Company registration number 13285917 (England and Wales)
BOLTON TOPCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
BOLTON TOPCO LIMITED
COMPANY INFORMATION
Directors
S Benson
S J Black
S Craig
Company number
13285917
Registered office
The Nurseries
Gravel Lane
Chigwell
Essex
England
IG7 6BZ
Auditor
Azets Audit Services
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
BOLTON TOPCO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
BOLTON TOPCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Fair review of the business

The Group had another very positive year, recording revenues of £20.6m, which equates to a 37% compounded annual growth rate (CAGR) since 2019. The following 2023 annual figures are listed with comparatives that cover a fifteen month period so as to reference the 2022 audited group financial statements. The business recorded gross profits of £9.2m with a gross profit margin of 45%, (2022: £7.2m, 44 %). After administrative expenses and other operating income, the group made an operating profit of £3.3m with an operating profit margin of 16% (2022: £2.2m 14%). After adjusting for depreciation, amortisation, and exceptional items, EBITDA for the year was £4.3m with an EBITDA margin of 21% (2022: £3.1m 19 %). Profit after interest and tax was £1.8m with a PAT margin of 9% (2022: 0.7m, 4%).

 

As would be expected from a business that marked a significant growth in revenue in the year, the number of staff we employed increased significantly too. Average employees in the period were 184 (2022: 141) and we continue to successfully recruit to fulfil an ever-increasing order book. We also increased the size of our fleet in the year and replaced company hybrid cars with fully electric vehicles as part of our overall ESG strategy.

 

The business continues to lay the foundations for future growth, investing in our people and IT infrastructure. We are in the process of upgrading our operational IT system which will increase efficiency, improve reporting capability, and allow the business to scale efficiently. We developed and enhanced our People Strategy and introduced a cultural survey to improve our ability to attract and retain staff in what is an increasingly competitive market.

Principal risks and uncertainties

With support from the Senior Management Team, the Board has established an effective framework for identifying, monitoring, and managing risks. The key risks the business currently faces are:

 

Resourcing

We are operating in an economy where the demand for labour outstrips supply. This is particularly pertinent in our sector where we require appropriately experienced and qualified engineers to deliver a range of fire and electrical services to our customers. We are also in a period of significant growth and so resourcing pressures are heightened. In response, we appointed a Head of People in the year to work with the wider Senior Management Team to enhance and drive forward our People Strategy, which looks at a range of attraction and retention strategies. This has so far proved successful, and we are managing to keep up with our requirements for new staff as we continue to grow.

 

Inflation

Like everyone, we continue to operate in an environment of high-cost inflation. This has mainly impacted the business through higher materials, fuel, and staff costs. To mitigate these increases, where possible, we have renegotiated contract prices with our customers. Given our customer base, we have to be sensitive to their overall purpose but on the whole, they have been open to negotiations, particularly given the strong relationships and reputation we have established, as well as a fact-based conversation around inflationary pressures. As a result, we have managed to maintain our EBITDA margins compared to 2022 and we’re confident we can continue on this basis.

 

Fleet

Fleet availability of new vehicles has been put under significant pressure over the last two years and we have had to expand our supply network to keep up with growth. As a management team, we now plan further in advance and place orders for vehicles 3-6 months ahead of our needs. This proactivity has meant that the business has sustained an adequate supply of vehicles to deliver on our contractual commitments in the year. In recent months we have secured vehicles for the foreseeable future and as a management team, with the support of our network, we will monitor the market so we ensure availability meets our business needs.

IT and Technology

The group recognises the need for advancements in IT and Technology as the business grows. We recently completed an assessment of our IT and business systems, to ensure they are fit for purpose to scale effectively as our business grows. The assessment resulted in a roadmap being devised to improve and implement changes and functionality to areas such as Stock and purchasing among others in the next financial year.

BOLTON TOPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Key performance indicators

We are in a period of significant growth and our aim is to continue on this trajectory. The indicators we use to measure performance against our targets are:

Our performance against these metrics for the underlying trade of the subsidiary company RGE Services for the current and previous year are shown below:

KPI

2022

2023

2024 Target

Annual revenue growth (%)

38%

49%

>30%

Operating margin (%)

14%

16%

>12%

Underlying EBITDA (%)

19%

21%

22%

Revenue per employee (£)

£98K

£113K

>£100K

On behalf of the board

S Benson
Director
12 October 2023
BOLTON TOPCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the group continued to be that of electrical installation services.

