Company No:
Contents
| DIRECTORS | A E Jenner (Resigned 20 March 2025) |
| B Jenner | |
| J Jenner (Resigned 20 March 2025) | |
| L Jenner | |
| W Jenner |
| REGISTERED OFFICE | Tre Wyn |
| Treverbyn Road | |
| St. Austell | |
| PL25 4EW | |
| United Kingdom |
| COMPANY NUMBER | 13597554 (England and Wales) |
| AUDITOR | PKF Francis Clark |
| Statutory Auditor | |
| Lowin House | |
| Tregolls Road | |
| Truro | |
| Cornwall | |
| UK |
The directors present their Strategic Report for the financial year ended 31 December 2024.
REVIEW OF THE BUSINESS
The 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 monitor 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 and the Group, 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 £10,536,906 (2023: £10,349,528). The Group earned a profit after taxation totalling £863,908 (2023: £1,210,838).
The net current asset position of the Group as at the financial year end amounted to £5,402,863 (2023: net current asset £5,239,732).
The net asset position of the Group as at the financial year end amounted to £6,564,239 (2023: net asset £6,212,042).
DIVIDENDS
The directors paid a dividend of £511,692 in the current financial year (2023: £631,629).
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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(Resigned 20 March 2025) |
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(Resigned 20 March 2025) |
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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 Group and of the profit or loss of the Group 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company and Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and Group 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 Group 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 Future-Form Holding Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 group balance sheet at £1,559,973. 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 group 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 group and parent 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 Group 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 £1,559,973 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 Group Strategic Report and 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 Directors Report have 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 Group Strategic Report and Directors Report.
Arising solely from the limitation on the scope of our work relating to inventory, 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 parent company 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 group’s and the parent 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 group or the parent 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 group and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group at the planning stage of the audit. Firstly, the group 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 statement items. Secondly, the group 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 or the loss of the group’s ability to operate. 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
Cornwall
UK
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Turnover | 3 |
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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 | 4 |
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| Interest payable and similar expenses | 4 | (
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| Profit before taxation | 5 |
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| Tax on profit | 9 | (
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| Profit for the financial year |
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| Other comprehensive income | 0 | 0 | ||
| Total comprehensive income |
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| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 10 |
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| Tangible assets | 11 |
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| 1,227,140 | 1,042,851 | |||
| Current assets | ||||
| Stocks | 13 |
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| Debtors | 14 |
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| Cash at bank and in hand | 15 |
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| 6,485,406 | 6,103,843 | |||
| Creditors: amounts falling due within one year | 16 | (
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| Net current assets | 5,402,863 | 5,239,732 | ||
| Total assets less current liabilities | 6,630,003 | 6,282,583 | ||
| Creditors: amounts falling due after more than one year | 17 |
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| Provision for liabilities | 18 | (
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| Net assets | 6,564,239 | 6,212,042 | ||
| Capital and reserves | 20 | |||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds | 6,564,239 | 6,212,042 |
The financial statements of Future-Form Holding Ltd (registered number:
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W Jenner
Director |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 12 |
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| 104 | 84 | |||
| Current assets | ||||
| Debtors | 14 |
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| Cash at bank and in hand | 15 |
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| 2,554,525 | 2,081,817 | |||
| Creditors: amounts falling due within one year | 16 | (
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| Net current assets | 2,553,375 | 2,080,747 | ||
| Total assets less current liabilities | 2,553,479 | 2,080,831 | ||
| Net assets | 2,553,479 | 2,080,831 | ||
| Capital and reserves | 20 | |||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds | 2,553,479 | 2,080,831 |
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 profit of the parent company was £984,339 (2023: £1,389,358).
The financial statements of Future-Form Holding Ltd (registered number:
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W Jenner
Director |
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| 2024 | 2023 | ||
| £ | £ | ||
| Operating profit |
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| Depreciation and amortisation |
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| Loss/(profit) on sale of plant and equipment |
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| Proceeds from sale of plant and machinery |
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| Purchase of plant and machinery | (
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| Purchase of intangible assets |
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| Interest paid | (391) | (179) | |
| Proceeds from purchase of minority interest | (20) | 0 | |
| Net cash flows from investing activities | (
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| Dividends paid | (511,691) | (631,629) | |
| Net cash flows from financing activities | (
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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.
Future-Form Holding Ltd (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 Group's registered office is Tre Wyn, Treverbyn Road, St. Austell, PL25 4EW, 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 £.
The Group’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report. The Directors’ Report describes the financial position of the Group; its cash flows, liquidity position and borrowing facilities; the Group’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk.
The Group financial statements consolidate the financial statements of the Group and its subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.
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 cost of a business combination is the fair value of consideration paid, including cash, other assets, and the estimated amount of any contingent payments.
This is recorded as an investment in the company's individual financial statements.
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 Group'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 Group 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 Group 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 Group 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 Group and the Group 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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| Other intangible assets |
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Intangible assets acquired as part of a business combination are measured at fair value at the acquisition date.
