Company registration number 05145592 (England and Wales)
STRETTONS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
STRETTONS GROUP LIMITED
COMPANY INFORMATION
Directors
B Tobin
P J Waterfield
S E D Tilster
C J M Collins
M R Bolton
N A Matthews
M R Iliffe
G P Powis
J P Cuthbert
Secretary
S E D Tilsiter
Company number
05145592
Registered office
Waltham House
11 Kirkdale Road
Leytonstone
London
E11 1HP
Auditor
Goodman Jones LLP
29/30 Fitzroy Square
London
W1T 6LQ
Business address
Waltham House
11 Kirkdale Road
Leytonstone
London
E11 1HP
STRETTONS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 32
STRETTONS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The directors present the strategic report and financial statements for the year ended 30 April 2023.
Review of the business
Our strength lies in our diverse client base, the variety of works we undertake, and our presence across different geographical regions. While the Eastern sector of the M25 remains our primary focus, we have been actively expanding our team in the city. Our expertise extends to managing and facilitating auctions for properties throughout England and Wales. We understand the significance of attracting and retaining highly skilled professionals, and we are committed to creating a positive work environment at Strettons. To achieve this goal, we consistently invest in the development of our team members and uphold our core values of integrity, quality, energy, and teamwork, ensuring that Strettons remains an enjoyable workplace.
This year, our performance exceeded expectations despite the challenges faced by the banking and tech sectors, which had a significant impact on our markets by decreasing trading activity. This was in stark contrast to the previous year, where market conditions were exceptionally strong. Although inflation and rising interest rates continue to affect our customers and colleagues, we are confident in our business model's resilience, financial stability, and expertise. We believe these factors will enable us to continue supporting them now and in the future.
Due to the challenging economic back drop, our company’s revenue dropped below prior years. Despite this, the company’s strong cost control and adherence to its important cost initiatives helped to maintain an acceptable 2022/23 overall performance. The full year revenue declined 10.01% on 2022/23 to £9,537,595 (2021/22: £10,598,539).
The company remains dedicated to making operational and strategic choices aimed at evolving into a more resilient and well-balanced organisation. Building upon these foundational changes, the board is determined to grow the company's organic growth, primarily by investing in key personnel and technology in strategic areas, with the goal of achieving top-notch performance and efficiency improvements to reduce costs. Consequently, the Leadership Team has conducted a thorough review of the company's strategy, with a renewed emphasis on prioritising clients, nurturing talent, enhancing services, and fostering synergies.
Key performance indicators
Our key performance indicators are:
Turnover which has decreased by 10.01% from £10,598,539 to £9,537,595.
.
Staff costs which have decreased by 7.89% from £7,707,717 to £7,099,700.
Debtor days which have increased from 40 days to 50 days.
Net profit before tax which has decreased from £173,798 to £172,635
S E D Tilster
Director
13 November 2023
STRETTONS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2023.
Principal activities
The principal activity of the group continues to be that of Chartered Surveyors, Auctioneers, Property Managers and Estate Agents.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B Tobin
P J Waterfield
S E D Tilster
C J M Collins
M R Bolton
N A Matthews
M R Iliffe
G M Mariner
(Resigned 23 September 2022)
G P Powis
J P Cuthbert
Results and dividends
The results for the year are set out on page 7.
A final dividend of £20,000 was paid during the year in respect of the year ended 30 April 2023.
Auditor
The auditor, Goodman Jones LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
STRETTONS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
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.
On behalf of the board
S E D Tilster
Director
13 November 2023
STRETTONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STRETTONS GROUP LIMITED
- 4 -
Opinion
We have audited the financial statements of Strettons Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2023 and of the group's loss 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.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
STRETTONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STRETTONS GROUP LIMITED
- 5 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Reading minutes of meetings of those charged with governance;
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
Identifying and testing journal entries;
Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
STRETTONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STRETTONS GROUP LIMITED
- 6 -
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.
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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Martin Bailey (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP
13 November 2023
Chartered Accountants
Statutory Auditor
29/30 Fitzroy Square
London
W1T 6LQ
STRETTONS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
9,537,595
10,598,539
Administrative expenses
(9,753,660)
(10,833,504)
Other operating income
55,787
108,215
Operating loss
4
(160,278)
(126,750)
Interest receivable and similar income
8
57,135
2,176
Interest payable and similar expenses
9
(69,492)
(49,224)
Loss before taxation
(172,635)
(173,798)
Tax on loss
10
(27,964)
(11,713)
Loss for the financial year
(200,599)
(185,511)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the 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.
