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Registered number: 01370096










LINSCO LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
LINSCO LIMITED
 

COMPANY INFORMATION


Directors
Mrs N J Evans 
Mr C A Lee 
Mr R J McCafferty 
Mr M R McGregor 




Registered number
01370096



Registered office
2 Lace Market Square
Nottingham

NG1 1PB




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
LINSCO LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 30


 
LINSCO LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties that we face. The directors present the strategic report of the Company and the Group for the year ended 31 March 2023.

Business review
 
The directors are pleased with the results for the year all things considered and thank their colleagues for their efforts throughout this time. 
Our Group continued its strong financial performance, despite the uncertainties brought about by the global economic landscape, we have achieved an incredible 9% increase in turnover compared to the previous year. Our profitability has improved with an 8% increase in operating profit, which reflects our commitment to sustainable growth in our market arena.
Our strategic initiatives allowed us to penetrate into new markets, highlight areas of concern and strengthen our foothold in existing client bases. We continue to build on our reputation, establishing strong partnerships with our valued clients regionally. Our client spectrum remains strong, once again no single client accounts for more than 4% of our turnover, providing a key indicator that our client base is strong and secure.
Our transparency with the build-up of charges and agreements has assisted with the uptake of many new clients, confident that we are applying necessary legislation and deductions in accordance with regulations.
Aged debt remains in exceptional good health with low debtor days and keeping within insured limits, showing minimal exposure to bad debt.
We experienced only one major client failure in the year but had good resolve and readiness to be able to take on board their loss, even with their demise we stand strong and resilient against client risk.

Principal risks and uncertainties
 
Asset management
The Group's liquid financial assets consist primarily of trade debtors and cash balances. The directors manage the Group's exposure to financial risk by insuring all of its sales ledger balances and declining business which cannot be underwritten. Our relationship with our insurers is strong and cash flow is consistent. The Group does not trade speculatively in derivatives or similar instruments.
Market risks
The performance of the Group is significantly impacted by changes to the underlying economic situation in the United Kingdom. We address the risk by aligning our cost base with our activity levels and by diversifying our customer base to allied industries alongside our construction placements.
The Group's continued prosperity is dependent on its ability to recruit, develop and retain staff. We look to ensure that our overall remuneration packages are competitive, including performance related commissions to incentivise staff. We encourage apprentices to start with the business and promote equality and diversity in the workplace.




 
Page 1

 
LINSCO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Compliance risks
Certain checks are required before we place candidates into their roles. For certain roles and industries, those checks are more specific as set out by legislation. Failure to complete, maintain or refresh those checks could lead to legal, financial and reputational consequences. To mitigate these risks, all new employees receive training in respect of the operating standards that are applicable to their role; supplementary processes are in place to ensure compliance with higher risk specialisms (e.g. health and education); and spot checks are carried out on candidate records to ensure that appropriate vetting checks are carried out in line with legal and contractual requirements.
We comply with many client vendor criteria systems in relation to compliance, and receive annual on-site audits to maintain compliance with all relevant legislation.

Financial key performance indicators
 
As mentioned in the business review, financial key performance indicators regarding cashflow, debt and insurance highlight our strength in the market. Turnover increased from £29,144,505 in 2022 to £31,788,921 in 2023.

Future outlook
 
Looking ahead we remain cautiously optimistic about the future. We are committed to further advancing our position in the construction temporary market, through embracing technological advancements, marketing and meeting the needs of our ever-increasing customer base. Our strategic focus on customers, growth sustainability and innovation will continue to drive us toward long term success
Remarks
We extend our sincerest gratitude to our colleagues, customers, candidates and all suppliers for their continued support and dedication. Together we have achieved remarkable results in 2023 and we are excited about the opportunities that lie ahead in 2024.  


This report was approved by the board and signed on its behalf.



Mr M R McGregor
Director

Date: 4 October 2023

Page 2

 
LINSCO LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Principal activity

The principal activity of the Group is the provision of industrial, clerical and construction labour.