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.
| Land and buildings |
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| Leasehold improvements |
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| Plant and machinery etc. | 20 -
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The Group as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
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 Comprehensive Income as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Group 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 Group 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 Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors do not consider that any critical judgements have been made in the application of the Group's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.
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 Group and arises solely within the United Kingdom.
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable and similar income |
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| Interest payable and similar expenses | (
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| 43,814 | 12,963 |
Profit before taxation is stated after charging/(crediting):
| 2024 | 2023 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 11) |
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| Amortisation of intangible assets (note 10) |
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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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| Loss/(gain) on disposal of fixed assets |
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(
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An analysis of the auditor's remuneration is as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Fees payable to the Group’s auditor and its associates for the audit of the Group's annual financial statements: | 12,485 | 0 | |
| Total audit fees |
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| Group | Group | ||
| 2024 | 2023 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Administration and support |
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| Sales, marketing and distribution |
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Their aggregate remuneration comprised:
| Group | Group | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other retirement benefit costs |
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| 2,594,436 | 2,086,601 |
.
| 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 | 1,150,105 | 1,613,269 | |
| 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 | 74,401 | |
| 0 | 0 | ||
| Total tax charge for year | 286,197 | 402,431 |
Group
| Trademarks, patents and licences |
Other intangible assets | 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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| Charge for the financial year |
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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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Group
| Land and buildings |
Leasehold improve- ments |
Plant and machinery etc. | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 January 2024 |
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| Additions |
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| Disposals |
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(
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(
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||||
| At 31 December 2024 | 536,946 | 110,567 | 578,127 | 1,225,640 | |||
| At 31 December 2023 | 544,240 | 110,512 | 385,682 | 1,040,434 |
Group
| Total | |
| £ | |
| Cost or valuation before impairment | |
| At 01 January 2024 |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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Company
| Investments in subsidiaries | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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Investments in subsidiaries
The following were subsidiary undertakings of the Company:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2024 |
Ownership 31.12.2023 |
Held |
| Coastal Specialist Ironmongery Limited | Global House, 3 Bojea Industrial Estate, Trethowel, St. Austell, PL25 5RJ | Retail and wholesale of ironmongery | Ordinary | 100.00% | 100.00% | Direct |
| Venti Group Limited | Global House, 3 Bojea Industrial Estate, Trethowel, St. Austell, PL25 5RJ | Wholesale of air ventilation units | Ordinary | 100.00% | 80.00% | Direct |
| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
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| Group | Group | Company | Company | ||||
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Trade debtors |
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| Amounts owed by Group undertakings (note 22) |
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| Other debtors |
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| Prepayments |
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| Amounts owed by directors (note 22) |
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| Group | Group | Company | Company | ||||
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Cash at bank and in hand |
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| Group | Group | Company | Company | ||||
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Obligations under finance leases and hire purchase contracts (secured) |
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| Directors loans (note 22) |
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| Trade creditors |
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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 and deferred income |
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| Other creditors |
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| Group | Group | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts (secured) |
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| Finance leases | |||
| Group | Group | ||
| 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 | |||
| Group | Group | ||
| 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 | |||
| Group | Group | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Between two and five years |
|
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| On demand or within one year |
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| 229,015 | 4,535 |
Group
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 January 2024 |
|
68,161 | |
| Credited to the Profit and Loss Account | (
|
( 2,397) | |
| At 31 December 2024 |
|
65,764 | |
Deferred tax
| 2024 | 2023 | ||
| £ | £ | ||
| Accelerated capital allowances |
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| Provision for deferred tax |
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Company
| Total | |
| £ | |
| At 01 January 2024 | 0 |
| At 31 December 2024 | 0 |
Deferred tax
| 2024 | 2023 | ||
| £ | £ | ||
| Provision for deferred tax |
|
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The carrying values of the Group’s financial assets and liabilities are summarised by category below:
| Group | Group | Company | Company | ||||
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Financial assets | |||||||
| Measured at undiscounted amount receivable | |||||||
| Trade debtors (note 14) |
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| Other debtors (note 14) |
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| Amounts owed by Group undertakings (note 14) |
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| Amounts owed by directors (note 14) |
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| 1,317,790 | 1,369,777 | 356,089 | 272,682 | ||||
| Financial liabilities | |||||||
| Measured at amortised cost | |||||||
| Bank loans and other loans | (
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(
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| Measured at undiscounted amount payable | |||||||
| Trade creditors (note 16) | (
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(
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| Other payables (note 16) | (
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(
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(
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(
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| Amounts owed to directors (note 16) | (
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| (590,171) | (341,837) | (100) | (80) |
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| Nil
|
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| 4.00 | 24.00 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 4 | 24 |
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:
| Group | Group | ||
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
|
|
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| between one and five years |
|
|
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| after five years |
|
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The Group 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 Group is a wholly owned member.
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 |
|
|