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Company registration number: 07723683
B & A Quilting (UK) Limited
Financial statements
31 August 2024
B & A Quilting (UK) Limited
Contents
Directors and other information
Strategic report
Director's report
Independent auditor's report to the member
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
B & A Quilting (UK) Limited
Directors and other information
Director Mr N Bashir
Company number 07723683
Registered office Unit 1
Greenside Way
Middleton
Manchester
M24 1SN
Auditor BK Plus Audit Limited
Sterling House
501 Middleton Road
Chadderton
Oldham
OL9 9LY
Accountants Davenport Hodgkiss
4 Salmon Fields Business Village
Royton
Oldham
OL2 6HT
Bankers Lloyds TSB Plc
16 Market Place
Oldham
OL1 1JG
B & A Quilting (UK) Limited
Strategic report
Year ended 31 August 2024
Review of the Business
The volatility since 2020 and 2021 slightly improved into 2024 with inflation gradually beginning to decline. This meant energy prices remained fairly stable, however raw material costs remained relatively high. Even with these issues, the Director is able to report that the gross profit margin has increased from 16.8% to 19.0%, with a decreased turnover of £1,677,505, down by 8.3% from 2023. The company continues to be in a sound financial position with shareholder's funds of £6.7m and net current assets of £5.9m.
Future Developments
The year 2024 was impacted by the residual effects of high inflation, however going forward the main factor will be how effective the Government and Central Banks are in continuing to lower inflation. Energy costs are still key to the control of inflation generally and the resultant pressure on the cost of raw materials and wage rates. The company will continue to modernise equipment and use innovative production methods to keep the range of products up to date and attractive to a range of customers. The company also intends to grow its customer base.
Principal Risks and Uncertainties
As always, the Director will keep key risk areas under review. New sources of raw materials and innovative production methods will be regularly analysed and pursued. IT systems continue to evolve, and the company will keep pace with changes and seek to avoid dependency on materials from volatile areas. Risks will be monitored and controlled. The Director is satisfied that the company has resources to deal with unexpected business risk.
This report was approved by the board of directors on 27 August 2025 and signed on behalf of the board by:
Mr N Bashir
Director
B & A Quilting (UK) Limited
Director's report
Year ended 31 August 2024
The director presents his report and the financial statements of the company for the year ended 31 August 2024.
Director
The director who served the company during the year was as follows:
Mr N Bashir
Disclosure of information in the strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the company has chosen to include the business review, details of the principal risks and uncertainties facing the company and details of future developments within the strategic report.
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is 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 director is 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 him 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 27 August 2025 and signed on behalf of the board by:
Mr N Bashir
Director
B & A Quilting (UK) Limited
Independent auditor's report to the member of
B & A Quilting (UK) Limited
Year ended 31 August 2024
We have audited the financial statements of B & A Quilting (UK) Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, 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 31 August 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director 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 director is 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. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's 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 director's report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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:
From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Reviewing minutes of meetings of those charged with governance, where available;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Auditing the risk of management override of controls, including testing journals entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 member, 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 member those matters we are required to state to him 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Dominic Huxley ACA (Senior Statutory Auditor)
For and on behalf of
BK Plus Audit Limited
Chartered Certified Accountants and Statutory Auditor
Sterling House
501 Middleton Road
Chadderton
Oldham
OL9 9LY
27 August 2025
B & A Quilting (UK) Limited
Statement of comprehensive income
Year ended 31 August 2024
2024 2023
Note £ £
Turnover 4 18,465,798 20,143,303
Cost of sales ( 14,960,067) ( 16,765,585)
_______ _______
Gross profit 3,505,731 3,377,718
Administrative expenses ( 2,401,827) ( 2,021,260)
_______ _______
Operating profit 5 1,103,904 1,356,458
Other interest receivable and similar income 8 10,629 6,575
Interest payable and similar expenses 9 ( 10) ( 81)
Profit before taxation 1,114,523 1,362,952
Tax on profit 10 ( 315,706) ( 320,860)
_______ _______
Profit for the financial year and total comprehensive income 798,817 1,042,092
_______ _______
All the activities of the company are from continuing operations.
