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Registration number: 12473811

Sudbury Dry Lining Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2023

 

Sudbury Dry Lining Group Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditor's Report

4 to 7

Consolidated Profit and Loss Account and Statement of Retained Earnings

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Cash Flows

11

Notes to the Financial Statements

12 to 26

 

Sudbury Dry Lining Group Limited

Company Information

Directors

Mr C P Duffy

Mr P Duffy

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Auditors

Landmark Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Sudbury Dry Lining Group Limited

Strategic Report for the Year Ended 30 April 2023

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

Principal activity

The principal activity of the group is that of a parent holding company and plastering contractor.

Fair review of the business

The directors are pleased that the group has performed well in the financial year ending April 2023. As in previous years, the market is extremely competitive with continued pressure on margins. Having recognized this, the group has taken a cautious approach to the projects they have undertaken in order to ensure profitability. The outlook for the year ahead is positive with multiple projects secured and increased levels of turnover and profits expected for the coming year.

We have maintained good working relationships will all our key clients, having been awarded our largest residential project to date the group is looking to build on this and take on new clients over the coming year.

During the prior year the group underwent a restructuring to rationalise operations, with the parent company Sudbury Dry Lining Group Limited acquiring the trade and assets of its subsidiary Sudbury Plastering Services Limited. Following this restructuring, new contracts undertaken by the group are now being carried out by Sudbury Dry Lining Group Limited.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

14,341,640

11,533,699

Gross Profit

£

2,157,025

346,166

Gross Profit %

%

15

3

Administration Expenses

£

1,304,528

1,504,277

Operating Profit/(Loss)

£

852,497

(1,158,111)

Profit/(Loss) for the Financial Year

£

589,390

(1,066,582)

Principal risks and uncertainties

The directors understand the need to manage the risks to the group and continue to monitor trading performance on a regular basis and consider the following matters to be the principal risks and uncertainties.

In relation to the key financial risks on price, credit, liquidity, and cash flow, the directors have familiarised themselves with the concepts of these risks and have assessed that at this time there is no significant exposure to the group.

The directors will continue to improve the group’s processes and explore other areas for expansion. The directors will continue to monitor the group’s activities to address any significant risks that do arise to ensure these are minimised to the maximum possible extent.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Dry Lining Group Limited

Directors' Report for the Year Ended 30 April 2023

The directors present their report and the for the year ended 30 April 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr C P Duffy

Mr P Duffy

Statement of directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Landmark Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Dry Lining Group Limited

Independent Auditor's Report to the Members of Sudbury Dry Lining Group Limited

Opinion

We have audited the financial statements of Sudbury Dry Lining Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 30 April 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Sudbury Dry Lining Group Limited

Independent Auditor's Report to the Members of Sudbury Dry Lining Group Limited

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor Responsibilities for the audit of the financial statements

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

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

 

Sudbury Dry Lining Group Limited

Independent Auditor's Report to the Members of Sudbury Dry Lining Group Limited

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

 

Sudbury Dry Lining Group Limited

Independent Auditor's Report to the Members of Sudbury Dry Lining 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 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.

......................................
Andrew Thomas (Senior Statutory Auditor)
For and on behalf of Landmark Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

24 October 2023

 

Sudbury Dry Lining Group Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 30 April 2023

Note

2023
£

2022
£

Turnover

3

14,341,640

11,533,699

Cost of sales

 

(12,184,615)

(11,187,533)

Gross profit

 

2,157,025

346,166

Administrative expenses

 

(1,304,528)

(1,504,277)

Operating profit/(loss)

5

852,497

(1,158,111)

Income from other fixed asset investments

 

2,822

(21,927)

Other interest receivable and similar income

6

12,136

11

Interest payable and similar charges

7

-

(706)

 

14,958

(22,622)

Profit/(loss) before tax

 

867,455

(1,180,733)

Taxation

11

(278,065)

114,151

Profit/(loss) for the financial year

 

589,390

(1,066,582)

Profit/(loss) attributable to:

 

Owners of the company

 

589,390

(1,066,582)

Retained earnings brought forward

 

(357,870)

708,712

Dividends paid

 

(90,000)

-

Retained earnings carried forward

 

141,520

(357,870)

 

Sudbury Dry Lining Group Limited

(Registration number: 12473811)
Consolidated Balance Sheet as at 30 April 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

12

 

3,830,007

 

4,388,518

Tangible assets

13

 

106,809

 

