Company registration number 04490890 (England and Wales)
TOUT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
TOUT LIMITED
COMPANY INFORMATION
Directors
Mr J Tout
Mrs L Tout
Mr P Tout
Mrs Z Tout
Mr S Hockey
Secretary
Mrs L Tout
Company number
04490890
Registered office
Touts Cleeve
Main Road
Cleeve
BRISTOL
Somerset
BS49 4NR
Auditor
Old Mill Audit Limited
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
TOUT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 31
TOUT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

 

During the year, the Directors have continued to focus on the Company's purpose of ‘Everyone Leaves Happier’, concentrating on selling higher quality products with the highest levels of customer service. This combination has enabled the company to maintain key trading partners both in terms of the customer base and suppliers. There have been no changes to key personnel during the year the Directors have continued to employ and invest in talented people to help deliver its philosophy to our customers.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. We consider that our key financial performance indicators are those that communicate the financial performance of the company as a whole, these being turnover, turnover growth, gross margin, profits before tax and net asset value.

 

The key financial highlights are as follows:

 

2023

2022

2021

2020

2019

Turnover (£000)

38,504

26,202

20,383

25,656

26,078

Turnover growth

47%

29%

(20%)

(2%)

5%

Gross profit margin

18%

19%

21%

17%

16%

EBITDA (£000)

1,210

1,389

658

925

890

Net asset value (£000)

2,533

2,799

2,887

2,505

2,403

 

Principal risks and uncertainties

The company operates within a market that is highly competitive and its profitability is determined both by fuel costs and the prices charged by the major suppliers. The directors are watchful of the risks, and they have examined the principal areas of the company's operations and considered the major risks faced in each of these areas. In the opinion of the directors, they have established review systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in day-to-day operations. The company monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk. The COVID-19 pandemic and BREXIT has continued over the past year to have a significant impact on the business. The war in Ukraine has also had a significant impact on costs of fuel & energy costs in the past year. Increased energy costs for Langford and Nailsea increased expenditure by £132,000 on year ending 31st March 2022. The Directors continue to monitor the situation and have taken decisions to restrict the impact on profitability where possible.

 

The opening of Touts Cleeve in June 2022 was a success and has transformed the business. The launch of the Maple restaurant has however been a challenge, hospitality has continued to struggle in the current economic climate. The opening of the Cleeve site was delayed due to building overruns by just over 2 months. The impact of this was an additional £150,000 expenditure on wages and other expenditure while the premises was not able to open. An extension has been granted for the purchase of a large parcel of land in the southwest, subject to planning. This is a particularly exciting development with lots of potential to develop Touts local center vision. The directors continue to look for new opportunities to develop the business and are actively pursuing the purchase of new sites.

 

Touts continue to trade under Touts own brand with NISA the main supplier. The supermarket side of the business is now focused on being passionate about food and offering the very best ‘foodie’ convenience shopping experience. The Company recently won the National Independent retailer award at the Grocer Gold awards, a huge achievement and massive recognition of the company. The past year has been a difficult one for Pharmacy, NHS cuts and additional demands put on pharmacy by central Government, and pharmacist recruitment issues have made it a challenging sector to be in. This has been reflected nationally in the number of pharmacy closures in the year. However, Touts continue to invest in the pharmacy side of the business and in a tough market delivered good profits. Due to the hiving up of Market Pharmacy Ltd into Tout Ltd there was an additional amortisation charge this year of £293,617 which has impacted profit.

TOUT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

Overall, 2022/23 was another challenging but hugely successful year. The Company now has the business asset structure, people, and systems in place to ensure long term profitability and a stable platform for growth. With Cleeve now open and another new sites in the pipeline it is exciting times for the Company.

On behalf of the board

Mr J Tout
Director
3 October 2023
TOUT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of the running of petrol stations, retails shops and pharmacies.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £242,985. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Tout
Mrs L Tout
Mr P Tout
Mrs Z Tout
Mr S Hockey
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments
Objectives and policies

The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the company's trading activities.

Credit risk, liquidity risk and interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

 

The company is exposed to a moderate level of credit risk and liquidity risk. The company manages these risks by financing its operations through the continued support of its bankers and financers, supplemented by long term bank borrowings where necessary to fund expansion or capital expenditure programmes.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

TOUT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

Old Mill Audit Limited were appointed as auditor to the company during the year and deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

TOUT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
On behalf of the board
Mr J Tout
Director
3 October 2023
TOUT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TOUT LIMITED
- 6 -
Opinion

We have audited the financial statements of Tout Limited (the 'company') for the year ended 31 March 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TOUT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOUT LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TOUT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOUT LIMITED
- 8 -

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.

