Registration number:
Leeds Galvanising Holdings Limited
for the Year Ended 31 October 2024
Leeds Galvanising Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Leeds Galvanising Holdings Limited
Company Information
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Director |
S P Kelly |
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Registered office |
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Auditors |
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Leeds Galvanising Holdings Limited
Strategic Report for the Year Ended 31 October 2024
The director presents his strategic report for the year ended 31 October 2024.
Principal activity
The principal activities of the group throughout the year were those of metal finishers.
Fair review of the business
Market conditions during the years ended 31 October 2023 and 2024 meant that maintaining previous sales volumes was difficult; instead the group concentrated on moving towards better margin work.
The prior year saw market changes along with significant commodity price volatility primarily driven by the escalation of events in Ukraine, which resulted in large and previously unseen cost spikes in respect of gas, electricity and zinc, consequently presenting a very challenging first half of that year.
Following the stabilisation of supplier prices in the second half of the prior year, which continued through the year under review, the group achieved a creditable increase in gross profit of £277,000 as a result of targeting more profitable work.
Overall volumes in the reporting period were down in comparison with the previous financial year and this is represented by a decrease in income by £583,000 to £9.87m. However, operating profit only fell by £46,521 as a result of the improved margins mentioned above.
Given these factors the directors feel the group is in an excellent position to continue moving forward and they maintain a positive view for the next financial year.
The directors once again employed significant resource in respect of R&D and capital expenditure in order to ensure the group remains at the forefront of technological and engineering improvements and continues to benefit from the significant improvements made in recent years.
The health, safety and welfare of our employees remains at the forefront of the directors' concerns and the group continues to monitor all aspects of these on a regular basis in line with our ISO45001 accreditation. No financial restraints are made by the board in these areas allowing management to make decisions on the improvement of H&S/Welfare autonomously.
Furthermore, the group employs significant resource to training and development allowing transparent growth for employess to develop skills and understanding of our processes and in-turn, salary increases.
Given the challenging conditions over the last couple of years the directors consider the results to be positive.
Leeds Galvanising Holdings Limited
Strategic Report for the Year Ended 31 October 2024 (continued)
Key performance indicators
The directors and management regularly review the operating parameters of the group and employ a broad range of Key Performance Indicators (KPI’s) covering all aspects of our operations including financial and non-financial targets to monitor the business performance as a whole.
These processes and targets are well known to staff and the directors uphold the strong belief that no employees are incentivised through volume, with Quality, Health, Safety and Environment being the core areas that the group drives it culture upon.
Principal risks and uncertainties
The risks to the group are assessed on a regular basis though a number of metrics. These include regular analysis of commodity price exposure particularly in respect of zinc, gas and electricity and apply levies and surcharges to mitigate these fluctuations.
Further assessments in respect of risks associated with customers, financial exposure, suppliers, and liquidity along with health, safety and environment are undertaken periodically in line with our ISO9001, 14001 and 45001 accreditations.
Future developments
The group has continued to operate profitably in the year ending 31 October 2025 with turnover once again expected to be in the region of £10m.
Approved and authorised by the
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Leeds Galvanising Holdings Limited
Director's Report for the Year Ended 31 October 2024
The director presents his report and the for the year ended 31 October 2024.
Director of the group
The director who held office during the year was as follows:
Dividends
The group paid £5,698,559 in dividends in the year (2023: £Nil).
Disclosure of information to the auditor
The director has taken 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 company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Reappointment of auditors
KJA Kilner Johnson Limited were appointed as auditors to the company and in accordance with s487(2) of the Companies Act 2006 they are deemed reappointed annually.
Approved and authorised by the
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Leeds Galvanising Holdings Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Leeds Galvanising Holdings Limited
Independent Auditor's Report to the Members of Leeds Galvanising Holdings Limited
Opinion
We have audited the financial statements of Leeds Galvanising Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 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.
Leeds Galvanising Holdings Limited
Independent Auditor's Report to the Members of Leeds Galvanising Holdings Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's 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 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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
Leeds Galvanising Holdings Limited
Independent Auditor's Report to the Members of Leeds Galvanising Holdings Limited (continued)
While planning our audit, we have made enquiries of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.
