REGISTERED NUMBER: 03729141 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
ASTRASEAL (HOLDINGS) LIMITED |
REGISTERED NUMBER: 03729141 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
ASTRASEAL (HOLDINGS) LIMITED |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Statement of Financial Position | 9 |
Company Statement of Financial Position | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Financial Statements | 15 |
ASTRASEAL (HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditor |
264 Banbury Road |
Oxford |
Oxfordshire |
OX2 7DY |
BANKERS: | Barclays Corporate |
22-24 Upper Marlborough Road |
St Albans |
Hertfordshire |
AL1 3AL |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The results for the year and financial position of the group are as shown in the annexed financial statements. |
The Directors can report a turnover of £27,819,765 (2022 £25,184,995) for the financial year, with profit after tax reported as £1,631,300 (2022 £1,660,961). The increase in turnover relates primarily to growth within the Commercial and trade sectors. |
The business has continued to invest and during the year has purchased plant and equipment in the sum of £59,033 and motor vehicles for £305,260. |
In a difficult and competitive market, the Directors are pleased with the performance and current position of the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The operations of the group expose it to a variety of financial risks that include the effects of changes in foreign currency and trade, credit risks, energy prices, interest rates and liquidity. |
The Directors are constantly reviewing the risks to the business and see the following as principle risks going forward: |
FOREIGN TRADE |
The business sources raw material from UK suppliers, however their suppliers are fed by overseas imports and market prices of raw materials can be volatile, with suppliers feeling the impact of the foreign currency movements and inflation. The business feels that even though it has long term relationships with its suppliers there will continue to be unexpected movements in material prices that neither party could predict. |
GOING CONCERN |
Despite having invested over £300K in capital project during the period, the group has net cash of £4m in the business and continues to trade profitably. Positive cash balances continue to increase as trading returns to pre-Covid-19 levels and the Directors believe the group can maintain sufficient cash resources for the foreseeable future. No major capital expenditure projects are planned for the immediate future. |
Management believes it has sufficient awareness of all major risks to manage the group successfully through any crisis. These include liquidity and cash flow risks covered by the going concern and financial risks indicated above. Management continue to carefully manage risks associated to pricing and bad debts. |
The Directors have a reasonable expectation that the group will have adequate resources to meet its financial obligations as they fall due for the foreseeable future, and are continuing to adopt the going concern basis of accounting in preparing the financial statements. |
ON BEHALF OF THE BOARD: |
6 December 2023 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the manufacture and installation of UPVC windows, doors, conservatories and the retailing of associated products to the industry. |
DIVIDENDS |
Dividends of £644,941 were paid during the year ended 31 March 2023 (2022: £467,377). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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). 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 the group and of the profit or loss of the group for that 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; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
AUDITORS |
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
SIGNED BY ORDER OF THE DIRECTORS: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASTRASEAL (HOLDINGS) LIMITED |
Opinion |
We have audited the financial statements of Astraseal (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 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 opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASTRASEAL (HOLDINGS) LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or 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; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASTRASEAL (HOLDINGS) LIMITED |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation. |
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing meeting minutes, regulatory correspondence, and professional fees, and reviewing accounting estimates for biases. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditor |
264 Banbury Road |
Oxford |
Oxfordshire |
OX2 7DY |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 27,819,765 | 25,184,995 |
Cost of sales | 22,586,966 | 20,290,363 |
GROSS PROFIT | 5,232,799 | 4,894,632 |
Distribution costs | 881,017 | 764,795 |
Administrative expenses | 2,356,044 | 2,088,800 |
3,237,061 | 2,853,595 |
1,995,738 | 2,041,037 |
Other operating income | 4 | - | 3,850 |
OPERATING PROFIT | 6 | 1,995,738 | 2,044,887 |
Interest receivable and similar income | 7 | 85,151 | 2,996 |
2,080,889 | 2,047,883 |
Interest payable and similar expenses | 8 | 74,612 | 41,950 |