Tim Lerwill BSc BFP FCA
Senior Statutory Auditor
For and on behalf of Old Mill Audit Limited
6 October 2023
Statutory Auditor
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
TOUT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
£
£
Turnover
3
38,504,266
26,202,498
Cost of sales
(31,668,216)
(21,177,839)
Gross profit
6,836,050
5,024,659
Administrative expenses
(6,363,185)
(4,154,281)
Other operating income
21,448
20,963
Operating profit
4
494,313
891,341
Interest receivable and similar income
7
4,858
62
Interest payable and similar expenses
8
(282,884)
(73,084)
Profit before taxation
216,287
818,319
Tax on profit
9
(90,634)
(606,907)
Profit for the financial year
125,653
211,412

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TOUT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
£
£
Profit for the year
125,653
211,412
Other comprehensive income
-
-
Total comprehensive income for the year
125,653
211,412
TOUT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
293,634
Other intangible assets
11
4,492
4,932
Total intangible assets
4,492
298,566
Tangible assets
12
10,569,583
8,805,064
10,574,075
9,103,630
Current assets
Stocks
13
963,236
662,367
Debtors
14
1,868,214
1,093,786
Cash at bank and in hand
468,344
1,504,332
3,299,794
3,260,485
Creditors: amounts falling due within one year
15
(3,645,559)
(3,845,882)
Net current liabilities
(345,765)
(585,397)
Total assets less current liabilities
10,228,310
8,518,233
Creditors: amounts falling due after more than one year
16
(6,362,205)
(4,522,430)
Provisions for liabilities
Provisions
19
135,000
118,000
Deferred tax liability
20
1,169,937
1,079,303
(1,304,937)
(1,197,303)
Net assets
2,561,168
2,798,500
Capital and reserves
Called up share capital
22
331,000
451,000
Capital redemption reserve
240,000
120,000
Profit and loss reserves
1,990,168
2,227,500
Total equity
2,561,168
2,798,500
TOUT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
Mr J Tout
Director
Company Registration No. 04490890
TOUT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
571,000
-
0
2,316,274
2,887,274
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
211,412
211,412
Dividends
10
-
-
(180,186)
(180,186)
Redemption of shares
22
(120,000)
120,000
(120,000)
(120,000)
Balance at 31 March 2022
451,000
120,000
2,227,500
2,798,500
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
125,653
125,653
Dividends
10
-
-
(242,985)
(242,985)
Redemption of shares
22
(120,000)
120,000
(120,000)
(120,000)
Balance at 31 March 2023
331,000
240,000
1,990,168
2,561,168
TOUT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
465,823
1,896,124
Interest paid
(282,884)
(73,084)
Income taxes paid
-
0
(130,533)
Net cash inflow from operating activities
182,939
1,692,507
Investing activities
Purchase of tangible fixed assets
(2,160,850)
(2,425,766)
Proceeds on disposal of investment property
-
0
139,773
Receipts arising from loans made
(805,970)
-
0
Interest received
4,858
62
Net cash used in investing activities
(2,961,962)
(2,285,931)
Financing activities
Redemption of shares
(120,000)
(120,000)
Proceeds of new bank loans
(266,662)
1,625,291
Repayment of bank loans
2,374,709
(206,666)
Payment of finance leases obligations
(2,027)
(1,756)
Dividends paid
(242,985)
(180,186)
Net cash generated from financing activities
1,743,035
1,116,683
Net (decrease)/increase in cash and cash equivalents
(1,035,988)
523,259
Cash and cash equivalents at beginning of year
1,504,332
981,073
Cash and cash equivalents at end of year
468,344
1,504,332
TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
1
Accounting policies
Company information

Tout Limited is a private company limited by shares incorporated in England and Wales. The registered office is Touts Cleeve, Main Road, Cleeve, BRISTOL, Somerset, BS49 4NR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments and investment property at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

As at 31 March 2023 the company had net current liabilities of £345,765 (2022 - net current liabilities £585,397). The directors continue to monitor both the company's working capital resources and its expected working capital requirements to ensure that there is sufficient working capital resources available to meet the requirements of the company for the foreseeable future. The company is reliant on the continuing support of both the directors and the bank.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Goodwill                     20% Straight line

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably. Amortisation of intangible fixed assets is included in administrative expenses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Franchise fee
5% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line & 5% straight line
Leasehold land and buildings
Straight line over the period of the lease
Fixtures, fittings and equipment
10% straight line & 33% reducing balance
Motor vehicles
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Doubtful debts

The directors have reviewed all significant debts on a case by case basis and have made a provision for doubtful debts based upon their knowledge of both the specific customer and the current economic conditions within the industry.

