Company No:
Contents
| DIRECTORS | A E Jenner |
| B Jenner | |
| J Jenner | |
| L Jenner | |
| W Jenner |
| REGISTERED OFFICE | Global House 3 Bojea Industrial Estate |
| Trethowel | |
| St. Austell | |
| PL25 5RJ | |
| United Kingdom |
| COMPANY NUMBER | 06770364 (England and Wales) |
| AUDITOR | PKF Francis Clark |
| Statutory Auditor | |
| Lowin House | |
| Tregolls Road | |
| Truro | |
| TR1 2NA | |
| Cornwall |
The directors present their Strategic Report for the financial year ended 31 December 2024.
REVIEW OF THE BUSINESS
Coastal Group operates within the construction sector and while wider market activity has levelled off after a period of rapid growth, the company is pleased to report continued strength in its sales performance.
Where expansion was required to support continued growth, the company closely monitors its financial health through regular analysis of financial statements and key performance indicators, with particular focus on productivity and stock days. Monthly shareholder meetings are held to review progress, align strategic direction, and respond promptly to market developments.
The Directors remain optimistic about market conditions and anticipate continued growth over the coming years, albeit at a more moderate pace than seen in previous periods.
PRINCIPAL RISKS AND UNCERTAINTIES
The key risks facing the business include:
•Supply chain disruption due to geopolitical or environmental events
•Cost volatility in materials and logistics
•Inflation and broader economic uncertainty affecting construction demand
To mitigate these risks, the Directors actively monitor global developments, including conflict, environmental concerns, and disruptions to international shipping. Measures in place include diversifying the supply chain, reviewing insurance options, and regularly evaluating pricing strategies, while also exploring new markets for growth.
The Directors believe that these strong internal controls, alongside the company’s robust cash reserves and sound financial planning, position the Group well to navigate current and future challenges. They are confident that Coastal Group is well-placed to deliver sustainable performance in the year ahead, supported by robust governance and effective risk management.
Approved by the Board of Directors and signed on its behalf by:
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W Jenner
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2024.
PRINCIPAL ACTIVITIES
GOING CONCERN
REVIEW OF THE BUSINESS
Turnover for the financial year amounted to £10,290,416 (2023: £10,287,081). The Company earned a profit after taxation totalling £924,755 (2023: £1,405,293).
The net current asset position of the Company as at the financial year end amounted to £3,101,421 (2023: net current asset £3,327,946).
The net asset position of the Company as at the financial year end amounted to £4,260,437 (2023: net asset £4,297,379).
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
PKF Francis Clark have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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W Jenner
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements 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; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors 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.
Report on the audit of the financial statements
We have audited the financial statements of Coastal Specialist Ironmongery Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Balance Sheet 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, except for the effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:
•give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit 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 qualified opinion
We were not appointed as auditors of the company until after 31 December 2023 and thus did not observe the counting of physical stocks at the start of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023, which are included in the balance sheet at £1,549,461. Consequently, we were unable to determine whether any adjustment to this amount was necessary or whether there was any consequential effect on cost of sales for the current period. In addition, were any adjustments to the inventory balance to be required, the directors report would also need to be amended.
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 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 qualified 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 original financial statements were 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.
The financial statements of the Company for the year ended 31 December 2023 are unaudited.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,549,461 held at 31 December 2023. We have concluded that where other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
•the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
•the Strategic Report and the Directors' Report has been prepared in accordance with applicable legal requirements.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in the light of our 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 and the Directors' Report.
Arising solely from the limitation of scope our work relating to stock, referred to above:
•we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
•we were unable to determine whether adequate accounting records have been kept.
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:
•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 returns; or
•certain disclosures of directors' remuneration specified by law are not made.
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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:
The objectives of an audit, in respect to fraud are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. In making this assessment we determined that the most significant elements of legislation include employment laws and regulations and Health & Safety regulations.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
•Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries, we also discussed with management whether there have been any known instances, allegations or suspicion of fraud.
•Enquiries of management as to the occurrence and outcome of any reported Health & Safety breaches or instances of non-compliance.
•We reviewed the board minutes for the year ended 31 December 2024.
We also evaluated the risk of fraud through management override including that arising from management's incentives. The key risk we identified was with regards to management bias in selecting accounting estimates. In response to this identified risk as part of our audit work we:
•Used data analytics to test journal entries throughout the year, for appropriateness.
•Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making these estimates.
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an 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.
For and on behalf of
Statutory Auditor
Tregolls Road
Truro
TR1 2NA
Cornwall
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Turnover | 2 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Operating profit |
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| Interest receivable and similar income |
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| Interest payable and similar expenses | (
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| Profit before taxation | 3 |
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| Tax on profit | 7 | (
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| Profit for the financial year |
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| Retained earnings at the beginning of financial year |
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| Profit for the financial year |
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| Dividends declared and paid | (
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| Retained earnings at the end of financial year |
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| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 9 |
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| 1,224,780 | 1,039,974 | |||
| Current assets | ||||
| Stocks | 10 |
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| Debtors | 11 |
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| Cash at bank and in hand | 12 |
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| 4,223,974 | 4,210,583 | |||
| Creditors: amounts falling due within one year | 13 | (
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| Net current assets | 3,101,421 | 3,327,946 | ||
| Total assets less current liabilities | 4,326,201 | 4,367,920 | ||
| Creditors: amounts falling due after more than one year | 14 |
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| Provision for liabilities | (
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| Net assets | 4,260,437 | 4,297,379 | ||
| Capital and reserves | 17 | |||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholder's funds | 4,260,437 | 4,297,379 |
The financial statements of Coastal Specialist Ironmongery Limited (registered number:
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W Jenner
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Coastal Specialist Ironmongery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Global House 3 Bojea Industrial Estate, Trethowel, St. Austell, PL25 5RJ, United Kingdom.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Coastal Specialist Ironmongery Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to share-based payments, financial instruments, presentation of a Cash Flow Statement and remuneration of key management personnel.
