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Registered number: 09826528









CONNECT ACCESS GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
CONNECT ACCESS GROUP LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr O J Cave 
Mr V Caiger (appointed 1 June 2023)




COMPANY SECRETARY
K Boswell



REGISTERED NUMBER
09826528



REGISTERED OFFICE
Hadham Park
Hadham Road

Bishop's Stortford

Hertfordshire

CM23 1JH




INDEPENDENT AUDITORS
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Causeway House

1 Dane Street

Bishop's Stortford

Hertfordshire

CM23 3BT





 
CONNECT ACCESS GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 6
Consolidated Statement of Comprehensive Income
 
7
Consolidated Statement of Financial Position
 
8
Company Statement of Financial Position
 
9
Consolidated Statement of Changes in Equity
 
10
Company Statement of Changes in Equity
 
11
Consolidated Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 28


 
CONNECT ACCESS GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

BUSINESS REVIEW
 
Connect Access Group is an award-winning provider of high-quality scaffolds, access and hoist solutions across London and the South East.
Our focus continues to be driving efficiencies and margin improvement, market conditions have improved post pandemic. Directors report results in line with expectations turnover increased to £14.91m compared to (2022 - £12.80m). Profit after tax increased to £2.04m (2022 - £1.26m), a margin amounting to 13.7% (2022 - 9.8%).
We continue to focus on investing in our people to develop their potential. We encourage and support all our staff to engage in lifelong learning and continue to offer apprenticeships and other forms of vocational training. 
As always, the markets we operate in remain extremely competitive. The wide-ranging knowledge, skills, and experience across the Team at Connect enable us to operate across all industry sectors, including construction, industrial, heritage, events, infrastructure, rail and asbestos, giving us some resilience as we adapt to market changes.
We pride ourselves on delivering our services to our customers safely and sustainably, helping them to reduce the environmental impact of their activities. We have again retained all our key supply chain credentials, including NASC audited membership, FORS Gold for our vehicle fleet and a RoSPA Gold Medal Award for 8 consecutive years of Golds in the RoSPA Health and Safety Awards.
As ever we are extremely proud and grateful to our remarkable teams, their hard work, professionalism, and commitment is what sets us apart.
On 30 January 2023, ultimate ownership of the business was transferred to Connect Trustees Limited an Employee Ownership Trust. This change in ownership provides long term stability and helps improve employee engagement and retention by offering all staff a direct stake in the company's future success.

PRINCIPAL RISKS AND UNCERTAINTIES
 
A difficult economic and political climate, creates many uncertainties for the future, ongoing developments are being carefully monitored.
Our continuing activities in research and development of new technology, systems of work and equipment continues to carry some risk and uncertainty.
The Leadership Team is confident through continuous monitoring and review of our business strategy, policies and procedures these risks, and uncertainties can be appropriately managed, and their effects mitigated.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The principal goal of the business is to achieve sustainable growth and maximum return through delivering exceptional service to our customers and creating opportunity for all our employees.
Management focus on KPI’s in each department is helping to achieve company objectives. Overall, a promising set of results despite the challenges.


This report was approved by the board on 24 October 2023 and signed on its behalf.



Mr O J Cave
Director

Page 1

 
CONNECT ACCESS GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The Directors present their report and the financial statements for the year ended 31 January 2023.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £2,040,431 (2022 - £1,260,831).

The Director does not propose a final dividend.

DIRECTOR

The Director who served during the year was:

Mr O J Cave 

POST BALANCE SHEET EVENTS

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

FUTURE DEVELOPMENTS

Within Management and Administration our investments in our ITC systems will deliver further efficiencies and continue to improve our customer service.

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

AUDITORS

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 2

 
CONNECT ACCESS GROUP LIMITED
 

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

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

This report was approved by the board on 24 October 2023 and signed on its behalf.
 





Mr O J Cave
Director

Page 3

 
CONNECT ACCESS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNECT ACCESS GROUP LIMITED
 

OPINION


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


In our opinion the financial statements:


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


BASIS FOR OPINION


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


CONCLUSIONS RELATING TO GOING CONCERN


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


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


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


Page 4

 
CONNECT ACCESS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNECT ACCESS GROUP LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


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


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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


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


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


RESPONSIBILITIES OF DIRECTORS
 

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


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


Page 5

 
CONNECT ACCESS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNECT ACCESS GROUP LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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


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

•  Enquiry of management around actual and potential litigation and claims, and any known instances of    non-compliance;
• performing audit work over the risks of management override of controls, including testing of journal    entries and other adjustments for appropriateness, evaluating the business rationale of significant
 transactions outside the normal course of business and reviewing accounting estimates for bias; and
•  Reviewing our work throughout the audit file for evidence of non-compliance.
Due to factors such as the use of judgement, sample testing and the inherent limitations of internal control, these procedures are capable of obtaining reasonable, but not absolute, assurance that irregularities have been detected.


