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REGISTERED NUMBER: 13844714 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2023

for

Sarsden Holdings Limited

Sarsden Holdings Limited (Registered number: 13844714)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Sarsden Holdings Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mrs Z L Bredariol
A M Cleary





REGISTERED OFFICE: Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW





BUSINESS ADDRESS: Ground Floor
Komet Works
Sawday Street
Leicester
Leicestershire
LE2 7JW





REGISTERED NUMBER: 13844714 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Sarsden Holdings Limited (Registered number: 13844714)

Group Strategic Report
for the Year Ended 30 June 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

Sarsden Holdings Limited group is a retail design and manufacturing group providing turnkey solutions including strategy and research, fixture design and display solutions, print digital and production.

REVIEW OF BUSINESS
The directors are delighted with the performance of the business during the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of risks, outlined in more detail below. The group has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the company by monitoring levels of a number of financial costs.

Price Risk
The group can be exposed to increases in material and supplier costs, especially given the increasing price of raw materials and energy in recent years. The group has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the company by monitoring levels of a number of financial KPIs and costs. The group also manages this risk with strong and long-standing commercial relationships with its supply chain, which mitigates impacts on customers.

Credit Risk
The group continues to monitor and review policies surrounding credit checks on both new and existing customers when looking at offering credit limits and reviewing payment terms. The group also uses the services of a monitoring service provided by a specialist credit agency. The group has no bad debts in the year and has a good relationship with all its customers.

Interest Rate Risk
The group finances its operations primarily through retained profits and with comfortable interest cover, interest rate risk is limited.

KEY PERFORMANCE INDICATORS
The directors use a number of performance indicators to evaluate the group's performance, the key KPIs being turnover, gross profit and profit before tax. These figures are detailed on page 8.

ENVIRONMENTAL AND SOCIAL IMPACT
The directors have set ambitious targets to continually improve our social and environmental impacts as an organisation. Our objectives have been shaped to benefit customers, colleagues, charities, society and the environment.

FUTURE DEVELOPMENTS
The directors are pleased with the group's ongoing performance with the prospects of the group remaining healthy.

ON BEHALF OF THE BOARD:





A M Cleary - Director


30 October 2023

Sarsden Holdings Limited (Registered number: 13844714)

Report of the Directors
for the Year Ended 30 June 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2023 will be £2,237,198.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

Mrs Z L Bredariol
A M Cleary

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

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

ON BEHALF OF THE BOARD:





A M Cleary - Director


30 October 2023

Report of the Independent Auditors to the Members of
Sarsden Holdings Limited

Qualified opinion

We have audited the financial statements of Sarsden Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June
2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice;
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We were unable to gain sufficient appropriate assurance over existence, completeness, valuation and classification of stock included in the financial statements of £1,184,686 for the period ended 30 June 2022. Our stocktake attendance at the period ended 30 June 2022 coincided with the group's introduction of a new stock system in its warehouses as part of its strategic business plan. Delays in the roll-out of the system had led to its introduction straddling the period end date of 30 June 2022. As a result, quantities that we tested during our stock attendance were not fully verifiable to the final stock listing that agreed to the stock balance in the financial statements. Furthermore, teething issues with the new system meant that we were unable to satisfy ourselves over the valuation and classification of the stock at 30 June 2022.

We were unable to satisfy ourselves by alternative means concerning the aforementioned assertions. Consequently, we were unable to determine whether any adjustment to this amount at 30 June 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 30 June 2023.

Our qualified opinion for the year ended 30 June 2023 relates solely to opening stock as described above.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 qualified opinion.

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

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

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

Report of the Independent Auditors to the Members of
Sarsden Holdings Limited


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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.

As described in the basis for qualified opinion section of our report, we were unable to gain sufficient appropriate assurance over existence, completeness, valuation and classification of stock included in the financial statements of £1,184,686 for the period ended 30 June 2022.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial
year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors has 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 Report of the Directors.

Except for the matter described in the basis for qualified opinion section of our report, 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 Group Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to opening stock referred to above:
- we have not obtained all the information and explanations that we considered necessary for the
purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

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:
- 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.

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

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

Report of the Independent Auditors to the Members of
Sarsden Holdings 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.

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

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

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the group and the parent company's policies and procedures on compliance with laws
and regulations and management of fraud risk, including documentation of instances of
non-compliance of laws and regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the group operates in through enquiry of
management and those charged with governance and understanding the group's industry and sector.
The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the group's
solicitors concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business;
- Communication of potential fraud risks to all engagement team members and remaining alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Report of the Independent Auditors to the Members of
Sarsden Holdings Limited


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.




