| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 January 2025 |
| for |
| Roundel Manufacturing Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 January 2025 |
| for |
| Roundel Manufacturing Limited |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2025 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 8 |
| Statement of Income and Retained Earnings | 12 |
| Balance Sheet | 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 |
| Roundel Manufacturing Limited |
| Company Information |
| for the Year Ended 31 January 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 140 Coniscliffe Road |
| DARLINGTON |
| Co Durham |
| DL3 7RT |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Strategic Report |
| for the Year Ended 31 January 2025 |
| The directors present their strategic report for the year ended 31 January 2025. |
| PRINCIPAL ACTIVITIES |
| The principal activities of Roundel Manufacturing Limited (RML) are manufacturing, distributing and installing fitted kitchen, bedroom, bathroom and home office furniture and appliances to the UK house building industry and retail customers. |
| BUSINESS MODEL |
| The company operates as a UK-based furniture manufacturer, with a primary focus on kitchen furniture for the private residential development sector. In addition to manufacturing, the company also distributes and installs kitchen appliances and supplies and installs solid work surface solutions, providing a comprehensive, turnkey service to its clients. |
| Our vertically integrated model enables us to control the entire value chain from design and production through to delivery and installation ensuring consistency in quality, cost management, and service levels. This integrated approach, combined with a strong focus on best-in-class products and sector-leading customer service, positions the company as a trusted partner to developers across the UK. |
| BUSINESS REVIEW AND FUTURE DEVELOPMENTS |
| The company is a premium supplier to UK house builders of bespoke kitchen, bedroom, bathroom and home study furniture. Roundel has a reputation for delivering a high quality product with first class service. |
| The company generated turnover of £30.2 million for the financial year ended 31 January 2025, compared to £36.2 million in the prior year. Despite the reduction in revenue, the business delivered a stronger operating performance due to improved cost control, operational discipline, and proactive margin management. |
| Gross profit margin improved to 31%, up from 28%, while profit before tax increased to 2.0% of turnover, from 1.8% in the previous year. This improved profitability reflects the continued focus on strategic sourcing, efficient labour planning, and disciplined project execution. |
| The key financial indicators are shown below. |
| 2025 | 2024 | Change |
| £ | £ | % |
| Turnover | 30,234,948 | 36,171,633 | -16.4 |
| Operating profit/(loss) | 746,340 | 769,419 | -3.0 |
| Profit/(Loss) after tax | 462,347 | 530,188 | -12.8 |
| Shareholders' funds | 9,986,047 | 9,904,700 | -0.8 |
| STRATEGY |
| The company has, over many years, developed deep relationships with key customers; however, to minimise risk to the business, customer concentration is kept meaningful with the development of customer diversification. The company's results continue to be driven by its contract business on account of its size. |
| To grow market share and profitability the company seeks to strengthen customer relationships through investment in innovation, resources, and quality, extend its share of a customer's total spend, and engage its people in meaningful, diverse, and interesting roles to find new ways to work to improve efficiency and productivity. Significant investment has been made to increase resources and strengthen the company's service function, a key factor in influencing customer retention and growing new business. |
| KEY PERFORMANCE INDICATORS |
| The company uses a number of metrics to evaluate performance against budgeted and historical trends, both from a profitability, sales, and service point of view. These are used to communicate strategic and financial progress to our employees and to the Board. |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Strategic Report |
| for the Year Ended 31 January 2025 |
| These measures are monitored monthly against benchmarks, prior year actuals and current year targets and revised annually as part of our annual budgeting process. Financial measures include sales, gross and net profit. |
| FUTURE DEVELOPMENTS |
| Looking ahead, the UK private development market is expected to experience growth in both the medium and long term, supported by ongoing housing demand and evolving consumer preferences for modern, high-quality interiors. |
| The company is well-positioned to capitalise on this growth through: |
| - Strengthening relationships with existing developer clients |
| - Expanding into new geographic markets within the UK |
| - Continuing to invest in process automation, product development, and service enhancement |
| - Increasing market share by demonstrating consistent value, service excellence, and product innovation |
| Our strong operational platform, industry reputation, and strategic focus will enable the company to grow sustainably while continuing to improve profitability. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The principal risks and uncertainties facing the business include: |
| - Market Conditions: The private development sector is cyclical and influenced by broader economic trends, including interest rates, housing demand, and government policy on planning and housing. |
| - Supply Chain Disruption: Volatility in the global supply chain, including material price inflation and lead time extensions, remains a risk to cost and service continuity. |
