Acorah Software Products - Accounts Production 16.4.675 false true true 31 December 2023 1 January 2023 false 14 May 2025 true 1 January 2024 31 December 2024 31 December 2024 00366190 Mr V P Fasterling Mr F Oppermann true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 00366190 2023-12-31 00366190 2024-12-31 00366190 2024-01-01 2024-12-31 00366190 frs-core:CurrentFinancialInstruments 2024-12-31 00366190 frs-core:Non-currentFinancialInstruments 2024-12-31 00366190 frs-core:BetweenOneFiveYears 2024-12-31 00366190 frs-core:ComputerEquipment 2024-12-31 00366190 frs-core:ComputerEquipment 2024-01-01 2024-12-31 00366190 frs-core:ComputerEquipment 2023-12-31 00366190 frs-core:FurnitureFittings 2024-12-31 00366190 frs-core:FurnitureFittings 2024-01-01 2024-12-31 00366190 frs-core:FurnitureFittings 2023-12-31 00366190 frs-core:NetGoodwill 2024-12-31 00366190 frs-core:NetGoodwill 2024-01-01 2024-12-31 00366190 frs-core:NetGoodwill 2023-12-31 00366190 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-12-31 00366190 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00366190 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 00366190 frs-core:MoreThanFiveYears 2024-12-31 00366190 frs-core:MotorVehicles 2024-12-31 00366190 frs-core:MotorVehicles 2024-01-01 2024-12-31 00366190 frs-core:MotorVehicles 2023-12-31 00366190 frs-core:OtherResidualIntangibleAssets 2024-12-31 00366190 frs-core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 00366190 frs-core:OtherResidualIntangibleAssets 2023-12-31 00366190 frs-core:PlantMachinery 2024-12-31 00366190 frs-core:PlantMachinery 2024-01-01 2024-12-31 00366190 frs-core:PlantMachinery 2023-12-31 00366190 frs-core:WithinOneYear 2024-12-31 00366190 frs-core:CapitalRedemptionReserve 2024-12-31 00366190 frs-core:ShareCapital 2024-12-31 00366190 frs-core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00366190 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 00366190 frs-bus:HighestPaidDirector 2024-01-01 2024-12-31 00366190 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00366190 frs-bus:FullAccounts 2024-01-01 2024-12-31 00366190 frs-bus:MediumEntities 2024-01-01 2024-12-31 00366190 frs-bus:Audited 2024-01-01 2024-12-31 00366190 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00366190 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 00366190 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 00366190 frs-bus:OrdinaryShareClass1 2024-12-31 00366190 1 2024-01-01 2024-12-31 00366190 frs-bus:Director1 2024-01-01 2024-12-31 00366190 frs-bus:Director2 2024-01-01 2024-12-31 00366190 frs-bus:Director2 2024-12-31 00366190 frs-bus:Director3 2024-01-01 2024-12-31 00366190 frs-bus:Director3 2024-12-31 00366190 frs-bus:Director4 2024-01-01 2024-12-31 00366190 frs-bus:Director4 2024-12-31 00366190 1 2024-01-01 2024-12-31 00366190 frs-core:CurrentFinancialInstruments 1 2024-12-31 00366190 frs-countries:EnglandWales 2024-01-01 2024-12-31 00366190 2022-12-31 00366190 2023-12-31 00366190 2023-01-01 2023-12-31 00366190 frs-core:CurrentFinancialInstruments 2023-12-31 00366190 frs-core:Non-currentFinancialInstruments 2023-12-31 00366190 frs-core:BetweenOneFiveYears 2023-12-31 00366190 frs-core:MoreThanFiveYears 2023-12-31 00366190 frs-core:WithinOneYear 2023-12-31 00366190 frs-core:CapitalRedemptionReserve 2022-12-31 00366190 frs-core:CapitalRedemptionReserve 2023-12-31 00366190 frs-core:ShareCapital 2022-12-31 00366190 frs-core:ShareCapital 2023-12-31 00366190 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00366190 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-12-31 00366190 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 00366190 frs-bus:HighestPaidDirector 2023-01-01 2023-12-31 00366190 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 00366190 1 2023-01-01 2023-12-31 00366190 frs-core:CurrentFinancialInstruments 1 2023-12-31
Registered number: 00366190
Rykneld Tean Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—23
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Principal Activity
The company's principal activity continues to be that of weaving of textiles.