Results and dividends

No ordinary dividends were paid or recommended.

Directors

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

S Benson
S J Black
S Craig
Statement of disclosure to auditor

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

On behalf of the board
S Benson
Director
12 October 2023
BOLTON TOPCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

BOLTON TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLTON TOPCO LIMITED
- 5 -
Opinion

We have audited the financial statements of Bolton Topco limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BOLTON TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOLTON TOPCO LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

BOLTON TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOLTON TOPCO LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Nayler BSc FCA
For and on behalf of Azets Audit Services
23 October 2023
Chartered Accountants
Statutory Auditor
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
BOLTON TOPCO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
Year
Period
ended
ended
30 June
30 June
2023
2022
Notes
£
£
Turnover
3
20,580,250
16,334,830
Cost of sales
(11,357,983)
(9,144,745)
Gross profit
9,222,267
7,190,085
Administrative expenses
(5,931,716)
(4,945,001)
Other operating income
6,962
936
Operating profit
4
3,297,513
2,246,020
Interest receivable and similar income
8
13,439
590
Interest payable and similar expenses
9
(911,031)
(1,073,341)
Profit before taxation
2,399,921
1,173,269
Tax on profit
10
(646,585)
(500,589)
Profit for the financial year
1,753,336
672,680
Profit for the financial year is all attributable to the owners of the company.
Total comprehensive income for the year is all attributable to the owners of the company.
BOLTON TOPCO LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
4,288,006
4,838,105
Tangible assets
12
1,805,300
1,048,283
6,093,306
5,886,388
Current assets
Stocks
16
919,148
552,369
Debtors
17
6,850,453
3,441,031
Cash at bank and in hand
1,554,816
1,530,460
9,324,417
5,523,860
Creditors: amounts falling due within one year
18
(3,523,925)
(2,199,698)
Net current assets
5,800,492
3,324,162
Total assets less current liabilities
11,893,798
9,210,550
Creditors: amounts falling due after more than one year
19
(8,955,061)
(8,213,478)
Provisions for liabilities
22
Deferred tax liability
22
421,135
232,806
(421,135)
(232,806)
Net assets
2,517,602
764,266
Capital and reserves
Called up share capital
24
77,621
77,621
Share premium account
13,965
13,965
Profit and loss reserves
2,426,016
672,680
Total equity
2,517,602
764,266
The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
12 October 2023
S Benson
Director
BOLTON TOPCO LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
8,906,812
8,906,812
Current assets
Debtors
17
1,544,634
1,506,423
Cash at bank and in hand
38,596
8,448
1,583,230
1,514,871
Creditors: amounts falling due within one year
18
(2,560,042)
(2,063,227)
Net current liabilities
(976,812)
(548,356)
Total assets less current liabilities
7,930,000
8,358,456
Creditors: amounts falling due after more than one year
19
(7,918,398)
(7,627,369)
Net assets
11,602
731,087
Capital and reserves
Called up share capital
24
77,621
77,621
Share premium account
13,965
13,965
Profit and loss reserves
(79,984)
639,501
Total equity
11,602
731,087

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £719,485 (2022 - £639,501 profit).

The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
12 October 2023
S Benson
Director
Company registration number 13285917 (England and Wales)
BOLTON TOPCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 23 March 2021
-
0
-
0
-
0
-
Period ended 30 June 2022:
Profit and total comprehensive income for the period
-
-
672,680
672,680
Issue of share capital
24
77,621
13,965
-
91,586
Balance at 30 June 2022
77,621
13,965
672,680
764,266
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
1,753,336
1,753,336
Balance at 30 June 2023
77,621
13,965
2,426,016
2,517,602

The reserves are as follows:

 

Called up share capital represents the nominal value of shares issued.

Share premium account represents the amounts subscribed for share capital in excess of nominal value.