The company has changed its accounting policy on [matter].
In previous years, [old policy]. Now, [new policy].
The policy has changed to [align with group / more fairly reflect X - explain why the new policy is better].
The change in policy has [reduced prior year revenues and profits by Y, and reduced current year revenues and profits by Z - describe impact].
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
| Trademarks, patents and licences |
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| Land and buildings |
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| Leasehold improvements |
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| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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| Computer equipment |
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The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Turnover is wholly attributable to the principal activity of the Company and arises solely within the United Kingdom.
Profit before taxation is stated after charging/(crediting):
| 2024 | 2023 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 9) |
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| Research and development |
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| Operating lease rentals |
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| Foreign exchange (gains)/losses | (
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An analysis of the auditor's remuneration is as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 12,000 | 0 | |
| Total audit fees |
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| 2024 | 2023 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
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Their aggregate remuneration comprised:
| 2024 | 2023 | ||
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other retirement benefit costs |
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| 2,442,049 | 1,933,428 |
| 2024 | 2023 | ||
| £ | £ | ||
| Directors' emoluments |
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Remuneration of the highest paid director
| 2024 | 2023 | ||
| £ | £ | ||
| Director's emoluments | 140,000 | 95,433 |
| 2024 | 2023 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
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| Total current tax |
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| Deferred tax | |||
| Origination and reversal of timing differences | (
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| Total deferred tax | (
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| Total tax on profit |
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The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK:
| 2024 | 2023 | ||
| £ | £ | ||
| Profit before taxation | 1,210,952 | 1,807,724 | |
| Tax on profit at standard UK corporation tax rate of 25% (2023: 19%) |
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| Effects of: | |||
| Expenses not deductible for tax purposes |
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| Adjustments in respect of prior years |
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| Hybrid tax rate difference | 0 | 37,454 | |
| Group relief | (22,798) | 0 | |
| Total tax charge for year | 286,197 | 402,431 |
| Trademarks, patents and licences |
Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated amortisation | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Land and buildings |
Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Total | |||||||
| £ | £ | £ | £ | £ | £ | £ | |||||||
| Cost | |||||||||||||
| At 01 January 2024 |
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| Additions |
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| Disposals |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||||||||
| At 01 January 2024 |
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| Disposals |
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| At 31 December 2024 |
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| Net book value | |||||||||||||
| At 31 December 2024 | 536,946 | 110,567 | 58,823 | 373,314 | 89,641 | 55,489 | 1,224,780 | ||||||
| At 31 December 2023 | 544,240 | 110,512 | 45,919 | 199,929 | 89,664 | 49,710 | 1,039,974 |
| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| Prepayments |
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| Amounts owed by directors (note 19) |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| Short-term deposits |
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| 1,330,580 | 1,303,029 |
| 2024 | 2023 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts |
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| Directors loans (note 19) |
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| Trade creditors |
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| Amounts owed to Parent undertakings (note 19) |
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| Payroll taxes payable |
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| Taxation and social security |
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| VAT |
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| Accruals |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts (secured) |
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| Finance leases | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Between one and two years |
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| Between two and five years |
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| After five years |
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| On demand or within one year |
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| 2,381 | 4,535 |
| Directors loans | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Between one and two years |
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| Between two and five years |
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| After five years |
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| On demand or within one year |
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| 226,634 | 0 |
| Total borrowings including finance leases | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Between one and two years |
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| On demand or within one year |
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| 229,015 | 4,535 |
| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Credited/(charged) to the Statement of Income and Retained Earnings |
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(
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| At the end of financial year | (
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The carrying values of the Company’s financial assets and liabilities are summarised by category below:
| 2024 | 2023 | ||
| £ | £ | ||
| Financial assets | |||
| Measured at undiscounted amount receivable | |||
| Trade debtors (note 11) |
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| Other debtors (note 11) |
|
|
|
| Amounts owed by directors (note 11) |
|
|
|
| 1,310,630 | 1,350,625 | ||
| Financial liabilities | |||
| Measured at amortised cost | |||
| Bank loans and other loans | (
|
(
|
|
| Measured at undiscounted amount payable | |||
| Trade creditors (note 13) | (
|
(
|
|
| Other payables (note 13) | (
|
(
|
|
| Amounts owed to Parent undertakings (note 13) | (
|
(
|
|
| Amounts owed to directors (note 13) | (
|
|
|
| (642,198) | (377,754) |
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4.00 | 4.00 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 4 | 4 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
|
|
|
| between one and five years |
|
|
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| after five years |
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|
The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.
The directors of the Company are deemed to be the key personnel of the Company as defined in Section 33 of FRS 102. Directors' remuneration paid during the current financial year was £367,706 (2023: £306,453).
Transactions with related parties or connected persons
Amounts owed by related parties
| 2024 | 2023 | ||
| £ | £ | ||
| Asservio Solutions Ltd | 5,000 |
|
Transactions with the entity’s directors (or members of its governing body)
Amounts owed by directors
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by directors |
|
|
Amounts owed to directors
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to directors |
|
|
Parent Company:
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| Global House 3 Bojea Industrial Estate, Trethowel, St. Austell, Cornwall PL25 5RJ |
Ultimate controlling party:
|
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| Lowin House Tregolls Road Truro TR1 2NA |