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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their Strategic Report for the year ended 31 March 2025.
The directors, in preparing this Strategic Report, have complied with s414C of the Companies Act 2006.
The Group's principal activity is that of international traders in non-ferrous metals and the processing of catalytic converters for recycling.
The Group measures its performance over the year using profit margins and revenue. The Group's turnover increased by 13% to £106,983,422 (2024 - £95,039,190) mainly driven by market pricing. Gross profit increased by £3,351,836 to £4,638,926 (2024 - £1,287,090), with the gross profit margin percentage increasing to 4.3% (2024 - 1.4%). The competition in the UK for scrap metal remains very fierce in a market place where supply from the UK construction sector is challenging due to general economic and market conditions. However, the Group has long-established relationships with its suppliers and a diverse worldwide customer base which helps to mitigate the impact. The Group continues to monitor and review costs on a regular basis. The Group continues to comply with Health and Safety directives and continues to invest in the processing and testing of catalytic converters. The Group sees the processing of catalytic converters as strategic to the growth of the Group and will continue to invest in the infrastructure to improve both the trading margin and to increase processing capability. The main general risks and concerns that affect the Group are the fragile nature of the UK construction sector and the risks that are associated with overseas trade. However, the directors believe that they have the necessary controls in place to reduce these risks to an acceptable level, these measures include: a strict customer credit approval process and hedging of foreign exchange exposure. The directors are confident of achieving a continued strong performance and taking advantage of trading opportunities associated within the world economy.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial risk management objectives and policies
The Group’s activities expose it to a number of financial risks including price risk, foreign exchange risk, credit risk, interest risk and liquidity risk. The use of financial derivatives is governed by the Group’s policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The Group does not use derivative financial instruments for speculative purposes. Foreign exchange and price risk The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and prices of Platinum Group Metals. The Group uses forward contracts to hedge its exposure to foreign exchange and prices of Platinum Group Metals. Credit risk The Group’s principal financial assets are bank balances and cash, trade and other receivables. The Group’s credit risk is primarily attributable to its trade receivables. This risk is mitigated by the use of credit insurance and credit limits, periodic credit reviews on existing customers and credit checks on new customers. The amounts presented in the Balance Sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are finance companies of banks with high credit ratings. The Group has a concentration of credit risk, with the top 10 major customers accounting for 83% of the total exposure. Interest rate risk Interest rate risk exposures on the Group’s borrowings are managed by the use of both fixed and floating interest rates, exposing the Group to limited future cash flow risk. Liquidity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group uses a combination of short-term and long-term debt finance.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The board is committed to and actively encourages effective relationships and communication with the Group’s stakeholders to obtain a greater understanding of each other’s needs and interests which maximises value for the Group and contributes to its long-term success. The Group has identified five key stakeholder groups and examples of how the board considers their interests are set out below:
Colleagues: We recognise our employees as a key contributor to the value generated by our business. Our colleagues are experienced and are offered the opportunity for further career development by training that encompasses access to higher education, management development programmes, on the job training and health and safety initiatives. We engage with our employees through communication forms, newsletters, presentations, employee surveys and development reviews. Customers and suppliers: We work alongside our customers to deliver high quality customer service and innovative solutions to support the many major projects on which we are engaged. We recognise that customer loyalty is key to our long-term success. We strive to maximise value from our suppliers and work with them to support the delivery of our customers’ needs. Communities: We are at the heart of the communities in which we operate and recognise our responsibility to be good, supportive and engaged neighbours. Where appropriate, we have active liaison programmes with the communities in which we operate and we take into account their interests and concerns in our operational activities. The Group supports local causes through donations and the provision of products and labour. Regulators and local government: Developing and sustaining good relationships with the many regulators responsible for our industry is central to the effective operation of all our business. We are committed to meeting all of our legal, regulatory and environmental obligations and during the year had regular review meetings with the Health and Safety Executive (HSE), the Environment Agency and planning authorities to ensure that the highest standards are maintained. Shareholders: The shareholders play a critical role in the continued success of our business. We maintain purposeful and close relationships with them through site visits and financial and operating updates. The board engages with the shareholders to ensure the Group’s long term strategy is aligned with their expectations.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £77,073 (2024 - loss £2,592,554).
No dividends were paid during the financial year. The directors do not recommend the payment of a final dividend (2024 - £Nil).
The directors who served during the year were:
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a minimum of 12 months after the date of signing of these financial statements. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group has and will continue to invest in new machinery and equipment to further enhance its processes
and efficiencies in the recovery of recyclable materials. The Group will also invest further in the development of its technology platform to expand its purchasing capabilities.
Details on how the company has fostered relationships with suppliers, customers and others can be found within
the Section 172 statement in the Strategic Report. year and is currently in force.
In the financial year to 31 March 2025 the Group used 2,805 MWh of energy (2024 - 2,668 MWh), with 2,410 MWh from fuel (2024 - 2,218 MWh), and 395 MWh from electricity (2024 - 449 MWh). Using the UK government GHG Conversion Factors for the appropriate years, the Group was responsible in the financial year to 31 March 2025 for the emission of 711 Tonnes of CO2e (2024 - 650 Tonnes of CO2e).