Mark Andrew Torr FCCA (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

30 October 2023

Sarsden Holdings Limited (Registered number: 13844714)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 30 June 2023

Period
1.5.21
Year Ended to
30.6.23 30.6.22
Notes £    £   

TURNOVER 3 19,237,259 13,900,085

Cost of sales (13,227,557 ) (10,840,265 )
GROSS PROFIT 6,009,702 3,059,820

Administrative expenses (2,910,639 ) (2,247,637 )
3,099,063 812,183

Other operating income 82,111 47,528
OPERATING PROFIT 5 3,181,174 859,711

Interest receivable and similar income 2,164 2,428
3,183,338 862,139

Interest payable and similar expenses 6 (231,514 ) (120,161 )
PROFIT BEFORE TAXATION 2,951,824 741,978

Tax on profit 7 (644,666 ) (159,846 )
PROFIT FOR THE FINANCIAL YEAR 2,307,158 582,132

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,307,158
Prior year adjustment 205,516
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

787,648

Profit attributable to:
Owners of the parent 2,307,158 582,132

Total comprehensive income attributable to:
Owners of the parent 2,307,158 787,648

Sarsden Holdings Limited (Registered number: 13844714)

Consolidated Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Intangible assets 10 1,575,136 1,845,053
Tangible assets 11 1,717,267 883,877
Investments 12 - -
3,292,403 2,728,930

CURRENT ASSETS
Stocks 13 1,016,851 1,184,686
Debtors 14 7,875,220 5,259,710
Cash at bank and in hand 734,395 493,942
9,626,466 6,938,338
CREDITORS
Amounts falling due within one year 15 (10,171,741 ) (6,922,401 )
NET CURRENT (LIABILITIES)/ASSETS (545,275 ) 15,937
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,747,128

2,744,867

CREDITORS
Amounts falling due after more than one
year

16

(1,385,422

)

(1,630,529

)

PROVISIONS FOR LIABILITIES 20 (473,642 ) (296,234 )
NET ASSETS 888,064 818,104

CAPITAL AND RESERVES
Called up share capital 21 50 50
Retained earnings 22 888,014 818,054
SHAREHOLDERS' FUNDS 888,064 818,104

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2023 and were signed on its behalf by:





A M Cleary - Director


Sarsden Holdings Limited (Registered number: 13844714)

Company Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 4,221,000 4,221,075
4,221,000 4,221,075

CURRENT ASSETS
Debtors 14 150,502 70,198
Cash at bank 844 43
151,346 70,241
CREDITORS
Amounts falling due within one year 15 (957,441 ) (528,172 )
NET CURRENT LIABILITIES (806,095 ) (457,931 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,414,905

3,763,144

CREDITORS
Amounts falling due after more than one
year

16

(612,486

)

(962,478

)
NET ASSETS 2,802,419 2,800,666

CAPITAL AND RESERVES
Called up share capital 21 50 50
Merger relief reserve 22 2,799,950 2,799,950
Retained earnings 22 2,419 666
SHAREHOLDERS' FUNDS 2,802,419 2,800,666

Company's profit for the financial year 2,238,951 666

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2023 and were signed on its behalf by:





A M Cleary - Director


Sarsden Holdings Limited (Registered number: 13844714)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2021 50 810,511 810,561
Prior year adjustment - 205,516 205,516
As restated 50 1,016,027 1,016,077

Changes in equity
Dividends - (780,105 ) (780,105 )
Total comprehensive income - 582,132 582,132
Balance at 30 June 2022 50 818,054 818,104

Changes in equity
Dividends - (2,237,198 ) (2,237,198 )
Total comprehensive income - 2,307,158 2,307,158
Balance at 30 June 2023 50 888,014 888,064

Sarsden Holdings Limited (Registered number: 13844714)

Company Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up Merger
share Retained relief Total
capital earnings reserve equity
£    £    £    £   

Changes in equity
Increase in share capital 50 - 2,799,950 2,800,000
Total comprehensive income - 666 - 666
Balance at 30 June 2022 50 666 2,799,950 2,800,666

Changes in equity
Total comprehensive income - 2,238,951 - 2,238,951
Dividends - (2,237,198 ) - (2,237,198 )
Balance at 30 June 2023 50 2,419 2,799,950 2,802,419

Sarsden Holdings Limited (Registered number: 13844714)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

Period
1.5.21
Year Ended to
30.6.23 30.6.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,671,081 783,274
Tax paid - (148,509 )
Taxation refund 37,817 -
Government grants 63,000 28,200
Net cash from operating activities 1,771,898 662,965

