Company registration number 10374019 (England and Wales)
LOUCH HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
LOUCH HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr K Louch
Mrs K R Louch
Company number
10374019
Registered office
5 Richmond Street South
West Bromwich
West Midlands
B70 0DG
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
LOUCH HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
LOUCH HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

Review of the business

The directors of Louch Holdings Limited aim to provide a balanced overview of the status and condition of the business during the last financial year. As Louch Holdings Limited is effectively a holding company, the strategic report is, in respect of the group, consisting of the trading company Stanford Industrial Concrete Flooring Limited.

 

Our review is comprehensive and consistent, taking into account the size and non-complex nature of our business and addresses the risks and uncertainties that our business may be exposed to. The result of our key clients expanding their business successfully, during the financial year, has led to significant growth of activities, increased levels of income and operating profit. The result for the year permitted further capital investment, primarily to re-invest in additional specialist floor laying machinery, giving us flexibility and versatility in the market without concerns over debt and financial restrictions.

 

The group's activities continue to remain competitive in the current market place, underlining the successful and efficient management of the business. Relationships with customers and key suppliers remain a constant focus and they are key to the group's success.

 

Maintaining strict controls over operating costs have ensured that we operate successfully in a very competitive market place and ensuring we deliver consistent pricing to our clients. The lack of reliance on key debt or borrowings, coupled with a positive cash reserve, has been instrumental in ensuring credit facilities are maintained with major suppliers.

 

The group continues to hold its market share by winning high profile projects, based on past performance, whilst maintaining efficient and competitive methods. Emphasis on customer relationships has paid dividends in ensuring we remain at the forefront of our sector. A sustained hands-on role by the management continues to uphold quality standards at each site.

 

Our long-term reputation and standing within the sector remains an important factor in our ethical trading nature. This gives confidence to our clients and supply chain and ensures continued trading momentum.

 

The group closely manages its financial position by continuous management reviews of the cash flow balances and levels of trading creditors and debtors. This continuous overview ensures the agility of the group is maintained and the successful and continued operation of the group.

 

As the majority of our projects are ultimately funded by property investment, we are sensitive to changes in global investment patterns. We continue to adapt our construction teams to remain flexible in both the nature and volume of work we can provide, thereby maintaining our success through diversification and market share.

 

The continued growth of e-commerce maintains the need for specialist warehousing in the distribution sector and this has ensured that the group remain in a strong position and is well placed technically and commercially to deliver.

 

We are aware that risks, uncertainties and unforeseen events outside our control may affect future plans for the development and running of the business. However, we remain confident we have the market profile, experience and capability to positively react to these events.

LOUCH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Principal risks and uncertainties

The directors consider that the principle risks and uncertainties faced by the group are in the following categories.

 

Economic risk

 

The risk of inflation having an adverse impact upon the construction market. The risk of unrealistic increases in subcontractor and other costs impacting adversely on the competitiveness of the company and its principal customers. The risks are managed by strict control of costs and a team of experienced contract managers.

 

Contract loss risk

 

The risk of making a loss on contracts is managed by utilising the skills and knowledge of experienced staff. This applies from the tendering stage through to completion of each contract. The progress of all contracts is reviewed by the director and contract managers on a regular basis so that issues can be identified and dealt with at an early stage.

 

People

 

The success of the group is largely dependent upon the retention of it's key employees.

Key performance indicators

Gross profit margin is considered to be the main key performance indicator used within the group.

On behalf of the board

Mr K Louch
Director
3 October 2023
LOUCH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

 

The principal activity of the group continued to be that of the design, supply and installation of specialist industrial concrete flooring.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,937,200. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K Louch
Mrs K R Louch
Auditor

BK Plus Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

LOUCH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr K Louch
Director
3 October 2023
LOUCH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOUCH HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Louch Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

LOUCH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOUCH HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

 

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

 

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

 

