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Financial Statements
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Contents
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Page
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Officers and professional advisers
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1
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Strategic report
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2
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Directors' report
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4
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Independent auditor's report to the members
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6
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Statement of comprehensive income
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10
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Statement of financial position
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11
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Statement of changes in equity
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12
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Statement of cash flows
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13
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Notes to the financial statements
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14
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Officers and Professional Advisers
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The board of directors
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Registered office
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Auditor
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Chartered accountants & statutory auditor
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Ashford House
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95 Dixons Green
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Dudley
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West Midlands
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DY2 7DJ
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Bankers
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Bitterscote House
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Bonehill Road
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Tamworth
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B78 3HQ
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Solicitors
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7 Pilgrim Street
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London
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EC4V 6LB
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Strategic Report
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2022 | 2021 | ||
£ | £ | ||
Turnover from continuing operations | 35,021,688 | 30,833,390 | |
Operating profit | 4,772,405 | 4,640,517 | |
Mrs K.M. Savery
|
Director
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Directors' Report
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Mr I.J. Cornelius
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Mrs. H. Weiler
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(Appointed
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Mr J.H. Saunders
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(Resigned
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Mrs K.M. Savery
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Director
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor)
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For and on behalf of
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Chartered accountants & statutory auditor
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Ashford House
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95 Dixons Green
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Dudley
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West Midlands
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DY2 7DJ
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Statement of Comprehensive Income
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2022
|
2021
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||
Note
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£
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£
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Turnover
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4
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|
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Change in stocks of finished goods and in work in progress
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|
(
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Other operating income
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5
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–
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-------------
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-------------
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||
35,148,290
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30,812,811
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Raw material and consumables
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Other external charges
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Staff costs
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8
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Depreciation and other amounts written off tangible and intangible fixed assets
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Other operating expenses
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-------------
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-------------
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Operating profit
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6
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Other interest receivable and similar income
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10
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–
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Interest payable and similar expenses
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11
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-------------
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-------------
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Profit before taxation
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Tax on profit
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12
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------------
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------------
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Profit for the financial year and total comprehensive income
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------------
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------------
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Statement of Financial Position
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2022
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2021
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Note
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£
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£
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£
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Tangible assets
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13
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Stocks
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14
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Debtors
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15
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Cash at bank and in hand
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Creditors: amounts falling due within one year
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16
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Net current assets
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-------------
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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17
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–
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Taxation including deferred tax
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19
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-------------
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Net assets
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Called up share capital
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23
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Share premium account
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24
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Revaluation reserve
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24
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Capital redemption reserve
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24
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Profit and loss account
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24
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-------------
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-------------
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Shareholders funds