Cash flows from investing activities
Purchase of intangible fixed assets - (21,000 )
Purchase of tangible fixed assets (595,516 ) (109,330 )
Sale of tangible fixed assets - 14,550
Deferred consideration - goodwill (349,992 ) (87,530 )
Interest received 2,164 2,428
Amounts withdrawn by directors (150,502 ) (252,191 )
Amounts paid in by directors 252,191 80,070
Net cash from investing activities (841,655 ) (373,003 )

Cash flows from financing activities
Loan repayments in year (200,000 ) (233,333 )
Capital repayments in year (144,124 ) (93,432 )
Invoice finance creditor increase 2,123,046 1,411,936
Interest element of hire purchase (23,965 ) (7,753 )
Bank and other interest paid (207,549 ) (112,408 )
Equity dividends paid (2,237,198 ) (780,105 )
Net cash from financing activities (689,790 ) 184,905

Increase in cash and cash equivalents 240,453 474,867
Cash and cash equivalents at
beginning of year

2

493,942

19,075

Cash and cash equivalents at end of
year

2

734,395

493,942

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
Profit before taxation 2,951,824 741,978
Depreciation charges 548,484 416,111
Profit on disposal of fixed assets - (6,865 )
Government grants (63,000 ) (28,200 )
Finance costs 231,514 120,161
Finance income (2,164 ) (2,428 )
3,666,658 1,240,757
Decrease/(increase) in stocks 167,835 (393,201 )
Increase in trade and other debtors (2,755,015 ) (987,964 )
Increase in trade and other creditors 591,603 923,682
Cash generated from operations 1,671,081 783,274

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 734,395 493,942
Period ended 30 June 2022
30.6.22 1.5.21
£    £   
Cash and cash equivalents 493,942 19,075


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 493,942 240,453 734,395
493,942 240,453 734,395
Debt
Finance leases (193,675 ) (372,317 ) (565,992 )
Debts falling due within 1 year (3,403,196 ) (2,123,046 ) (5,526,242 )
Debts falling due after 1 year (566,667 ) 200,000 (366,667 )
(4,163,538 ) (2,295,363 ) (6,458,901 )
Total (3,669,596 ) (2,054,910 ) (5,724,506 )

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Sarsden Holdings 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 General Information page.

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


The prior period accounting date was extended from 30 April 2022 to 30 June 2022 for commercial
reasons. The comparatives are for a fourteen month period and are therefore not entirely comparable to the current twelve month period.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These 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 under the historical cost convention.

The directors have prepared the group's financial statements on the basis that the group is a going concern. In forming that conclusion the directors have considered current trading and the availability of finance.

Basis of consolidation
The consolidated financial statements present the results of the company and its subsidiary undertakings (the 'group') as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Sarsden Holdings Limited (the 'parent company') was incorporated on 12 January 2022.

On 8 April 2022, following a share for share exchange, Sarsden Holdings Limited was introduced as the new ultimate parent company of Hornbeam Holdings Limited and Dimension Development Limited.

The introduction of the new holding company has been accounted for using the principles of merger accounting. The restructuring of the group did not meet the definition of a group reconstruction per FRS 102 para 19.27 which would have the restructuring to be accounted for under acquisition accounting principles. The directors of the group do not believe that this would have given a true and fair view of the state of affairs of the group and its results as, in substance, the change in shareholders arising on the restructuring was incidental to the main purpose of the restructuring rather than the acquisition of a business by Sarsden Holdings Limited.

Consequently, the restructuring has been accounted for using merger accounting as the directors of the company consider this is necessary to meet the overriding requirements of the Companies Act 2006 to show a true and fair view. The directors of the company consider that it is not practicable to quantify the effect of this departure from the detailed accounting requirements.

In accordance with merger accounting principles the financial statements have been prepared as if Sarsden Holdings Limited was in existence throughout the year ended 30 June 2023 and period ended 30 June 2022.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires the company's directors to make judgements, assumptions and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a regular basis.

The company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

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

Turnover is recognised at the point of delivery.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs
Development costs are capitalised when it is probable that the expected future economic benefits that are attributable to the asset generated will flow to the entity, and the costs can be measured reliably.

The directors consider the useful life of each asset on an individual basis taking into account the existing market for such assets and forecasted future market. The useful life of development costs capitalised in these financial statements is considered to be 5 years.

Amortisation commences when the intangible asset is available for use and the product is ready for the market and is charged to Cost of Sales on a straight-line basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets 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.

The expected useful lives of assets are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis after making due allowance for obsolete and slow moving items. Cost includes a relevant proportion of overheads according to the stage of completion of work in progress.