| - Labour Availability: Skills shortages in both manufacturing and installation trades could impact operational delivery timelines and costs. |
| - Regulatory Compliance: Changes to building regulations or trade requirements post-Brexit continue to require close monitoring and adaptation. |
| The company actively manages these risks through strategic supplier relationships, forward purchasing where appropriate, workforce planning, and continual regulatory engagement. |
| SECTION 172(1) STATEMENT |
| In accordance with Section 172(1) of the Companies Act 2006, the Directors confirm that they have had regard to the matters set out in Section 172(1)(a) to (f) in performing their duty to promote the success of the company for the benefit of its members as a whole. |
| The Directors consider the long-term consequences of their decisions and are mindful of the interests of key stakeholders including employees, customers, suppliers, and the communities in which the company operates. Key considerations during the financial year included: |
| - Employees: Ensuring a safe, inclusive, and rewarding work environment, supported by investments in training and communication. |
| - Customers: Maintaining our reputation for outstanding service and quality through ongoing investment in systems, service processes, and feedback loops. |
| - Suppliers: Building sustainable partnerships and ensuring ethical sourcing and continuity of supply in volatile markets. |
| - Long-Term Strategy: Navigating short-term economic headwinds while positioning the business for long-term growth and increased market share. |
| Regular management meetings, performance reviews, and stakeholder feedback are core to our decision-making processes. This approach ensures alignment between strategic priorities and stakeholder expectations. |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Strategic Report |
| for the Year Ended 31 January 2025 |
| BOARD DECISIONS AND THEIR IMPACT ON STAKEHOLDERS |
| The table below sets out certain decisions taken by the Board during the year and how stakeholder views' were taken into account |
| Stakeholder View | Board Decision |
People - Our people are the driving force behind our business, and we need to take care of them so that they can enjoy longer, healthier, happier lives. We have seen increasing pressure on the capacity and resilience of our workforce from the cost of living crisis and the level of change that we are asking them to undertake to achieve our strategy. |
The Board regularly receives updates on issues relating to the company's people. We have recognised the impact of the rising cost of living, particularly on our frontline people, by taking action on pay to help ease the cost of living and by launching healthcare benefits for employees. Roundel pay their employees a real living wage and are accredited members of the Living Wage Foundation. |
| Customer, People and Suppliers - Our sales | The board continue to receive feedback from the |
| and service team has national coverage and hold | national teams and continue to invest and enable |
| regular catchup sessions with all customers. Key | this improvement in alignment with customer |
| customer updates and initiatives are communicated | sustainability goals. The board also continues to |
| during these sessions. We also have a | invest in innovation to satisfy the increasing demand |
| comprehensive reports system that allows order | for a design led kitchen supplier to the housebuilder |
| level updates to each of our customers. | market space. |
| ON BEHALF OF THE BOARD: |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| The directors present their report with the financial statements of the company for the year ended 31 January 2025. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 January 2025 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The following information, which would otherwise be disclosed in the directors' report, is instead disclosed in the strategic report, as permitted by s414C(11) of the Companies Act 2006: |
| - principal risks and uncertainties; |
| - future developments; |
| DISABLED EMPLOYEES |
| For job applicants with a disability, the Company will have regard to its duty to make reasonable adjustments to work provisions, criteria or practices or to physical features of work premises or to provide auxiliary aids or services in order to ensure that the disabled person is not placed at a substantial disadvantage in comparison with persons who are not disabled. |
| The Company will regularly monitor the effects of selection decisions and personnel practices and procedures in order to assess whether equal opportunity is being achieved. This will also involve considering any possible indirectly discriminatory effects of its standard working practices. If changes are required, the Company will implement them. The Company will also make reasonable adjustments to its standard working practices to overcome substantial disadvantages caused by disability. |
| All contracts have the following clause in them: |
| Disability: |
| Should you have or develop a condition that could be described as a disability you have a duty to inform us so that we may undertake any reasonable adjustment necessary. Such information will be treated in strictest confidence and you will not be subjected to any form of discrimination because of your disclosure. |
| EMPLOYEE ENGAGEMENT |
| The company continues to place strong emphasis on employee engagement and is continually looking at ways to improve as part of leadership strategy. Employee engagement is crucial as part of the company's mission statement |
| "Our mission is to exceed the expectations of our customers in quality, service, and value through continuous improvement and innovation". |