Results and dividends

The profit for the year, after taxation, amounted to £503,064 (2022 - £548,079).

Dividends of £380,000 (2022: £600,000) were paid in the year.

Directors

The directors who served during the year were:

Mrs N J Evans 
Mr C A Lee 
Mr R J McCafferty 
Mr M R McGregor 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 
LINSCO LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr M R McGregor
Director

Date: 4 October 2023

Page 4

 
LINSCO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINSCO LIMITED
 

Opinion


We have audited the financial statements of Linsco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' 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.


Page 5

 
LINSCO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINSCO LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LINSCO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINSCO LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• management bias in respect of accounting estimates and judgements made;
• management override of control;
• posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to:
• enquiry of management and those charged with governance around actual and potential litigation and    claims, including instances of non-compliance with laws and regulations and fraud;
• reviewing minutes of meetings of those charged with governance where available;
• reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations    and fraud;
• reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations;
• performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
LINSCO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINSCO LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





James Bagley (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

9 October 2023
Page 8

 
LINSCO LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
31,788,921
29,144,505

Cost of sales
  
(27,668,855)
(25,446,609)

Gross profit
  
4,120,066
3,697,896

Administrative expenses
  
(3,309,702)
(2,976,501)

Other operating income
 5 
-
31,312

Operating profit
 6 
810,364
752,707

Interest receivable and similar income
  
196
77

Interest payable and similar expenses
 10 
(164,000)
(75,522)

Profit before taxation
  
646,560
677,262

Tax on profit
 11 
(143,496)
(129,183)

Profit for the financial year
  
503,064
548,079

Profit for the year attributable to:
  

Owners of the parent Company
  
503,064
548,079

  
503,064
548,079

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 9

 
LINSCO LIMITED
REGISTERED NUMBER: 01370096

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
21,658

Tangible assets
 15 
333,134
179,973

  
333,134
201,631

Current assets
  

Debtors: amounts falling due within one year
 17 
4,966,549
5,377,375

Cash at bank and in hand
 18 
843,352
1,453,330

  
5,809,901
6,830,705

Creditors: amounts falling due within one year
 19 
(4,851,205)
(5,988,959)

Net current assets
  
 
 
958,696
 
 
841,746

Total assets less current liabilities
  
1,291,830
1,043,377

Creditors: amounts falling due after more than one year
 20 
(132,384)
(30,446)

Provisions for liabilities
  

Deferred taxation
 23 
(23,451)
-

  
 
 
(23,451)
 
 
-

Net assets
  
1,135,995
1,012,931


Capital and reserves
  

Called up share capital 
 24 
620
620

Capital redemption reserve
 25 
570
570

Profit and loss account
 25 
1,134,805
1,011,741

  
1,135,995
1,012,931


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2023.




Mr M R McGregor
Director

The notes on pages 16 to 30 form part of these financial statements.

Page 10

 
LINSCO LIMITED
REGISTERED NUMBER: 01370096

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
333,134
179,973

Investments
 16 
604,500
604,500

  
937,634
784,473

Current assets
  

Debtors: amounts falling due within one year
 17 
5,015,043
5,347,418

Cash at bank and in hand
 18 
90,329
968,215

  
5,105,372
6,315,633

Creditors: amounts falling due within one year
 19 
(4,804,916)
(5,988,025)

Net current assets
  
 
 
300,456
 
 
327,608

Total assets less current liabilities
  
1,238,090
1,112,081

  

Creditors: amounts falling due after more than one year
 20 
(132,384)
(30,446)

Provisions for liabilities
  

Deferred taxation
 23 
(23,451)
-

  
 
 
(23,451)
 
 
-

Net assets
  
1,082,255
1,081,635


Capital and reserves
  

Called up share capital 
 24 
620
620

Capital redemption reserve
 25 
570
570

Profit and loss account
 25 
1,081,065
1,080,445

  
1,082,255
1,081,635


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2023.