Review of the Business
The Company continues to thrive with another record year, marked by a significant increase in turnover. This growth has enabled us to take another step forward in 2024 and reinforces our position at the forefront of narrow textile manufacturing in Europe.
Across the board, the performance of the Company has been outstanding. Turnover has increased from £12.7m to £14.4m, which is a gross increase of £1.7m (13.4%). With the increase in turnover, production costs have been well managed throughout the year, resulting in a £344k increase in gross profit. Despite this, the gross profit margin percentage has decreased from 32.8% in 2023 to 31.2% in 2024. This careful cost management is reflected throughout the Profit and Loss Account, with net profit before tax remaining comparable to 2023.
The balance sheet provides a snapshot of the Company’s position at the end of the financial year. Current assets have increased to £8.3m (2023: £7.5m), while current liabilities have decreased to £1.78m (2023: £2.08m). The cash position at year-end has remained strong at £850k, which is £150k lower than last year.
Net current assets continue to be strong, providing a stable base for the Company to move forward.
Principal Risks and Uncertainties
The key risks impacting the business are the general macro-economic climate in which we operate. These risks, namely the changes as a result of Brexit and the war in Ukraine, continue to impact material and energy prices along with our ability to transport goods in and out of the country.
On behalf of the board
Mr V P Fasterling
Director
14 May 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors
The directors who held office during the year were as follows:
Mr R J Wilkinson Resigned 28/11/2024
Mr A Oppermann Resigned 31/03/2024
Mr V P Fasterling
Mr F Oppermann Appointed 31/03/2024
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the 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;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.
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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr V P Fasterling
Director
14 May 2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Rykneld Tean Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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 entity's ability to continue as a going concern for a period of at least 12 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the directors' report has been prepared in accordance with applicable legal requirements.
Page 3
Page 4
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 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;
  • the financial statements are not in agreement with the accounting records or returns;
  • certain disclosures of directors' remuneration specified by law are not made;
  • we have not received all the information and explanations we require for our audit, or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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.
Page 4
Page 5
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
The Company is subject to many laws and regulations within the country it operates, where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a material effect if non-compliance were to occur; financial reporting legislation, Companies Act legislation, tax legislation, anti-bribery legislation and employment law; 
We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; 
We understood how the Company is complying with those legal and regulatory frameworks by making enquiries of management. We corroborated our enquiries through our review of board minutes; 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with employees from different parts of the business to understand where it is considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage earnings. We considered the programs and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programs and controls. Where the risk was considered to be higher, we performed audit procedures to addressed identified fraud risk; 
Our audit procedures involved: journal entry testing, with a focus on manual credits to revenue and journals indicating large or unusual transactions based on our understanding of the business and enquiries of management. In addition, we completed audit procedures to conclude on the compliance of disclosures in the annual report and accounts with applicable financial reporting requirements; 
Assessment and appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:
  • Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation 
  • Knowledge of the industry in which the client operates
  • Understanding the legal and regulatory requirements specific to the entity including:
  • The provisions of the applicable legislation
  • The regulators rules and related guidance, including guidance issued by relevant authorities that interprets those rules
  • The applicable statutory provisions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.
Mr Daniel Johnson FCCA (Senior Statutory Auditor)
for and on behalf of Nuvo Audit Limited , Statutory Auditor
14 May 2025
...CONTINUED
Page 5
Page 6
Nuvo Audit Limited
First Floor, Sterling House
Outrams Wharf
Little Eaton
Derby
DE21 5EL
Page 6
Page 7
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 14,429,262 12,664,046
Cost of sales (9,923,835 ) (8,502,993 )
GROSS PROFIT 4,505,427 4,161,053
Distribution costs (457,079 ) (432,363 )
Administrative expenses (2,399,795 ) (2,108,924 )
Other operating income 15,150 -
OPERATING PROFIT 5 1,663,703 1,619,766
Other interest receivable and similar income 10 13,071 19,612
Interest payable and similar charges 11 (75,704 ) (14,856 )
PROFIT BEFORE TAXATION 1,601,070 1,624,522
Tax on Profit 12 (383,700 ) (404,142 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,217,370 1,220,380
The notes on pages 12 to 23 form part of these financial statements.
