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Company registration number: NI043577
Moore Concrete Products Limited
Financial statements
30 November 2024
Moore Concrete Products Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Profit and loss account
Balance sheet
Statement of cash flows
Notes to the financial statements
Moore Concrete Products Limited
Directors and other information
Directors Mr Wilbert Moore
Mrs Florence Moore
Mrs Roslyn McMillan
Mr Neil Robert Moore
Secretary Mrs Florence Moore
Company number NI043577
Registered office Caherty House
41 Woodside Road
Ballymena
Co Antrim
BT42 4QH
Business address Caherty House
41 Woodside Road
Ballymena
Co Antrim
BT42 4QH
Auditor Potter Finnegan Limited
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
Bankers Danske Bank
1 Broadway
Ballymena
Co Antrim
BT43 6EA
Moore Concrete Products Limited
Strategic report
Year ended 30 November 2024
Review of the business
The principal activity of the company is the manufacture and retail of concrete products.
The directors are satisfied with the results for the year.
The company remained profitable during the year, with the decline in profitability attributable primarily to project delays on a large contract. The company invested heavily during 2024, with the successful completion of three new factories and investment in the company's IT infrastructure.
The directors continue to strive towards the company vision to become a World Class manufacturing facility and to grow the business profitably to become the best supplier of concrete products in the UK and Ireland through a policy of identifying the needs of our customers and providing a first-class precast quality service.
Principal risks and uncertainties
The company is exposed to the usual risks associated with trading in this business sector such as:-
Credit risk - The company employs strict credit control procedures to manage credit risk.
Raw material volatility - Long term supply contracts are used to mitigate exposure to price variations.
Construction market cycles - Demand is tied to government infrastructure spending and agricultural sector activity, both of which are cyclical.
Labour shortages - Skilled labour remains tight across the industry, potentially affecting production and delivery times.
Risk associated with interest rate fluctuations relating to financial instruments is considered low.
Results and key financial performance indicators
The profit for the period before taxation amounted to £697,205 as shown in the profit and loss account on page 8. After provision for tax of £164,758 and dividends of £150,000, the balance of £711,963 has been transferred to reserves. Key financial performance indicators are summarised as follows: -
2024 2023
Turnover 20,916,867 19,329,432
Net profit before tax 697,205 1,316,924
Net current assets/(liabilities) (1,241,562) 1,387,055
Shareholder's funds 6,860,028 6,148,065
This report was approved by the board of directors on 29 May 2025 and signed on behalf of the board by:
Mrs Roslyn McMillan
Director
Moore Concrete Products Limited
Directors report
Year ended 30 November 2024
The directors present their report and the financial statements of the company for the year ended 30 November 2024.
Directors
The directors who served the company during the year were as follows:
Mr Wilbert Moore
Mrs Florence Moore
Mrs Roslyn McMillan
Mr Neil Robert Moore
Dividends
The results for the year are set out on page 6.
The directors have paid interim dividends of £150,000 and they do not recommend payment of a final dividend.
Future developments
There are no future developments to disclose in this report.
Financial instruments
Financial risk management policies have been set out in the Strategic Report.
Disclosure of information in the strategic report.
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013, the following matters have been included in the Strategic Report -
- a review of the business and likely future developments
- risk management policies, including a review of current business risks
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 29 May 2025 and signed on behalf of the board by:
Mr Neil Robert Moore
Director
Moore Concrete Products Limited
Independent auditor's report to the members of
Moore Concrete Products Limited
Year ended 30 November 2024
Opinion
We have audited the financial statements of Moore Concrete Products Limited (the 'company') for the year ended 30 November 2024 which comprise the Profit and loss account, Balance sheet, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 30 November 2024 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 auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We made enquiries of management and those charged with governance regarding their records of any instances of non-compliance with laws and regulations applicable to the company which would have a material impact on the financial statements. - We reviewed professional costs to identify potential advice being undertaken in relation to non-compliance issues. - We enquired with management to ascertain if there had been any instances of actual or suspected fraud within the business and concluded that this has not occurred. The potential for management over-ride of internal control systems was also considered during our risk assessment. - Principal audit risks were identified as the overstatement of income or assets and the understatement of costs and liabilities. Management estimates were critically evaluated for reliability. 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 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 auditors 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.
Steven Potter (Senior Statutory Auditor)
For and on behalf of
Potter Finnegan Limited
Chartered Accountants and Registered Auditors
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
29 May 2025
Moore Concrete Products Limited
Profit and loss account
Year ended 30 November 2024
2024 2023
Note £ £
Turnover 4 20,916,867 19,329,432
Cost of sales ( 16,052,099) ( 14,266,545)
_______ _______
Gross profit 4,864,768 5,062,887
Distribution costs ( 2,295,004) ( 2,111,159)
Administrative expenses ( 1,880,106) ( 1,592,719)
Other operating income 5 231,445 100,250
_______ _______
Operating profit 6 921,103 1,459,259
Other interest receivable and similar income 9 8,545 6,366
Interest payable and similar expenses 10 ( 232,443) ( 148,701)
_______ _______
Profit before taxation 697,205 1,316,924
Tax on profit 11 164,758 (416,526)
_______ _______
Profit for the financial year and total comprehensive income 861,963 900,398
_______ _______
Dividends declared and paid or payable during the year 12 ( 150,000) ( 110,000)
Retained earnings at the start of the year 4,983,233 4,192,835
_______ _______
Retained earnings at the end of the year 5,695,196 4,983,233
_______ _______
All the activities of the company are from continuing operations.