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


USE OF OUR REPORT
 

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





Richard Vass (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Causeway House
1 Dane Street
Bishop's Stortford
Hertfordshire
CM23 3BT

 
Date: 
24 October 2023
Page 6

 
CONNECT ACCESS GROUP LIMITED
 

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

2023
2022
Note
£
£

  

Turnover
 4 
14,911,027
12,808,892

Cost of sales
  
(9,889,525)
(9,661,264)

Gross profit
  
5,021,502
3,147,628

Administrative expenses
  
(2,592,955)
(1,578,705)

Other operating income
 5 
109,173
127,409

Operating profit
 6 
2,537,720
1,696,332

Interest receivable and similar income
 10 
72,654
572

Interest payable and similar expenses
 11 
(12,014)
-

Profit before tax
  
2,598,360
1,696,904

Tax on profit
 12 
(557,929)
(436,073)

Profit for the financial year
  
2,040,431
1,260,831

Profit for the year attributable to:
  

Owners of the parent company
  
2,040,431
1,260,831

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

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

The notes on pages 13 to 28 form part of these financial statements.

Page 7

 
CONNECT ACCESS GROUP LIMITED
REGISTERED NUMBER: 09826528

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,698,294
2,200,171

Tangible assets
 15 
1,012,800
7,558,238

  
2,711,094
9,758,409

Current assets
  

Debtors: amounts falling due within one year
 18 
2,755,846
2,872,960

Cash at bank and in hand
 19 
9,948,112
7,373,753

  
12,703,958
10,246,713

Creditors: amounts falling due within one year
 20 
(3,751,532)
(721,653)

Net current assets
  
 
 
8,952,426
 
 
9,525,060

Total assets less current liabilities
  
11,663,520
19,283,469

Provisions for liabilities
  

Deferred taxation
 22 
(143,216)
(802,157)

Net assets
  
11,520,304
18,481,312


Capital and reserves
  

Called up share capital 
 23 
12,125,001
12,125,000

Capital redemption reserve
 24 
125,000
125,000

Profit and loss account
 24 
(729,697)
6,231,312

  
11,520,304
18,481,312


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr O J Cave
Director

Date: 24 October 2023

The notes on pages 13 to 28 form part of these financial statements.

Page 8

 
CONNECT ACCESS GROUP LIMITED
REGISTERED NUMBER: 09826528

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
12,000,000
12,250,002

Current assets
  

Debtors: amounts falling due within one year
 18 
6,177,500
30,000

Cash at bank and in hand
 19 
5,541
775

  
6,183,041
30,775

Creditors: amounts falling due within one year
 20 
(3,011,329)
(447,900)

Net current assets/(liabilities)
  
 
 
3,171,712
 
 
(417,125)

  

Net assets
  
15,171,712
11,832,877


Capital and reserves
  

Called up share capital 
 23 
12,125,001
12,125,000

Capital redemption reserve
 24 
125,000
125,000

Profit and loss account
  
2,921,711
(417,123)

  
15,171,712
11,832,877


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr O J Cave
Director

Date: 24 October 2023

The notes on pages 13 to 28 form part of these financial statements.

Page 9

 
CONNECT ACCESS GROUP LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 February 2022
12,125,000
125,000
6,231,312
18,481,312
18,481,312


Comprehensive income for the year

Profit for the year
-
-
2,040,431
2,040,431
2,040,431
Total comprehensive income for the year
-
-
2,040,431
2,040,431
2,040,431


Contributions by and distributions to owners

Distribution of subsidiaries to owners
-
-
(9,001,440)
(9,001,440)
(9,001,440)

Shares issued during the year
1
-
-
1
1


Total transactions with owners
1
-
(9,001,440)
(9,001,439)
(9,001,439)


At 31 January 2023
12,125,001
125,000
(729,697)
11,520,304
11,520,304


The notes on pages 13 to 28 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 February 2021
12,125,000
125,000
4,970,481
17,220,481
17,220,481


Comprehensive income for the year

Profit for the year
-
-
1,260,831
1,260,831
1,260,831
Total comprehensive income for the year
-
-
1,260,831
1,260,831
1,260,831