133,447

Other financial assets

15

 

600,354

 

597,532

   

4,537,170

 

5,119,497

Current assets

   

 

Debtors

16

3,100,239

 

2,556,887

 

Cash at bank and in hand

 

3,231,779

 

3,310,081

 

 

6,332,018

 

5,866,968

 

Creditors: Amounts falling due within one year

18

(1,540,901)

 

(1,200,939)

 

Net current assets

   

4,791,117

 

4,666,029

Total assets less current liabilities

   

9,328,287

 

9,785,526

Creditors: Amounts falling due after more than one year

18

 

(3,742,180)

 

(4,774,296)

Provisions for liabilities

19

 

(444,487)

 

(369,000)

Net assets

   

5,141,620

 

4,642,230

Capital and reserves

   

 

Called up share capital

21

200

 

200

 

Merger relief reserve

4,999,900

 

4,999,900

 

Retained earnings

141,520

 

(357,870)

 

Equity attributable to owners of the company

 

5,141,620

 

4,642,230

 

Shareholders' funds

   

5,141,620

 

4,642,230

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Dry Lining Group Limited

(Registration number: 12473811)
Balance Sheet as at 30 April 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

12

 

4,904,167

 

5,454,167

Tangible assets

13

 

100,813

 

148,125

Investments

14

 

1,700,000

 

8,500,000

   

6,704,980

 

14,102,292

Current assets

   

 

Debtors

16

2,677,728

 

688,417

 

Cash at bank and in hand

17

2,000,485

 

1,890,836

 

 

4,678,213

 

2,579,253

 

Creditors: Amounts falling due within one year

18

(1,340,910)

 

(6,036,140)

 

Net current assets/(liabilities)

   

3,337,303

 

(3,456,887)

Total assets less current liabilities

   

10,042,283

 

10,645,405

Creditors: Amounts falling due after more than one year

18

 

(3,742,180)

 

(4,774,296)

Net assets

   

6,300,103

 

5,871,109

Capital and reserves

   

 

Called up share capital

21

200

 

200

 

Profit and loss account

6,299,903

 

5,870,909

 

Total equity

   

6,300,103

 

5,871,109

The company made a profit after tax for the financial year of £518,994 (2022 - profit of £1,873,905).

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Dry Lining Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit/(loss) for the year

 

589,390

(1,066,582)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

579,041

582,421

Other financial assets net gains (losses) through profit and loss

4

(2,822)

21,927

Loss/(profit) on disposal of tangible assets

4

9,533

(167)

Finance income

6

(12,136)

(11)

Finance costs

7

-

706

Corporation tax expense

11

278,065

(114,151)

 

1,441,071

(575,857)

Working capital adjustments

 

(Increase)/decrease in trade debtors

16

(611,978)

1,789,027

Increase/(decrease) in trade creditors

18

98,534

(1,915,454)

Increase in provisions

19

74,000

369,000

Cash generated from operations

 

1,001,627

(333,284)

Corporation tax received/(paid)

11

1,360

(318,864)

Net cash flow from operating activities

 

1,002,987

(652,148)

Cash flows from investing activities

 

Interest received

6

12,136

11

Acquisitions of tangible assets

13

(3,425)

-

Proceeds from sale of tangible assets

 

-

2,690

Purchase of subsidiaries (net of cash acquired)

 

(1,000,000)

(1,450,000)

Net cash flows from investing activities

 

(991,289)

(1,447,299)

Cash flows from financing activities

 

Interest paid

7

-

(706)

Dividends paid

23

(90,000)

-

Net cash flows from financing activities

 

(90,000)

(706)

Net decrease in cash and cash equivalents

 

(78,302)

(2,100,153)

Cash and cash equivalents at 1 May

17

3,310,081

5,410,234

Cash and cash equivalents at 30 April

17

3,231,779

3,310,081

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

The principal place of business is:
College House
17 King Edwards Road
Ruislip
Middlesex
HA4 7AE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of disclosure exemptions in FRS 102 1.12 relating to Section 7 Statement of Cash Flows.

The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with group undertakings that are wholly owned by the group.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2023.