STRETTONS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
415,177
622,765
Other intangible assets
12
56,231
96,751
Total intangible assets
471,408
719,516
Tangible assets
13
70,275
86,785
Investments
14
50
541,683
806,351
Current assets
Debtors
17
1,993,858
1,954,092
Cash at bank and in hand
2,017,577
2,810,072
4,011,435
4,764,164
Creditors: amounts falling due within one year
18
(2,418,076)
(2,753,083)
Net current assets
1,593,359
2,011,081
Total assets less current liabilities
2,135,042
2,817,432
Creditors: amounts falling due after more than one year
19
(937,500)
(1,387,500)
Provisions for liabilities
Deferred tax liability
20
20,395
32,186
(20,395)
(32,186)
Net assets
1,177,147
1,397,746
Capital and reserves
Called up share capital
22
58,725
59,347
Capital redemption reserve
40
10
Own shares
592
Profit and loss reserves
1,117,790
1,338,389
Total equity
1,177,147
1,397,746
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
13 November 2023
S E D Tilster
N A Matthews
Director
Director
Company registration number 05145592 (England and Wales)
STRETTONS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
2,700,000
2,700,000
Current assets
Debtors
17
3,100
130
Cash at bank and in hand
2,266
2,299
5,366
2,429
Creditors: amounts falling due within one year
18
(5,091)
(2,106)
Net current assets
275
323
Net assets
2,700,275
2,700,323
Capital and reserves
Called up share capital
22
58,725
59,347
Capital redemption reserve
40
10
Own shares
592
Profit and loss reserves
2,640,918
2,640,966
Total equity
2,700,275
2,700,323
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 £19,952 (2022 - £24,000 profit).
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
13 November 2023
S E D Tilster
N A Matthews
Director
Director
Company Registration No. 05145592
STRETTONS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 10 -
Share capital
Capital redemption reserve
Treasury shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2021
59,347
10
1,547,900
1,607,257
Year ended 30 April 2022:
Loss and total comprehensive income
-
-
-
(185,511)
(185,511)
Dividends
11
-
-
-
(24,000)
(24,000)
Balance at 30 April 2022
59,347
10
1,338,389
1,397,746
Year ended 30 April 2023:
Loss and total comprehensive income
-
-
-
(200,599)
(200,599)
Dividends
11
-
-
-
(20,000)
(20,000)
Treasury shares
-
-
592
-
592
Redemption of shares
22
-
30
-
-
30
Reduction of shares
22
(622)
-
-
-
(622)
Balance at 30 April 2023
58,725
40
592
1,117,790
1,177,147
STRETTONS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 11 -
Share capital
Capital redemption reserve
Treasury shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2021
59,347
10
2,640,966
2,700,323
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
-
24,000
24,000
Dividends
11
-
-
-
(24,000)
(24,000)
Balance at 30 April 2022
59,347
10
2,640,966
2,700,323
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
19,952
19,952
Dividends
11
-
-
-
(20,000)
(20,000)
Treasury shares
-
-
592
-
592
Redemption of shares
22
-
30
-
-
30
Reduction of shares
22
(622)
-
-
-
(622)
Balance at 30 April 2023
58,725
40
592
2,640,918
2,700,275
STRETTONS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(269,177)
(959,242)
Interest paid
(69,492)
(49,224)
Income taxes paid
(10,219)
Net cash outflow from operating activities
(348,888)
(1,008,466)
Investing activities
Purchase of intangible assets
-
(25,433)
Proceeds from disposal of intangibles
131
-
Purchase of tangible fixed assets
(31,233)
(44,815)
Proceeds from disposal of tangible fixed assets
310
-
Proceeds from disposal of joint ventures
50
-
Interest received
57,135
2,176
Net cash generated from/(used in) investing activities
26,393
(68,073)
Financing activities
Repayment of bank loans
(450,000)
(412,500)
Dividends paid to equity shareholders
(20,000)
(24,000)
Net cash used in financing activities
(470,000)
(436,500)
Net decrease in cash and cash equivalents
(792,495)
(1,513,039)
Cash and cash equivalents at beginning of year
2,810,072
4,323,111
Cash and cash equivalents at end of year
2,017,577
2,810,072
STRETTONS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(33)
(48)
Investing activities
Dividends received
20,000
24,000
Net cash generated from investing activities
20,000
24,000
Financing activities
Dividends paid to equity shareholders
(20,000)
(24,000)
Net cash used in financing activities
(20,000)
(24,000)
Net decrease in cash and cash equivalents
(33)
(48)
Cash and cash equivalents at beginning of year
2,299
2,347
Cash and cash equivalents at end of year
2,266
2,299
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 14 -
1
Accounting policies
Company information
Strettons Group Limited (“the company”) is a limited company incorporated in England and Wales. The registered office is 29/30 Fitzroy Square, London, W1T 6LQ.