The Group has chosen the intensity measurement ratio as the total CO2e emission in metric tonnes CO2e per average employee which equates to an intensity ratio for the year of 15.5 tonnes CO2e emission per average employee (2024 - 13.5 tonnes CO2e).
The Group has defined a Climate Strategy up to 2030 which is focused on the Paris climate targets and Science based target initiative. The 3 pillars of the Strategy are:
1. Energy Efficiency (in production, infrastructure and vehicle fleet); 2. Energy Supply (Producing its own Energy and long-term investment in renewable energy); and 3. Alternative Technologies (Testing alternative technology for motor vehicle fleet cranes and fork lift trucks).
As a subsidiary of FJC Topco Limited, F.J. Church & Sons Limited has contributed to this strategy by measures taken to reduce energy consumption.
The Group has determined it is not practical to provide a split of Scope 1 and Scope 2 emissions.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The financial risk management, engagement with others and future developments of the Company are
discussed in the Strategic Report.
There have been no significant events affecting the Group since the year end.
The auditors, Adler Shine were appointed auditors during the year, and they will be proposed for reappointment
in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FJC TOPCO LIMITED
We have audited the financial statements of FJC Topco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FJC TOPCO LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FJC TOPCO LIMITED (CONTINUED)
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 Auditors' 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 Group 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have: • considered the nature of the industry and sectors, control environment and business performance; • made enquires of management about their own identification and assessment of the risk of irregularities; • performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; • reviewed minutes of meetings; • undertaken appropriate sample based testing of bank transactions; • identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; • discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FJC TOPCO LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
N3 1LF
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 45 form part of these financial statements.
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
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COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 45 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
FJC Topco Limited is a company incorporated in the United Kingdom under the Companies Act 2006. The Company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Centenary Works, Manor Way, Rainham, Essex, RM13 8RH.
The nature of the Group's operations and its principal activities are set out in the Strategic Report on page 1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
goods on Incoterms, including but not limited to Delivered at Place (DAP), Cost and Freight (CFR), Cost, Insurance and Freight (CIF). Revenue is recognised when the performance obligations have
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
That may be when the product is delivered to the destination specified by the customer, which may be the vessel on which it is shipped, the destination port, or the customer's premises, depending upon the terms of sale agreed. In respect of certain goods sold (processed catalytic converters), once the customer has control of the goods following delivery, the Company remains significantly exposed to the price risk of those goods due to movement in market prices of the underlying precious metal content. That exposure ceases once the final selling price is agreed by both parties at the final pricing which normally ranges from 90-120 days after the customer has received the goods. For those goods, revenue is recognised at the final pricing date. In respect of those goods delivered to customers at year end where the revenue has not yet ben recognised at year end, the goods are included within inventory. Revenue generated from fair value gains and losses on financial instruments commodity derivatives is recognised when the gain/loss crystalises which is usually upon settlement of the financial instrument.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Valuation of derivative financial instruments: The fair value of derivative financial instruments is determined using valuation techniques which involve significant judgement. For commodity related derivatives, the key assumptions include the probability of underlying commodity price fluctuations, the expected volatility of the availability and demand of the commodity, and the market's perception of such volatility. The value of forward contracts have been determined using a recognised valuation model that takes into account current market inputs and uses observable data, to the extent possible. Where market conditions are less observable, reliance has been placed on the best available information, which includes quotes from financial institutions and historical data. The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates for GBP:USD and GBP:EUR. Where market conditions are less observable, reliance has been placed on the best available information, which includes quotes from financial institutions and historical data. Carrying amount of stocks: The carrying value of stock is recorded at the lower of cost and net realisable value. The provisioning policy is based on reviewing the year end stock to assess factors such as the ageing and quality of stock with historic and anticipated sales and price reductions and potential future changes in the market price of the underlying stocks and commodities. Recoverability of debtors: The Company regularly reviews the recoverability of debtors including trade debtors and amounts owed by the parent company. This involves assessing any objective evidence of impairment of financial assets measured at cost of amortised cost. The process includes reviewing observable data that comes to our attention and considering other factors that may indicate impairment. If there is an indication that full recovery may be at risk, an appropriate provision is made by taking into account the age of the debt and period outstanding.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share premium account
Profit and loss account
The Group contributes to defined contribution pension schemes. The assets of such schemes are held
seperately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £39,906 (2024 - £36,874). Contributions totalling £8,958 (2024 - £8,870) were payable to the fund at the balance sheet date and are included in creditors.
29.Other financial commitments and contigencies
The Group has provided the following guarantees of £264,095:
- Guarantee dated 21 May 2018 in favour of HMRC for £100,000; - Guarantee dated 18 March 2021 in favour of HMRC for £135,000; - Guarantee dated 18 October 2024 in favour of Environment Agency for £29,095.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Mr I S Magson is a director of the Group who along with the former owners and senior management of the Group, control 100% of the issued share capital. No individual has a controlling interest and accordingly, there is no ultimate controlling party.
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