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REGISTERED NUMBER: 00144689 (England and Wales)














STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

JOHN LISCOMBE LIMITED

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


JOHN LISCOMBE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: V. E. Gough
C Underwood
A James





SECRETARY: E Martin





REGISTERED OFFICE: 5th Floor
Two Pancras Square
London
N1C 4AG





REGISTERED NUMBER: 00144689 (England and Wales)





AUDITORS: Arthur Gait & Company
Chartered Accountants and Statutory Auditors
18 Gold Tops
Newport
South Wales
NP20 5WJ

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The principal activity of the company up to 1 November 2022 was the supply of Personal Protective Equipment (PPE).

During the 7 months ended 31 October 2022, trading and sales turnover remained broadly steady with continued investment in our IT and customer service provision, despite an uncertain economic background. On 1 November 2022 the trade and net assets of the business were sold to a fellow subsidiary of the RS Group for consideration of £8.5m. Following, the transfer the company then became dormant.

The key financial and other performance indicators of the company during the year ended 31st March 2023, were as follows:


2023 2022 Change
£    £    %
Turnover 11,270 17,621 (36.04)
Operating profit/(loss) 427 (141) 402.83
Profit/(loss) after tax 2,430 (74) 3383.78
Equity shareholders' funds 10,558 8,128 29.90

Current assets as % of
current liabilities

1036.87.%

302.18%

243.13

Average number of
employees

46

91

(49.45)

PRINCIPAL RISKS AND UNCERTAINTIES
Following the sale of its trade and net assets on 1 November 2022 , the Company became dormant.The Directors do not consider there to be any principal risks or uncertainties.

ON BEHALF OF THE BOARD:





V. E. Gough - Director


12 October 2023

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

CESSATION OF TRADING
The company ceased trading on 1 November 2022.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

FUTURE DEVELOPMENTS
Following the sale of its trade and net assets on 1 November 2022, the company became and will remain dormant.

DIRECTORS
V. E. Gough has held office during the whole of the period from 1 April 2022 to the date of this report.

Other changes in directors holding office are as follows:

C Underwood and A James were appointed as directors after 31 March 2023 , on 14th April 2023.

M Day and R W Morris ceased to be directors after 31 March 2023, on 14th April 2023.

Directors' and Officers' liability and insurance

The ultimate parent company (Note 17) entered into a new deed in 2023 to indemnity the Directors (from time to time) of the company to the extent permitted by law. A copy of this indemnity (which remains in force as of the date on which this report was approved) is available at the registered office of the company. The ultimate parent company purchased and maintained Directors' and Officers' liability insurance throughout the period for each of its Directors and each of its Directors of its subsidiary companies.. It remains in force at the date of approval of this Directors' Report. Neither the indemnity nor insurance provides cover in the event that a Director or Officer is proved to have acted fraudulently.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





V. E. Gough - Director


12 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN LISCOMBE LIMITED

Opinion
We have audited the financial statements of John Liscombe Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 March 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN LISCOMBE LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN LISCOMBE LIMITED


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

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.

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:

Our audit testing might include testing complete populations of certain transactions and balances. However it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

The extent to which the audit was considered capable of detecting irregularities including fraud is detailed 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.

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, 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;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN LISCOMBE LIMITED


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

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




Christine Pritchard FCA (Senior Statutory Auditor)
for and on behalf of Arthur Gait & Company
Chartered Accountants and Statutory Auditors
18 Gold Tops
Newport
South Wales
NP20 5WJ

30 October 2023

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31.3.23 31.3.23 31.3.23
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 3 - 11,270,298 11,270,298
Cost of sales - (9,234,225 ) (9,234,225 )
GROSS PROFIT - 2,036,073 2,036,073

Administrative expenses - (1,608,721 ) (1,608,721 )