Mr M R McGregor
Director

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 
LINSCO LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
620
570
1,063,662
1,064,852


Comprehensive income for the year

Profit for the year
-
-
548,079
548,079
Total comprehensive income for the year
-
-
548,079
548,079


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(600,000)
(600,000)


Total transactions with owners
-
-
(600,000)
(600,000)



At 1 April 2022
620
570
1,011,741
1,012,931


Comprehensive income for the year

Profit for the year
-
-
503,064
503,064
Total comprehensive income for the year
-
-
503,064
503,064


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(380,000)
(380,000)


Total transactions with owners
-
-
(380,000)
(380,000)


At 31 March 2023
620
570
1,134,805
1,135,995


The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
LINSCO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
620
570
1,078,560
1,079,750


Comprehensive income for the year

Profit for the year
-
-
601,885
601,885
Total comprehensive income for the year
-
-
601,885
601,885


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(600,000)
(600,000)


Total transactions with owners
-
-
(600,000)
(600,000)



At 1 April 2022
620
570
1,080,445
1,081,635


Comprehensive income for the year

Profit for the year
-
-
380,620
380,620
Total comprehensive income for the year
-
-
380,620
380,620


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(380,000)
(380,000)


Total transactions with owners
-
-
(380,000)
(380,000)


At 31 March 2023
620
570
1,081,065
1,082,255


The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
LINSCO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
503,064
548,079

Adjustments for:

Amortisation of intangible assets
21,658
37,127

Depreciation of tangible assets
71,100
39,945

Loss on disposal of tangible assets
(2,394)
498

Government grants
-
(31,312)

Interest paid
164,000
75,522

Interest received
(196)
(77)

Taxation charge
143,496
129,183

Decrease/(increase) in debtors
398,861
(1,227,865)

(Decrease) in creditors
(437,281)
(178,089)

Corporation tax (paid)/received
(123,133)
113,473

Net cash generated from operating activities

739,175
(493,516)


Cash flows from investing activities

Purchase of tangible fixed assets
(232,567)
(173,465)

Sale of tangible fixed assets
10,700
16,449

Government grants received
-
31,312

Interest received
196
77

HP interest paid
(3,805)
-

Net cash from investing activities

(225,476)
(125,627)

Cash flows from financing activities

Invoice financing
(642,560)
1,013,572

Repayment of loans
(83,333)
(83,334)

Repayment of/new finance leases
142,411
22,592

Dividends paid
(380,000)
(600,000)

Interest paid
(160,195)
(75,522)

Net cash used in financing activities
(1,123,677)
277,308

Net (decrease) in cash and cash equivalents
(609,978)
(341,835)

Cash and cash equivalents at beginning of year
1,453,330
1,795,165

Cash and cash equivalents at the end of year
843,352
1,453,330


Cash at bank and in hand
843,352
1,453,330


Page 14

 
LINSCO LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023






At 1 April 2022
Cash flows
New finance leases
Other non-cash changes
At 31 March 2023
£

£

£

£

£

Cash at bank and in hand

1,453,330

(609,978)

-

-

843,352

Debt due after 1 year

(13,889)

-

-

13,889

-

Debt due within 1 year

(3,840,898)

712,542

-

13,889

(3,114,467)

Finance leases

(26,098)

18,469

(160,880)

-

(168,509)


(2,427,555)
121,033
(160,880)
27,778
(2,439,624)

The notes on pages 16 to 30 form part of these financial statements.

Page 15

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Linsco Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The nature of the Company’s operations and principal activities are given in the Directors' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are rounded to the nearest £1 and prepared in Sterling which is the functional currency of the Group.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The group financial statements consolidate the financial statements of the Company and its subsidiary undertaking drawn up to 31 March each year.
Subsidiary undertakings are included using the acquisition method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition to the date of sale outside the Group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.

 
2.3

Going concern

In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the group. In the Directors’ opinion, the group is a going concern for a minimum of twelve months from the date of the approval of the financial statements.