Total transactions with owners
-
-
-
-
-


At 31 January 2022
12,125,000
125,000
6,231,312
18,481,312
18,481,312


The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
CONNECT ACCESS GROUP LIMITED
 

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


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

£
£
£
£

At 1 February 2022
12,125,000
125,000
(417,123)
11,832,877


Comprehensive income for the year

Profit for the year
-
-
8,624,023
8,624,023
Total comprehensive income for the year
-
-
8,624,023
8,624,023


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,285,189)
(5,285,189)

Shares issued during the year
1
-
-
1


Total transactions with owners
1
-
(5,285,189)
(5,285,188)


At 31 January 2023
12,125,001
125,000
2,921,711
15,171,712


The notes on pages 13 to 28 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022


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

£
£
£
£

At 1 February 2021
12,125,000
125,000
(418,004)
11,831,996


Comprehensive income for the year

Profit for the year
-
-
881
881
Total comprehensive income for the year
-
-
881
881


Total transactions with owners
-
-
-
-


At 31 January 2022
12,125,000
125,000
(417,123)
11,832,877


The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
CONNECT ACCESS GROUP LIMITED
 

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

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,040,431
1,260,831

Adjustments for:

Amortisation of intangible assets
509,441
507,732

Depreciation of tangible assets
1,030,732
1,259,875

Loss on disposal of tangible assets
(44,559)
(26,914)

Interest paid
12,014
-

Interest received
(72,654)
(572)

Taxation charge
557,929
436,073

(Increase)/decrease in debtors
(30,214)
170,993

Increase/(decrease) in creditors
3,678,728
(197,592)

Corporation tax (paid)
(372,498)
(480,381)

Net cash generated from operating activities

7,309,350
2,930,045


Cash flows from investing activities

Purchase of tangible fixed assets
(4,698,741)
(1,206,945)

Sale of tangible fixed assets
79,929
70,100

Interest received
72,654
572

Income from investments
(176,820)
-

Net cash from investing activities

(4,722,978)
(1,136,273)

Cash flows from financing activities

Issue of ordinary shares
1
-

Interest paid
(12,014)
-

Net cash used in financing activities
(12,013)
-

Net increase in cash and cash equivalents
2,574,359
1,793,772

Cash and cash equivalents at beginning of year
7,373,753
5,579,981

Cash and cash equivalents at the end of year
9,948,112
7,373,753


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,948,112
7,373,753


The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
CONNECT ACCESS GROUP LIMITED
 

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

1.


GENERAL INFORMATION

Connect Access Group Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Hadham Park, Hadham Road, Bishop's Stortford, Hertfordshire, CM23 1JH.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

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

The Company's functional and presentational currency is that of Pounds Sterling.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

TURNOVER

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

Rendering of services

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

Page 13

 
CONNECT ACCESS GROUP LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

INTANGIBLE ASSETS

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 years. 
Negative goodwill
Negative Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Negative Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Negative Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over 10 years. 

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Short-term leasehold property
-
10%
straight line
Plant and machinery
-
25%
reducing balance or 10% straight line
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
straight line
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 14

 
CONNECT ACCESS GROUP LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

DEBTORS

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

 
2.9

CASH AND CASH EQUIVALENTS

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

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

 
2.10

FINANCIAL INSTRUMENTS

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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

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

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

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

Page 15

 
CONNECT ACCESS GROUP LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

CREDITORS

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

 
2.12

FINANCE COSTS

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

 
2.13

OPERATING LEASES: THE GROUP AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

PENSIONS

Defined Contribution Pension Plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.15

INTEREST INCOME

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

 
2.16

PROVISIONS FOR LIABILITIES

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

Page 16

 
CONNECT ACCESS GROUP LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

CURRENT AND DEFERRED TAXATION

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

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 Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. 
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the asses. The useful economic lives and residual values ae reassessed annually. they are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the property, plant and equipment, and note 2.5 for the useful economic lives for each class of asset. 

Page 17

 
CONNECT ACCESS GROUP LIMITED
 

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

4.


TURNOVER

The whole of the turnover is attributable to that of scaffolding specialists.

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
109,173
127,409



6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
1,030,676
1,259,875

Amortisation of intangible assets, including goodwill
509,441
507,732

Other operating lease rentals
17,001
12,437

Defined contribution pension cost
135,403
109,645


7.


AUDITOR'S REMUNERATION

Group
Group
2023
2022
£
£

FEES PAYABLE TO THE AUDITOR AND ITS ASSOCIATES IN RESPECT OF:

Audit of the financial statements
17,100
24,975

All other services
83,280
12,400

100,380
37,375

Page 18

 
CONNECT ACCESS GROUP LIMITED
 

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

8.