| To achieve this, everything we do is based around our five core values: |
| 1. Integrity - Have pride in everything we do and build trust through honesty, fairness, and professionalism. |
| 2. Teamwork - Work together for the common good of the company's mission, our colleagues, and our customers |
| 3. Stewardship - Use resources effectively to positively impact ourselves and our customers and to promote sustainable progress |
| 4. Open communication - Promote an atmosphere where fairness, diversity, and new ideas can thrive |
| 5. Determination - pursue our goals, especially when faced with adversity |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| STREAMLINED ENERGY AND CARBON REPORTING |
| 2025 | 2024 |
| UK energy use (kWh) | 16,779,120 | 11,386,813 |
| tCO2e emissions - gas or fuel for transport | 798 | 1,210 |
| tCO2e emissions - electricity | 263 | 300 |
| tCO2e total | 1,061 | 1,510 |
| Intensity ratio |
| Total kitchen units produced | 92,242 | 110,102 |
| Carbon intensity ratio (kgCO2e/units) | 11.50 | 13.70 |
| Intensity ratio |
| Due to the nature of the business, the most applicable normalisation parameter relating to carbon emissions is "units of kitchens produced". Therefore, the intensity ratio for Roundel is tonnes of CO2e per unit kitchen. |
| Methodology |
| Methodology used in this report follows best practice as described in HM Government Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019). |
| All emissions conversion factors are taken from Government conversion factors for company reporting of greenhouse gas emissions. Scope 1 and Scope 2 consumption data (gas and electricity) are taken from metered data sources or information from invoices (where necessary). Scope 1 and 3 transport data is taken from internal accounting sources. Company fleet classed as scope 1 emissions as defined in HM Government Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019). |
| Energy Efficiency Action Plan |
| The below energy efficiency measures have been undertaken: |
| - Production working patterns amended to reflect forecasted demand, lowering energy consumption |
| - Continued investment in incineration of wood waste to generate heat removing the need for gas heating systems and reducing waste to landfill. |
| - Focus on asset management to reduce energy consumption out of hours. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT 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 company'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 company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Roundel Manufacturing Limited |
| Opinion |
| We have audited the financial statements of Roundel Manufacturing Limited (the 'company') for the year ended 31 January 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31 January 2025 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the 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 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 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 |
| Roundel Manufacturing Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on pages six and seven, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Roundel Manufacturing Limited |
| 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this. |
| We undertake the following procedures to identify and respond to these risks of non-compliance: |
| - | Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, health & safety and employment law. |
| - | Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance, |
| - | Review of board minutes and correspondence with regulators, |
| - | Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed, |
| - | Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies, |
| - | Identifying and testing unusual journal entries, with a particular focus on manual journal entries. |
| Through these procedures, we did not become aware of actual or suspected non-compliance. |
| We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Roundel Manufacturing Limited |
| 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 |
| 140 Coniscliffe Road |
| DARLINGTON |
| Co Durham |
| DL3 7RT |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Statement of Income and |
| Retained Earnings |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| 746,340 | 768,287 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 764,882 | 770,740 |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year |
| Dividends | 7 | ( |
) | ( |
) |
| RETAINED EARNINGS AT END OF YEAR |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Balance Sheet |
| 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax credit received |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Hire purchase -new tangible fixed assets | 164,790 | 2,508,695 |
| Capital repayments in year | ( |
) | ( |
) |
| Amount advanced to directors | 77,868 | - |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
84,325 |
| Cash and cash equivalents at end of year | 2 | 1,233,733 | 925,226 |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2025 | 2024 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Finance costs | 146,719 | 115,043 |
| Finance income | (18,542 | ) | (1,321 | ) |
| 1,428,794 | 1,307,034 |
| Decrease in stocks |
| Decrease in trade and other debtors |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations |
| 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: |
| Year ended 31 January 2025 |
| 31.1.25 | 1.2.24 |
| £ | £ |
| Cash and cash equivalents | 1,233,733 | 925,226 |
| Year ended 31 January 2024 |
| 31.1.24 | 1.2.23 |
| £ | £ |
| Cash and cash equivalents | 925,226 | 84,325 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 1.2.24 | Cash flow | changes | At 31.1.25 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 925,226 | 308,507 | 1,233,733 |
| 925,226 | 1,233,733 |
| Debt |