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Mrs K.M. Savery
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Director
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Statement of Changes in Equity
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Called up share capital
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Share premium account
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Revaluation reserve
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Capital redemption reserve
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Profit and loss account
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Total
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£
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£
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£
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£
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£
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£
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At 1 May 2020
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Profit for the year
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||||
-------
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----
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---------
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----
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------------
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------------
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Total comprehensive income for the year
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–
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–
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–
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–
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At 30 April 2021
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Profit for the year
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||||
-------
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----
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---------
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----
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-------------
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-------------
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Total comprehensive income for the year
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–
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–
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–
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–
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-------
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----
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---------
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----
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-------------
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-------------
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At 30 April 2022
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-------
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----
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---------
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----
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-------------
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-------------
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Statement of Cash Flows
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2022
|
2021
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£
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£
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Profit for the financial year
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Adjustments for:
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||
Depreciation of tangible assets
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Other interest receivable and similar income
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(
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–
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Interest payable and similar expenses
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Gains on disposal of tangible assets
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–
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(
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Tax on profit
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Accrued (income)/expenses
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(
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Changes in:
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Stocks
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(
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(
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Trade and other debtors
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(
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(
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Trade and other creditors
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(
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------------
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------------
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Cash generated from operations
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(
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Interest paid
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(
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(
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Interest received
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–
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Tax paid
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(
|
(
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------------
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------------
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Net cash (used in)/from operating activities
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(
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------------
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------------
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Purchase of tangible assets
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(
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(
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Proceeds from sale of tangible assets
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–
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------------
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------------
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Net cash used in investing activities
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(
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(
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------------
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------------
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Proceeds from borrowings
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–
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(
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Payments of finance lease liabilities
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(
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(
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------------
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------------
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Net cash used in financing activities
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(
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(
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------------
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------------
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Net (decrease)/increase in cash and cash equivalents
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(
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Cash and cash equivalents at beginning of year
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4,485,820
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3,305,838
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------------
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------------
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Cash and cash equivalents at end of year
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|
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------------
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------------
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Notes to the Financial Statements
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Freehold Property
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-
|
100 years
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Long Leasehold Property
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-
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125 years
|
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Plant & Equipment
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-
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4 years
|
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Office equipment
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-
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7 years