EMPLOYEES

Staff costs were as follows:


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


Wages and salaries
5,111,063
5,084,592
-
-

Social security costs
546,979
524,042
-
-

Cost of defined contribution scheme
135,403
109,645
-
-

5,793,445
5,718,279
-
-


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
14
14



Operations management
22
21



Operatives
82
91

118
126

The Company has no employees other than the Director, who did not receive any remuneration (2022 - £NIL).

9.


DIRECTORS' REMUNERATION


During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.


10.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
72,654
572


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
3,274
-

Other interest payable
8,740
-

12,014
-

Page 19

 
CONNECT ACCESS GROUP LIMITED
 

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

12.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
560,637
295,842

Adjustments in respect of previous periods
21,622
(170,754)

Total current tax
582,259
125,088

Deferred tax


Origination and reversal of timing differences
(24,330)
310,985


Taxation on profit on ordinary activities
557,929
436,073

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

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

2023
2022
£
£


Profit on ordinary activities before tax
2,598,360
1,696,904


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
493,688
322,412

Effects of:


Non-tax deductible amortisation of goodwill and impairment
96,794
96,469

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,815
7,185

Capital allowances for year in excess of depreciation
(47,600)
15,180

Adjustments to tax charge in respect of prior periods
21,622
(170,754)

Changes in tax rate leading to an increase (decrease) in the tax charge
(21,390)
152,905

Unrelieved tax losses carried forward
-
12,676

Total tax charge for the year
557,929
436,073


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charge. 


13.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £8,624,023 (2022 - £881).

Page 20

 
CONNECT ACCESS GROUP LIMITED
 

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

14.


INTANGIBLE ASSETS

Group 





Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 February 2022
5,574,027
(17,089)
5,556,938


Additions
1
-
1


Disposals
(1)
17,089
17,088



At 31 January 2023

5,574,027
-
5,574,027



Amortisation


At 1 February 2022
3,366,292
(9,525)
3,356,767


Charge for the year on owned assets
509,441
-
509,441


On disposals
-
9,525
9,525



At 31 January 2023

3,875,733
-
3,875,733



Net book value



At 31 January 2023
1,698,294
-
1,698,294



At 31 January 2022
2,207,735
(7,564)
2,200,171



Page 21

 
CONNECT ACCESS GROUP LIMITED
 

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

15.


TANGIBLE FIXED ASSETS

Group






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2022
1,633,553
78,169
9,872,153
1,873,841
208,527
13,666,243


Additions
2,160,000
-
2,428,906
97,294
12,541
4,698,741


Disposals
-
-
(12,375)
(188,857)
(18,059)
(219,291)


Disposal of subsidiary
(3,361,553)
-
(11,425,048)
(42,417)
(4,235)
(14,833,253)


Transfers between classes
(432,000)
-
-
-
-
(432,000)



At 31 January 2023

-
78,169
863,636
1,739,861
198,774
2,880,440



Depreciation


At 1 February 2022
133,205
68,393
4,672,734
1,045,295
188,378
6,108,005


Charge for the year on owned assets
20,028
2,848
786,995
207,118
13,743
1,030,732


Disposals
-
-
(12,375)
(151,654)
(12,329)
(176,358)


Disposal of subsidiary
(153,233)
-
(4,938,204)
(2,926)
(376)
(5,094,739)



At 31 January 2023

-
71,241
509,150
1,097,833
189,416
1,867,640



Net book value



At 31 January 2023
-
6,928
354,486
642,028
9,358
1,012,800



At 31 January 2022
1,500,348
9,776
5,199,419
828,546
20,149
7,558,238

Page 22

 
CONNECT ACCESS GROUP LIMITED
 

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

16.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2022
12,540,002


Additions
5,035,187


Disposals
(5,285,189)



At 31 January 2023

12,290,000



Impairment


At 1 February 2022
290,000



At 31 January 2023

290,000



Net book value



At 31 January 2023
12,000,000



At 31 January 2022
12,250,002


SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Connect Scaffolding Limited
Scaffolding specialists
Ordinary
100%
Archway Services Limited
Scaffolding specialists
Ordinary
100%

Archway Services Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of its individual financial statements by virtue of section 479A.

Page 23

 
CONNECT ACCESS GROUP LIMITED
 

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

17.


INVESTMENT PROPERTY

Group


Freehold investment property

£





Transfers between classes
432,000


On disposal of subsidiaries
(432,000)



At 31 January 2023
-




18.