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue by reference to the stage of completion of the contract activity at the balance sheet date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

15% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Provisions for legal claims and actions are recognised at the best estimate of the expected outflow to settle the company's liability.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Financial instruments are recognised at amortised cost with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sales

14,341,640

11,533,699

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

(Loss)/gain on disposal of property, plant and equipment

(9,533)

167

Gain/(Loss) on changes in fair value of investments

2,822

(21,927)

(6,711)

(21,760)

5

Operating profit/(loss)

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

20,530

23,910

Amortisation expense

558,511

558,511

Loss/(profit) on disposal of property, plant and equipment

9,533

(167)

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

996

11

Other finance income

11,140

-

12,136

11

7

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

-

706

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

356,580

452,946

Social security costs

39,336

48,092

Pension costs, defined contribution scheme

17,548

16,188

413,464

517,226

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Management and administration

7

6

Directors

2

2

9

8

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

8,928

159,022

Contributions paid to money purchase schemes

-

174

8,928

159,196

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

-

1

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

15,000

8,000


 

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

272,720

(79,916)

Deferred taxation

Arising from origination and reversal of timing differences

5,345

(34,235)

Tax expense/(receipt) in the income statement

278,065

(114,151)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit/(loss) before tax

867,455

(1,180,733)

Corporation tax at standard rate

169,154

(224,339)

Effect of expense not deductible in determining taxable profit (tax loss)

108,869

110,188

Deferred tax expense relating to changes in tax rates or laws

226

-

Tax decrease from effect of capital allowances and depreciation

(184)

-

Total tax charge/(credit)

278,065

(114,151)

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

1,487

-

1,487

2022

Asset
£

Liability
£

Accelerated capital allowances

-

1,985

Tax losses carried forward

5,843

-

5,843

1,985

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Company

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

12

-

12

-

2022

Asset
£

Liability
£

Accelerated capital allowances

-

4,774

Tax losses carried forward

5,843

-

5,843

4,774

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

5,585,109

5,585,109

At 30 April 2023

5,585,109

5,585,109

Amortisation

At 1 May 2022

1,196,591

1,196,591

Amortisation charge

558,511

558,511

At 30 April 2023

1,755,102

1,755,102

Carrying amount

At 30 April 2023

3,830,007

3,830,007

At 30 April 2022

4,388,518

4,388,518

Amortisation of intangible fixed assets is included in administrative expenses.

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Company

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

5,500,000

5,500,000

At 30 April 2023

5,500,000

5,500,000

Amortisation

At 1 May 2022

45,833

45,833

Amortisation charge

550,000

550,000

At 30 April 2023

595,833

595,833

Carrying amount

At 30 April 2023

4,904,167

4,904,167

At 30 April 2022

5,454,167

5,454,167

Amortisation of intangible fixed assets is included in administrative expenses.

13

Tangible assets

Group

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

30,669

85,320

114,666

230,655

Additions

-

-

3,425

3,425

Disposals

-

(36,182)

-

(36,182)

At 30 April 2023

30,669

49,138

118,091

197,898

Depreciation

At 1 May 2022

16,768

42,950

37,490

97,208

Charge for the year

2,085

6,355

12,090

20,530

Eliminated on disposal

-

(26,649)

-

(26,649)

At 30 April 2023

18,853

22,656

49,580

91,089

Carrying amount

At 30 April 2023

11,816

26,482

68,511

106,809

At 30 April 2022

13,901

42,370

77,176

133,447

Restriction on title and pledged as security

Tangible fixed assets with a carrying amount of £38,298 (2022 - £56,271) have been pledged as security for other creditors.

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Company

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2022

37,057

112,943

150,000

Disposals

-

(29,896)

(29,896)

At 30 April 2023

37,057

83,047

120,104

Depreciation

At 1 May 2022

463

1,412

1,875

Charge for the year

5,489

16,729

22,218

Eliminated on disposal

-

(4,802)

(4,802)

At 30 April 2023

5,952

13,339

19,291

Carrying amount

At 30 April 2023

31,105

69,708

100,813

At 30 April 2022

36,594

111,531

148,125

Restriction on title and pledged as security

Tangible fixed asset with a carrying amount of £100,813 (2022 - £148,125) have been pledged as security for other creditors.