The group consists of Strettons Group 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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
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 financial statements incorporate those of Strettons Group Limited and all of its subsidiaries.
All financial statements are made up to 30 April 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.
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern
A going concern review has been carried out using the company’s cashflow forecast as a base case scenario, extending to the end of April 2024 and beyond. This forecast builds upon the achievements of 2023 so far, during which the company has successfully achieved the revenue forecasts for the year. This performance is expected to continue throughout 2023/24. There is also continued positivity around the expected cash flows of the business, with the cash balance remaining firmly in line for the entire forecast period.
It is recognised that the market conditions could change over the next 12 months from date of approval and therefore a sensitivity analysis has been performed, representing a reasonable worst-case scenario, reducing the income by 4.9% and forecasted costs decreased by 6.8%. It is expected that in this scenario the cash balance remains strong and healthy.
On this basis the directors continue to see no issues with going concern status of the firm and therefore continue to adopt the concern basis in preparing the financial statements.
1.5
Turnover
Turnover represents amounts receivable for services supplied by the group net of VAT and trade discounts.
Revenue from the provision of professional services is recognised when the services are provided. Income is deferred where it relates to services to be provided in the next accounting period.
1.6
Intangible fixed assets - goodwill
The goodwill arising on the acquisition of Strettons Limited, which amounted to £2,075,881, has in the opinion of the directors, a useful life of 10 years, and is amortised on a straight line bases over this period.
Acquired goodwill is stated at cost less amortisation. Goodwill acquired during April 2018, which amounted to £100,000, has in the opinion of the directors, a useful life of 4 years, and is amortised on a straight line basis over this period.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
Straight line over 10 years
Software
25% straight line
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:
Fixtures, fittings & equipment
20% - 33% straight line
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 16 -
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.
1.9
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.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.10
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.
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.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
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.
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 17 -
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.
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.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.13
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.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 18 -
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.
1.15
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.
1.16
Retirement benefits
The group operates a defined contribution pension scheme and part of the pension charge disclosed in Note 20 represents the amount payable by the group to the fund in respect of the year. The assets are held separately from those of the group in an independently administered fund. The remainder of the pension charge, as disclosed in Note 20, represents the amount paid into a director's personal pension scheme.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.18
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.
During the year, the group received £Nil (2022 - £83,251) under the government backed Coronavirus Job Retention Scheme (CJRS), following the outbreak of Covid-19 during the year. This amount has been recognised as other operating income.
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 19 -
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.
Goodwill rising on consolidation has been considered by the directors to have a useful life of 10 years and is amortised on a straight line basis of this period.
Acquired goodwill is stated at cost less amortisation. Goodwill acquired during April 2018, which amounted to £100,000, has a useful life of 4 years in the opinion of the directors, and is amortised on a straight line basis over this period.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Fees receivable
9,537,595
10,598,539
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
9,537,595
10,598,539
2023
2022
£
£
Other revenue
Interest income
57,135
2,176
Grants received
-
87,264
4
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Government grants
-
(87,264)
Depreciation of owned tangible fixed assets
47,433
78,650
Amortisation of intangible assets
248,108
269,008
Profit on disposal of intangible assets
(131)
-
Operating lease charges
423,168
383,196
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 20 -
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
2,700
2,165
Audit of the financial statements of the company's subsidiaries
27,145
21,423
29,845
23,588
For other services
Other taxation services
760
760
All other non-audit services
17,003
27,488
17,763
28,248
During the year, Fitzrovia IT Limited, a company controlled by Goodman Jones LLP, provided computer support, computer consultancy, and sold computer equipment to the Group. Sales to the Group for the year were £1,012 (2022: £1,012). These figures are not included in the auditors' remuneration disclosed above.