Moore Concrete Products Limited
Balance sheet
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 13 - -
Tangible assets 14 9,695,953 6,396,448
_______ _______
9,695,953 6,396,448
Current assets
Stocks 15 3,176,622 2,463,283
Debtors 16 3,440,272 3,480,474
Cash at bank and in hand 810,000 1,496,661
_______ _______
7,426,894 7,440,418
Creditors: amounts falling due
within one year 18 ( 8,668,456) ( 6,053,363)
_______ _______
Net current (liabilities)/assets ( 1,241,562) 1,387,055
_______ _______
Total assets less current liabilities 8,454,391 7,783,503
Creditors: amounts falling due
after more than one year 19 ( 1,083,928) ( 960,245)
Provisions for liabilities 21 ( 510,435) ( 675,193)
_______ _______
Net assets 6,860,028 6,148,065
_______ _______
Capital and reserves
Called up share capital 23 35,284 35,284
Capital redemption reserve 24 1,129,548 1,129,548
Profit and loss account 24 5,695,196 4,983,233
_______ _______
Shareholders funds 6,860,028 6,148,065
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
Mr Wilbert Moore
Director
Company registration number: NI043577
Moore Concrete Products Limited
Statement of cash flows
Year ended 30 November 2024
2024 2023
Note £ £
Cash flows from operating activities
Profit for the financial year 861,963 900,398
Adjustments for:
Depreciation of tangible assets 916,947 824,111
Government grant income ( 231,445) ( 100,250)
Other interest receivable and similar income ( 8,545) ( 6,366)
Interest payable and similar expenses 232,443 148,701
Gain/(loss) on disposal of tangible assets ( 1,365) ( 10,372)
Tax on profit ( 164,758) 416,526
Accrued expenses/(income) 271,237 ( 288,069)
Changes in:
Stocks ( 713,339) ( 959,924)
Trade and other debtors 40,202 ( 344,661)
Trade and other creditors 159,906 1,078,025
_______ _______
Cash generated from operations 1,363,246 1,658,119
Interest paid ( 232,443) ( 148,701)
Interest received 8,545 6,366
Tax paid ( 195,977) ( 116,006)
_______ _______
Net cash from operating activities 943,371 1,399,778
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 4,217,626) ( 979,777)
Proceeds from sale of tangible assets 2,539 10,925
_______ _______
Net cash used in investing activities ( 4,215,087) ( 968,852)
_______ _______
Cash flows from financing activities
Proceeds from borrowings 2,514,376 ( 129,126)
Government grant income 231,445 100,250
Payment of finance lease liabilities 148,345 ( 121,020)
Equity dividends paid ( 150,000) ( 110,000)
_______ _______
Net cash from/(used in) financing activities 2,744,166 ( 259,896)
_______ _______
Net increase/(decrease) in cash and cash equivalents ( 527,550) 171,030
Cash and cash equivalents at beginning of year 17 475,943 304,913
_______ _______
Cash and cash equivalents at end of year 17 ( 51,607) 475,943
_______ _______
Moore Concrete Products Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Moore Concrete Products Limited, Caherty House, 41 Woodside Road, Ballymena, Co Antrim, BT42 4QH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings - 4 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
The cost of freehold land is not depreciated.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock is valued at the lower of cost and net realisable value.
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful economic lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Turnover
No analysis of turnover by category is required.
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024 2023
£ £
UK 20,617,361 18,766,816
Europe 299,506 562,616
_______ _______
20,916,867 19,329,432
_______ _______
5. Other operating income
2024 2023
£ £
Government grant income 231,445 100,250
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 916,947 824,111
(Gain)/loss on disposal of tangible assets ( 1,365) ( 10,372)
Operating lease rentals 17,022 15,093
Foreign exchange differences ( 1,326) 4,140
Fees payable for the audit of the financial statements 10,550 12,200
_______ _______
7. Employees
The average number of persons employed by the company during the year, including the directors, amounted to:
2024 2023
Production staff 146 118
Distribution staff 38 39
Administrative staff 15 15
_______ _______
199 172
_______ _______
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 6,765,208 5,696,358
Social security costs 529,893 418,982
Other pension costs 270,062 231,087
_______ _______
7,565,163 6,346,427
_______ _______
8. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 121,838 107,269
Company contributions to pension schemes in respect of qualifying services 125,680 110,346
_______ _______
247,518 217,615
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2024 2023
Number Number
Defined contribution plans 4 4
_______ _______
9. Other interest receivable and similar income
2024 2023
£ £
Bank deposits 8,545 6,366
_______ _______
10. Interest payable and similar expenses
2024 2023
£ £
Bank loans and overdrafts 80,288 62,791
Other loans made to the company:
Finance leases and hire purchase contracts 44,306 50,729
Other interest payable and similar expenses 107,849 35,181
_______ _______
232,443 148,701
_______ _______
11. Tax on profit
Major components of tax income/expense
2024 2023
£ £
Current tax:
UK current tax expense - 195,977
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 164,758) 220,549
_______ _______
Tax on profit ( 164,758) 416,526
_______ _______
Reconciliation of tax income/expense
The tax assessed on the profit for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 23.01%).