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

LOUCH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOUCH HOLDINGS LIMITED
- 7 -
Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
3 October 2023
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
LOUCH HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
88,526,856
50,934,987
Cost of sales
(72,920,220)
(45,562,916)
Gross profit
15,606,636
5,372,071
Administrative expenses
(5,106,179)
(3,677,854)
Other operating income
13,009
13,676
Operating profit
4
10,513,466
1,707,893
Interest receivable and similar income
8
32,431
477
Interest payable and similar expenses
9
(4,982)
(2,183)
Profit before taxation
10,540,915
1,706,187
Tax on profit
10
(2,125,404)
(345,446)
Profit for the financial year
8,415,511
1,360,741
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LOUCH HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
£
£
Profit for the year
8,415,511
1,360,741
Other comprehensive income
Revaluation of tangible fixed assets
-
0
48,650
Tax relating to other comprehensive income
(2,919)
(9,243)
Other comprehensive income for the year
(2,919)
39,407
Total comprehensive income for the year
8,412,592
1,400,148
Total comprehensive income for the year is all attributable to the owners of the parent company.
LOUCH HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,021,746
2,599,388
Tangible assets
13
4,043,592
2,329,462
Investment properties
14
651,791
651,791
6,717,129
5,580,641
Current assets
Debtors
17
20,893,478
15,523,739
Cash at bank and in hand
9,448,092
2,198,628
30,341,570
17,722,367
Creditors: amounts falling due within one year
18
(18,149,785)
(11,426,396)
Net current assets
12,191,785
6,295,971
Total assets less current liabilities
18,908,914
11,876,612
Provisions for liabilities
Deferred tax liability
19
911,264
354,354
(911,264)
(354,354)
Net assets
17,997,650
11,522,258
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves - Non-distributable
36,488
39,407
Profit and loss reserves - Distributable
17,961,062
11,482,751
Total equity
17,997,650
11,522,258
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
03 October 2023
Mr K  Louch
Director
LOUCH HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
14
651,791
651,791
Investments
15
15,813,662
15,813,662
16,465,453
16,465,453
Current assets
Debtors
17
2,293,308
-
0
Cash at bank and in hand
125,033
130,429
2,418,341
130,429
Creditors: amounts falling due within one year
18
(2,740)
(4,760,803)
Net current assets/(liabilities)
2,415,601
(4,630,374)
Total assets less current liabilities
18,881,054
11,835,079
Provisions for liabilities
Deferred tax liability
19
12,162
9,243
(12,162)
(9,243)
Net assets
18,868,892
11,825,836
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves - Non-distributable
36,488
39,407
Profit and loss reserves
18,832,304
11,786,329
Total equity
18,868,892
11,825,836

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £8,983,176 (2022 - £1,906,793 profit).