We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.
While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.
The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that requires any additional reporting.
These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 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.
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For and on behalf of
Network House
Stubs Beck Lane
West Yorkshire
BD19 4TT
Leeds Galvanising Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 31 October 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
- |
( |
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7,707 |
22,779 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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The group has no recognised gains or losses for the year other than the results above.
Leeds Galvanising Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 October 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Leeds Galvanising Holdings Limited
(Registration number: 13975132)
Consolidated Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
( |
( |
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Retained earnings |
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Equity attributable to owners of the company |
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Shareholders' funds |
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Approved and authorised by the
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Leeds Galvanising Holdings Limited
(Registration number: 13975132)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Capital and reserves |
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Called up share capital |
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Shareholders' funds |
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The company made a profit after tax for the financial year of £5,698,559 (2023 - loss of £-).
Approved and authorised by the
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Leeds Galvanising Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 October 2024
Equity attributable to the parent company
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Share capital |
Merger reserve |
Retained earnings |
Total |
Total equity |
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At 1 November 2023 |
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( |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
( |
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At 31 October 2024 |
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( |
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Share capital |
Merger reserve |
Retained earnings |
Total |
Total equity |
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At 1 November 2022 |
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( |
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Profit for the year |
- |
- |
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At 31 October 2023 |
10,000,000 |
(10,000,000) |
7,030,053 |
7,030,053 |
7,030,053 |
Leeds Galvanising Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 October 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
- |
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Finance income |
( |
( |
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Finance costs |
- |
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Corporation tax expense |
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Working capital adjustments |
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(Increase)/decrease in stocks |
( |
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Decrease/(increase) in trade debtors |
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( |
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Increase in trade creditors |
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Cash generated from operations |
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Corporation tax paid |
( |
( |
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Net cash flow from operating activities |
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( |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
- |
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Acquisition of intangible assets |
- |
( |
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Net cash flows from investing activities |
( |
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Cash flows from financing activities |
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Interest paid |
- |
( |
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Repayment of bank borrowing |
- |
( |
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Dividends paid |
( |
- |
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Net cash flows from financing activities |
( |
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 November |
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Cash and cash equivalents at 31 October |
411,127 |
1,639,394 |
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Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in GBP, with the figures rounded to the nearest £1.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The group financial statements have been prepared in accordance with the principles of merger accounting.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
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Accounting policies (continued) |
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Judgements
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenditure in the reporting period. Actual results may differ from those estimates. |
Stock is calculated on the basis of management's best estimate of remaining stock plus the last purchases of the financial year. |
There are no other balance sheet items which have accounting judgements or key sources of estimation uncertainty other than fixed aset depreciation and amortisation. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Government grants
Revenue-based grants received are accrued and credited to the Consolidated Profit and Loss Account in the same period that the related expenditure is incurred.
Capital-based grants and contributions received are credited in full to the Consolidated Profit and Loss Account on receipt, where there are no conditions attached to its use. Where there are conditions attached to its use, the receipts are credited in the year that the capital expenditure is incurred.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
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2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Research and development
Research and development expenditure is recognised as an expense during the period it is incurred, and not capitalised either as an intangible asset nor as part of the cost of another asset.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% reducing balance |
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Fixtures and fittings |
15% reducing balance |
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Motor vehicles |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Website development costs are capitalised as intangible assets where management believe it is probable that the expected future economic benefits that are attributable to these costs will flow to the group and that the project's development phase can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful life as follows:
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Asset class |
Amortisation method and rate |
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Website development costs |
6.5% straight line |
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
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Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
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2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the group's turnover for the year by class of business is as follows:
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2024 |
2023 |
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Sale of goods |
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Grants received |
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Turnover by geographical location has not been disclosed as in the directors’ opinion, the disclosure of this information would be seriously prejudicial to the interests of the group.