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
2023
2022
Number
Number
Sales
58
65
Administrative
58
54
116
119
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
5,963,906
6,774,373
Social security costs
712,613
705,896
Pension costs
114,480
257,972
6,790,999
7,738,241
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 21 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,252,288
1,702,782
Company pension contributions to defined contribution schemes
7,620
140,042
1,259,908
1,842,824
Remuneration disclosed above includes the following amounts paid to the highest paid director:
Remuneration for qualifying services
183,883
240,303
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
57,135
2,176
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
57,135
2,176
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
69,492
49,224
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
20,913
10,219
Adjustments in respect of prior periods
18,842
Total current tax
39,755
10,219
Deferred tax
Origination and reversal of timing differences
(11,791)
1,494
Total tax charge
27,964
11,713
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
10
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(172,635)
(173,798)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(32,801)
(33,022)
Tax effect of expenses that are not deductible in determining taxable profit
46,670
7,305
Adjustments in respect of prior years
18,842
Deferred tax calculated at a lower rate
3,005
(1,967)
Unprovided deferred tax tax re pension creditor
(7,546)
(4,112)
Amortisation on goodwill on consolidation
39,442
Unprovided deferred tax re pension creditor
(736)
4,280
Change in future tax rate
530
9,692
Utilisation of B/fwd tax losses
-
(9,905)
Taxation charge
27,964
11,713
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 23 -
11
Dividends
Recognised as distributions to equity holders:
2023
2022
2023
2022
per share
per share
£
£
Ordinary-A shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-B shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-C shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-D shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-E shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-G shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-H shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-I shares
Final paid
2.00
1.00
2,000
2,000
Ordinary-J shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-L shares
Final paid
2.00
2.00
2,000
2,000
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
11
Dividends
(Continued)
- 24 -
Ordinary-M shares
Final paid
2.00
2.00
2,000
2,000
Ordinary-N shares
Final paid
2.00
2.00
2,000
2,000
Total dividends paid
Final paid
20,000
24,000
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
2,175,881
182,706
2,358,587
Amortisation and impairment
At 1 May 2022
1,553,116
85,955
1,639,071
Amortisation charged for the year
207,588
40,520
248,108
At 30 April 2023
1,760,704
126,475
1,887,179
Carrying amount
At 30 April 2023
415,177
56,231
471,408
At 30 April 2022
622,765
96,751
719,516
The company had no intangible fixed assets at 30 April 2023 or 30 April 2022.
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 25 -
13
Tangible fixed assets
Group
Fixtures, fittings & equipment
£
Cost
At 1 May 2022
530,885
Additions
31,233
Disposals
(619)
At 30 April 2023
561,499
Depreciation and impairment
At 1 May 2022
444,100
Depreciation charged in the year
47,433
Eliminated in respect of disposals
(309)
At 30 April 2023
491,224
Carrying amount
At 30 April 2023
70,275
At 30 April 2022
86,785
The company had no tangible fixed assets at 30 April 2023 or 30 April 2022.
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
2,700,000
2,700,000
Investments in joint ventures
16
50
50
2,700,000
2,700,000
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 May 2022
50
Disposals
(50)
At 30 April 2023
-
Carrying amount
At 30 April 2023
-
At 30 April 2022
50
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022 and 30 April 2023
2,700,000
Carrying amount
At 30 April 2023
2,700,000
At 30 April 2022
2,700,000
15
Subsidiaries
The company holds more than 20% of the share capital in the following companies:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Strettons Frankis Porter Limited
England & Wales
Ordinary
-
100.00
Strettons Limited
England & Wales
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
Waltham House 11 Kirkdale Road, Leytonstone, London, United Kingdom, E11 1HP
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 27 -
16
Joint ventures
Details of joint ventures at 30 April 2023 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
Site Sales Strettons Limited
Ordinary
50
Registered office addresses (all UK unless otherwise indicated):
Haslers, Old station Road, Loughton, Essex, United Kingdom, IG10 4PL
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,167,810
1,159,570
Unpaid share capital
130
130
130
130
Amounts owed by group undertakings
186,116
-
-
-
Other debtors
36,903
76,180
2,970
Prepayments and accrued income
602,899
718,212
1,993,858
1,954,092
3,100
130
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
450,000
450,000
Trade creditors
355,884
262,030
Amounts owed to group undertakings
2,985
3,122
137
Amounts owed to undertakings in which the group has a participating interest
50
Corporation tax payable
39,755
10,219
Other taxation and social security
559,272
617,737
-
-
Other creditors
23,354
41,475
1,969
1,969
Accruals and deferred income
986,826
1,371,572
2,418,076
2,753,083
5,091
2,106
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 28 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
937,500
1,387,500
The group has advanced loans totalling £Nil (2022 - £1,837,500) under the government backed Coronavirus Business Interruption Loan (CBIL) loan scheme. Interest and arrangement fees on this loan is paid by the government for the first 12 months, with an annual interest rates of 2.07% over the base rate. The directors consider the interest rates on these loans to be at a market rate and as such have not recognised the immaterial impact of discounting the loans to present value.
