 12,574 | 40,018 |
| NET BOOK VALUE |
| At 31 October 2024 | 91,480 | (12,574 | ) | 78,906 |
| Fixed assets with net book value of £240,185 (2023 : £118,294) were held under hire purchase agreements. The depreciation charge on these assets for the year was £40,018 (2023 :£33,919). |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Plot 10 Enterprise Road, Millennium Business Park, Mansfield, Notts, NG19 7JX |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the period |
| The entire share capital of the Castlegate 263 Ltd group, which comprises both subsidiaries, was acquired on 31 October 2023. The company acquired the following through its acquisition of Castlegate 263 Ltd and Future Products Ltd:- |
| £ |
| Tangible fixed assets | 549,233 |
| Stock | 1,519,750 |
| Cash | 1,539,762 |
| Debtors and prepayments | 1,352,603 |
| Creditors and accruals | (2,650,590 | ) |
| Deferred tax | (132,119 | ) |
| Exemption from audit |
| The individual accounts of Castlegate 263 Ltd, for the year to 31 October 2024 are exempt from audit by virtue of section 479a Companies Act 2006. |
| Registered office: Enterprise Road, Millennium Business Park, Mansfield, Notts, NG19 7JX |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the period |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 14. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Raw materials | 1,314,491 | - |
| Work-in-progress | 32,370 | - |
| 1,346,861 | - |
| Stock recognised in cost of sales during the year as an expense was £10,217,033 (2023: £10,363,943,). An impairment of £404,391 was made for old stock. |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Trade debtors | 883,394 | - |
| Other debtors | 126,623 | - |
| Prepayments | 322,655 | - |
| 1,332,672 | - |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Other loans (see note 18) | 850,000 | - |
| Hire purchase contracts (see note 19) | 48,721 | - |
| Trade creditors | 2,522,815 | - |
| Amounts owed to group undertakings | - | - |
| Tax | 20,884 | - |
| Social security and other taxes | 417,041 | - |
| Other creditors | 64,883 | - |
| Accruals and deferred income | 533,143 | - |
| 4,457,487 | - |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Other loans (see note 18) | 7,500,000 | - |
| Hire purchase contracts (see note 19) | 86,403 | - |
| 7,586,403 | - |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Other loans | 850,000 | - |
| Amounts falling due between two and five | years: |
| Other loans - 2-5 years | 3,400,000 | - |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 4,100,000 | - | 4,100,000 | - |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 48,721 | - |
| Between one and five years | 86,403 | - |
| 135,124 | - |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 417,148 | - |
| Between one and five years | 1,233,911 | - |
| 1,651,059 | - |
| Obligations under hire purchase contracts are secured over the assets to which they relate. |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Other loans | 8,350,000 | - |
| Hire purchase contracts | 135,124 | - |
| 8,485,124 | - |
| 21. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 133,055 | - |
| Group |
| Deferred |
| tax |
| £ |
| Provided during period | 133,055 |
| Balance at 31 October 2024 | 133,055 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 23. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| Deficit for the period | (341,872 | ) |
| Dividends | (109,990 | ) |
| At 31 October 2024 | (451,862 | ) |
| BRIGHT FUTURES NOTTS LTD (REGISTERED NUMBER: 14601999) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 31 October 2023 to 31 October 2024 |
| 23. | RESERVES - continued |
| Company |
| Retained |
| earnings |
| £ |
| Profit for the period |
| Dividends | ( |
) |
| At 31 October 2024 |
| 24. | OTHER FINANCIAL COMMITMENTS |
| Fixed and floating charges including a negative pledge over the assets of Future Products Ltd was provided by debenture to D H Thorpe on 31 October 2023. |
| 25. | RELATED PARTY DISCLOSURES |
| During the period, a total of key management personnel compensation of £ 193,046 was paid. |
| 26. | ULTIMATE CONTROLLING PARTY |
| No one individual is the ultimate controlling party. |
| 27. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. |
| The pension cost charge represents contributions payable by the group to the fund and amounted to £195,268 (2023: £183,038). |
| Contributions totalling £11,001 (2023: £6,684) were payable to the fund at the balance sheet date and are included in other creditors. |