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Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
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2024 |
2023 |
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Loss on disposal of tangible assets |
- |
( |
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
- |
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
- |
|
|
Interest expense on other finance liabilities |
- |
|
|
- |
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
|
8 |
Staff costs (continued) |
|
2024 |
2023 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Distribution |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
- |
|
|
41,892 |
227,148 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
- |
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
14,750 |
14,750 |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
|
11 |
Taxation (continued) |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Increase (decrease) from effect of tax incentives |
(55,074) |
(41,580) |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
481 |
84 |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Capital allowances in advance of depreciation |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Capital allowances in advance of depreciation |
- |
|
|
- |
|
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
|
Intangible assets |
Group
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 November 2023 |
|
|
|
|
At 31 October 2024 |
|
|
|
|
Amortisation |
|||
|
At 1 November 2023 |
|
|
|
|
Amortisation charge |
- |
|
|
|
At 31 October 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 October 2024 |
- |
|
|
|
At 31 October 2023 |
- |
|
|
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
|
Tangible assets |
Group
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 November 2023 |
|
|
|
Additions |
|
|
|
At 31 October 2024 |
|
|
|
Depreciation |
||
|
At 1 November 2023 |
|
|
|
Charge for the year |
|
|
|
At 31 October 2024 |
|
|
|
Carrying amount |
||
|
At 31 October 2024 |
|
|
|
At 31 October 2023 |
|
|
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 November 2023 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 October 2024 |
|
|
At 31 October 2023 |
|
The investment in group undertakings represents the company's 100% shareholding (at cost) in the subsidiary, Leeds Galvanising & Powder Coating Limited.
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
|
14 |
Investments (continued) |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Unit 1 Albion Park, Armley Road, Leeds, LS12 2EJ UK |
|
|
|
|
Subsidiary undertakings |
|
Leeds Galvanising & Powder Coating Limited The principal activity of Leeds Galvanising & Powder Coating Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
- |
- |
|
Debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
- |
- |
|
|
Other debtors |
- |
|
- |
- |
|
|
Prepayments |
|
|
- |
- |
|
|
Corporation tax asset |
- |
|
- |
- |
|
|
|
|
- |
- |
||
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
- |
- |
|
Other cash and cash equivalents |
|
|
- |
- |
|
|
|
- |
- |
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other payables |
|
|
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
Corporation tax liability |
355,301 |
- |
- |
- |
|
|
|
|
- |
- |
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
9,999,928 |
|
9,999,928 |
|
|
|
54 |
|
54 |
|
|
|
18 |
|
18 |
|
|
|
|
|
|
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
|
20 |
Share capital (continued) |
Rights, preferences and restrictions
|
A1 ordinary shares have the following rights, preferences and restrictions: |
|
B ordinary shares and C ordinary shares have the following rights, preferences and restrictions: |
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividends paid |
|
- |
||
Leeds Galvanising Holdings Limited
Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)
|
Related party transactions |
Group
|
Transactions with the director |
|
2024 |
At 1 November 2023 |
Advances to director |
Repayments by director |
At 31 October 2024 |
|
S P Kelly |
||||
|
Loan subject to interest at the official rate |
|
|
( |
( |
|
2023 |
At 1 November 2022 |
Advances to director |
At 31 October 2023 |
|
S P Kelly |
|||
|
Loan subject to interest at the official rate |
- |
|
|
Summary of transactions with other related parties
Included within Other debtors is £nil (2023: £40,000) due from Kutchakelly Property Ltd, a company controlled by Mr S P Kelly. A further £75,000 was loaned to that company and was repaid during the year.
Included in Other creditors is £3,005 (2023: £3,005) due to Kutchakelly Enterprises Ltd, a company controlled by Mr S P Kelly.
During the year rental payments of £286,668 were made to Leeds Holdings Ltd, a company controlled by Mr S P Kelly. A loan of £20,000 was made to that company and was repaid during the year.
|
Parent and ultimate parent undertaking |
The ultimate controlling party is
The group consists of Leeds Galvanising Holdings Limited and its wholly owned subsidiary Leeds Galvanising & Powder Coating Limited.