Page 16

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government grants

Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan
The Group operates a defined contribution pension scheme and contributions to the scheme are recognised in the profit and loss account in the period in which they become payable.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, unless it relates to items in other comprehensive income or directly in equity. In such cases, the related tax is also recognised other comprehensive income or directly in equity.
Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

 
2.13

Intangible assets

Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life. In the light of the continued growth of the acquired company and future plans, the directors are satisfied that the goodwill has durability beyond five years. This matter is being considered on an annual basis.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.14

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. 
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may be affected.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
33%
straight line

Page 18

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 19

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.20

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. However, the nature of estimation means the actual outcomes could differ from those estimates.
There are no significant judgements (apart from those involving estimates) which have had an effect on amounts recognised in the financial statements.

Page 20

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Rendering of services
31,788,921
29,144,505


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Coronavirus Job Retention Scheme
-
31,312



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

(Profit)/loss on disposal of fixed assets
(2,394)
498

Depreciation
71,100
39,945

Other operating lease rentals
61,292
65,405

Amortisation
21,658
37,127


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,150
12,500

15,150
12,500

Fees payable to the Group's auditor and its associates in respect of:

The auditing of accounts of associates of the Group pursuant to legislation
3,750
2,500

Other services relating to taxation
6,000
7,850

All other services
13,592
20,630


23,342
30,980


Page 21

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
28,572,957
26,212,957
28,572,957
26,212,957

Social security costs
1,006,794
877,677
1,006,794
877,677

Cost of defined contribution scheme
201,417
139,367
201,417
139,367

29,781,168
27,230,001
29,781,168
27,230,001


The average monthly number of Group and Company employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Direct labour - agency staff
434
473



Selling and administrative
44
47

478
520


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
317,553
206,432

Group contributions to defined contribution pension schemes
96,133
18,850

413,686
225,282


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £143,047 (2022 - £96,517).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,500 (2022 - £3,250).


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
160,195
75,522

Finance leases and hire purchase contracts
3,805
-

Page 22

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
109,466
124,519

Adjustments in respect of previous periods
(1,386)
-


Total current tax
108,080
124,519

Deferred tax


Origination and reversal of timing differences
35,416
4,664

Total deferred tax
35,416
4,664


Taxation on profit on ordinary activities
143,496
129,183

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
646,560
677,262


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
122,846
128,680

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,755
(1,668)

Capital allowances for year in excess of depreciation
(31,250)
(9,547)

Goodwill amortisation on consolidation
4,115
7,054

Adjustments to tax charge in respect of prior periods
(1,386)
-

Deferred tax: origination and reversal of timing differences
35,416
4,664

Total tax charge for the year
143,496
129,183


Factors that may affect future tax charges

In April 2023, the rate of corporation tax increased to 25% from the previous rate of 19%.

Page 23

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Dividends

2023
2022
£
£


Ordinary 'A' shares
380,000
600,000


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £380,620 (2022 - £601,885).


14.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2022
371,271



At 31 March 2023

371,271



Amortisation


At 1 April 2022
349,613


Charge for the year on owned assets
21,658



At 31 March 2023

371,271



Net book value



At 31 March 2023
-



At 31 March 2022
21,658



Page 24

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Tangible fixed assets

Group and Company






Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 April 2022
133,413
34,747
156,187
324,347


Additions
183,885
-
48,682
232,567


Disposals
(17,067)
(6,233)
(87,734)
(111,034)



At 31 March 2023

300,231
28,514
117,135
445,880



Depreciation


At 1 April 2022
20,170
6,155
118,049
144,374


Charge for the year on owned assets
20,443
4,521
24,104
49,068


Charge for the year on financed assets
22,032
-
-
22,032


Disposals
(10,845)
(4,145)
(87,738)
(102,728)



At 31 March 2023

51,800
6,531
54,415
112,746



Net book value



At 31 March 2023
248,431
21,983
62,720
333,134



At 31 March 2022
113,243
28,592
38,138
179,973

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
190,345
28,492

Page 25

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2022
604,500



At 31 March 2023
604,500






Net book value



At 31 March 2023
604,500



At 31 March 2022
604,500


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Linsco Recruitment Limited
2 Lace Market Square, Nottingham, NG1 1PB
Ordinary
100%