B & A Quilting (UK) Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 12 1,040,109 1,164,233
_______ _______
1,040,109 1,164,233
Current assets
Stocks 13 2,747,561 2,142,275
Debtors 14 3,394,343 5,132,894
Cash at bank and in hand 1,461,625 134,416
_______ _______
7,603,529 7,409,585
Creditors: amounts falling due
within one year 15 ( 1,635,212) ( 2,344,967)
_______ _______
Net current assets 5,968,317 5,064,618
_______ _______
Total assets less current liabilities 7,008,426 6,228,851
Provisions for liabilities 16 ( 230,984) ( 225,227)
_______ _______
Net assets 6,777,442 6,003,624
_______ _______
Capital and reserves
Called up share capital 19 100 100
Profit and loss account 20 6,777,342 6,003,524
_______ _______
Shareholder funds 6,777,442 6,003,624
_______ _______
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:
Mr N Bashir
Director
Company registration number: 07723683
B & A Quilting (UK) Limited
Statement of changes in equity
Year ended 31 August 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2022 100 4,961,432 4,961,532
Profit for the year 1,042,092 1,042,092
_______ _______ _______
Total comprehensive income for the year - 1,042,092 1,042,092
_______ _______ _______
At 31 August 2023 and 1 September 2023 100 6,003,525 6,003,625
Profit for the year 798,817 798,817
_______ _______ _______
Total comprehensive income for the year - 798,817 798,817
Dividends paid and payable ( 25,000) ( 25,000)
_______ _______ _______
Total investments by and distributions to owners - ( 25,000) ( 25,000)
_______ _______ _______
At 31 August 2024 100 6,777,342 6,777,442
_______ _______ _______
B & A Quilting (UK) Limited
Statement of cash flows
Year ended 31 August 2024
2024 2023
£ £
Cash flows from operating activities
Profit for the financial year 798,817 1,042,092
Adjustments for:
Depreciation of tangible assets 308,037 349,412
Other interest receivable and similar income ( 10,629) ( 6,575)
Interest payable and similar expenses 10 81
Tax on profit 315,706 320,860
Accrued expenses/(income) 34,466 ( 123,769)
Changes in:
Stocks ( 605,286) ( 1,196,584)
Trade and other debtors 1,801,434 ( 1,024,347)
Trade and other creditors ( 791,456) 534,811
_______ _______
Cash generated from operations 1,851,099 ( 104,019)
Interest paid ( 10) ( 81)
Interest received 10,629 6,575
Tax paid ( 325,577) ( 267,737)
_______ _______
Net cash from/(used in) operating activities 1,536,141 ( 365,262)
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 183,913) ( 185,704)
_______ _______
Net cash used in investing activities ( 183,913) ( 185,704)
_______ _______
Cash flows from financing activities
Proceeds from borrowings ( 20) 20
Equity dividends paid ( 25,000) -
_______ _______
Net cash (used in)/from financing activities ( 25,020) 20
_______ _______
Net increase/(decrease) in cash and cash equivalents 1,327,209 ( 550,946)
Cash and cash equivalents at beginning of year 134,416 685,362
_______ _______
Cash and cash equivalents at end of year 1,461,625 134,416
_______ _______
B & A Quilting (UK) Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Greenside Way, Middleton, Manchester, M24 1SN.