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.

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 evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Research and development
Expenditure on research is expensed in the year in which it is incurred.

Depending on the nature of development costs incurred, they are either written off in the year expenditure or capitalised (see Intangible assets accounting policy).

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
Sale of goods 19,237,259 13,900,085
19,237,259 13,900,085

An analysis of turnover by geographical market is given below:

Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
United Kingdom 16,763,820 13,900,085
Rest of the World 2,473,439 -
19,237,259 13,900,085

4. EMPLOYEES AND DIRECTORS
Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
Wages and salaries 4,142,744 3,817,136
Social security costs 430,015 410,510
Other pension costs 247,981 259,099
4,820,740 4,486,745

The average number of employees during the year was as follows:
Period
1.5.21
Year Ended to
30.6.23 30.6.22

Directors 2 6
Production 93 83
Administration 7 5
102 94

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

4. EMPLOYEES AND DIRECTORS - continued

Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
Directors' remuneration 34,735 34,774
Directors' pension contributions to money purchase schemes 25,000 11,667

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

Money purchase schemes 2 2

5. OPERATING PROFIT

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

Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
Hire of plant and machinery 25,605 9,511
Other operating leases 324,494 347,670
Depreciation - owned assets 187,373 186,139
Depreciation - assets on hire purchase contracts 91,194 45,325
Profit on disposal of fixed assets - (6,865 )
Goodwill amortisation 142,098 35,524
Development costs amortisation 127,819 149,123
Auditors' remuneration 15,040 17,200
Foreign exchange differences 5,494 (11,015 )
Government grants - revenue in nature (63,000 ) (28,200 )
Research and development 63,158 251,133

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
Bank loan interest 39,735 32,319
Hire purchase 23,965 7,753
Invoice discounting charges 167,814 80,089
231,514 120,161

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
Current tax:
UK corporation tax 467,258 92,810

Deferred tax 177,408 67,036
Tax on profit 644,666 159,846

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

Period
1.5.21
Year Ended to
30.6.23 30.6.22
£    £   
Profit before tax 2,951,824 741,978
Profit multiplied by the standard rate of corporation tax in the UK of
20.496 % (2022 - 19 %)

605,006

140,976

Effects of:
Expenses not deductible for tax purposes 55,662 14,554
Enhanced taxable deductions (47,965 ) (66,780 )
Changes in tax rates 31,963 71,096
Total tax charge 644,666 159,846

UK corporation tax has been charged at 20.496% (2022 - 19%).

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS

Period
1.5.21
Year Ended to
30.6.23 30.6.22
£ £
Interim 2,237,198 780,105

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

10. INTANGIBLE FIXED ASSETS

Group
Development
Goodwill costs Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 1,420,975 639,097 2,060,072
AMORTISATION
At 1 July 2022 35,524 179,495 215,019
Amortisation for year 142,098 127,819 269,917
At 30 June 2023 177,622 307,314 484,936
NET BOOK VALUE
At 30 June 2023 1,243,353 331,783 1,575,136
At 30 June 2022 1,385,451 459,602 1,845,053

Development costs includes a project for an advanced retail display design solution. The carrying amount of this specific project at the period end is £276,100 (2022 - £373,547) and the remaining amortisation period is 3 years (2022 - 4 years).

11. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 478,849 909,039 163,517 439,967 1,991,372
Additions 121,784 710,018 103,120 177,035 1,111,957
At 30 June 2023 600,633 1,619,057 266,637 617,002 3,103,329
DEPRECIATION
At 1 July 2022 406,362 395,623 30,757 274,753 1,107,495
Charge for year 44,885 114,973 60,372 58,337 278,567
At 30 June 2023 451,247 510,596 91,129 333,090 1,386,062
NET BOOK VALUE
At 30 June 2023 149,386 1,108,461 175,508 283,912 1,717,267
At 30 June 2022 72,487 513,416 132,760 165,214 883,877

Included within tangible fixed assets are assets held under hire purchase with a net book value of £684,072 (2022 - £189,072).

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 4,221,075
PROVISIONS

Impairments 75
At 30 June 2023 75
NET BOOK VALUE
At 30 June 2023 4,221,000
At 30 June 2022 4,221,075

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Dimension Development Limited
Registered office: Ground Floor, Komet Works, Sawday Street, Leicester, LE2 7JW
Nature of business: Retail design and manufacturing
%
Class of shares: holding
Ordinary 100.00

Hornbeam Holdings Limited
Registered office: Ground Floor, Komet Works, Sawday Street, Leicester, LE2 7JW
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


13. STOCKS

Group
30.6.23 30.6.22
£    £   
Raw materials 404,890 410,593
Work-in-progress 611,961 774,093
1,016,851 1,184,686

Stock recognised in cost of sales during the period as an expense was £7,639,142 (2022 - £5,997,853).