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Motor Vehicles
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-
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4 years
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|
2022
|
2021
|
|
£
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£
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|
Sale of goods
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|
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-------------
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-------------
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2022
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2021
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£
|
£
|
|
United Kingdom
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Rest of Europe
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|
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Rest of the World
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-------------
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-------------
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-------------
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-------------
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2022
|
2021
|
|
£
|
£
|
|
Other operating income
|
|
–
|
--------
|
----
|
|
2022
|
2021
|
|
£
|
£
|
|
Gains on disposal of tangible assets
|
–
|
(
|
Impairment of trade debtors
|
–
|
3,169
|
Operating lease rentals
|
|
|
Depreciation of tangible assets
|
371,901
|
252,377
|
Depreciation of tangible assets held under hire purchase
|
–
|
138,173
|
Exchange differences
|
(43,572)
|
(27,682)
|
---------
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---------
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|
2022
|
2021
|
|
£
|
£
|
|
Fees payable for the audit of the financial statements
|
|
|
--------
|
--------
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Other non-audit services
|
|
|
--------
|
--------
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|
2022
|
2021
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No.
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No.
|
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Production staff
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|
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Administrative staff
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|
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Management staff
|
2
|
2
|
Number of sales and techinical staff
|
14
|
11
|
----
|
----
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|
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----
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----
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|
2022
|
2021
|
|
£
|
£
|
|
Wages and salaries
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|
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Social security costs
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|
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Other pension costs
|
|
|
------------
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------------
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------------
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------------
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2022
|
2021
|
|
£
|
£
|
|
Remuneration
|
|
–
|
---------
|
----
|
|
2022
|
2021
|
|
£
|
£
|
|
Aggregate remuneration
|
|
–
|
---------
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----
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|
2022
|
2021
|
|
£
|
£
|
|
Interest on cash and cash equivalents
|
|
–
|
---------
|
----
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|
2022
|
2021
|
|
£
|
£
|
|
Interest on banks loans and overdrafts
|
–
|
|
Interest on obligations under finance leases and hire purchase contracts
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|
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-------
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--------
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-------
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--------
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2022
|
2021
|
|
£
|
£
|
|
UK current tax expense
|
|
|
Adjustments in respect of prior periods
|
|
(
|
---------
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---------
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|
Total current tax
|
|
|
---------
|
---------
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|
Origination and reversal of timing differences
|
|
|
------------
|
---------
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Tax on profit
|
|
|
------------
|
---------
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|
2022
|
2021
|
|
£
|
£
|
|
Profit on ordinary activities before taxation
|
|
|
------------
|
------------
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Profit on ordinary activities by rate of tax
|
|
|
Adjustment to tax charge in respect of prior periods
|
|
(
|
Effect of expenses not deductible for tax purposes
|
|
|
Effect of capital allowances and depreciation
|
(
|
(
|
------------
|
------------
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|
Tax on profit
|
|
|
------------
|
------------
|
|
Freehold property
|
Long leasehold property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
||||||
At 1 May 2021
|
|
|
|
|
|
|
Additions
|
–
|
|
|
|
|
|
Disposals
|
–
|
–
|
(
|
(
|
(
|
(
|
---------
|
------------
|
------------
|
---------
|
--------
|
-------------
|
|
At 30 Apr 2022
|
|
|
|
|
|
|
---------
|
------------
|
------------
|
---------
|
--------
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-------------
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Depreciation
|
||||||
At 1 May 2021
|
|
|
|
|
|
|
Charge for the year
|
|
|
|
|
|
|
Disposals
|
–
|
–
|
(
|
(
|
(
|
(
|
---------
|
------------
|
------------
|
---------
|
--------
|
-------------
|
|
At 30 Apr 2022
|
|
|
|
|
|
|
---------
|
------------
|
------------
|
---------
|
--------
|
-------------
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Carrying amount
|
||||||
At 30 Apr 2022
|
|
|
|
|
|
|
---------
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------------
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------------
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---------
|
--------
|
-------------
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|
At 30 Apr 2021
|
|
|
|
|
–
|
|
---------
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------------
|
------------
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---------
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--------
|
-------------
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Plant and machinery
|
|
£
|
|
At 30 April 2022
|
–
|
----
|
|
At 30 April 2021
|
|
--------
|
|
2022
|
2021
|
|
£
|
£
|
|
Raw materials and consumables
|
|
|
Finished goods and goods for resale
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2022
|
2021
|
|
£
|
£
|
|
Trade debtors
|
|
|
Amounts owed by holding company - H.B. Fuller Company
|
|
–
|
Prepayments and accrued income
|
|
|
Amount owed by related company - Apollo Roofing Solutions Limited
|
2,411,533
|
1,373,848
|
Amount owed by related company - Apollo Construction Solutions Limited
|
541,499
|
479,832
|
Other debtors
|
|
|
-------------
|
------------
|
|
|
|
|
-------------
|
------------
|
|
2022
|
2021
|
|
£
|
£
|
|
Trade creditors
|
|
|
Accruals and deferred income
|
|
|
Corporation tax
|
|
|
Social security and other taxes
|
|
|
Obligations under finance leases and hire purchase contracts
|
–
|
|
Other creditors
|
|
–
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2022
|
2021
|
|
£
|
£
|
|
Obligations under finance leases and hire purchase contracts
|
–
|
|
----
|
--------
|
|
2022
|
2021
|
|
£
|
£
|
|
Not later than 1 year
|
–
|
|
Later than 1 year and not later than 5 years
|
–
|
|
----
|
---------
|
|
–
|
|
|
----
|
---------
|
|
Deferred tax (note 20)
|
|
£
|
|
At 1 May 2021
|
|
Additions
|
|
--------
|
|
At 30 April 2022
|
|
--------
|
|
2022
|
2021
|
|
£
|
£
|
|
Included in provisions (note 19)
|
|
|
--------
|
--------
|
|
2022
|
2021
|
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
--------
|
--------
|
|
2022
|
2021
|
|
£
|
£
|
|
Trade debtors
|
5,452,250
|
4,973,910
|
Other debtors
|
6,291,839
|
2,233,783
|
Cash at bank and in hand
|
2,438,115
|
4,485,820
|
-------------
|
-------------
|
|
|
|
|
-------------
|
-------------
|
|
Trade creditors
|
4,169,543
|
5,026,371
|
Other creditors
|
2,075,900
|
1,425,905
|
Finance lease and hire purchase
|
–
|
190,370
|
Provisions
|
97,593
|
74,341
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2022
|
2021
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
1,334
|
|
1,334
|
|
|
71
|
|
71
|
-------
|
-------
|
-------
|
-------
|
|
|
|
|
|
|
-------
|
-------
|
-------
|
-------
|
|
At 1 May 2021
|
Cash flows
|
At 30 Apr 2022
|
|
£
|
£
|
£
|
|
Cash at bank and in hand
|
|
(2,047,705)
|
|
Debt due within one year
|
(102,675)
|
102,675
|
–
|
Debt due after one year
|
(87,695)
|
87,695
|
–
|
------------
|
------------
|
------------
|
|
|
(
|
|
|
------------
|
------------
|
------------
|
|
2022
|
2021
|
|
£
|
£
|
|
Not later than 1 year
|
|
|
Later than 1 year and not later than 5 years
|
|
|
---------
|
---------
|
|
|
|
|
---------
|
---------
|
|