Page 7
Page 8
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 1,217,370 1,220,380
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,217,370 1,220,380
Page 8
Page 9
Balance Sheet
Registered number: 00366190
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 13 179,283 181,748
Tangible Assets 14 825,261 947,908
1,004,544 1,129,656
CURRENT ASSETS
Stocks 15 1,894,479 2,296,827
Debtors 16 5,563,222 4,210,455
Cash at bank and in hand 847,868 1,003,637
8,305,569 7,510,919
Creditors: Amounts Falling Due Within One Year 17 (1,783,214 ) (2,080,349 )
NET CURRENT ASSETS (LIABILITIES) 6,522,355 5,430,570
TOTAL ASSETS LESS CURRENT LIABILITIES 7,526,899 6,560,226
Creditors: Amounts Falling Due After More Than One Year 18 (267,634 ) (520,455 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (86,429 ) (84,305 )
NET ASSETS 7,172,836 5,955,466
CAPITAL AND RESERVES
Called up share capital 20 1,650,000 1,650,000
Capital redemption reserve 437,445 437,445
Profit and Loss Account 5,085,391 3,868,021
SHAREHOLDERS' FUNDS 7,172,836 5,955,466
On behalf of the board
Mr V P Fasterling
Director
14 May 2025
The notes on pages 12 to 23 form part of these financial statements.
Page 9
Page 10
Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 January 2023 1,650,000 437,445 2,647,641 4,735,086
Profit for the year and total comprehensive income - - 1,220,380 1,220,380
As at 31 December 2023 and 1 January 2024 1,650,000 437,445 3,868,021 5,955,466
Profit for the year and total comprehensive income - - 1,217,370 1,217,370
As at 31 December 2024 1,650,000 437,445 5,085,391 7,172,836
Page 10
Page 11
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 560,469 41,567
Interest paid (75,704 ) (14,856 )
Tax paid (374,852 ) (288,316 )
Net cash generated from/(used in) operating activities 109,913 (261,605 )
Cash flows from investing activities
Purchase of intangible assets - (164,698 )
Purchase of tangible assets (57,637 ) (116,674 )
Proceeds from disposal of tangible assets - 5,000
Interest received 13,071 19,612
Net cash used in investing activities (44,566 ) (256,760 )
Cash flows from financing activities
Proceeds from new other loans - 910,905
Repayment of other loans (221,116) (194,515)
Repayment of finance leases - (1,095 )
Net cash (used in)/generated from financing activities (221,116 ) 715,295
(Decrease)/increase in cash and cash equivalents (155,769 ) 196,930
Cash and cash equivalents at beginning of year 2 1,003,637 806,707
Cash and cash equivalents at end of year 2 847,868 1,003,637
Page 11
Page 12
Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,217,370 1,220,380
Adjustments for:
Tax on profit 383,700 404,142
Interest expense 75,704 14,856
Interest income (13,071 ) (19,612 )
Amortisation of intangible assets 2,465 2,465
Depreciation of tangible assets 180,284 166,661
Movements in working capital:
Decrease/(increase) in stocks 402,348 (220,475 )
Increase in trade and other debtors (1,352,767 ) (936,865 )
Decrease in trade and other creditors (335,564 ) (589,985 )
Net cash generated from operations 560,469 41,567
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 847,868 1,003,637
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 1,003,637 (155,769) 847,868
Page 12
Page 13
Notes to the Financial Statements
1. General Information
Rykneld Tean Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00366190 . The registered office is Hansard Gate, The Meadows Industrial Est., Derby, Derbyshire, DE21 6RR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. 
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
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 customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company'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.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class
Amortisation method and rate
Computer software
10 Years
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold lease term
Plant & Machinery 10 years
Motor Vehicles 5 years
Fixtures & Fittings 5 years
Computer Equipment 5 years
Page 13
Page 14
2.6. Leasing and Hire Purchase Contracts
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 14
Page 15
2.11. Pensions
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise. 
2.12. 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 company will not be able to collect all amounts due according to the original terms of the receivables.
2.13. 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 company 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.
2.14. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2.16. 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.
