The directors present the strategic report for the year ended 31 December 2024.
There was a further reduction in turnover vs 2023 as the UK economy continued to perform poorly with high interest rates and inflation impacting significantly on our target end-users’ available funds and confidence. The industry saw further declines in activity with some significant players going out of business, the most well known of which being Safestyle plc. The 2024 accounts therefore show some disappointing results as highlighted below:
2024 Turnover: (11)% to £31,024k vs £34,729 in 2023
2024 EBITDA: (24)% to £3,054k vs £4,025k in 2023
9.8% vs 11.6% in 2023
All trading continued to be carried out under the trading name Made For Trade.
Made For Trade’s mission is to deliver the best products, with the best service at the best prices and in a challenging year we fulfilled this with a number of key activities:
Best Products – Flat Glass & Korniche Slider
In late 2023 we introduced our Flat Glass (patent pending) product to the market featuring an innovative design that allows for glass units to be replaced and refitted. Revenue exceeded £1m in the first 12 months from launch.
In late 2024 we introduced our Slider featuring the Speedbead™. This product was developed in collaboration with Cortizo, a leading systems house, and offered an enhanced version of their popular Cortizo 4700 door.
Best Service – Delivery
In 2024 we managed to complete the transition to in-house delivery which now accounts for over 99% of all deliveries. This has helped reduce complaints due to damages by 51%.
Best Price
Our commitment to pricing that supports our customers meant that in 2024 we held our prices at or below 2022 levels. This was done in the face of high inflation, especially on labour due to the increase in National Living Wage of 9.8% which we chose not to pass on to our customers.
Further Information:
Despite the ongoing revenue challenges we were able to maintain our gross profit margin as we sought further factory efficiencies and supplies of materials at lower prices without compromising on quality. The business remains in excellent financial health, and we continue to make significant but sustainable investments for growth without the need for debt financing. Reinvestment of profits into capital assets remained high as we invested £1.1m in machinery and fleet.
Profit before tax was £2.7m, down 22% on 2023. After deducting dividends of £1.6m the net assets in the Group increased from £16.9m to £18.0m. The Group recorded a positive cashflow, before non-capital asset investments, intercompany transfers and dividends, of £2.1m.
In support of the mission the Made For Trade vision is to lead the glazing industry with product design, the highest manufacturing quality and a gold standard service loved by installers and homeowners alike.
With innovative product design being in our DNA our dedicated and expanded Engineering R&D department delivered our 4th Korniche product, the Slider, in late 2024. As is expected from the brand this included unique features that meet the different, but compatible, needs of our customer and the homeowner. We will continue to develop products in this vein and to protect our work through patent application which also enables us to take advantage of current government taxation schemes supporting innovative companies such as ourselves.
To continue to deliver the best products with the best service at the best prices we will continue to reinvest a large proportion of profits in capital equipment and the development of our systems and processes. Crucial though to our success will be attracting, retaining, developing and motivating great people in our business and we will continue to review and improve our training, engagement and wider benefits.
The management of the Group and the execution of the Group’s strategy are subject to a number of risks. The Group maintains and regularly reviews a risk register with actions taken to mitigate risks.
UK Macroeconomic conditions
Risk
The rate of inflation was significantly better in 2024 than 2023 but remained well above the BOE’s target. There is a lasting impact on households’ purchasing power, particularly as interest payments on mortgages remain elevated vs recent years. This has a direct impact on relatively expensive, discretionary purchases. This is likely to continue to negatively impact our sales volumes and our customers’ profitability and cashflow for some time.
Mitigation
The Group actively works to reduce costs of manufacture to maintain margins whilst remaining price competitive. We work to maintain strong relationships with a diverse customer base, meeting their needs, whilst regularly and proactively reviewing and addressing customer payment performance.
Our sustainable growth approach, including maintain strong reserves, means we can comfortably continue to work towards our long-term growth strategy in the face of any short-term dip in performance. We have established a pipeline of new product launches to broaden our offer.
Materials Pricing and Availability
Risk
The risk of supply is heightened in our business, relative to our industry, because we have developed unique products.
Mitigation
We continue to engage with both existing and new suppliers and have broadened the supply base. We are increasing supplier engagement to ensure all suppliers can demonstrate the required standards, supported by fair and rewarding contractual agreements.
Competitor Activity
Risk
In the last few years we have seen competitors enter the lantern market with new or revised products trying to emulate the Korniche product. In addition we have started to see some very low pricing in the Bifold market as players have sought to bolster their low sales volumes.
Mitigation
Whilst we protect ourselves as much as possible with patents for our products it is vital that we continue to meet our commitment to the best products with the best service at the best prices so that our customers are satisfied and that we communicate clearly through clear and targeted marketing activity using the Korniche brand.
Throughout 2024 we continued developing our new lantern product which is a new product, versus an update, that will offer significant benefits to our customers when launched in 2025.
Reliance on Key Personnel
Risk
As a business that has already grown relatively rapidly in recent years there is a risk that further business growth becomes constrained by insufficient skills and experience
Mitigation
The Group continues to follow a plan to recruit externally into key management positions bringing in skills and experience from outside of our industry. In line with ISO9001 accreditation we will continue to invest in processes supported by investment in internal software development and 3rd party systems, reducing reliance on acquired knowledge.