OPERATING PROFIT 5 - 427,352 427,352

Profit on sale of operation 6 - 2,049,564 2,049,564
- 2,476,916 2,476,916

Interest receivable and similar income - 55,020 55,020
Gain/loss on revaluation of assets - - -
PROFIT BEFORE TAXATION - 2,531,936 2,531,936
Tax on profit 8 - (102,333 ) (102,333 )
PROFIT FOR THE FINANCIAL YEAR - 2,429,603 2,429,603

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31.3.22 31.3.22 31.3.22
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 3 17,620,658 - 17,620,658
Cost of sales (14,557,496 ) - (14,557,496 )
GROSS PROFIT 3,063,162 - 3,063,162

Administrative expenses (3,204,488 ) - (3,204,488 )

OPERATING LOSS 5 (141,326 ) - (141,326 )

Interest receivable and similar income 576 - 576
Gain/loss on revaluation of assets - - -
Interest payable and similar expenses 7 (1,435 ) - (1,435 )
LOSS BEFORE TAXATION (142,185 ) - (142,185 )
Tax on loss 8 68,239 - 68,239
LOSS FOR THE FINANCIAL YEAR (73,946 ) - (73,946 )

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - 760,312
Investments 10 37,006 37,006
37,006 797,318

CURRENT ASSETS
Stocks 11 - 3,700,363
Debtors 12 10,623,063 6,529,556
Cash at bank and in hand - 726,655
10,623,063 10,956,574
CREDITORS
Amounts falling due within one year 13 102,453 3,625,879
NET CURRENT ASSETS 10,520,610 7,330,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,557,616

8,128,013

CAPITAL AND RESERVES
Called up share capital 15 3,346 3,346
Share premium 16 107,591 107,591
Retained earnings 16 10,446,679 8,017,076
SHAREHOLDERS' FUNDS 10,557,616 8,128,013

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





V. E. Gough - Director


JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 April 2021 3,346 8,091,022 107,591 8,201,959

Changes in equity
Total comprehensive income - (73,946 ) - (73,946 )
Balance at 31 March 2022 3,346 8,017,076 107,591 8,128,013

Changes in equity
Total comprehensive income - 2,429,603 - 2,429,603
Balance at 31 March 2023 3,346 10,446,679 107,591 10,557,616

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

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

1. STATUTORY INFORMATION

John Liscombe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These separate financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis , under the historical cost convention.

Preparation of consolidated financial statements
The Company is included in RS Group plc's consolidated accounts which are publicly available (Note 17) and is therefore exempt, by virtue of section 400 of the Companies Act 2006, from the requirement to prepare consolidated financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows
- financial instrument disclosures
- share-based payment disclosures
- key management personnel compensation disclosure

Related party exemption
There were no related party transactions during the period other than between the company and other wholly-owned Group companies.The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of accounts under FRS102 requires the company to make judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant that are included in these accounts.

Significant estimates are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the company's assets and liabilities in the next year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Improvements to property - 15% on reducing balance
Plant and machinery - 33% on reducing balance and 15% on reducing balance
Fixtures and fittings - 50% on cost, 25% on reducing balance, 15% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

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

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Basic financial instruments
Debtors and cash at bank and in hand are initially recognised at transaction price and then subsequently at amortised cost less any provision for impairment.

Creditors are initially recognised at transaction price and then subsequently at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operated a defined contribution pension scheme. Contributions payable to the company's pension scheme were charged to profit and loss in the period to which they related.

Operating leases
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

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

3. TURNOVER

The turnover and profit (2022-loss) before taxation are attributable to what was the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.2331.3.22
£   £   
United Kingdom11,183,04217,551,138
Europe87,25665,839
Asia-1,784
Caribbean-1,897
11,270,29817,620,658


4. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 1,629,920 3,099,191
Social security costs 164,202 282,975
Other pension costs 60,603 126,620
1,854,725 3,508,786

The average number of employees during the year was as follows:
31.3.23 31.3.22

Administration and finance 14 27
Factory 8 14
Sales 7 19
Warehouse 17 31
46 91

The directors of the company who are employees of other RS Group companies predominantly perform services for and are remunerated by other RS Group companies. These Directors received no emoluments for their qualifying services to the company.