PROFIT BEFORE TAXATION | 2,006,277 | 2,005,933 |
Tax on profit | 9 | 374,977 | 344,972 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Capitalise capital redemption reserve |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,631,300 |
1,660,961 |
Profit attributable to: |
Owners of the parent | 1,631,300 | 1,660,961 |
Total comprehensive income attributable to: |
Owners of the parent | 1,631,300 | 1,660,961 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 1 | 1 |
Tangible assets | 13 | 4,761,219 | 4,914,764 |
Investments | 14 | - | - |
4,761,220 | 4,914,765 |
CURRENT ASSETS |
Stocks | 15 | 1,147,568 | 1,106,431 |
Debtors | 16 | 7,723,587 | 6,732,848 |
Cash at bank and in hand | 4,342,524 | 2,934,603 |
13,213,679 | 10,773,882 |
CREDITORS |
Amounts falling due within one year | 17 | 5,238,029 | 3,606,670 |
NET CURRENT ASSETS | 7,975,650 | 7,167,212 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,736,870 |
12,081,977 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(1,502,920 |
) |
(1,802,550 |
) |
PROVISIONS FOR LIABILITIES | 22 | (457,035 | ) | (488,871 | ) |
NET ASSETS | 10,776,915 | 9,790,556 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 100,000 | 100,000 |
Share premium | 24 | 530,000 | 530,000 |
Revaluation reserve | 24 | 1,057,427 | 1,069,028 |
Retained earnings | 24 | 9,089,488 | 8,091,528 |
SHAREHOLDERS' FUNDS | 10,776,915 | 9,790,556 |
The financial statements were approved by the Board of Directors and authorised for issue on 6 December 2023 and were signed on its behalf by: |
M McMullan - Director |
A McKeown - Director |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 644,941 | 467,377 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 April 2021 | 64,000 | 6,886,343 | 530,000 |
Changes in equity |
Issue of share capital | 36,000 | - | - |
Dividends | - | (467,377 | ) | - |
Total comprehensive income | - | 1,672,562 | - |
Balance at 31 March 2022 | 100,000 | 8,091,528 | 530,000 |
Changes in equity |
Dividends | - | (644,941 | ) | - |
Total comprehensive income | - | 1,642,901 | - |
Balance at 31 March 2023 | 100,000 | 9,089,488 | 530,000 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 April 2021 | 1,080,629 | 36,000 | 8,596,972 |
Changes in equity |
Issue of share capital | - | - | 36,000 |
Dividends | - | - | (467,377 | ) |
Total comprehensive income | (11,601 | ) | (36,000 | ) | 1,624,961 |
Balance at 31 March 2022 | 1,069,028 | - | 9,790,556 |
Changes in equity |
Dividends | - | - | (644,941 | ) |
Total comprehensive income | (11,601 | ) | - | 1,631,300 |
Balance at 31 March 2023 | 1,057,427 | - | 10,776,915 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - | ( |
) |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,815,999 | 1,228,563 |
Interest paid | (74,612 | ) | (41,950 | ) |
Tax paid | (174,504 | ) | (144,280 | ) |
Net cash from operating activities | 2,566,883 | 1,042,333 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (364,293 | ) | (1,026,419 | ) |
Sale of tangible fixed assets | 72,748 | 70,251 |
Interest received | 85,151 | 2,996 |
Net cash from investing activities | (206,394 | ) | (953,172 | ) |
Cash flows from financing activities |
Loan repayments in year | (200,225 | ) | (203,006 | ) |
HP capital repayments in year | (107,402 | ) | (86,179 | ) |
Equity dividends paid | (644,941 | ) | (467,377 | ) |
Net cash from financing activities | (952,568 | ) | (756,562 | ) |
Increase/(decrease) in cash and cash equivalents | 1,407,921 | (667,401 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,934,603 |
3,602,004 |
Cash and cash equivalents at end of year |
2 |
4,342,524 |
2,934,603 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 2,006,277 | 2,005,933 |
Depreciation charges | 456,234 | 400,831 |
Profit on disposal of fixed assets | (11,144 | ) | (37,353 | ) |
Finance costs | 74,612 | 41,950 |
Finance income | (85,151 | ) | (2,996 | ) |
2,440,828 | 2,408,365 |
(Increase)/decrease in stocks | (41,137 | ) | 11,193 |
Increase in trade and other debtors | (990,739 | ) | (1,540,547 | ) |
Increase in trade and other creditors | 1,407,047 | 349,552 |
Cash generated from operations | 2,815,999 | 1,228,563 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 4,342,524 | 2,934,603 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 2,934,603 | 3,602,004 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,934,603 | 1,407,921 | 4,342,524 |
2,934,603 | 1,407,921 | 4,342,524 |
Debt |
Finance leases | (205,021 | ) | 107,402 | (97,619 | ) |
Debts falling due within 1 year | (205,673 | ) | (4,319 | ) | (209,992 | ) |
Debts falling due after 1 year | (1,641,962 | ) | 204,544 | (1,437,418 | ) |
(2,052,656 | ) | 307,627 | (1,745,029 | ) |
Total | 881,947 | 1,715,548 | 2,597,495 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Astraseal (Holdings) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The Company has taken advantage of transitional arrangements under FRS 102 to use the revalued amount of fixed assets as the deemed cost carried forward. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries and joint ventures) made up to 31 March each period. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
Subsidiaries |
Subsidiaries are fully consolidated from the date on which control is transferred to the group and de-consolidated from the date that control ceases. |