Profit and loss account represents the cumulative profits or losses, net of dividends paid.

BOLTON TOPCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 23 March 2021
-
0
-
0
-
0
-
Period ended 30 June 2022:
Profit and total comprehensive income for the period
-
-
639,501
639,501
Issue of share capital
24
77,621
13,965
-
91,586
Balance at 30 June 2022
77,621
13,965
639,501
731,087
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(719,485)
(719,485)
Balance at 30 June 2023
77,621
13,965
(79,984)
11,602

The reserves are as follows:

 

Called up share capital represents the nominal value of shares issued.

Share premium account represents the amounts subscribed for share capital in excess of nominal value.

Profit and loss account represents the cumulative profits or losses, net of dividends paid.

BOLTON TOPCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,393,042
2,686,719
Interest paid
(620,002)
(721,714)
Income taxes paid
(172,479)
(311,702)
Net cash inflow from operating activities
600,561
1,653,303
Investing activities
Purchase of business
-
(5,443,579)
Purchase of tangible fixed assets
(1,245,698)
(948,889)
Proceeds from disposal of tangible fixed assets
26,651
75,518
Repayment of loans
-
(24,927)
Interest received
13,439
590
Net cash used in investing activities
(1,205,608)
(6,341,287)
Financing activities
Proceeds from issue of shares
-
87,939
Proceeds from borrowings
-
5,479,389
Advances/(repayment) of finance leases
629,403
651,116
Net cash generated from financing activities
629,403
6,218,444
Net increase in cash and cash equivalents
24,356
1,530,460
Cash and cash equivalents at beginning of year
1,530,460
-
0
Cash and cash equivalents at end of year
1,554,816
1,530,460
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information

Bolton Topco limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Nurseries, Gravel Lane, Chigwell, Essex, England, IG7 6BZ.

 

The group consists of Bolton Topco limited and all of its subsidiaries.

1.1
Reporting period

In the prior year, the reporting year end changed from 31 March 2022 to 30 June 2022. The reason for this was to bring it in line with the subsidiary year end. The prior period is therefore 15 months.

1.2
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bolton Topco Limited together with all entities controlled by the parent company (its subsidiaries).

 

Prior year financial statements are made from 23 March 2021 to 30 June 2022. Current year financial statements are made from 1 July 2022 to 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

The financial statements are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the truegroup to continue as a going concern.

 

The directors have carried out an assessment of going concern and taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, there is a strong expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

1.6
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Turnover 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 the following conditions are satisfied:

Interest income is recognised using the effective interest rate method.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

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

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Tangible fixed assets

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

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

Plant and equipment
20/25%
Fixtures and fittings
10/20%
Motor vehicles
25%

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

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

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

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

 

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

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

1.11
Stocks

Stocks are stated at the lower of cost and estimated replacement cost. Cost is comprised of parts and materials.

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

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
1.12
Cash and cash equivalents

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

1.13
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
1.14
Equity instruments

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

1.15
Taxation

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

Current tax

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

Deferred tax

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

 

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

 

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.16
Employee benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

 

The company operates several defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
1.17
Leases

At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

 

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

 

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company’s incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

 

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

 

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

 

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

1.18
Government grants

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

 

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

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

 

The year end stock figure contains estimates as the company has not yet implemented a stock system for tracking stock. The majority of stock was counted at the year end but for some areas, costs have been estimated based on recent purchases. The directors consider the value to be appropriate as the the finance director was personally involved in the stock take and a strong count process was put in place. The estimates derived were based on the the actual areas counted and the areas that were not counted entirely were a minority.

 

Accrued income contains a degree of estimation uncertainty as despite the majority of accrued transactions being invoiced in a timely fashion post year end or being approved to be invoiced by customers, there is an element where judgement has been made based on the historic working relationship with customers. Where no significant issues exist, amounts owed for work done have been fully accrued.

 

Amounts recoverable on contracts is a significant estimate. Management use a multiple of labour costs incurred up to the date of the financial statements to calculate the estimate. The multiplier used is based on historic average revenue earned per operative over the average operative cost.