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Trade debtors 7,400,408 4,769,636 - -
Directors' current accounts 150,502 252,191 150,502 70,198
Corporation tax - 37,816 - -
Prepayments 324,310 200,067 - -
7,875,220 5,259,710 150,502 70,198

Trade debtors of £7,397,120 (2022 - £4,769,486) are subject to an invoice finance agreement.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans and overdrafts (see note 17) 200,000 200,000 - -
Other loans (see note 17) 5,326,242 3,203,196 - -
Hire purchase contracts (see note 18) 159,723 92,291 - -
Trade creditors 2,459,893 1,300,227 - -
Amounts owed to group undertakings - - 601,324 172,780
Corporation tax 467,258 - - -
Social security and other taxes 743,172 704,136 - -
Other creditors 396,674 363,013 349,997 349,992
Accruals and deferred income 418,779 1,059,538 6,120 5,400
10,171,741 6,922,401 957,441 528,172

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans (see note 17) 366,667 566,667 - -
Hire purchase contracts (see note 18) 406,269 101,384 - -
Other creditors 612,486 962,478 612,486 962,478
1,385,422 1,630,529 612,486 962,478

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

17. LOANS

An analysis of the maturity of loans is given below:

Group
30.6.23 30.6.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 200,000 200,000
Invoice finance creditor 5,326,242 3,203,196
5,526,242 3,403,196
Amounts falling due between one and two years:
Bank loans - 1-2 years 200,000 200,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 166,667 200,000
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years - 166,667

The hire purchase loans are repayable monthly over periods ranging from 2 to 5 years at interest rates between 0% and 7% per annum.

The bank loan is repayable monthly starting from May 2021 until its maturity in May 2026 at an interest rate of 3.14% per annum over the Bank of England Base Rate.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 159,723 92,291
Between one and five years 406,269 101,384
565,992 193,675

Group
Non-cancellable operating leases
30.6.23 30.6.22
£    £   
Within one year 453,012 298,012
Between one and five years 846,089 524,101
In more than five years 352,968 -
1,652,069 822,113

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.6.23 30.6.22
£    £   
Bank loans 566,667 766,667
Hire purchase contracts 565,992 193,675
Invoice finance creditor 5,326,242 3,203,196
6,458,901 4,163,538

The hire purchase contracts are secured on the individual assets being acquired.

The invoice finance creditor is secured by way of a fixed and floating charge on the assets of the company.

The bank loan is secured by way of a debenture on all the assets of the company.

20. PROVISIONS FOR LIABILITIES

Group
30.6.23 30.6.22
£    £   
Deferred tax
Accelerated capital allowances 404,617 202,847
Other timing differences 69,025 93,387
473,642 296,234

Group
Deferred
tax
£   
Balance at 1 July 2022 296,234
Charge to Statement of Comprehensive Income during year 177,408
Balance at 30 June 2023 473,642

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
19 Ordinary 'A' £1 19 19
6 Ordinary 'B' £1 6 6
19 Ordinary 'C' £1 19 19
6 Ordinary 'D' £1 6 6
50 50

All share classes carry full voting rights with no restrictions and have no restrictions on the repayment of capital. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share.

Sarsden Holdings Limited (Registered number: 13844714)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

22. RESERVES

Called up share capital
This represents the nominal value of shares that have been issued.

Retained earnings
This includes all current and prior period retained profits and losses.

Merger relief reserve
This represents the premium realised on group reorganisation for which merger relief applied.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 June 2023 and the period ended 30 June 2022:

30.6.23 30.6.22
£    £   
Mrs Z L Bredariol
Balance outstanding at start of year 126,095 40,035
Amounts advanced - 126,095
Amounts repaid (126,095 ) (40,035 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 126,095

A M Cleary
Balance outstanding at start of year 126,095 40,035
Amounts advanced 150,502 126,095
Amounts repaid (126,095 ) (40,035 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 150,502 126,095

Interest has been charged at the HMRC official rate. The loans are repayable on demand.

24. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
30.6.23 30.6.22
£    £   
Remuneration 498,513 437,618
Dividends 2,102,198 306,453
Amount due from related party 150,502 252,191

Key management personnel are directors of the group.

Other related parties
30.6.23 30.6.22
£    £   
Dividends 135,000 153,617

Other related parties are relatives of the directors of the group.