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. |
The consolidated financial statements incorporate the assets, liabilities and results of the following entities in accordance with the accounting policy described above: |
Name of entity |
Registered office |
Country of incorporation |
Class of shares held |
Equity holding % |
Graham Holmes Astraseal Limited | As group | UK | Ordinary | 100 |
The following entities are not included in the consolidation on the basis that they are dormant: |
Win-dor Limited | As group | UK | Ordinary | 100 |
M S Building Services Limited | As group | UK | Ordinary | 100 |
Yourdor Limited | As group | UK | Ordinary | 100 |
The Fire Door Company Astraseal Limited |
As group |
UK |
Ordinary |
100 |
Astraseal Limited | As group | UK | Ordinary | 100 |
Significant judgements and estimates |
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below. |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Purchased goodwill which is generated by the activities of the group is recognised as an asset in the balance sheet. |
Amortisation is calculated so as to write of the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Trademarks and goodwill 25% on cost |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. |
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use. |
Government grants |
Government grant income is recognised as it is receivable, to the extent that the grant has been expended by the end of the financial year. Unspent grants are shown on the balance sheet as liabilities. |
Stocks |
Stocks have been valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal. |
A general stock provision of 25% of the raw materials stock held, excluding glass stock, is included in the year end valuation. This reflects levels of spare parts held which in the opinion of the director's have no re-sale value. |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The group agrees to pay, for eligible employees, a defined contribution into the employee's own personal pension scheme under the governments auto enrolment scheme. |
The pension charge represents contributions payable by the group for the year. The company's liability is limited to the amount of the contribution. |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Sale of goods | 27,819,765 | 25,184,995 |
27,819,765 | 25,184,995 |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Government grants | - | 3,850 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 6,569,457 | 6,009,803 |
Social security costs | 614,257 | 559,289 |
Other pension costs | 117,819 | 110,466 |
7,301,533 | 6,679,558 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production and sales | 146 | 152 |
Office and management | 56 | 53 |
The average number of employees by undertakings that were proportionately consolidated during the year was 202 (2022 - 205 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 338,936 | 398,201 |
Directors' pension contributions to money purchase schemes | 11,784 | 11,097 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 122,728 | 152,844 |
Pension contributions to money purchase schemes | 5,198 | 4,761 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 421,142 | 341,436 |
Depreciation - assets on hire purchase contracts | 35,092 | 59,396 |
Profit on disposal of fixed assets | (11,144 | ) | (37,353 | ) |
Auditors' remuneration | 15,000 | 15,000 |
Auditors' remuneration for non audit work | 8,933 | 8,000 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
£ | £ |
Deposit account interest | 83,680 | 2,890 |
Other interest receivable | 1,471 | 106 |
85,151 | 2,996 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 74,612 | 41,950 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 406,813 | 174,504 |
Over/under provision in prior |
year | - | (46,443 | ) |
Total current tax | 406,813 | 128,061 |
Deferred tax | (31,836 | ) | 216,911 |
Tax on profit | 374,977 | 344,972 |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 2,006,277 | 2,005,933 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
381,193 |
381,127 |
Effects of: |
Expenses not deductible for tax purposes | 9,414 | 9,500 |
Adjustments to tax charge in respect of previous periods | - | (46,443 | ) |
Change in deferred tax rate | (7,641 | ) | 52,059 |
Superdeduction | (7,989 | ) | (51,271 | ) |
Total tax charge | 374,977 | 344,972 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 March 2023. |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | TAXATION - continued |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax movement on revalued |
property |
Capitalise capital redemption reserve | (36,000 | ) | - | (36,000 | ) |
(36,000 | ) | - | (36,000 | ) |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim | - | 220,650 |
Ordinary shares of £1 each |
Interim | 644,941 | 246,727 |
644,941 | 467,377 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 4,999 |
AMORTISATION |
At 1 April 2022 |
and 31 March 2023 | 4,998 |
NET BOOK VALUE |
At 31 March 2023 | 1 |
At 31 March 2022 | 1 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 April 2022 | 3,264,987 | 527,500 | 5,323,537 |
Additions | - | - | 59,033 |
Disposals | - | - | - |
At 31 March 2023 | 3,264,987 | 527,500 | 5,382,570 |
DEPRECIATION |
At 1 April 2022 | 630,420 | 158,949 | 3,998,898 |