2024 2023
£ £
Profit before taxation 697,205 1,316,924
_______ _______
Profit multiplied by rate of tax 174,301 303,024
Effect of expenses not deductible for tax purposes - 28
Effect of capital allowances and depreciation ( 428,640) ( 44,311)
Unrelieved tax losses 271,822 -
Research and development tax credits ( 17,483) ( 62,764)
_______ _______
Tax on profit - 195,977
_______ _______
12. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 150,000 110,000
_______ _______
13. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2023 and 30 November 2024 300,000 300,000
_______ _______
Amortisation
At 1 December 2023 and 30 November 2024 300,000 300,000
_______ _______
Carrying amount
At 30 November 2024 - -
_______ _______
At 30 November 2023 - -
_______ _______
14. Tangible assets
Land and buildings Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 December 2023 5,977,867 7,857,628 546,075 377,483 14,759,053
Additions 2,851,999 1,336,112 29,515 - 4,217,626
Disposals ( 1,810) ( 432,810) ( 33,873) - ( 468,493)
_______ _______ _______ _______ _______
At 30 November 2024 8,828,056 8,760,930 541,717 377,483 18,508,186
_______ _______ _______ _______ _______
Depreciation
At 1 December 2023 2,334,803 5,538,724 377,447 111,631 8,362,605
Charge for the year 237,017 565,711 47,703 66,516 916,947
Disposals ( 1,554) ( 431,892) ( 33,873) - ( 467,319)
_______ _______ _______ _______ _______
At 30 November 2024 2,570,266 5,672,543 391,277 178,147 8,812,233
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2024 6,257,790 3,088,387 150,440 199,336 9,695,953
_______ _______ _______ _______ _______
At 30 November 2023 3,643,064 2,318,904 168,628 265,852 6,396,448
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery Motor vehicles
£ £
At 30 November 2024 627,355 97,067
_______ _______
At 30 November 2023 1,057,813 129,431
_______ _______
15. Stocks
2024 2023
£ £
Raw materials 899,728 638,905
Work in progress 91,285 -
Finished goods 2,185,609 1,824,378
_______ _______
3,176,622 2,463,283
_______ _______
16. Debtors
2024 2023
£ £
Trade debtors 2,999,345 3,281,237
Prepayments and accrued income 440,927 199,237
_______ _______
3,440,272 3,480,474
_______ _______
17. Cash and cash equivalents
2024 2023
£ £
Cash at bank and in hand 810,000 1,496,661
Bank overdrafts ( 861,607) ( 1,020,718)
_______ _______
( 51,607) 475,943
_______ _______
18. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 3,462,511 1,074,287
Trade creditors 3,376,659 3,139,655
Accruals and deferred income 691,602 420,365
Corporation tax - 195,977
Social security and other taxes 659,036 737,380
Obligations under finance leases 354,988 351,367
Director loan accounts 21,784 33,702
Other creditors 101,876 100,630
_______ _______
8,668,456 6,053,363
_______ _______
Bank loans and overdrafts includes £2,574,886 of bridging loan finance relating to recent capital investment. This was converted to a repayable term bank loan shortly after year end.
Bank loans and overdrafts are secured by a fixed charge over book debts, a floating charge over the company's assets and a mortgage over company property.
19. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 394,371 415,412
Obligations under finance leases 689,557 544,833
_______ _______
1,083,928 960,245
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 290,394 (2023 £ 318,539 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Repayments due after more than 5 years are repayable on a monthly basis and are on a variable interest rate.
20. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year 354,988 351,367
Later than 1 year and not later than 5 years 689,557 544,833
_______ _______
1,044,545 896,200
_______ _______
Present value of minimum lease payments 1,044,545 896,200
_______ _______
21. Provisions
Deferred tax (note 22) Total
£ £
At 1 December 2023 675,193 675,193
Charges against provisions ( 164,758) ( 164,758)
_______ _______
At 30 November 2024 510,435 510,435
_______ _______
22. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 21) 510,435 675,193
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 782,257 675,193
Unused tax losses ( 271,822) -
_______ _______
510,435 675,193
_______ _______
23. Share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1 each 35,284 35,284 35,284 35,284
_______ _______ _______ _______
24. Reserves
Capital redemption reserve:This reserve records the nominal value of shares repurchased by the company.
25. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024 2023
£ £
Tangible assets 57,555 -
_______ _______
26. Contingent liabilities
Under the terms of certain government grant agreements, a liability may arise to repay in whole or in part, capital or revenue grants received if certain conditions in the grant agreements are not complied with. In the director's opinion, the terms of all letters of offer have been complied with and a liability is not expected to arise.
27. Controlling interest
The company is controlled by the directors.