Page 15
Page 16
3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Sale of goods 14,429,262 12,664,046
4. Other Operating Income
2024 2023
£ £
Other operating income 15,150 -
15,150 -
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 4,563 5,601
Depreciation of tangible fixed assets 180,284 166,661
Amortisation of intangible fixed assets 2,465 2,465
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 8,500 7,500
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 3,692,632 3,414,348
Social security costs 422,300 382,688
Other pension costs 168,966 (6,183 )
4,283,898 3,790,853
8. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 89 89
89 89
Page 16
Page 17
9. Directors' remuneration
2024 2023
£ £
Emoluments 193,152 186,000
Company contributions to money purchase pension schemes 36,667 40,000
229,819 226,000
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 1 1
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 186,500 186,000
Company contributions to money purchase pension schemes 36,666 40,000
223,166 226,000
10. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 13,071 19,612
11. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts - 3,384
Foreign exchange charges 40,699 (22,483 )
Other finance charges 35,005 33,955
75,704 14,856
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% 381,576 389,512
Deferred Tax
Deferred taxation 2,124 14,630
Total tax charge for the period 383,700 404,142
...CONTINUED
Page 17
Page 18
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows (UK standard rate for 2024 was 25%):
2024 2023
£ £
Profit before tax 1,601,070 1,624,522
Tax on profit at 25% (UK standard rate) 373,414 382,096
Goodwill/depreciation not allowed for tax 45,687 39,780
Expenses not deductible for tax purposes 2,377 772
Capital allowances (39,902 ) (33,112 )
Short term timing differences 2,124 14,630
Difference in tax rates - (24 )
Total tax charge for the period 383,700 404,142
13. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2024 303,443 24,650 328,093
As at 31 December 2024 303,443 24,650 328,093
Amortisation
As at 1 January 2024 138,745 7,600 146,345
Provided during the period - 2,465 2,465
As at 31 December 2024 138,745 10,065 148,810
Net Book Value
As at 31 December 2024 164,698 14,585 179,283
As at 1 January 2024 164,698 17,050 181,748
14. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 409,336 2,406,658 100,088 49,438
Additions - 30,232 - 19,221
As at 31 December 2024 409,336 2,436,890 100,088 68,659
Depreciation
As at 1 January 2024 384,783 1,634,254 1,668 30,825
Provided during the period 1,503 139,700 20,018 9,884
As at 31 December 2024 386,286 1,773,954 21,686 40,709
Net Book Value
As at 31 December 2024 23,050 662,936 78,402 27,950
As at 1 January 2024 24,553 772,404 98,420 18,613
Page 18
Page 19
Computer Equipment Total
£ £
Cost
As at 1 January 2024 94,443 3,059,963
Additions 8,184 57,637
As at 31 December 2024 102,627 3,117,600
Depreciation
As at 1 January 2024 60,525 2,112,055
Provided during the period 9,179 180,284
As at 31 December 2024 69,704 2,292,339
Net Book Value
As at 31 December 2024 32,923 825,261
As at 1 January 2024 33,918 947,908
15. Stocks
2024 2023
£ £
Raw materials and consumables 1,014,867 1,222,730
Finished goods and goods for resale 414,912 564,295
Work in progress 464,700 509,802
1,894,479 2,296,827
16. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,534,274 2,079,211
Other debtors 1,571,399 759,889
Prepayments and deferred income (Debtors < 1 year) 234,479 223,503
Amounts owed by group undertakings 1,223,070 1,147,852
5,563,222 4,210,455
Trade debtors of £1,644,063 (2023: £1,576,981) are subject to an invoice financing agreement with HSBC UK Plc.
17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 502,855 794,175
Amounts owed to group undertakings 251,040 270,840
Other creditors 82,251 31,439
Corporation tax 244,920 238,196
Taxation and social security 321,126 413,776
Accruals and deferred income 381,022 331,923
1,783,214 2,080,349
Page 19
Page 20
18. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Amounts owed to group undertakings 267,634 467,150
Other creditors - 53,305
267,634 520,455
19. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 86,429 84,305
20. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,650,000 Ordinary Shares of £ 1.000 each 1,650,000 1,650,000
21. Other Commitments
Non-cancellable operating lease commitments:
2024 2023
£ £
Not later than one year 488,879 493,172
Later than one year and not later than five years 1,842,503 1,846,564
Later than five years 4,130,977 4,600,631
6,462,359 6,940,367
22. Pension Commitments
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £169,022 (2023 - £163,127).
At the balance sheet date contributions of £3,529 (2023: £4,599) were due to the fund and are included in creditors.
Defined benefit pension scheme
Marling Industries plc (Works) Pension and Life Assurance Scheme
The Scheme is a final salary pension scheme which is funded by assets held within the Scheme. The actuarial valuation provided in these accounts is as at the balance sheet date.