Charge for year | 38,221 | 8,292 | 246,671 |
Eliminated on disposal | - | - | - |
At 31 March 2023 | 668,641 | 167,241 | 4,245,569 |
NET BOOK VALUE |
At 31 March 2023 | 2,596,346 | 360,259 | 1,137,001 |
At 31 March 2022 | 2,634,567 | 368,551 | 1,324,639 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 63,244 | 1,330,479 | 10,509,747 |
Additions | - | 305,260 | 364,293 |
Disposals | - | (163,471 | ) | (163,471 | ) |
At 31 March 2023 | 63,244 | 1,472,268 | 10,710,569 |
DEPRECIATION |
At 1 April 2022 | 63,244 | 743,472 | 5,594,983 |
Charge for year | - | 163,050 | 456,234 |
Eliminated on disposal | - | (101,867 | ) | (101,867 | ) |
At 31 March 2023 | 63,244 | 804,655 | 5,949,350 |
NET BOOK VALUE |
At 31 March 2023 | - | 667,613 | 4,761,219 |
At 31 March 2022 | - | 587,007 | 4,914,764 |
Included in cost of land and buildings is freehold land of £1,209,634 (2022 - £1,209,634) which is not depreciated. |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Freehold land and buildings were revalued on an open market basis in 2011 by Kirky Diamond. From 1 April 2014, the group has decided to adopt the transitional provisions available under FRS 102 and the revalued amount will be used as the deemed cost going forward. |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,427,269 | 2,427,269 |
Aggregate depreciation | 888,157 | 859,731 |
Value of land in freehold land and buildings | 833,492 | 833,492 |
The net book value of tangible fixed assets includes £ 102,670 (2022 - £ 196,460 ) in respect of assets held under hire purchase contracts. |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
15. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 1,147,568 | 1,106,431 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 5,013,031 | 5,106,275 |
Other debtors | 895,186 | 819,999 |
VAT | 244,507 | - |
Prepayments and accrued income | 1,570,863 | 806,574 |
7,723,587 | 6,732,848 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 19) | 209,992 | 205,673 |
Hire purchase contracts (see note 20) | 32,117 | 44,433 |
Trade creditors | 3,417,267 | 2,058,705 |
Tax | 406,813 | 174,504 |
Social security and other taxes | 144,433 | 127,833 |
VAT | - | 173,614 |
Other creditors | 48,283 | 45,303 |
Accruals and deferred income | 979,124 | 776,605 |
5,238,029 | 3,606,670 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 19) | 1,437,418 | 1,641,962 |
Hire purchase contracts (see note 20) | 65,502 | 160,588 |
1,502,920 | 1,802,550 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 209,992 | 205,673 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 214,402 | 209,992 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 1,223,016 | 1,431,970 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 32,117 | 44,433 |
Between one and five years | 65,502 | 160,588 |
97,619 | 205,021 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 46,360 | 50,721 |
Between one and five years | 103,469 | 149,828 |
149,829 | 200,549 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank loans | 1,647,410 | 1,847,635 |
Hire purchase contracts | 97,619 | 205,021 |
1,745,029 | 2,052,656 |
The bank loans are secured by a legal charge over the group's land and buildings which have a net book value of £2,956,346 |
In 2020 the company renegotiated the bank loans. Repayments of £61,127, comprising both interest and capital repayments, are payable quarterly. The interest rate is set at 2.1% above the Barclays Bank base rate. |
Cross guarantees have been given in favour of Barclays Bank Plc in respect of monies owing by Graham Holmes Astraseal Limited. |
Hire purchase contracts are secured on the assets in which they relate. |
22. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 457,035 | 488,871 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 488,871 |
Credit to Statement of Comprehensive Income during year | (31,836 | ) |
Balance at 31 March 2023 | 457,035 |
Deferred tax has provided at 25%. |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
24. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 8,091,528 | 530,000 | 1,069,028 | 9,690,556 |
Profit for the year | 1,631,300 | 1,631,300 |
Dividends | (644,941 | ) | (644,941 | ) |
Movement in year | 11,601 | - | (11,601 | ) | - |
At 31 March 2023 | 9,089,488 | 530,000 | 1,057,427 | 10,676,915 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2022 | 1,028,499 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2023 | 1,028,499 |
25. | PENSION COMMITMENTS |
The pension cost represents contributions of £115,339 (2022: £110,466) paid to the auto enrolment pension scheme and to eligible employees own personal pension schemes. |
At the year end there was £28,892 (2022: £22,326) of outstanding pension contributions included within other creditors. |
26. | CONTINGENT LIABILITIES |
The company is currently engaged in a historical medical claim related to asbestos exposure. The total costs of the claim may be material, but this is not yet known. |
27. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 246,304 |
ASTRASEAL (HOLDINGS) LIMITED (REGISTERED NUMBER: 03729141) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
28. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, a total of key management personnel compensation of £391,082 (2022 - £457,255 was paid. |
29. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is A McKeown. |