17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
4,309,243
4,823,672
4,258,371
4,804,589

Amounts owed by group undertakings
-
-
99,366
5,366

Other debtors
3,425
1,525
3,425
1,525

Prepayments and accrued income
653,881
540,213
653,881
523,973

Deferred taxation
-
11,965
-
11,965

4,966,549
5,377,375
5,015,043
5,347,418


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 26

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
843,352
1,453,330
90,329
968,215



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
13,889
83,333
13,889
83,333

Invoice financing loan
3,092,017
3,734,577
3,092,017
3,734,577

Trade creditors
128,365
74,348
128,365
74,348

Corporation tax
109,466
124,519
75,664
124,519

Other taxation and social security
582,608
657,712
570,124
656,781

Obligations under finance lease and hire purchase contracts
36,125
9,541
36,125
9,541

Other creditors
45,206
606,912
45,206
606,912

Accruals and deferred income
843,529
698,017
843,526
698,014

4,851,205
5,988,959
4,804,916
5,988,025


Trade finance is provided by Close Brothers and is secured by trade debtors. A debenture containing a fixed and floating charge over the Company's assets was executed by the directors on 13 October 2006 in respect of these borrowings within invoice financing loans totalling £3,092,017 (2022: £3,734,577).
Close Brothers also provided a secured CBILS loan which is shown within other loans amounting to £13,889 (2022: £97,222).
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate. The total amount secured is £168,509 (2022: £26,098).


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
-
13,889
-
13,889

Obligations under finance leases and hire purchase contracts
132,384
16,557
132,384
16,557

132,384
30,446
132,384
30,446




Page 27

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
36,125
9,541
36,125
9,541

Between 1-5 years
132,384
16,557
132,384
16,557

168,509
26,098
168,509
26,098


22.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at amortised cost
4,312,668
4,825,197
4,361,162
4,811,480


Financial liabilities

Financial liabilities measured at amortised cost
(3,234,271)
(3,906,147)
(3,234,271)
(3,906,147)


Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings and other loans.

Page 28

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

23.


Deferred taxation


Group



2023


£






At beginning of year
11,965


Credited to profit or loss
(35,416)



At end of year
(23,451)

Company


2023


£






At beginning of year
11,965


Credited to profit or loss
(35,416)



At end of year
(23,451)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(38,786)
1,456
(38,786)
1,456

Other items
15,335
10,509
15,335
10,509

(23,451)
11,965
(23,451)
11,965


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



620 (2022 - 620) Ordinary 'A' shares of £1.00 each
620
620



25.


Reserves

Capital redemption reserve

This reserve records the nominal value received for shares sold, less transaction costs. 

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends.

Page 29

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

26.


Pension commitments

The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to £201,417 (2022: £139,367).
Contributions totalling £4,152 (2022: £8,449) were payable to the scheme at the end of the year and are included in other creditors.


27.


Commitments under operating leases

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
29,720
61,292
29,720
61,292

Later than 1 year and not later than 5 years
-
17,120
-
17,120

29,720
78,412
29,720
78,412

28.


Related party transactions

Group
Dividends totalling £380,000 (2022: £600,000) were paid to directors during the year.
There were two directors loan accounts held during the year:
Loan 1 - the director was owed £6,076 (2022: £10,503) at the end of the year. Advances of £194,427 (2022: £289,901) and dividends of £190,000 (2022: £300,000) represent the movement in the year. No interest was charged on the loan.
Loan 2 - the director was owed £2,485 (2022: £12,485) at the end of the year. Advances of £200,000 (2022: £289,494) and dividends of £190,000 (2022: £300,000) represent the movement in the year. No interest was charged on the loan.
All directors of the parent and subsidiary who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals is £413,686 (2022: £229,582).
The Company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions with other members of the group which are wholly owned by the group.


29.


Controlling party

The Company is controlled by two of the directors.


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