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Judgements and key sources of estimation uncertainty
No significant judgements in applying accounting policies have had to be made by management in preparing these financial statements. Management have had to make estimates relating to stock and debtor provisioning based on information available to them.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Depreciation of tangible assets 308,037 349,412
Impairment of trade debtors 17,689 628
Operating lease rentals 8,238 8,053
Fees payable for the audit of the financial statements 9,500 9,000
Fees payable for the audit of the financial statements - prior year fees 11,500 -
_______ | _______ |
6. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024 2023
Production staff 76 80
Distribution staff 6 4
Administrative staff 15 14
_______ _______
97 98
_______ _______
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 2,394,357 1,931,194
Social security costs 190,224 148,471
Other pension costs 21,849 18,103
_______ _______
2,606,430 2,097,768
_______ _______
7. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 10,073 8,213
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2024 2023
Number Number
Defined contribution plans 1 1
_______ _______
8. Other interest receivable and similar income
2024 2023
£ £
Bank deposits 10,405 -
Other interest receivable and similar income 224 6,575
_______ _______
10,629 6,575
_______ _______
9. Interest payable and similar expenses
2024 2023
£ £
Other interest payable and similar expenses 10 81
_______ _______
10. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 309,949 325,577
_______ _______
Deferred tax:
Origination and reversal of timing differences 5,757 ( 4,717)
_______ _______
Tax on profit 315,706 320,860
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 25.00%).
2024 2023
£ £
Profit before taxation 1,114,523 1,362,952
_______ _______
Profit multiplied by rate of tax 278,631 340,738
Effect of expenses not deductible for tax purposes 350 3,319
Effect of capital allowances and depreciation 36,725 24,300
Effect of different UK tax rates on some earnings - (47,497)
_______ _______
Tax on profit 315,706 320,860
_______ _______
11. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 25,000 -
_______ _______
12. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2023 116,000 1,920,775 259,688 10,495 2,306,958
Additions - 178,998 4,915 - 183,913
_______ _______ _______ _______ _______
At 31 August 2024 116,000 2,099,773 264,603 10,495 2,490,871
_______ _______ _______ _______ _______
Depreciation
At 1 September 2023 - 987,903 147,647 7,175 1,142,725
Charge for the year - 277,968 29,239 830 308,037
_______ _______ _______ _______ _______
At 31 August 2024 - 1,265,871 176,886 8,005 1,450,762
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2024 116,000 833,902 87,717 2,490 1,040,109
_______ _______ _______ _______ _______
At 31 August 2023 116,000 932,872 112,041 3,320 1,164,233
_______ _______ _______ _______ _______
13. Stocks
2024 2023
£ £
Raw materials and consumables 1,904,538 1,904,538
Finished goods and goods for resale 843,023 237,737
_______ _______
2,747,561 2,142,275
_______ _______
14. Debtors
2024 2023
£ £
Trade debtors 2,953,915 4,764,917
Prepayments and accrued income 372,178 367,977
Other debtors 68,250 -
_______ _______
3,394,343 5,132,894
_______ _______
15. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,116,042 1,796,821
Accruals and deferred income 105,199 7,850
Corporation tax 309,949 325,577
Social security and other taxes 65,556 213,917
Director loan accounts - 20
Other creditors 38,466 782
_______ _______
1,635,212 2,344,967
_______ _______
16. Provisions
Deferred tax (note 17) Total
£ £
At 1 September 2023 225,227 225,227
Additions 5,757 5,757
_______ _______
At 31 August 2024 230,984 230,984
_______ _______
17. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 16) 230,984 225,227
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 5,757 ( 4,717)
_______ _______
18. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 21,849 (2023: £ 18,103 ).
19. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
20. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Analysis of changes in net debt
At 1 September 2023 Cash flows At 31 August 2024
£ £ £
Cash and cash equivalents 134,416 1,327,209 1,461,625
Debt due within one year (20) 20 -
_______ _______ _______
134,396 1,327,229 1,461,625
_______ _______ _______
22. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 456,375 298,000
Later than 1 year and not later than 5 years 2,184,000 124,167
Later than 5 years 687,500 -
_______ _______
3,327,875 422,167
_______ _______
23. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr N Bashir ( 20) 56,270 56,250
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr N Bashir - ( 20) ( 20)
_______ _______ _______
The Directors Loan Account was repaid in full within 9 months of the year-end.
24. Controlling party
The ultimate controlling party is Mr Naveed Bashir by virtue of his entire shareholding in the company.