The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
03 October 2023
Mr K  Louch
Director
Company Registration No. 10374019
LOUCH HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Profit and loss reserves - Non-distributable
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
100
-
0
11,043,467
11,043,567
Year ended 31 March 2022:
Profit for the year
-
-
1,360,741
1,360,741
Other comprehensive income:
Revaluation of tangible fixed assets
-
48,650
-
48,650
Tax relating to other comprehensive income
-
(9,243)
-
0
(9,243)
Total comprehensive income for the year
-
39,407
1,360,741
1,400,148
Dividends
11
-
-
(921,457)
(921,457)
Balance at 31 March 2022
100
39,407
11,482,751
11,522,258
Year ended 31 March 2023:
Profit for the year
-
-
8,415,511
8,415,511
Other comprehensive income:
Tax relating to other comprehensive income
-
(2,919)
-
0
(2,919)
Total comprehensive income for the year
-
(2,919)
8,415,511
8,412,592
Dividends
11
-
-
(1,937,200)
(1,937,200)
Balance at 31 March 2023
100
36,488
17,961,062
17,997,650
LOUCH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Profit and loss reserves - Non-distributable
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
100
-
0
10,800,993
10,801,093
Year ended 31 March 2022:
Profit for the year
-
-
1,906,793
1,906,793
Other comprehensive income:
Revaluation of tangible fixed assets
-
48,650
-
48,650
Tax relating to other comprehensive income
-
(9,243)
-
0
(9,243)
Total comprehensive income for the year
-
39,407
1,906,793
1,946,200
Dividends
11
-
-
(921,457)
(921,457)
Balance at 31 March 2022
100
39,407
11,786,329
11,825,836
Year ended 31 March 2023:
Profit for the year
-
-
8,983,175
8,983,175
Other comprehensive income:
Tax relating to other comprehensive income
-
(2,919)
-
0
(2,919)
Total comprehensive income for the year
-
(2,919)
8,983,175
8,980,256
Dividends
11
-
-
(1,937,200)
(1,937,200)
Balance at 31 March 2023
100
36,488
18,832,304
18,868,892
LOUCH HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
12,024,852
(1,403,971)
Interest paid
(4,982)
(2,183)
Income taxes paid
(344,406)
(790,980)
Net cash inflow/(outflow) from operating activities
11,675,464
(2,197,134)
Investing activities
Purchase of tangible fixed assets
(2,627,203)
(1,055,919)
Proceeds from disposal of tangible fixed assets
105,970
331,374
Purchase of investment property
-
(162,749)
Interest received
32,433
477
Net cash used in investing activities
(2,488,800)
(886,817)
Financing activities
Dividends paid to equity shareholders
(1,937,200)
(921,456)
Net cash used in financing activities
(1,937,200)
(921,456)
Net increase/(decrease) in cash and cash equivalents
7,249,464
(4,005,407)
Cash and cash equivalents at beginning of year
2,198,628
6,204,035
Cash and cash equivalents at end of year
9,448,092
2,198,628
LOUCH HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(7,068,196)
(311,529)
Investing activities
Purchase of investment property
-
0
(603,141)
Dividends received
9,000,000
1,950,000
Net cash generated from investing activities
9,000,000
1,346,859
Financing activities
Dividends paid to equity shareholders
(1,937,200)
(921,457)
Net cash used in financing activities
(1,937,200)
(921,457)
Net (decrease)/increase in cash and cash equivalents
(5,396)
113,873
Cash and cash equivalents at beginning of year
130,429
16,556
Cash and cash equivalents at end of year
125,033
130,429
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
1
Accounting policies
Company information

Louch Holdings Limited (“the company”) is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is 5 Richmond Street South, West Bromwich, West Midlands, B70 0DG.

 

The group consists of Louch Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Louch Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.9
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss

 

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Goodwill

The Group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected usual life of the cash generating units to which goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

Tangible fixed assets and depreciation

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty present in making this assessment.

Recoverability of trade debtors

The determination of whether trade debtors should be impaired requires the estimation of the expected cash flows and the relevant age of those debtors.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales
88,526,856
50,934,987
2023
2022
£
£
Turnover analysed by geographical market
UK
88,526,856
50,934,987
2023
2022
£
£
Other revenue
Interest income
32,431
477
Grants received
7,920
13,676
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
3,609
31,282
Government grants
(7,920)
(13,676)
Depreciation of owned tangible fixed assets
796,839
626,864
Loss/(profit) on disposal of tangible fixed assets
10,262
(95,744)
Amortisation of intangible assets
577,642
577,642
Operating lease charges
20,947
15,131
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
13,000
13,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
61
56
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,779,123
2,855,017
-
0
25,140
Social security costs
341,825
220,046
964
1,986
Pension costs
112,140
111,239
80,000
80,000
4,233,088
3,186,302
80,964
107,126
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
998,376
338,848
Company pension contributions to defined contribution schemes
83,962
82,640
1,082,338
421,488
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
478,150
161,747
Company pension contributions to defined contribution schemes
40,000
1,320
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
32,431
477
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
32,431
477
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
4,982
2,183
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,667,509
349,389
Adjustments in respect of prior periods
(96,096)
(55,340)
Total current tax
1,571,413
294,049
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Taxation
2023
2022
£
£
(Continued)
- 25 -
Deferred tax
Origination and reversal of timing differences
553,991
51,397
Total tax charge
2,125,404
345,446

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
10,540,915
1,706,187
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
2,002,774
324,176
Tax effect of expenses that are not deductible in determining taxable profit
21,801
24,909
Gains not taxable
-
0
(18,192)
Permanent capital allowances in excess of depreciation
(128,611)
(39,859)
Amortisation on assets not qualifying for tax allowances
109,752
109,752
Under/(over) provided in prior years
(96,096)
(55,340)
Deferred tax provision increase from 19% to 25%
215,784
-
0
Taxation charge
2,125,404
345,446