| Finance leases | (2,236,260 | ) | 665,917 | (164,790 | ) | (1,735,133 | ) |
| (2,236,260 | ) | 665,917 | (164,790 | ) | (1,735,133 | ) |
| Total | (1,311,034 | ) | 974,424 | (164,790 | ) | (501,400 | ) |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2025 |
| 1. | STATUTORY INFORMATION |
| Roundel Manufacturing Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There were no material departures from that standard. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows. |
| Debtors provision - the amounts owed from customers are reviewed by management on a monthly basis to consider if there are any bad or doubtful debts. Provision is then made within the financial statements. |
| Turnover |
| Turnover represents income from the design, manufacture, supply and installation of bespoke kitchen, bedroom, bathroom and home study furniture. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
| Income recognition |
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the goods have been delivered to the customer. |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are measured at cost less accumulated depreciation. |
| Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives, using the straight-line method. The rates applicable are: |
| - | Freehold property and long leasehold | 50 years |
| - | Assets under construction | Not depreciated |
| - | Plant and machinery | 10 to 15 years |
| - | Fixtures and fittings | 3 to 25 years |
| - | Motor vehicles | 5 to 10 years |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost includes all costs incurred in bringing each product to its present location and condition, as follows: |
| Raw materials, consumables and goods for resale: purchase cost on a first-in, first-out basis. |
| Work in progress and finished goods: cost of direct materials and labour plus attributable overheads based on a normal level of activity. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 year 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. |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 the profit and loss account on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates two defined contribution schemes covering the directors as well as a defined contribution scheme covering a number of permanent employees. Contributions payable to the company's pension schemes are charged to the profit and loss account in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2025 | 2024 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2025 | 2024 |
| Production staff | 85 | 116 |
| Transport staff | 41 | 39 |
| Administrative staff | 94 | 103 |
| The directors are considered to be the key management personnel of the company. |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 2025 | 2024 |
| £ | £ |
| Emoluments etc |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2025 | 2024 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| Operating lease rentals (rent) |
| Operating lease rentals (other) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Hire purchase |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2025 | 2024 |
| £ | £ |
| Current tax: |
| R&D refund | (17,380 | ) | (127,643 | ) |
| Deferred tax |
| Tax on profit |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2025 | 2024 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2024 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances | - |
| R & D enhanced expenditure | (17,380 | ) | (127,643 | ) |
| Total tax charge | 155,816 | 125,509 |
| 7. | DIVIDENDS |
| 2025 | 2024 |
| £ | £ |
| Interim |
| 8. | TANGIBLE FIXED ASSETS |
| Assets |
| Freehold | Long | under |
| property | leasehold | construction |
| £ | £ | £ |
| COST |
| At 1 February 2024 |
| Additions |
| Disposals |
| Reclassification/transfer | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 8. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Assets | Fixtures |
| under | Plant and | and | Motor |
| construction | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 February 2024 |
| Additions |
| Reclassification/transfer | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 9. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Raw materials |
| Work in progress |
| Finished goods |
| 10. | DEBTORS |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Corporation tax debtor |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Trade debtors |
| Aggregate amounts |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts (see note 13) |
| Payments on account |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Directors' current accounts | 77,868 | - |
| Accruals and deferred income |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts (see note 13) |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 14. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts | 1,735,133 | 2,236,260 |
| Invoice financing creditor | 1,394 | 537,826 |
| Hire purchase contracts are secured on the assets to which they relate. |
| The invoice financing creditor is secured by a fixed and floating charge over the assets of the company. |
| 15. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Other timing differences | 240,272 | 240,272 |
| 1,064,887 | 891,691 |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2024 |
| Accelerated capital allowances | 173,196 |
| Balance at 31 January 2025 |
| Roundel Manufacturing Limited (Registered number: 01586822) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 1,100 | 1,100 |
| 17. | CAPITAL COMMITMENTS |
| 2025 | 2024 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 18. | RELATED PARTY DISCLOSURES |
| 2025 | 2024 |
| £ | £ |
| Amounts owed to directors |
| 2025 | 2024 |
| £ | £ |
| Purchases (rent) | 288,166 | 259,500 |
| 19. | ULTIMATE CONTROLLING PARTY |
| The company is not under the control of any one individual. |