14

Investments

Company

2023
£

2022
£

Investments in subsidiaries

1,700,000

8,500,000

Subsidiaries

£

Cost or valuation

At 1 May 2022

10,075,100

At 30 April 2023

10,075,100

Provision

At 1 May 2022

1,575,100

Impairment of investment

6,800,000

At 30 April 2023

8,375,100

Carrying amount

At 30 April 2023

1,700,000

At 30 April 2022

8,500,000

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

15

Other financial assets

Group

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2022

597,532

597,532

Fair value adjustments

2,822

2,822

At 30 April 2023

600,354

600,354

Carrying amount

At 30 April 2023

600,354

600,354

At 30 April 2022

597,532

597,532

16

Debtors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

531,174

973,214

378,876

300,235

Amounts owed by group undertakings

25

-

-

204,531

-

Other debtors

 

379,318

238,225

161,604

24,842

Prepayments

 

64,014

39,930

42,914

-

Accrued income

 

1,956,940

1,068,099

1,889,791

362,271

Deferred tax assets

11

-

3,858

12

1,069

Corporation tax

11

168,793

233,561

-

-

 

3,100,239

2,556,887

2,677,728

688,417

17

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

3,231,779

3,310,081

2,000,485

1,890,836

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

18

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,077,307

649,310

936,430

140,924

Amounts owed to group undertakings

25

-

-

-

5,706,211

Social security and other taxes

 

50,168

53,871

46,490

22,718

Outstanding defined contribution pension costs

 

1,387

1,411

1,387

1,411

Other creditors

 

130,337

80,120

129,318

79,640

Accruals

 

72,390

416,227

17,973

85,236

Corporation tax

11

209,312

-

209,312

-

 

1,540,901

1,200,939

1,340,910

6,036,140

Due after one year

 

Other creditors

 

3,742,180

4,774,296

3,742,180

4,774,296

Other creditors due after one year of £3,742,180 (2022 - £4,774,296) are secured by a fixed and floating charge over the company's assets, and guaranteed by other group companies.

19

Provisions for liabilities

Group

Deferred tax
£

Contract provisions
£

Total
£

At 1 May 2022

-

369,000

369,000

Increase (decrease) in existing provisions

1,487

74,000

75,487

At 30 April 2023

1,487

443,000

444,487

Deferred tax is provided on taxable temporary differences between taxable profits and profits reported in the financial statements. The resulting outflows are expected to fall due after 1 year.

Contract provisions include costs of rectification and remedial works to meet contractual terms, and for potential claims against work completed by the group. Due to the nature of contract provisions, the timing of any potential future outflows in respect of these liabilities is uncertain.

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £17,548 (2022 - £16,188).

Contributions totalling £1,387 (2022 - £1,411) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

22

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

38,309

6,728

Later than one year and not later than five years

28,038

-

66,347

6,728

The amount of non-cancellable operating lease payments recognised as an expense during the year was £37,966 (2022 - £31,569).

23

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £450.00 (2022 - £Nil) per ordinary share

 

90,000

 

-

         
 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

24

Contingent liabilities

Group

Provision has been made for the directors' best estimate of known legal claims and actions relating to the company. The company takes legal advice as to the likelihood of success of claims and actions, and no provision is made where the directors consider, based on that advice, that the action is unlikely to succeed, or that the company cannot make a sufficiently reliable estimate of the potential obligation.

25

Related party transactions

Group

Key management personnel

Key management personnel consists of the group's directors.

Summary of transactions with key management

The group has provided a guarantee of £12,615 (2022 - £18,805) in respect of financial commitments of key management personnel.
 

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Loans to directors (interest free and repayable on demand)

-

1,288

(1,288)

-

         
       

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Loans to directors (interest free and repayable on demand)

-

1,212

(1,212)

-

         
       

 

Dividends paid to directors

   

2023
£

 

2022
£

       

Dividends paid to directors

 

90,000

 

-

         

Summary of transactions with other related parties

Other related parties consist of a company under common control and spouses of directors.
The group has loans to other related parties. Loans are interest free and repayable on demand.
During the current and prior years, part of the loans were written down as a bad debt expense.

 

 

Sudbury Dry Lining Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Income and receivables from related parties

2023

Other related parties
£

Expenses recognised as bad debt

3,061

Amounts receivable from related party

200,193

2022

Other related parties
£

Expenses recognised as bad debt

2,240

Amounts receivable from related party

203,254

Expenditure with and payables to related parties

2023

Key management
£

Other related parties
£

Amounts payable to related party

2,000,407

1,871,090

2022

Key management
£

Other related parties
£

Amounts payable to related party

2,466,788

2,387,148

Company

Income and receivables from related parties

2023

Subsidiary
£

Amounts receivable from related party

204,531

Expenditure with and payables to related parties

2022

Subsidiary
£

Amounts payable to related party

5,706,211

26

Parent and ultimate parent undertaking

The ultimate controlling party is Mr C Duffy.