The total cost relating to defined benefit schemes for the year recognized in profit or loss as an expense was £16,000 (2023 - £12,000).
The total cost relating to defined benefit schemes for the year included in the cost of an asset was £Nil (2023 - £Nil).
...CONTINUED
Page 20
Page 21
22. Pension Commitments - continued
Reconciliation of scheme assets and liabilities to assets and liabilities recognized
The amounts recognized I the balance sheet are as follows:
2024
2023
£
£
Fair value of scheme assets
671,000
591,000
Present value of defined benefit obligation
(352,000)
image
(398,000)
image
Defined benefit pension scheme surplus/(deficit)
319,000
image
193,000
image
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
2024
2023
£
£
Present value at start of year
398,000
391,000
Interest cost
17,000
18,000
Actuarial gains and losses
(33,000)
18,000
Benefits paid
(30,000)image
(29,000)
image
Present value at the end of year
352,000image
398,000
image
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
2024
2023
£
£
Fair value at start of year
591,000
510,000
Return on plan assets, excluding amounts included in interest income/(expense)
28,000
26,000
Actuarial gains and losses
(29,000)
(25,000)
Employer contributions
127,000
121,000
Benefits paid
(30,000)
(29,000)
Expenses paid from scheme
(16,000)image
(12,000)
image
Fair value at end of year
671,000image
591,000
image
Analysis of assets
The major categories of scheme assets are as follows:
2024
2023
£
£
Cash and cash equivalents
671,000
image
591,000
image
Return on scheme assets
...CONTINUED
Page 21
Page 22
22. Pension Commitments - continued
2024
2023
£
£
Return on scheme assets
28,000
26,000
The pension scheme has not invested in any of the company’s own financial instruments or in properties or other assets used by the company.
Principal actuarial assumptions
The principal actuarial assumptions at the balance sheet date are as follows:
2024
2023
%
%
Mortality rate
1.25
1.25
Discount rate
5.35
4.45
Future pension increases
3.05
3.15
Inflation
3.10
3.30
Post retirement mortality assumptions
2024
2023
Years
Years
Current UK pensioners at retirement age - Male
21.3
21.40
Current UK pensioners at retirement age - Female
23.8
23.90
23. Related Party Disclosures
E Oppermann Mech. Gurt-Und Bandweberei GmbH
A company related by virtue of the shareholding of F Oppermann.
During the year the company made purchases from the related party amounting to £279,000 (2023 - £259,200). 
During 2023 the company borrowed from the related party an amount of £910,905. During 2024 repayments of £249,240 were made during the year and interest of £28,124 was paid on the loan.
The amount outstanding to the related party at the balance sheet date is £518,674 (2023 - £737,990).
Oppermann Ind Webbing Sro
A company related by virtue of the shareholding of F Oppermann.
During the year the company made sales to the related party amounting to £326,291 (2023 - £303,194).
During the year the company made purchase from the related party amounting to £19,115 (2023 - £8,222).
The amount outstanding from the related party at the balance sheet date is £78,910 (2023 - £9,939).
Oppermann Automotive Web GmbH
A company related by virtue of the shareholding of F Oppermann.
During the year the company made sales to the related party amounting to £70,144 (2023 - £101,160 ).
The amount outstanding from the related party at the balance sheet date is £16,968 (2023 - £Nil).
Oppermann Webbing Inc
A company related by virtue of the shareholding of F Oppermann.
During the year the company made sales to the related part amounting to £850,192 (2023 - £781,364).
The amount outstanding from the related party at the balance sheet date is £19,722 (2023 - £30,443).
...CONTINUED
Page 22
Page 23
23. Related Party Disclosures - continued
Oppermann UK Limited
At 31 December 2024 the company was owed £1,107,470 (2023 - £1,107,470) by Oppermann UK Limited, the immediate parent undertaking. The amount is interest free and has no fixed repayment date.
24. Controlling Parties
The company's immediate parent is Oppermann UK Limited, incorporated in England.
The ultimate parent is E. Oppermann Mech. Gurt-Und Bandweberei GmbH, incorporated in Germany.
The most senior parent entity producing publicly available financial statements is E. Oppermann Mech. Gurt-Und Bandweberei GmbH. These financial statements are available upon request from Hullerser Landstrasse 12, D-37574 Einbeck.
The ultimate controlling party is F Oppermann.
Page 23