 

The total value of bad debts provided for during the year is £nil (2022: £nil).

Impairment of assets

The tangible and intangible fixed assets are periodically reviewed for impairment by the directors based on their knowledge and judgements.

 

The total value of impairment to fixed assets during the year is £nil (2022: £nil).

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and amortisation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of intangible and tangible fixed assets in order to arrive at applicable depreciation and amortisation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

 

It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of depreciation.

 

The total value of depreciation and amortisation during the year is £421,687 and £294,074 respectively (2022: £203,222 and £294,073).

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
38,298,373
26,058,109
Commission income
205,893
144,389
38,504,266
26,202,498
2023
2022
£
£
Other revenue
Interest income
4,858
62
Grants received
-
1,413

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(1,413)
Fees payable to the company's auditor for the audit of the company's financial statements
17,496
15,080
Depreciation of owned tangible fixed assets
421,687
203,222
(Profit)/loss on disposal of tangible fixed assets
-
4,344
Profit on disposal of investment property
-
0
(11,250)
Amortisation of intangible assets
294,074
294,073
Operating lease charges
90,976
90,015
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
5
5
Distribution staff
242
131
Administrative staff
18
17
Total
265
153
TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,483,809
2,425,693
Social security costs
253,681
165,489
Pension costs
40,305
34,268
3,777,795
2,625,450
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
102,493
94,817
Company pension contributions to defined contribution schemes
1,455
1,400
103,948
96,217

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
4,858
62
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
282,446
72,334
Other finance costs:
Interest on finance leases and hire purchase contracts
438
750
282,884
73,084
TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(44,163)
Deferred tax
Origination and reversal of timing differences
90,634
651,070
Total tax charge
90,634
606,907

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
216,287
818,319
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
41,095
155,481
Tax effect of expenses that are not deductible in determining taxable profit
1,851
273
Depreciation on assets not qualifying for tax allowances
-
0
38,612
Amortisation on assets not qualifying for tax allowances
-
0
55,790
Other permanent differences
-
0
1,040
Deferred tax adjustments in respect of prior years
21,752
18,979
Effect of change in deferred tax rate
-
0
106,840
Unrealised chargeable gain
-
0
285,192
NBV of investment property disposal
-
0
(24,419)
Additional allowance for enhanced allowance additions
25,936
(30,881)
Taxation charge for the year
90,634
606,907
10
Dividends
2023
2022
£
£
Interim paid
242,985
180,186
TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
11
Intangible fixed assets
Goodwill
Franchise fee
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
3,086,525
8,800
3,095,325
Amortisation and impairment
At 1 April 2022
2,792,891
3,868
2,796,759
Amortisation charged for the year
293,634
440
294,074
At 31 March 2023
3,086,525
4,308
3,090,833
Carrying amount
At 31 March 2023
-
0
4,492
4,492
At 31 March 2022
293,634
4,932
298,566
12
Tangible fixed assets
Freehold buildings
Leasehold land and buildings
Assets under construction
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
5,003,606
22,749
3,810,780
2,163,742
96,003
11,096,880
Additions
1
-
0
1,040,557
1,120,211
25,437
2,186,206
Transfers
4,851,337
-
0
(4,851,337)
-
0
-
0
-
0
At 31 March 2023
9,854,944
22,749
-
0
3,283,953
121,440
13,283,086
Depreciation and impairment
At 1 April 2022
548,465
10,642
-
0
1,686,708
46,001
2,291,816
Depreciation charged in the year
164,997
1,944
-
0
245,103
9,643
421,687
At 31 March 2023
713,462
12,586
-
0
1,931,811
55,644
2,713,503
Carrying amount
At 31 March 2023
9,141,482
10,163
-
0
1,352,142
65,796
10,569,583
At 31 March 2022
4,455,141
12,107
3,810,780
477,034
50,002
8,805,064

At the year end the company held assets on hire purchase with a net book value of £27,007 (2022: £2,683) secured against the assets to which they relate.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
13
Stocks
2023
2022
£
£
Finished goods and goods for resale
963,236
662,367
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
531,996
434,844
Corporation tax recoverable
44,163
44,163
Other debtors
829,395
220,890
Prepayments and accrued income
462,660
393,889
1,868,214
1,093,786
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
532,731
245,624
Obligations under finance leases
18
6,520
2,026
Trade creditors
2,711,031
3,182,397
Taxation and social security
140,432
51,127
Other creditors
70,589
222,204
Accruals and deferred income
184,256
142,504
3,645,559
3,845,882

The hire purchase liabilities are secured against the assets to which they relate.

