REGISTERED NUMBER: 03832224 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
CROWNDELL CONSULTING LIMITED |
REGISTERED NUMBER: 03832224 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
CROWNDELL CONSULTING LIMITED |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
CROWNDELL CONSULTING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Old Carriage Works |
Moresk Road |
TRURO |
Cornwall |
TR1 1DG |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company is the operation of bars, restaurants and accommodation. |
Secondary to this is the rental of investment properties. |
REVIEW OF BUSINESS |
The directors consider that the group's key financial performance indicators are those that communicate the financial performance of the group as a whole, these being turnover, gross profit margin and net profit. |
The directors consider the result for the year to be reflective of the pressures facing the hospitality industry as a whole and due to the wider economic uncertainty in the UK. Both Gross and Operating profit margins have been impacted from exceptional fluctuations in key costs as a result of the war in Ukraine, this has been compounded domestically by rising inflation impacting public disposable income as well as a reduction in the Government support available post the COVID19 pandemic. As a result the Group operating profit has decreased by £700k. Given the circumstances, the directors are pleased to report a profit for the year. The directors believe the venues continue to offer a high-quality service and product and are committed to continued innovation to ensure the business is well placed to react to changing conditions and a return to an increased profitability. |
Despite the current challenging economic environment, the Directors are positive regarding the long-term future opportunities. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Due to the economic conditions, the Directors have carefully considered the position of the company and its group. |
The success of the business is dependent on the economic and political climate, with ongoing affairs, particularly the current challenging economic climate influencing customer activity and key costs. Specifically, regarding costs, where possible Directors have taken measures to fix at sustainable levels and invested in systems with a direct focus on improving the profitability. |
The Directors have considered all of the information available to them and following a full and detailed assessment we are satisfied that there are adequate resources with which the group can continue to prepare the accounts on a going concern basis. |
ON BEHALF OF THE BOARD: |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
DIVIDENDS |
Interim dividends of £0.16 per share were declared and paid on Ordinary shares and £0.21 per share in respect of Ordinary A shares. |
The Directors recommend a final dividend payment in respect of the year to 31 March 2023 of £0.139 per share on Ordinary shares and £0.103 per share on Ordinary A Shares.. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
Objectives and policies |
The company's and group's principal financial instruments comprise of bank balances, trade creditors, deposits in advance from customers, and bank loans. The main purpose of these instruments is to raise funds for the company's operations. |
Price risk, credit risk, liquidity risk and cash flow risk |
The principal risks faced by the company have been mitigated as follows: |
Liquidity risk |
The company manages this particular risk through a combination of compiling projections and regular review of the management figures by the Directors. Where necessary, additional funds are sought to ensure that necessary funds are available to continue the company objectives. |
Price risk |
The company has a set tariff in place for customers staying at their premises, the tariffs are set by the Directors and factored in to projections which enables the company to ensure that sufficient funds are available. Deposits in advance help to fund the company and therefore setting tariffs to ensure they encourage payments in advance is an important element of financial instruments. |
Operational risks |
The Directors are aware of the continual changes in law and regulations and the associated compliance costs and plan ahead accordingly. |
Credit risk |
Given that customers are required to pay a deposit to reserve a room, and that all accounts are liable for settlement on arrival, the Directors do not believe the group is adversely exposed to credit risk. |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
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. |
AUDITORS |
The auditors, Lang Bennetts Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CROWNDELL CONSULTING LIMITED |
Opinion |
We have audited the financial statements of Crowndell Consulting Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other 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 the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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. |
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 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 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 have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CROWNDELL CONSULTING LIMITED |
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. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 |
CROWNDELL CONSULTING 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: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity through discussions with senior management and the directors, and from our knowledge of the industry that the entity operates in. We determined that the most significant are those that relate to health and safety, fire regulations, food hygiene, GDPR, employment matters, company law and compliance with FRS 102 (UK GAAP). |
We assessed the extent of compliance with the above legislation through discussions with management and review of specific correspondence, including internal health and safety reviews amd a reviewed the accident book. We also made enquiries with management of any potential litigation and claims and reviewed legal costs for evidence of any litigation. |
We assessed the risks of material misstatement in respect of fraud as follows: |
We made enquiries of the directors and management of any non-compliance of laws and regulations, potential litigation and claims or any knowledge of actual, suspected or alleged fraud. |
We identified all related parties to the entity and the extent of transactions between those parties with the entity. |
We considered the risk of fraud through management override. |
Based on the results of our risk assessment, we designed our audit procedures to identify and to address material misstatements in relation to fraud, as follows: |
We performed analytical procedures to identify any unusual or unexpected relationships. |
We identified transactions between the entity and related parties and ensured disclosure in the accounts was correct. |
We obtained confirmation from the company's insurance broker that there are no current claims made by the company. |
Legal fees were reviewed to identify any potential non-compliance of laws and regulations. |
The latest food hygiene rating was obtained. |
We saw evidence of regular internal health and safety and fire checks. |
We reviewed material manual journal entries for evidence of management override or fraud. |
The primary responsibility for the prevention and detection of irregularities, including fraud, rests with both those charged with governance and management. As with any audit these remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. There are inherent limitations in the audit procedures described above, and the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations. We are not responsible for prevention of non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CROWNDELL CONSULTING LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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. |
for and on behalf of |
The Old Carriage Works |
Moresk Road |
TRURO |
Cornwall |
TR1 1DG |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 5,830,642 | 5,601,126 |
Cost of sales | 3,829,957 | 3,351,847 |
GROSS PROFIT | 2,000,685 | 2,249,279 |
Administrative expenses | 1,700,069 | 1,432,801 |
300,616 | 816,478 |
Other operating income | - | 184,581 |
OPERATING PROFIT | 4 | 300,616 | 1,001,059 |
Interest receivable and similar income | 14,142 | - |
314,758 | 1,001,059 |
Gain/loss on revaluation of assets | - | 225,000 |
314,758 | 1,226,059 |
Interest payable and similar expenses | 5 | 136,200 | 91,938 |
PROFIT BEFORE TAXATION | 178,558 | 1,134,121 |
Tax on profit | 6 | 30,147 | 247,496 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 144,906 | 768,445 |
Non-controlling interests | 3,505 | 118,180 |
148,411 | 886,625 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 148,411 | 886,625 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
148,411 |
886,625 |
Total comprehensive income attributable to: |
Owners of the parent | 144,906 | 768,445 |
Non-controlling interests | 3,505 | 118,180 |
148,411 | 886,625 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 5,682,523 | 5,666,021 |
Investments | 10 | - | - |
Investment property | 11 | 815,000 | 815,000 |
6,497,523 | 6,481,021 |
CURRENT ASSETS |
Stocks | 12 | 90,351 | 64,336 |
Debtors | 13 | 212,359 | 307,750 |
Cash at bank and in hand | 1,318,517 | 2,360,391 |
1,621,227 | 2,732,477 |
CREDITORS |
Amounts falling due within one year | 14 | 2,161,662 | 2,623,549 |
NET CURRENT (LIABILITIES)/ASSETS | (540,435 | ) | 108,928 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,957,088 |
6,589,949 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(2,860,981 |
) |
(3,231,900 |
) |
PROVISIONS FOR LIABILITIES | 19 | (282,835 | ) | (279,823 | ) |
NET ASSETS | 2,813,272 | 3,078,226 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 2,064,273 | 2,064,273 |
Retained earnings | 476,604 | 745,063 |
SHAREHOLDERS' FUNDS | 2,540,877 | 2,809,336 |
NON-CONTROLLING INTERESTS | 272,395 | 268,890 |
TOTAL EQUITY | 2,813,272 | 3,078,226 |
The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by: |
P R Fair - Director |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 141,257 | 645,440 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | 2,064,273 | 175,411 | 2,239,684 | 150,710 | 2,390,394 |
Changes in equity |
Dividends | - | (198,793 | ) | (198,793 | ) | - | (198,793 | ) |
Total comprehensive income | - | 768,445 | 768,445 | 118,180 | 886,625 |
Balance at 31 March 2022 | 2,064,273 | 745,063 | 2,809,336 | 268,890 | 3,078,226 |
Changes in equity |
Dividends | - | (413,364 | ) | (413,364 | ) | - | (413,364 | ) |
Total comprehensive income | - | 144,906 | 144,906 | 3,505 | 148,411 |
Balance at 31 March 2023 | 2,064,273 | 476,605 | 2,540,878 | 272,395 | 2,813,273 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 438,829 | 1,530,919 |
Interest paid | (128,051 | ) | (86,077 | ) |
Interest element of hire purchase payments paid |
(8,149 |
) |
(5,861 |
) |
Tax paid | (126,791 | ) | (62,462 | ) |
Net cash from operating activities | 175,838 | 1,376,519 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (191,362 | ) | (259,054 | ) |
Sale of tangible fixed assets | - | 1,361 |
Interest received | 14,142 | - |
Net cash from investing activities | (177,220 | ) | (257,693 | ) |
Cash flows from financing activities |
Bank borrowing | (344,710 | ) | (205,259 | ) |
Hire purchase repayments | (29,681 | ) | (33,996 | ) |
Amount introduced by directors | 294,567 | 2,195,775 |
Amount withdrawn by directors | (547,304 | ) | (936,505 | ) |
Government grants | - | 220,581 |
Equity dividends paid | (413,364 | ) | (198,793 | ) |
Net cash from financing activities | (1,040,492 | ) | 1,041,803 |
(Decrease)/increase in cash and cash equivalents | (1,041,874 | ) | 2,160,629 |
Cash and cash equivalents at beginning of year |
2 |
2,360,391 |
199,762 |
Cash and cash equivalents at end of year | 2 | 1,318,517 | 2,360,391 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit for the financial year | 148,411 | 886,625 |
Depreciation charges | 174,858 | 141,715 |
Loss on disposal of fixed assets | - | 14,403 |
Gain on revaluation of fixed assets | - | (225,000 | ) |
Government grants | - | (184,581 | ) |
Finance costs | 136,200 | 91,938 |
Finance income | (14,142 | ) | - |
Taxation | 30,147 | 247,496 |
475,474 | 972,596 |
Increase in stocks | (26,015 | ) | (21,768 | ) |
(Increase)/decrease in trade and other debtors | (100,804 | ) | 238,752 |
Increase in trade and other creditors | 90,174 | 341,339 |
Cash generated from operations | 438,829 | 1,530,919 |
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 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 1,318,517 | 2,360,391 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 2,360,391 | 199,762 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,360,391 | (1,041,874 | ) | 1,318,517 |
2,360,391 | (1,041,874 | ) | 1,318,517 |
Debt |
Finance leases | (177,229 | ) | 29,681 | (147,548 | ) |
Debts falling due within 1 year | (344,062 | ) | 3,472 | (340,590 | ) |
Debts falling due after 1 year | (3,084,081 | ) | 341,238 | (2,742,843 | ) |
(3,605,372 | ) | 374,391 | (3,230,981 | ) |
Total | (1,244,981 | ) | (667,483 | ) | (1,912,464 | ) |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Crowndell Consulting Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statement of subsidiaries to bring their accounting policies into line with those used by the group. |
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirers interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. |
Inter-company transactions, balances and unrealised gains on transaction between the company and it's subsidiaries, which are related parties, are eliminated in full. |
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. |
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholders share of changes in equity since the date of the combination. |
Going concern |
The Covid-19 pandemic impacted the hospitality venues in the first two months of the year ended 31 March 2022, with forced closure of both sites from January 17 May 2021. |
From re-opening on 17 May 2021 the business generated significant revenues at both sites driven by sustained high levels of customer demand and in turn supported by the government's reduction in the VAT rate. |
In the year ended 31 March 2023 the business faced significant economic uncertainty due to the war in Ukraine, rising domestic inflation and reduction in Government support following the end of the Covid-19 pandemic. This uncertainty caused exceptional fluctuations in key costs resulting in a decrease in profitability. The directors have carried out an assessment and sought to fix costs at sustainable levels as well as investing in systems to improve profitability. |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
In the year ended 31 March 2023 the business faced significant economic uncertainty due to the war in Ukraine, rising domestic inflation and reduction in Government support following the end of the Covid-19 pandemic. This uncertainty caused exceptional fluctuations in key costs resulting in a decrease in profitability. The directors have carried out an assessment and sought to fix costs at sustainable levels as well as investing in systems to improve profitability. |
The company retains the full support of its creditors, directors' and other related parties. |
The directors have taken all of the above into account in their projections which extend 12 months from the date of approval of the accounts and indicate a sufficient level of headroom. The directors consider that the company is a going concern and the accounts are accordingly prepared on a going concern basis. |
Basis of consolidation |
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and industry knowledge. Actual results may differ from these estimates. |
The primary judgements and estimates made in the financial statements are depreciation rates of fixed assets, the residual value of fixed assets in the calculation of depreciation, deferred income and accrued costs. |
Accrued costs, where possible, are based on post year end economic outflows relating to the accounting period. Where this is not known with certainty, an estimate will be determined based on historic trends and the knowledge available at the time of provision. |
Deferred income is derived from a deposits ledger, being the value of monies received in relation to services to be rendered in a future accounting period. |
Depreciation is expenses at a rate that is determined to best represent the useful economic life of relevant assets, which is reviewed by the directors, along with the associated estimated residual values. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 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. |
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. 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 completions 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. |
The group has a number of revenue streams, each of which has a specific revenue recognition policy. Turnover from services and goods provided by the venues is recognised on a daily basis once the goods and services have been provided to the customer and the right to consideration has been earned. For accomodation, turnover is recognised daily from the day of arrival, for food and beverages this is when the goods have been provided and for events, turnover is recognised on the day of the event. Rental income from investment property is recognised in the profit and loss account on a straight line basis in line with the tenancy agreement, payable in advance. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
In the previous year, the directors reassessed the depreciation policy for Freehold Property having reviewed the useful economic life of assets within this class on a prospective basis. Previously Freehold Property was depreciated on a straight line basis over 20 years but it is now depreciated as follows:- |
Land - Not depreciated. |
Buildings - Straight line over 20 years to 80% of historic cost (residual value). |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value using the first in, first out method, after making due allowance for obsolete and slow moving items. |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Classification |
The company holds the following financial instruments: |
- Short term trade and other debtors and creditors; |
- Bank loans; and |
- Cash and bank balances. |
All financial instruments are classified as basic. |
Recognition and measurement |
The company has chosen to apply the recognition and measurement principles in FRS102. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when, in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. |
Except from bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. |
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risk and rewards of ownership to the lessee. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charges to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases are charged to the 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. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,179,305 | 2,129,198 |
Social security costs | 170,296 | 152,084 |
Other pension costs | 37,826 | 35,365 |
2,387,427 | 2,316,647 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration and support | 10 | 7 |
Other departments | 121 | 121 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 72,168 | 70,568 |
Directors' pension contributions to money purchase schemes | 1,321 | 1,321 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
The directors are considered the key management personnel of the company. |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases | 15,000 | 15,000 |
Depreciation - owned assets | 174,859 | 141,715 |
Loss on disposal of fixed assets | - | 14,403 |
Auditors' remuneration | 8,000 | 5,000 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest | 128,051 | 86,061 |
Other interest | - | 16 |
Hire purchase | 8,149 | 5,861 |
136,200 | 91,938 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 27,134 | 126,792 |
Deferred tax | 3,013 | 120,704 |
Tax on profit | 30,147 | 247,496 |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge 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: |
2023 | 2022 |
£ | £ |
Profit before tax | 178,558 | 1,134,121 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
33,926 |
215,483 |
Effects of: |
Expenses not deductible for tax purposes | 924 | 57 |
Income not taxable for tax purposes | - | (42,750 | ) |
Capital allowances in excess of depreciation | (3,768 | ) | (54,687 | ) |
Utilisation of tax losses | (3,948 | ) | - |
Deferred tax - accelerated capital allowances | (935 | ) | 62,386 |
Deferred tax - adjustment due to change in tax rate | - | 67,007 |
Deferred tax - tax loss movement | 3,948 | (8,689 | ) |
Tax loss carried forward | - | 8,689 |
Total tax charge | 30,147 | 247,496 |
7. | INDIVIDUAL INCOME STATEMENT |
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. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 57,261 | 50,000 |
Ordinary A shares of £1 each |
Interim | 356,103 | 148,793 |
413,364 | 198,793 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 7,560,668 | 1,701,425 | 329,471 | 9,591,564 |
Additions | 72,360 | 84,158 | 34,844 | 191,362 |
At 31 March 2023 | 7,633,028 | 1,785,583 | 364,315 | 9,782,926 |
DEPRECIATION |
At 1 April 2022 | 2,561,340 | 1,225,960 | 138,244 | 3,925,544 |
Charge for year | 37,809 | 80,530 | 56,520 | 174,859 |
At 31 March 2023 | 2,599,149 | 1,306,490 | 194,764 | 4,100,403 |
NET BOOK VALUE |
At 31 March 2023 | 5,033,879 | 479,093 | 169,551 | 5,682,523 |
At 31 March 2022 | 4,999,328 | 475,465 | 191,227 | 5,666,020 |
Included in cost of land and buildings is freehold land of £1,560,973 (2022 - £1,500,000) which is not depreciated. |
Prior to 1 April 2020, land was included in the depreciable amount of freehold property. |
The assets of the company are pledged to secure borrowings of the company. See note 16 for details. |
Tangible fixed assets include assets held under HP/finance leases with a net book value of £123,468 (2022 - £163,213). The depreciation charge for assets held under HP/finance leases was £41,157 (2022 - £23,054). |
Company |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Included in cost of land and buildings is freehold land of £ 1,560,973 (2022 - £ 1,500,000 ) which is not depreciated. |
Prior to 1 April 2020, land was included in the depreciable amount of freehold property. |
The assets of the company are pledged to secure borrowings of the company. See note 16 for details. |
Tangible fixed assets include assets held under HP/finance leases with a net book value of £77,324 (2022 - £101,687). The depreciation charge for assets held under HP/finance leases was £25,775 (2022 - £21,745). |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | INVESTMENT PROPERTY |
The property was valued by Jonathan Wall BSc (Hons) MRICS, director of Davis Coffer Lyons on 27 September 2021 on the open market basis. Davis Coffer Lyons are independent valuers not connected with the company. The director's consider that this valuation remains an appropriate valuation of the position at 31 March 2023. |
Had this class of asset been measured on a historical cost basis, it would have a carrying value of £832,162 (2022 - £832,162). |
The investment property owned by the company is pledged to secure the borrowings of the company and the group. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2009 | (117,154 | ) |
Valuation in 2011 | (100,000 | ) |
Valuation in 2017 | (25,008 | ) |
Valuation in 2022 | 225,000 |
Cost | 832,162 |
815,000 |
12. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 90,351 | 64,336 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 100 | 100 |
Amounts owed by group undertakings | - | - |
Other debtors | 7,822 | 10,273 |
Directors' current accounts | 71,054 | 267,248 | 71,054 | 267,248 |
Prepayments | 133,265 | 30,019 |
Accrued income | 118 | 110 |
212,359 | 307,750 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 340,590 | 344,062 |
Hire purchase contracts (see note 17) | 29,410 | 29,410 |
Payments on account | 154,328 | 203,658 |
Trade creditors | 267,170 | 180,289 |
Amounts owed to group undertakings | - | - |
Tax | 27,134 | 126,791 |
Social security and other taxes | 40,755 | 49,091 |
VAT | 171,506 | 102,525 | 171,506 | 102,525 |
Other creditors | 173,083 | 196,477 |
Directors' current accounts | 879,361 | 1,328,292 | 879,361 | 1,328,292 |
Accrued expenses | 78,325 | 62,696 |
Deferred income | - | 258 | - | - |
2,161,662 | 2,623,549 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 2,742,843 | 3,084,081 |
Hire purchase contracts (see note 17) | 118,138 | 147,819 |
2,860,981 | 3,231,900 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 340,590 | 344,062 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 2,742,843 | 3,084,081 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 29,410 | 29,410 |
Between one and five years | 118,138 | 147,819 |
147,548 | 177,229 |
Company |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts | 147,548 | 177,229 | 100,212 | 121,339 |
Bank loans | 2,823,433 | 3,088,144 | 2,519,338 | 2,754,958 |
2,970,981 | 3,265,373 |
In the previous year, the group re-financed and combined three existing loans into one secured facility for Crowndell Consulting Limited and Summergrand Limited. The new loan facilities are over a five year fixed term loan with a margin interest rate of 2.25% p.a. All loans that were held during the year were denominated in Great British Pounds. |
The loans are secured by cross guarantees and debentures by the group companies, in addition to a directors personal guarantee and charge. This included fixed and floating charges over the assets of the group. |
Hire purchase agreements are secured against the assets to which they relate. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 282,835 | 279,823 | 281,777 | 280,442 |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 279,823 |
Charge to Income Statement during year | 3,012 |
Balance at 31 March 2023 | 282,835 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Charge to Income Statement during year |
Balance at 31 March 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 402,534 | 361,248 |
Ordinary A | £1 | 1,651,418 | 1,703,025 |
Ordinary B | £1 | 10,321 | - |
2,064,273 | 2,064,273 |
41,286 Ordinary shares of £1 each were allotted and fully paid for |
During the course of the year, 51,607 Ordinary A Shares were reclassified as 41,286 Ordinary Shares and 10,321 Ordinary B shares. |
Ordinary, Ordinary A and Ordinary B shares rank parri passu with one another. |
21. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions charged to the income statement during the year amounted to £37,826 (2022: £35,365). Pension contributions outstanding at the year end amounted to £4,262 (2021: £4,441). |
CROWNDELL CONSULTING LIMITED (REGISTERED NUMBER: 03832224) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
D J Trotter |
Balance outstanding at start of year | 267,248 | 49,470 |
Amounts advanced | 258,404 | 267,778 |
Amounts repaid | (454,598 | ) | (50,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 71,054 | 267,248 |
23. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £413,364 (2022 - £198,793) were paid to the directors . |
Mr P R Fair and Mrs J Fair |
(Directors and shareholders) |
The directors have provided a personal guarantee of £250,000 in respect of bank borrowings. |
During the current and previous year a loan account existed between the company and Mr and Mrs P R Fair. No interest was paid on these loans. At the balance sheet date the amount due to Mr and Mrs P R Fair was £879,761 (2022 - £1,328,292). |
During the year, the company purchased land from Mr and Mrs Fair at the value of £60,000. |
Mr D J Trotter |
(Director and shareholder) |
During the current and previous year a loan account existed between the company and Mr D J Trotter. No interest was paid on this loan. At the balance sheet date the amount due from Mr D J Trotter was £71,054 (2022 - £267,248). |
There are no key management personnel other than the directors. Details of directors' remuneration is provided in note 3. |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr P R Fair and Mrs J Fair. |