DEBTORS

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


Trade debtors
2,419,647
2,346,981
-
-

Amounts owed by group undertakings
-
-
6,154,258
30,000

Other debtors
86,082
55,023
23,242
-

Prepayments and accrued income
250,117
470,956
-
-

2,755,846
2,872,960
6,177,500
30,000



19.


CASH AND CASH EQUIVALENTS

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

Cash at bank and in hand
9,948,112
7,373,753
5,541
775


Page 24

 
CONNECT ACCESS GROUP LIMITED
 

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

20.


CREDITORS: Amounts falling due within one year

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

Trade creditors
208,011
143,383
18,150
-

Amounts owed to group undertakings
-
-
-
438,886

Corporation tax
214,801
-
-
207

Other taxation and social security
117,813
328,883
-
-

Other creditors
2,983,279
6,930
2,983,242
-

Accruals and deferred income
227,628
242,457
9,937
8,807

3,751,532
721,653
3,011,329
447,900



21.


FINANCIAL INSTRUMENTS

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

Financial assets

Financial assets measured at fair value through profit or loss
9,948,112
7,373,753
5,541
775

Financial assets that are debt instruments measured at amortised cost
2,502,268
2,387,273
6,177,500
30,000

12,450,380
9,761,026
6,183,041
30,775


Financial liabilities

Financial liabilities measured at amortised cost
(3,418,918)
(392,770)
(3,011,329)
(447,693)


Financial assets measured at fair value through profit or loss comprise cash at bank.


Financial assets that are debt instruments measured at amortised cost comprise or trade and other debtors. 


Financial liabilities measured at amortised cost comprise of bank loans, trade and other creditors and accruals. 

Page 25

 
CONNECT ACCESS GROUP LIMITED
 

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

22.


DEFERRED TAXATION


Group



2023
2022


£

£






At beginning of year
802,157
491,172


Charged to profit or loss
(24,330)
310,985


Disposal of subsidiary
634,611
-



At end of year
143,216
802,157

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
143,216
804,515

Other timing differences
-
(2,358)

143,216
802,157


23.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



12,125,001 (2022 - NIL) Ordinary shares of £1 each
12,125,001
-
NIL (2022 - 12,000,000) Ordinary A shares of £1 each
-
12,000,000
NIL (2022 - 125,000) Ordinary B shares of £1 each
-
125,000

12,125,001

12,125,000


During the year the Company allotted 1 Ordinary Z share of £1 at par for cash consideration.
Subsequently all Ordinary A, Ordinary B and Ordinary Z shares were redesignated as Ordinary shares.



24.


RESERVES

Capital redemption reserve

This reserve represents shares repurchased during prior periods. 

Profit and loss account

This reserve represents accumulated comprehensive income less any dividends paid.

Page 26

 
CONNECT ACCESS GROUP LIMITED
 

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

25.


DISTRIBUTION OF SUBSIDIARIES TO OWNERS

On 17 November 2022 the group disposed of Connect Access Limited and Dateland Properties Limited.  The distribution on disposal of subsidiaries to owners has been calculated as follows:

£

Net assets disposed of:


Tangible fixed assets
9,362,796

Investment property
807,717

Debtors
152,368

Cash
176,820

Creditors
(1,498,261)

 
 
(9,001,440)

Distribution on disposal of subsidiaries
(9,001,440)

The net inflow of cash in respect of the disposal of Dateland Properties Limited and Connect Access Limited is as follows:

£


Cash transferred on disposal
(176,820)

Net inflow of cash
(176,820)


26.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £135,403 (2022 - £109,645). Contributions totalling £370 (2022 - £5,615) were payable to the fund at the balance sheet date.


27.


COMMITMENTS UNDER OPERATING LEASES

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.

Page 27

 
CONNECT ACCESS GROUP LIMITED
 

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

28.


RELATED PARTY TRANSACTIONS

During the year, the Group made payments in respect of hire of equipment totalling £NIL (2022 - £265,126) to a partnership of which Mr O J Cave is a Partner. The amount due from them at the year end was £279,880 (2022 - £27,492).
During the year, the Group received computer consultancy services totalling £23,790 (2022 - £NIL), from a Company under the control of Mr O J Cave. The amount owed to them at the year end was £NIL (2022 - £NIL).
As per Note 25, on the 17 November 2022 the group distributed Connect Access Limited and Dateland Properties Limited to a company under the control of Mr O J Cave.  Since 17 November 2022, the Group made payments in respect of rent and the hire of scaffolding equipment totalling £373,750 to these companies. The amount due from them at the year end was £20,133.


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