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
2,919
9,243
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
1,937,200
921,457
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
5,776,423
Amortisation and impairment
At 1 April 2022
3,177,035
Amortisation charged for the year
577,642
At 31 March 2023
3,754,677
Carrying amount
At 31 March 2023
2,021,746
At 31 March 2022
2,599,388
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
3,684,508
130,693
1,273,372
5,088,571
Additions
1,992,024
175,225
459,954
2,627,203
Disposals
(40,000)
-
0
(175,579)
(215,579)
At 31 March 2023
5,636,531
305,917
1,557,747
7,500,195
Depreciation and impairment
At 1 April 2022
2,180,083
68,294
510,734
2,759,111
Depreciation charged in the year
569,278
20,093
207,468
796,839
Eliminated in respect of disposals
(10,625)
-
0
(88,722)
(99,347)
At 31 March 2023
2,738,736
88,387
629,480
3,456,603
Carrying amount
At 31 March 2023
2,897,795
217,530
928,267
4,043,592
At 31 March 2022
1,504,425
62,399
762,638
2,329,462
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 April 2022 and 31 March 2023
651,791
651,791

Investment property comprises the building and freehold at 5 Richmond Street South. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 09/12/2020 by Andrew Dixon & Company Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
15,813,662
15,813,662
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
15,813,662
Carrying amount
At 31 March 2023
15,813,662
At 31 March 2022
15,813,662
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Stanford Industrial Concrete Flooring Limited
England & Wales
ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Stanford Industrial Concrete Flooring Limited
12,920,674
9,009,978
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,541,833
13,860,577
-
0
-
0
Amounts owed by group undertakings
-
-
2,293,308
-
VAT recoverable
1,617,391
1,639,391
-
0
-
0
Amounts owed by related parties
22,000
-
Prepayments and accrued income
27,820
23,771
-
0
-
0
20,209,044
15,523,739
2,293,308
-
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
15,454,297
10,197,585
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
4,755,492
Corporation tax payable
1,569,410
342,403
-
0
-
0
Other taxation and social security
137,675
62,082
2,740
5,311
Other creditors
20,954
20,437
-
0
-
0
Accruals and deferred income
967,449
803,889
-
0
-
0
18,149,785
11,426,396
2,740
4,760,803
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
899,102
345,111
Revaluations
12,162
9,243
911,264
354,354
Liabilities
Liabilities
2023
2022
Company
£
£
Revaluations
12,162
9,243
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
354,354
9,243
Charge to profit or loss
338,207
-
Effect of change in tax rate - profit or loss
215,784
-
Effect of change in tax rate - other comprehensive income
2,919
2,919
Liability at 31 March 2023
911,264
12,162
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
112,140
111,239

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary of £1 each
90
90
90
90
B ordinary of £1 each
10
10
10
10
100
100
100
100
22
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
-
22,000

During the year the loan of £22,000 to Mackl Construction Limited was paid in full.

 

Mackl Construction Limited is a related party due to the minority shareholding held by Kevin Louch who is the ultimate controlling party of the company.

LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
23
Controlling party

The ultimate controlling party is Mr K Louch by virtue of his 90% shareholding in the company.

24
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
8,415,511
1,360,741
Adjustments for:
Taxation charged
2,125,404
345,446
Finance costs
4,982
2,183
Investment income
(32,431)
(477)
Loss/(gain) on disposal of tangible fixed assets
10,262
(95,744)
Amortisation and impairment of intangible assets
577,642
577,642
Depreciation and impairment of tangible fixed assets
796,839
626,864
Movements in working capital:
Increase in debtors
(5,369,739)
(575,661)
Increase/(decrease) in creditors
5,496,382
(3,644,965)
Cash generated from/(absorbed by) operations
12,024,852
(1,403,971)
25
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
8,983,175
1,906,793
Adjustments for:
Investment income
(9,000,000)
(1,950,000)
Movements in working capital:
Increase in debtors
(2,293,308)
-
Decrease in creditors
(4,758,063)
(268,322)
Cash absorbed by operations
(7,068,196)
(311,529)
26
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
2,198,628
7,249,464
9,448,092
LOUCH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
27
Analysis of changes in net funds - company
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
130,429
(5,396)
125,033
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