16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
6,340,871
4,519,931
Obligations under finance leases
18
21,334
2,499
6,362,205
4,522,430

The hire purchase liabilities are secured against the assets to which they relate.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
16
Creditors: amounts falling due after more than one year
(Continued)
- 27 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,601,335
480,947
17
Loans and overdrafts
2023
2022
£
£
Bank loans
6,873,602
4,765,555
Payable within one year
532,731
245,624
Payable after one year
6,340,871
4,519,931

The Bank Loans are secured by fixed and floating charges over all assets of the company.

 

The Bank Loan with the closing liability of £2,932,594 has an interest rate of 1.9% per annum over base rate and is repayable in monthly instalments of £23,580 and the final repayment date is 60 months after the Loan was drawn, 12 March 2020.

 

The Bank Loan with a closing liability of £3,941,008 has now been completely drawn down. The Loan has an interest rate charge of 3.25% per annum over base rate. Monthly repayments begin 13 months after first draw down, 29 December 2021, and will be a monthly commitment. Final repayment date is 180 months after the first part of the Loan was drawn.

18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
6,520
2,026
In two to five years
21,334
2,499
27,854
4,525

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Provisions for liabilities
2023
2022
£
£
Provisions of dilapidations
135,000
118,000
TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19
Provisions for liabilities
(Continued)
- 28 -

Dilapidation provisions relate to obligations under property leases which crystalise at the end of the lease.

Movements on provisions:
Provisions of dilapidations
£
At 1 April 2022
118,000
Additional provisions in the year
17,000
At 31 March 2023
135,000
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
520,157
425,296
Other timing differences
649,780
654,007
1,169,937
1,079,303
2023
Movements in the year:
£
Liability at 1 April 2022
1,079,303
Charge to profit or loss
90,634
Liability at 31 March 2023
1,169,937

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,305
34,268

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
22
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
850 Ordinary of £1 each
850
850
149 A Ordinary of £1 each
149
149
1 B Ordinary of £1 each
1
1
1,000
1,000
Preference share capital
Issued and fully paid
330,000 (2022: 450,000) Redeemable preference shares of £1 each
330,000
450,000
Preference shares classified as equity
330,000
450,000
Total equity share capital
331,000
451,000

The ordinary shares, ordinary A shares and ordinary B shares issued by the company have full voting rights and full participating rights to distributions or in winding up.

 

The redeemable preference shares issued by the company have no voting rights but have full participating rights to distributions or in winding up. The date of original allotment was 15 September 2020 and the shares are redeemable at the option of the company with no latest date defined. There are no premiums payable on redemption.

23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
99,866
86,934
Between two and five years
382,925
347,737
In over five years
117,866
161,770
600,657
596,441
Lessor

The operating leases represent leased property and buildings to third parties. The leases are negotiated on a year-to-year basis. All leases include a provision for yearly rent reviews according to prevailing market conditions. As they are all on a rolling year-to-year basis, there is no guarantee that the lease arrangement will extend after one year if either party opts out of the arrangement within the following year.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
23
Operating lease commitments
(Continued)
- 30 -

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
17,457
18,596
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
2,100,000
25
Related party transactions
2023
2022
Amounts due to related parties
£
£
Key management personnel
93
158,818
26
Directors' transactions

Dividends totalling £242,985 (2022 - £180,186) were paid in the year in respect of shares held by the company's directors.

 

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.00
(67,818)
1,051,942
4,815
(184,200)
804,739
(67,818)
1,051,942
4,815
(184,200)
804,739

The loans advanced in the year to the directors had no repayment terms.

27
Ultimate controlling party

The ultimate controlling party is the Tout family by virtue of their 100% shareholding.

TOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
28
Analysis of changes in net debt
1 April 2022
Cash flows
New finance leases
31 March 2023
£
£
£
£
Cash at bank and in hand
1,504,332
(1,035,988)
-
468,344
Borrowings excluding overdrafts
(4,765,555)
(2,108,047)
-
(6,873,602)
Obligations under finance leases
(4,525)
2,027
(25,356)
(27,854)
(3,265,748)
(3,142,008)
(25,356)
(6,433,112)
29
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
125,653
211,412
Adjustments for:
Taxation charged
90,634
606,907
Finance costs
282,884
73,084
Investment income
(4,858)
(62)
(Gain)/loss on disposal of tangible fixed assets
-
4,344
Gain on disposal of investment property
-
0
(11,250)
Amortisation and impairment of intangible assets
294,074
294,073
Depreciation and impairment of tangible fixed assets
421,687
203,222
Increase in provisions
17,000
17,000
Movements in working capital:
(Increase) in stocks
(300,869)
(107,190)
Decrease/(increase) in debtors
31,542
(112,615)
(Decrease)/increase in creditors
(491,924)
717,199
Cash generated from operations
465,823
1,896,124
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200Mr J ToutMr P ToutMrs Z ToutMr S HockeyMr S HockeyMrs L Tout044908902022-04-012023-03-3104490890bus:Director12022-04-012023-03-3104490890bus:CompanySecretaryDirector12022-04-012023-03-3104490890bus:Director22022-04-012023-03-3104490890bus:Director32022-04-012023-03-3104490890bus:Director42022-04-012023-03-3104490890bus:CompanySecretary12022-04-012023-03-3104490890bus:Director52022-04-012023-03-3104490890bus:RegisteredOffice2022-04-012023-03-31044908902023-03-31044908902021-04-012022-03-3104490890core:Goodwill2023-03-3104490890core:Goodwill2022-03-3104490890core:OtherResidualIntangibleAssets2023-03-3104490890core:OtherResidualIntangibleAssets2022-03-31044908902022-03-3104490890core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3104490890core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3104490890core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3104490890core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3104490890core:ConstructionInProgressAssetsUnderConstruction2023-03-3104490890core:FurnitureFittings2023-03-3104490890core:MotorVehicles2023-03-3104490890core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3104490890core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3104490890core:ConstructionInProgressAssetsUnderConstruction2022-03-3104490890core:FurnitureFittings2022-03-3104490890core:MotorVehicles2022-03-3104490890core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104490890core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3104490890core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3104490890core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3104490890core:CurrentFinancialInstruments2023-03-3104490890core:CurrentFinancialInstruments2022-03-3104490890core:Non-currentFinancialInstruments2023-03-3104490890core:Non-currentFinancialInstruments2022-03-3104490890core:ShareCapital2023-03-3104490890core:ShareCapital2022-03-3104490890core:CapitalRedemptionReserve2023-03-3104490890core:CapitalRedemptionReserve2022-03-3104490890core:RetainedEarningsAccumulatedLosses2023-03-3104490890core:RetainedEarningsAccumulatedLosses2022-03-3104490890core:ShareCapital2021-03-3104490890core:CapitalRedemptionReserve2021-03-3104490890core:RetainedEarningsAccumulatedLosses2021-03-31044908902021-03-3104490890core:ShareCapitalOrdinaryShares2023-03-3104490890core:ShareCapitalOrdinaryShares2022-03-3104490890core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3104490890core:ShareCapital2021-04-012022-03-3104490890core:ShareCapital2022-04-012023-03-3104490890core:RetainedEarningsAccumulatedLosses2022-04-012023-03-310449089012022-04-012023-03-310449089012021-04-012022-03-310449089022022-04-012023-03-310449089022021-04-012022-03-31044908902022-03-3104490890core:Goodwill2022-04-012023-03-3104490890core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3104490890core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-012023-03-3104490890core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3104490890core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3104490890core:FurnitureFittings2022-04-012023-03-3104490890core:MotorVehicles2022-04-012023-03-3104490890core:UKTax2022-04-012023-03-3104490890core:UKTax2021-04-012022-03-310449089032022-04-012023-03-310449089032021-04-012022-03-310449089042022-04-012023-03-310449089042021-04-012022-03-310449089052022-04-012023-03-310449089052021-04-012022-03-310449089062022-04-012023-03-310449089062021-04-012022-03-310449089072022-04-012023-03-310449089072021-04-012022-03-3104490890core:Goodwill2022-03-3104490890core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3104490890core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3104490890core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3104490890core:ConstructionInProgressAssetsUnderConstruction2022-03-3104490890core:FurnitureFittings2022-03-3104490890core:MotorVehicles2022-03-3104490890core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3104490890core:ConstructionInProgressAssetsUnderConstruction2022-04-012023-03-3104490890core:WithinOneYear2023-03-3104490890core:WithinOneYear2022-03-3104490890core:BetweenTwoFiveYears2023-03-3104490890core:BetweenTwoFiveYears2022-03-3104490890core:MoreThanFiveYears2023-03-3104490890core:MoreThanFiveYears2022-03-3104490890bus:PrivateLimitedCompanyLtd2022-04-012023-03-3104490890bus:FRS1022022-04-012023-03-3104490890bus:Audited2022-04-012023-03-3104490890bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP