REGISTERED NUMBER: 03560161 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
CORNWALL GROUP LIMITED |
REGISTERED NUMBER: 03560161 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
CORNWALL GROUP LIMITED |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income statement | 8 |
Consolidated Other 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 Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
CORNWALL GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Mr J Pearce |
AUDITORS: |
The Old Carriage Works |
Moresk Road |
TRURO |
Cornwall |
TR1 1DG |
BANKERS: | Barclays Bank plc |
14 King Street |
TRURO |
Cornwall |
TR1 2RB |
SOLICITORS: |
78 Lemon Street |
Truro |
TR1 2PN |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their strategic report of the company and the group for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
Reflecting on the last 12 trading months, it has been a year of two halves, the latter half witnessing a softening market, where prices have fallen back, demand weakened, this combined (as we commented on during last year's Report) with rising payroll, many establishment costs rising, stubbornly high inflation rates, frustrated by the frequent cost of borrowing increases. Energy costs and significant variations in rates throughout our wider industry remain a constant pressure and concern. |
Throughout our Group we continue to balance a 5 - 10 year horizon regarding investment and strategic growth. Our uncomplicated ownership structure, ongoing family independence, and unrivalled Board stability and experience allows us to remain a formidable competitor, able to partner with global players. Much of our industry has seen consolidation since the Pandemic, a growing amount of private equity and venture capitalist money being spent and invested amongst several of our regional competitors. |
Over our last trading year we have agreed and committed to £5m worth of machinery and vehicles purchases. We anticipate in the coming 12 months an additional £20m will be invested throughout the group in property transactions, business acquisitions and ongoing operational spend on logistics, IT and state of the art specialist glass processing machinery. |
Our philanthropic endeavours continue with £86,000 of further donations into our very own Charitable Fund, during a 12 month period. A lasting legacy for our local communities, and a nice distraction from P&L, Balance Sheets, Projections and similar. |
As we look forward to our next trading year, we are aware of the fragility of the economy, a looming general election, possible recession, the ongoing war in Ukraine, cost of borrowing pressures as inflation is being brought under control. We see opportunity for some organic growth in the coming trading year, but this will be modest compared to recent and previous trading results. |
A shrinking talent pool of experienced and skilled employees within our industry continues to reinforce our consistent belief in Apprentices, and our Group aim of having at least 10% of our colleagues and team on our Apprenticeship Journey at any one time. |
Our Group continues to look at investment diversity and believes strongly in bricks and mortar and freehold properties. At present all of our trading entities are owned within the Family and Groups control. |
As we slowly approach the huge milestone of 50 years of trading in 2028 there is much to be optimistic about and we continue to remain alert and agile in matters of new opportunities, products, investments and training initiatives. |
ON BEHALF OF THE BOARD: |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the processing and supply of glass and glazing products and the provision of glazing services. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
DONATIONS |
The group made charitable donations to the Cornwall, Devon and Somerset Community Foundations in the combined sum of £86,000 and other charitable donations of £58 (2022: £9,969). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
AUDITORS |
The auditors, Lang Bennetts Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CORNWALL GROUP LIMITED |
Opinion |
We have audited the financial statements of Cornwall Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CORNWALL GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to health and safety, transport, employment matters and other laws and regulations. |
We assessed the risks of material misstatement in respect of fraud as follows: |
- we made enquiries of the directors and management of any non-compliance of laws and regulations, potential litigation and claims or any knowledge of actual, suspected or alleged fraud. |
- we considered the risk of fraud through management override. |
Based on the results of our risk assessment, we designed our audit procedures to identify and to address material misstatements in relation to fraud, as follows: |
- we reviewed legal fees to identify any potential non-compliance with laws and regulations. |
- we reviewed material manual journal entries for evidence of management override or fraud. |
- we reviewed information in relation to key operating compliance matters including health and safety and transport. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CORNWALL GROUP LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
The Old Carriage Works |
Moresk Road |
TRURO |
Cornwall |
TR1 1DG |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 25,830,000 | 25,657,799 |
Cost of sales | 13,530,767 | 13,202,876 |
GROSS PROFIT | 12,299,233 | 12,454,923 |
Distribution costs | 1,792,584 | 1,828,734 |
Administrative expenses | 7,625,571 | 6,664,607 |
9,418,155 | 8,493,341 |
2,881,078 | 3,961,582 |
Other operating income | 217,757 | 170,812 |
OPERATING PROFIT | 4 | 3,098,835 | 4,132,394 |
Interest payable and similar expenses | 5 | 128,781 | 129,154 |
PROFIT BEFORE TAXATION | 2,970,054 | 4,003,240 |
Tax on profit | 6 | 615,861 | 759,608 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,354,193 | 3,243,632 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,354,193 | 3,243,632 |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property | 337,566 | - |
Income tax relating to other comprehensive income |
(63,750 |
) |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
273,816 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,628,009 |
3,243,632 |
Total comprehensive income attributable to: |
Owners of the parent | 2,628,009 | 3,243,632 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 7,939,956 | 7,296,680 |
Investments | 9 | - | - |
Investment property | 10 | 1,559,574 | 1,048,599 |
9,499,530 | 8,345,279 |
CURRENT ASSETS |
Stocks | 11 | 1,797,415 | 1,434,536 |
Debtors | 12 | 4,538,436 | 4,758,488 |
Cash at bank and in hand | 3,014,536 | 2,114,843 |
9,350,387 | 8,307,867 |
CREDITORS |
Amounts falling due within one year | 13 | 4,746,181 | 4,902,872 |
NET CURRENT ASSETS | 4,604,206 | 3,404,995 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
14,103,736 |
11,750,274 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(3,394,709 |
) |
(3,887,832 |
) |
PROVISIONS FOR LIABILITIES | 18 | (962,183 | ) | (743,607 | ) |
NET ASSETS | 9,746,844 | 7,118,835 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 2,002 | 2,002 |
Revaluation reserve | 20 | 812,519 | 538,703 |
Capital redemption reserve | 20 | 1,001 | 1,001 |
Retained earnings | 20 | 8,931,322 | 6,577,129 |
SHAREHOLDERS' FUNDS | 9,746,844 | 7,118,835 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by: |
M J Mitchell - Director |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
COMPANY BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 82,932 | 1,697,114 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2021 | 2,002 | 3,333,497 | 538,703 | 1,001 | 3,875,203 |
Changes in equity |
Total comprehensive income | - | 3,243,632 | - | - | 3,243,632 |
Balance at 30 June 2022 | 2,002 | 6,577,129 | 538,703 | 1,001 | 7,118,835 |
Changes in equity |
Total comprehensive income | - | 2,354,193 | 273,816 | - | 2,628,009 |
Balance at 30 June 2023 | 2,002 | 8,931,322 | 812,519 | 1,001 | 9,746,844 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,640,855 | 3,614,352 |
Interest paid | (116,031 | ) | (99,538 | ) |
Interest element of hire purchase payments paid |
(12,750 |
) |
(29,616 |
) |
Tax paid | (620,403 | ) | (1,065,328 | ) |
Taxation refund | 5,659 | - |
Net cash from operating activities | 2,897,330 | 2,419,870 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,199,466 | ) | (1,814,746 | ) |
Purchase of investment property | (510,975 | ) | (748,951 | ) |
Sale of tangible fixed assets | 21,523 | 5,110 |
Net cash from investing activities | (1,688,918 | ) | (2,558,587 | ) |
Cash flows from financing activities |
Bank loan repayments in year | (184,630 | ) | (612,149 | ) |
New bank loans in year | - | 1,100,000 |
Movement on proceeds of factored debts | 93,120 | 653,138 |
Hire purchase repayments in year | (223,265 | ) | (258,495 | ) |
Amount introduced by directors | 6,056 | 5,997 |
Amount withdrawn by directors | - | (17,847 | ) |
Net cash from financing activities | (308,719 | ) | 870,644 |
Increase in cash and cash equivalents | 899,693 | 731,927 |
Cash and cash equivalents at beginning of year |
2 |
2,114,843 |
1,382,916 |
Cash and cash equivalents at end of year | 2 | 3,014,536 | 2,114,843 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 2,970,054 | 4,003,240 |
Depreciation charges | 578,822 | 537,035 |
Profit on disposal of fixed assets | (14,263 | ) | (5,110 | ) |
Movement on warranty provision | 36,811 | 50,926 |
Finance costs | 128,781 | 129,154 |
3,700,205 | 4,715,245 |
Increase in stocks | (362,879 | ) | (365,591 | ) |
Decrease/(increase) in trade and other debtors | 430,171 | (251,880 | ) |
Decrease in trade and other creditors | (126,642 | ) | (483,422 | ) |
Cash generated from operations | 3,640,855 | 3,614,352 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 3,014,536 | 2,114,843 |
Year ended 30 June 2022 |
30/6/22 | 1/7/21 |
£ | £ |
Cash and cash equivalents | 2,114,843 | 1,382,916 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/7/22 | Cash flow | At 30/6/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,114,843 | 899,693 | 3,014,536 |
2,114,843 | 899,693 | 3,014,536 |
Debt |
Finance leases | (747,022 | ) | 223,265 | (523,757 | ) |
Debts falling due within 1 year | (186,782 | ) | (43,676 | ) | (230,458 | ) |
Debts falling due after 1 year | (3,200,447 | ) | 228,306 | (2,972,141 | ) |
(4,134,251 | ) | 407,895 | (3,726,356 | ) |
Total | (2,019,408 | ) | 1,307,588 | (711,820 | ) |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Cornwall Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised for the sale of goods when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. |
When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Buildings | Freehold | - 2% on cost less residual value |
Leasehold | - Amortised over the lease term |
Plant and machinery etc | - 8% - 33% on cost |
Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Warranty provisions |
Provisions in respect of warranty claims are made in accordance with FRS 102, in order to cover the likely costs of future claims, calculated by reference to historic experience and the duration of the warranty period. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 7,229,222 | 6,691,336 |
Social security costs | 653,385 | 591,030 |
Other pension costs | 536,334 | 525,129 |
8,418,941 | 7,807,495 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 19 | 19 |
Staff | 252 | 248 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 140,642 | 100,492 |
Directors' pension contributions to money purchase schemes | 7,395 | 4,546 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 2 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 71,273 | 66,673 |
Other operating leases | 128,874 | 206,361 |
Depreciation - owned assets | 341,576 | 302,317 |
Depreciation - assets on hire purchase contracts | 237,246 | 234,719 |
Profit on disposal of fixed assets | (14,263 | ) | (5,110 | ) |
Auditors' remuneration | 39,439 | 37,635 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Loan interest | 116,031 | 99,538 |
Hire purchase interest | 12,750 | 29,616 |
128,781 | 129,154 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 497,846 | 660,516 |
Deferred tax | 118,015 | 99,092 |
Tax on profit | 615,861 | 759,608 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 2,970,054 | 4,003,240 |
Profit multiplied by the standard rate of corporation tax in the UK of 20.500 % (2022 - 19 %) |
608,861 |
760,616 |
Effects of: |
Expenses not deductible for tax purposes | 4,844 | 125 |
Capital allowances in excess of depreciation | (49,687 | ) | (109,771 | ) |
Adjustments to tax charge in respect of previous periods | (5,553 | ) | - |
Deferred tax | 118,015 | 99,092 |
Depreciation in excess of capital allowances | (60,619 | ) | 9,546 |
Total tax charge | 615,861 | 759,608 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | 337,566 | (63,750 | ) | 273,816 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements. |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Leasehold | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 | 4,710,342 | 252,166 | 6,976,151 |
Additions | 92,671 | - | 611,381 |
Disposals | - | (22,256 | ) | (2,320 | ) |
Revaluations | 255,000 | - | - |
At 30 June 2023 | 5,058,013 | 229,910 | 7,585,212 |
DEPRECIATION |
At 1 July 2022 | 60,154 | 146,057 | 5,051,884 |
Charge for year | 22,413 | 11,958 | 395,762 |
Eliminated on disposal | - | (22,256 | ) | (2,320 | ) |
Revaluation adjustments | (82,567 | ) | - | - |
At 30 June 2023 | - | 135,759 | 5,445,326 |
NET BOOK VALUE |
At 30 June 2023 | 5,058,013 | 94,151 | 2,139,886 |
At 30 June 2022 | 4,650,188 | 106,109 | 1,924,267 |
Fixtures |
and | Motor | Office |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2022 | 230,157 | 1,250,177 | 671,148 | 14,090,141 |
Additions | - | 121,140 | 66,599 | 891,791 |
Disposals | - | (75,072 | ) | (1,690 | ) | (101,338 | ) |
Revaluations | - | - | - | 255,000 |
At 30 June 2023 | 230,157 | 1,296,245 | 736,057 | 15,135,594 |
DEPRECIATION |
At 1 July 2022 | 191,415 | 821,224 | 522,727 | 6,793,461 |
Charge for year | 7,834 | 106,426 | 34,429 | 578,822 |
Eliminated on disposal | - | (69,333 | ) | (169 | ) | (94,078 | ) |
Revaluation adjustments | - | - | - | (82,567 | ) |
At 30 June 2023 | 199,249 | 858,317 | 556,987 | 7,195,638 |
NET BOOK VALUE |
At 30 June 2023 | 30,908 | 437,928 | 179,070 | 7,939,956 |
At 30 June 2022 | 38,742 | 428,953 | 148,421 | 7,296,680 |
Included in cost or valuation of land and buildings is freehold land of £480,000 (2022 - £470,000) which is not depreciated. |
Freehold property having a carrying value of £5,058,013 (2022: £4,650,188) has been pledged as security to the bank. |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 June 2023 is represented by: |
Freehold | Leasehold | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2020 | 418,041 | - | - |
Valuation in 2022 | 255,000 | - | - |
Cost | 4,384,972 | 229,910 | 7,585,212 |
5,058,013 | 229,910 | 7,585,212 |
Fixtures |
and | Motor | Office |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2020 | - | - | - | 418,041 |
Valuation in 2022 | - | - | - | 255,000 |
Cost | 230,157 | 1,296,245 | 736,057 | 14,462,553 |
230,157 | 1,296,245 | 736,057 | 15,135,594 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 4,384,972 | 4,292,301 |
Aggregate depreciation | 237,850 | 222,063 |
Value of land in freehold land and buildings | 438,333 | 428,333 |
Freehold property was valued on an open market basis on 30 June 2023 by the directors . |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 | 2,752,282 | 255,971 | 3,008,253 |
Transfer to ownership | (266,949 | ) | - | (266,949 | ) |
At 30 June 2023 | 2,485,333 | 255,971 | 2,741,304 |
DEPRECIATION |
At 1 July 2022 | 1,703,732 | 91,699 | 1,795,431 |
Charge for year | 208,045 | 29,201 | 237,246 |
Transfer to ownership | (203,059 | ) | - | (203,059 | ) |
At 30 June 2023 | 1,708,718 | 120,900 | 1,829,618 |
NET BOOK VALUE |
At 30 June 2023 | 776,615 | 135,071 | 911,686 |
At 30 June 2022 | 1,048,550 | 164,272 | 1,212,822 |
Company |
Fixtures |
Freehold | Leasehold | and |
property | property | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Revaluations |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Revaluation adjustments | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Revaluations |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Revaluation adjustments | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 480,000 (2022 - £ 470,000 ) which is not depreciated. |