The remuneration of other directors of the company were as follows:

31.3.23 31.3.22
£    £   
Directors' remuneration 70,376 229,251
Directors' pension contributions to money purchase schemes - 20,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 2

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

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

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Depreciation - owned assets 48,655 100,999
Auditors' remuneration 12,527 28,525
Foreign exchange differences (135,290 ) 30,449
Operating lease rentals 183,138 197,124

6. DISCONTINUED OPERATIONS

On 1 November 2022 the trade and net assets of the business were sold to a fellow subsidiary of the RS Group for consideration of £8.5m and a profit on disposal of £2,049,564 was recognised in the statement of comprehensive income. During the year the business contributed post-tax profits of £380,039 (2022 losses of £73,946), before profit on sale of operation.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Hire purchase - 1,435

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 102,333 (68,239 )
Tax on profit/(loss) 102,333 (68,239 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
Profit/(loss) before tax 2,531,936 (142,185 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

481,068

(27,015

)

Effects of:
Expenses not deductible for tax purposes 1,558 6,317
Income not taxable for tax purposes (389,417 ) (29,795 )
Capital allowances in excess of depreciation - (17,746 )
Depreciation in excess of capital allowances 9,241 -
Adjustments to tax charge in respect of previous periods (117 ) -
Total tax charge/(credit) 102,333 (68,239 )

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

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

9. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 April 2022 350,000 657,272 450,026
Additions - - 1,074
Disposals (350,000 ) (657,272 ) (451,100 )
At 31 March 2023 - - -
DEPRECIATION
At 1 April 2022 - 519,867 363,196
Charge for year - 12,005 9,226
Eliminated on disposal - (531,872 ) (372,422 )
At 31 March 2023 - - -
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 350,000 137,405 86,830

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2022 501,426 141,502 2,100,226
Additions 30,260 15,000 46,334
Disposals (531,686 ) (156,502 ) (2,146,560 )
At 31 March 2023 - - -
DEPRECIATION
At 1 April 2022 335,380 121,471 1,339,914
Charge for year 24,503 2,921 48,655
Eliminated on disposal (359,883 ) (124,392 ) (1,388,569 )
At 31 March 2023 - - -
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 166,046 20,031 760,312

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

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

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 37,006
NET BOOK VALUE
At 31 March 2023 37,006
At 31 March 2022 37,006

11. STOCKS
31.3.23 31.3.22
£    £   
Raw materials and consumables - 28,764
Finished goods and goods for resale - 3,671,599
- 3,700,363

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors - 4,086,854
Amounts owed by group undertakings 10,623,063 2,020,909
Other debtors - 98,870
Tax - 116,844
Prepayments and accrued income - 206,079
10,623,063 6,529,556

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors - 2,863,169
Tax 102,453 -
Social security and other taxes - 67,521
VAT - 208,607
Other creditors - 48,478
Accrued expenses - 438,104
102,453 3,625,879

JOHN LISCOMBE LIMITED (REGISTERED NUMBER: 00144689)

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

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year - 153,269
Between one and five years - 193,249
In more than five years - 70,780
- 417,298

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1,246 Ordinary £1 1,246 1,246
2,100 Preference £1 2,100 2,100
3,346 3,346

The net profits of the Company shall be applied first in paying the holders of preference shares a non-cumulative preferential dividend at the rate of six pounds per centum per annum on the amount paid up or credited as paid up.

If the Company shall be wound up the assets of the Company shall be applied first to the repayment to the holders of the preference shares the amounts paid up or credited as paid up on such preference shares.

16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 8,017,076 107,591 8,124,667
Profit for the year 2,429,603 2,429,603
At 31 March 2023 10,446,679 107,591 10,554,270

17. ULTIMATE PARENT COMPANY

The ultimate parent company and the smallest and largest group to consolidate these accounts is RS Group plc.. Copies of the RS Group plc Annual Report and Accounts are available to the public and may be obtained from Fifth Floor, Two Pancras Square, London N1C 4AG, UK.