 

Goodwill contains a degree of estimation uncertainty. The directors have assessed the useful life of goodwill as 10 years. This is based on their best estimate of the period over which this asset will unwind based on their knowledge of the business.

 

With the exception of the estimates described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fire and electrical services
20,580,250
16,334,830
2023
2022
£
£
Other revenue
Interest income
13,439
590
Grants received
-
936
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(936)
Depreciation of owned tangible fixed assets
470,709
290,055
Profit on disposal of tangible fixed assets
(8,679)
(36,601)
Amortisation of intangible assets
550,099
662,881
Operating lease charges
60,000
75,000
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,190
3,940
Audit of the financial statements of the company's subsidiaries
28,490
20,850
42,680
24,790
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
3
3
3
3
Management
14
10
2
-
Office Staff
24
20
-
-
Other Staff
143
108
-
-
184
141
5
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,042,715
5,813,239
726,874
688,338
Social security costs
773,446
1,139,856
91,792
69,046
Pension costs
113,770
178,454
-
0
-
0
7,929,931
7,131,549
818,666
757,384
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
568,918
688,308
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
410,183
431,020
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
13,439
590
9
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
873,089
1,054,883
Interest on finance leases and hire purchase contracts
30,422
18,458
Other interest
7,520
-
Total finance costs
911,031
1,073,341
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
458,256
325,950
Deferred tax
Origination and reversal of timing differences
188,329
174,639
Total tax charge
646,585
500,589

From 1 April 2023, the corporation tax rate increased to 25% for companies making more than £250,000 profit.

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Taxation
(Continued)
- 24 -

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

2023
2022
£
£
Profit before taxation
2,399,921
1,173,269
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
599,980
222,921
Tax effect of expenses that are not deductible in determining taxable profit
127,722
259,088
Adjustments in respect of prior years
(96,350)
-
0
Effect of change in corporation tax rate
(122,292)
18,580
Amortisation on assets not qualifying for tax allowances
137,525
-
0
Taxation charge
646,585
500,589
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
5,500,986
Amortisation and impairment
At 1 July 2022
662,881
Amortisation charged for the year
550,099
At 30 June 2023
1,212,980
Carrying amount
At 30 June 2023
4,288,006
At 30 June 2022
4,838,105
The company had no intangible fixed assets at 30 June 2023 or 30 June 2022.
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
7,500
86,124
1,470,750
1,564,374
Additions
9,552
127,073
1,109,073
1,245,698
Disposals
-
0
-
0
(56,511)
(56,511)
At 30 June 2023
17,052
213,197
2,523,312
2,753,561
Depreciation and impairment
At 1 July 2022
3,000
51,977
461,114
516,091
Depreciation charged in the year
3,000
14,167
453,542
470,709
Eliminated in respect of disposals
-
0
-
0
(38,539)
(38,539)
At 30 June 2023
6,000
66,144
876,117
948,261
Carrying amount
At 30 June 2023
11,052
147,053
1,647,195
1,805,300
At 30 June 2022
4,500
34,147
1,009,636
1,048,283
The company had no tangible fixed assets at 30 June 2023 or 30 June 2022.
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
RG Tradeco Limited
UK
Holding company
Ordinary
100.00
-
RGE Services Limited
UK
Electrical installation
Ordinary
0
100.00
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
8,906,812
8,906,812
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
8,906,812
Carrying amount
At 30 June 2023
8,906,812
At 30 June 2022
8,906,812
15
Financial instruments
Group
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
6,562,179
3,308,518
Instruments measured at fair value through profit or loss
6,562,179
3,308,518
Carrying amount of financial liabilities
Measured at amortised cost
10,988,660
9,750,474
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
919,148
552,369
-
0
-
0

At balance sheet date, there is no stock provision (2022: £nil).

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,262,477
1,653,863
-
0
-
0
Corporation tax recoverable
-
0
-
0
42,064
-
0
Amounts owed by group undertakings
-
-
1,478,143
1,475,290
Other debtors
97,581
213,604
24,427
31,133
Prepayments and accrued income
2,490,395
1,573,564
-
0
-
0
6,850,453
3,441,031
1,544,634
1,506,423

Trade debtors is shown at net after deducting bad debt provisions totalling £62,199 (2022: £41,654).