Freehold property having a carrying value of £5,058,013 (2022: £4,650,188) has been pledged as security to the bank. |
Cost or valuation at 30 June 2023 is represented by: |
Fixtures |
Freehold | Leasehold | and |
property | property | fittings |
£ | £ | £ |
Valuation in 2020 | 418,041 | - | - |
Valuation in 2023 | 255,000 | - | - |
Cost | 4,384,972 | 16,784 | 23,054 |
5,058,013 | 16,784 | 23,054 |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2020 | - | - | 418,041 |
Valuation in 2023 | - | - | 255,000 |
Cost | 21,496 | 520,683 | 4,966,989 |
21,496 | 520,683 | 5,640,030 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 4,384,972 | 4,292,301 |
Aggregate depreciation | 237,850 | 222,063 |
Value of land in freehold land and buildings | 438,333 | 428,333 |
Freehold property was valued on an open market basis on 30 June 2023 by the directors . |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
10. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2022 | 1,048,599 |
Additions | 510,975 |
At 30 June 2023 | 1,559,574 |
NET BOOK VALUE |
At 30 June 2023 | 1,559,574 |
At 30 June 2022 | 1,048,599 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
10. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Additions |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
11. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 1,797,415 | 1,434,536 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 2,999,922 | 3,432,674 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contracts | 147,061 | 139,264 |
Directors' current accounts | 600,767 | 601,877 | 600,834 | 602,375 |
Directors' loan accounts | 4,081 | 7,406 | - | - |
Corporation tax | 195,860 | 195,860 |
Other debtors | 549,556 | 247,098 |
Proceeds of factored debts | 41,189 | 134,309 | - | - |
4,538,436 | 4,758,488 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 230,458 | 186,782 |
Hire purchase contracts (see note 16) | 186,189 | 221,139 |
Trade creditors | 2,451,908 | 2,522,936 |
Amounts owed to group undertakings | - | - |
Corporation tax | 261,909 | 378,807 |
Social security and other taxes | 162,500 | 169,360 |
VAT | 464,950 | 539,317 | 56,507 | 31,748 |
Other creditors | 85,203 | 167,052 |
Directors' current accounts | 4,381 | 2,760 | - | - |
Accruals and deferred income | 892,181 | 704,966 |
Deferred government grants | 6,502 | 9,753 |
4,746,181 | 4,902,872 |
The company has entered into a confidential invoice discounting facility. At the year end the balance notified to the bank was £2,668,987 (2022: £3,076,545). |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 15) | 2,972,141 | 3,200,447 |
Hire purchase contracts (see note 16) | 337,568 | 525,883 |
Other creditors | 85,000 | 155,000 |
Deferred government grants | - | 6,502 |
3,394,709 | 3,887,832 |
Government grants included in creditors include grants for capital equipment. Capital grants are being released to the profit and loss account over the expected useful economic life of the related assets. |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 230,458 | 186,782 |
Amounts falling due between two and five | years: |
Bank loans | 2,972,141 | 3,200,447 |
The main bank loan carries a fixed interest rate of 3.333% per annum for 10 years with capital interest paid quarterly over a 20 year amortisation profile. |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 186,189 | 221,139 |
Between one and five years | 335,175 | 518,879 |
In more than five years | 2,393 | 7,004 |
523,757 | 747,022 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 350,952 | 436,098 |
Between one and five years | 1,207,560 | 658,210 |
In more than five years | 391,788 | 240,000 |
1,950,300 | 1,334,308 |
Operating lease commitments relate to a number of the group's properties and vehicles. No amounts are given for properties occupied under a tenancy at will. In accordance with FRS 102, the figures are the total amounts committed to be paid over the entire lease agreements. |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Operating lease commitments relate to a leased property. In accordance with FRS 102, the figures above are the total amounts committed to be paid over the entire lease agreement. |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 3,202,599 | 3,387,229 |