In line with Section 172 of The Companies Act 2006 the directors of the Group have acted in ways most likely to promote the success of the Group for the benefit of its members as a whole, as set out below:
The long term success of Made For Trade will be judged on the growth of the business through the deployment of new and innovative products. The directors recognise the criticality of investment in our people, systems and processes and make these investment decisions based on strategic alignment as opposed to short term profitability.
We operate an open and somewhat informal business culture that encourages direct communication between all levels of employees. We are committed to supporting our employees to progress within the organisation where they have the desire to do so and provide continuous training to do so. The standards required from our employees are set out in the employee handbook and we ensure that these are maintained so as to provide a safe and welcoming environment. As part of this we maintain a whistleblowing policy should the need arise.
Our relationships with key suppliers and customers have been key to the growth of the business and we work to maintain equitable relationships. We are sure to make all payments when due and are developing the transparency of our supplier selection processes.
As a business that only makes aluminium products we are delivering durable and highly recyclable products. We regularly review data on our energy usage, materials waste and fuel use and take proactive measures to reduce these. This includes identifying structural changes to the whole supply chain and collaboration with suppliers to reduce overall environmental impact.
The Group understands the importance of maintaining trust with all of our stakeholders, including employees, suppliers, customers and shareholders, and strives to treat each stakeholder fairly and to meet all commitments. By acting in this way we can be a leader our industry.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £1,552,851. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The Group maintains a comfortable level of free cash and a layered approach is taken to investments with a variety of maturities and varying degrees of volatility. Management of investments with longer maturity is outsourced with appropriate policies in regard to spread of investments. In addition, the business regularly forecasts cash requirements with a prudent approach taken.
The Group holds a small amount of debt related to Hire Purchase agreements on fixed interest rates. As at 31st December 2024 the Group also held a number of UK government bonds, all of which were scheduled to mature within 2 years.
The Group has significant foreign currency outflows. We adhere to a policy that ensures limited short term exposure through the use of basic instruments and do not speculate on future currency movements.
With a large customer base we have a real risk of default, especially if market conditions are difficult for our customers. We subscribe to a credit reference agency and regularly review our credit position and payment performance by customer with appropriate actions being taken to address potential issues.
We have audited the financial statements of Aanco Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 group's and 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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 the extent to which an audit conducted under ISAs (UK) is capable of detecting irregularity, including fraud. Our procedures include:
obtaining an understanding of the legal and regulatory frameworks applicable to the group and company, such as the Companies Act 2006;
obtaining an understanding of how the group and company complies with the applicable legal and regulatory frameworks;
assessing the susceptibility of the group's and company's financial statements to material misstatement, including how fraud might occur, with audit procedures including reviewing internal controls, testing supporting documentation, enquiring of group and company management and obtaining written confirmation.
Because of 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. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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 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 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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,213,724 (2023 - £11,417,354 profit).
Aanco Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Wellington House, Wynyard Avenue, Wynyard, Billingham, TS22 5TB.
The group consists of Aanco Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Aanco Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange published by the Bank of England for the last working day of the preceding calendar month. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Aggregate remuneration includes agency costs of £339,295 (2023 : £358,402). Agency workers are not included in the staff numbers noted above.
The standard rate of corporation tax has changed form the previous period which reflects the increase in the main rate of corporation tax enacted by the United Kingdom Government.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Obligations under finance leases are secured against the assets to which they relate.
Obligations under finance leases are secured against the assets to which they relate.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
In addition to the above, the following shares have been allotted, called up and fully paid by Aanco Group Limited:
150 A Ordinary shares of 0.01p each;
125 B1 Ordinary shares of 0.01p each;
35 C Ordinary shares.
The A Ordinary shares are non-voting and carry conditions and restrictions over their disposal and any return of capital.
The B1 Ordinary shares are non-voting, have no right to receive a dividend and carry conditions and restrictions over their disposal and any return of capital.
The C Ordinary shares are non-voting and carry no right to participate in any return of capital.
Different rates of dividend may be declared in respect of the different classes of share.
During the year Aanco Group Limited issued 90 B1 Ordinary shares for cash consideration of £10 per share.
The group guarantees its products for up to ten years. Rectification work is considered to be an ongoing charge but the group accepts that it has contingent liability to carry out this work. The value of this liability cannot be ascertained with any accuracy but the group's past experience of rectification work indicates that it will not be material to the reading of these financial statements and therefore no provision has been made.
Grants receivable may be repayable in part or in full if certain conditions associated with the grants are not met.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Amounts contracted for but not provided in the financial statements:
Subsequent to the balance sheet date, Mr AR Gaunt resigned as a director of the company on 4 April 2025. On the same date, the company purchased Mr. Gaunt’s entire shareholding for a total consideration of £1,670,000. The shares acquired were subsequently cancelled, resulting in a reduction in the company’s issued share capital.
This transaction was carried out in accordance with the Companies Act 2006 and is disclosed as a non-adjusting post balance sheet event in accordance with FRS 102, Section 32.
The remuneration of key management personnel is as follows.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
During the year the group made advances to directors of £3,464 and £5,273 was repaid by the directors (2023 - £4,352 and £2,455 respectively). Interest where applicable was charged according to HMRC's official rates. All amounts were repayable on demand.