 

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

18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
458,165
279,316
-
0
-
0
Trade creditors
1,016,010
688,026
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,224,827
1,798,603
Corporation tax payable
514,422
228,645
-
0
-
0
Other taxation and social security
975,904
434,057
167,144
126,800
Other creditors
189,034
242,454
(913)
-
0
Accruals and deferred income
370,390
327,200
168,984
137,824
3,523,925
2,199,698
2,560,042
2,063,227
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
1,036,663
586,109
-
0
-
0
Other borrowings
20
7,918,398
7,627,369
7,918,398
7,627,369
8,955,061
8,213,478
7,918,398
7,627,369
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
7,918,398
7,627,369
7,918,398
7,627,369
Payable after one year
7,918,398
7,627,369
7,918,398
7,627,369

Other loans are secured by fixed and floating charges over the property and undertakings of the company and it's subsidiaries.

 

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
458,165
279,316
-
0
-
0
In two to five years
1,036,663
586,109
-
0
-
0
1,494,828
865,425
-
-

The finance lease obligations represent hire purchase liabilities for motor vehicles. All leases are on a fixed repayment basis and are secured against the related assets.

22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
421,135
232,806
The company has no deferred tax assets or liabilities.
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
22
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
232,806
-
Charge to profit or loss
188,329
-
Liability at 30 June 2023
421,135
-

The deferred tax liability set out above is expected to reverse after one year and relates to accelerated capital allowances.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
113,770
178,454

A defined contribution pension scheme is operated for all qualifying employees. At the balance sheet date, the company had unpaid defined contribution pension payable of £4,859 (2022: £1,715).

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A of £1 each
54,347
54,347
54,347
54,347
Class B of £1 each
3,647
3,647
3,647
3,647
Class C of £1 each
1,000
1,000
1,000
1,000
Class D of £1 each
13,954
13,954
13,954
13,954
Class E of £1 each
4,673
4,673
4,673
4,673
77,621
77,621
77,621
77,621

Each class of share ranks pari passu except in certain circumstances where class A Ordinary Shares are entitled to enhanced voting rights.

 

All issued shares were allotted during the period at par.

BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 30 -
25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
60,000
60,000
-
-
Between two and five years
105,000
165,000
-
-
165,000
225,000
-
-
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 31 -
26
Related party transactions

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.

 

At the year end, loan balances were owed to shareholders totaled £7,982,977 (2022: £7,691,927). Interest is charged on the loans at a rate of 12% per annum.

 

During the year, services were purchased from shareholders totalling £236.689 (2022: £264,634).

27
Controlling party

The directors regard YFM Equity Partners Buyout II LP as the ultimate parent company and the immediate parent company. The registered offices of the ultimate and immediate parent company is 5th Floor Valiant Building, 14 South Parade, Leeds, England, LS1 5QS.

28
Directors' transactions
Loans advance to Directors
Opening balance
Closing balance
£
£
Unpaid Share Capital
24,927
24,927

Loans are repayable on demand and no interest is charged.

29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,753,336
672,680
Adjustments for:
Taxation charged
646,585
500,589
Finance costs
911,031
1,073,341
Investment income
(13,439)
(590)
Gain on disposal of tangible fixed assets
(8,679)
(36,601)
Amortisation and impairment of intangible assets
550,099
662,881
Depreciation and impairment of tangible fixed assets
470,709
290,055
Movements in working capital:
Increase in stocks
(366,779)
(471,407)
Increase in debtors
(3,409,422)
(300,849)
Increase in creditors
859,601
296,620
Cash generated from operations
1,393,042
2,686,719
BOLTON TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 32 -
30
Analysis of changes in net debt - group
1 July 2022
Cash flows
Non cash movements
30 June 2023
£
£
£
£
Cash at bank and in hand
1,530,460
24,356
-
1,554,816
Borrowings excluding overdrafts
(7,627,369)
(582,058)
291,029
(7,918,398)
Obligations under finance leases
(865,425)
(629,403)
-
(1,494,828)
(6,962,334)
(1,187,105)
291,029
(7,858,410)
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