Hire purchase contracts | 523,757 | 747,022 | - | - |
Company credit card | 4,257 | - | 750 | - |
3,730,613 | 4,134,251 |
Bank loans, factoring proceeds and overdraft facilities are secured by way of a fixed and floating charge over various properties and other assets of the group. |
Liabilities under hire purchase contracts are secured on the assets to which they relate. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 574,475 | 482,136 |
Other timing differences | 63,750 | - | - | - |
Balance brought forward | - | (25,676 | ) | 188,780 | 85,776 |
638,225 | 456,460 | 188,780 | 116,850 |
Other provisions |
Warranty provision | 323,958 | 287,147 | - | - |
Aggregate amounts | 962,183 | 743,607 | 188,780 | 116,850 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 July 2022 | 456,460 | 287,147 |
Charge to Income statement during year | - | 36,811 |
Accelerated capital allowances | 118,015 | - |
Deferred tax on revaluation | 63,750 | - |
Balance at 30 June 2023 | 638,225 | 323,958 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
18. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Accelerated capital allowances | 8,180 |
Deferred tax on revaluation | 63,750 |
Balance at 30 June 2023 |
The group provides warranties of between 5 and 10 years on certain products. The warranty provision is based on the historical experience of warranty claims and the number of units under warranty. The calculation is updated annually on a rolling basis. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: |
Class: |
Nominal value: |
2023 |
2022 |
£ | £ |
2,000 | 'A' Ordinary | £1.00 | 2,000 | 2,000 |
2 | 'C' Ordinary | £0.50 | 1 | 1 |
2 | 'D' Ordinary | £0.50 | 1 | 1 |
2,002 | 2,002 |
20. | RESERVES |
Group |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2022 | 6,577,129 | 538,703 | 1,001 | 7,116,833 |
Profit for the year | 2,354,193 | 2,354,193 |
Revaluation of tangible fixed |
assets | - | 337,566 | - | 337,566 |
Deferred tax on revaluation |
of tangible fixed assets | - | (63,750 | ) | - | (63,750 | ) |
At 30 June 2023 | 8,931,322 | 812,519 | 1,001 | 9,744,842 |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
20. | RESERVES - continued |
Company |
Revaluation |
reserve |
£ |
At 1 July 2022 |
Revaluation of tangible fixed |
assets | 337,566 |
Deferred tax on revaluation |
of tangible fixed assets | (63,750 | ) |
At 30 June 2023 |
21. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. Contributions charged to the profit and loss account during the year amounted to £536,335 (2022: £525,129). There were no outstanding contributions at the year end. |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
£ | £ |
A J Herdman |
Balance outstanding at start of year | - | 3,250 |
Amounts repaid | - | (3,250 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
M J Mitchell |
Balance outstanding at start of year | 601,877 | 592,020 |
Amounts advanced | - | 9,857 |
Amounts repaid | (1,110 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 600,767 | 601,877 |
23. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
23. | RELATED PARTY DISCLOSURES - continued |
During the year the group rented various premises from a number of the group's directors, the pension scheme of these individuals, and a trust in which one of the directors and his spouse are trustees at combined rents of £267,983 (2022: £279,083). |
A net amount of £300 (2022: £564) is outstanding in respect of loans made to the group by directors of subsidiary companies. |
Certain property owned by directors have been provided as security to the bank. |
The group considers its own directors and those of the subsidiary companies, comprising of twelve (2022: twelve) individuals to be the key management personnel and their combined remuneration including pension contributions is £782,818 (2022: £614,562). |
24. | ULTIMATE CONTROLLING PARTY |
The group is controlled by M J Mitchell who, together with his spouse controls 100% of the issued share capital. |