20
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Group
£
£
ACAs
20,395
32,186
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 May 2022
32,186
-
Credit to profit or loss
(11,791)
-
Liability at 30 April 2023
20,395
-
The deferred tax liability set out above for Strettons Limited is expected to reverse within 12 months and relates to accelerated capital allowances and other timing differences that are expected to mature within the same period.
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,480
257,972
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
21
Retirement benefit schemes
(Continued)
- 29 -
The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The contributions include staff pension costs of £114,480 (2022: £117,929).
Total pension contributions outstanding at the balance sheet date were £21,793 (2022: £22,705)
22
Share capital
2023
2022
£
£
Allotted, called up and fully paid
59,217 Ordinary shares of £1 each
58,625
59,217
1,000 Ordinary-A shares of 1p each
10
10
1,000 Ordinary-B shares of 1p each
10
10
1,000 Ordinary-C shares of 1p each
10
10
1,000 Ordinary-D shares of 1p each
10
10
1,000 Ordinary-E shares of 1p each
10
10
1,000 Ordinary-F shares of 1p each
-
10
1,000 Ordinary-G shares of 1p each
10
10
1,000 Ordinary-H shares of 1p each
10
10
1,000 Ordinary-I shares of 1p each
10
10
1,000 Ordinary-J shares of 1p each
-
10
1,000 Ordinary-L shares of 1p each
-
10
1,000 Ordinary-M shares of 1p each
10
10
1,000 Ordinary-N shares of 1p each
10
10
58,725
59,347
During the year, 592 Ordinary shares, with a nominal value of £1.00 each, were cancelled. The shares were subsequently transferred to treasury shares. During the year, 1,000 Ordinary L shares, 1,000 Ordinary J shares, and 1,000 F Ordinary shares, all at a nominal value of £0.01 each, were cancelled.
At the year end, the company held 58,625 Ordinary shares, with an aggregate value of £58,625, 10,000 Alpha shares with an aggregate value of £100, and 592 treasury shares, with an aggregate value of £592.
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 30 -
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
261,194
105,804
-
-
Between two and five years
657,274
62,639
-
-
918,468
168,443
-
-
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 31 -
24
Related party transactions
No guarantees have been given or received.
The company has taken advantage of the exemption available in FRS102 paragraph 33.1A "Related party disclosures" whereby it has not disclosed transactions between wholly owned group entities.
25
Directors' transactions
At the balance sheet date, the company was owed an amount of £nil (2022: £9,318) by Mountgrove Properties (No.2) Limited. a company partly owned by B Tobin, a director and shareholder of Strettons Group Limited.
The company occupied rented properties owned by The Strettons Pension Scheme. The properties are leased on normal commercial terms and during the year rent totalling £150,089 (2022: £137,421) was charged. At the balance sheet date, an amount of £nil (2022: £nil) was owed to the company by The Strettons Pension Scheme.
The company also manages, free of charge, properties owned by some of the directors and their families as well as properties owned by The Strettons Pension Scheme.
Strettons Limited manages properties owned by companies/pensions schemes controlled by one or more of the directors. During the year, sales to such companies totalled £1,068 (2022: £5,484) and at the balance sheet date, an amount of £nil (2022: £2,280) was due to Strettons Limited.
Dividends paid to directors during the year totalled £20,000 (2022: £20,000).
26
Cash absorbed by group operations
2023
2022
£
£
Loss for the year after tax
(200,599)
(185,511)
Adjustments for:
Taxation charged
27,964
11,713
Finance costs
69,492
49,224
Investment income
(57,135)
(2,176)
Gain on disposal of intangible assets
(131)
-
Amortisation and impairment of intangible assets
248,108
269,008
Depreciation and impairment of tangible fixed assets
47,433
78,651
Movements in working capital:
(Increase)/decrease in debtors
(39,766)
88,241
Decrease in creditors
(364,543)
(1,268,392)
Cash absorbed by operations
(269,177)
(959,242)
STRETTONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 32 -
27
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
19,952
24,000
Adjustments for:
Investment income
(20,000)
(24,000)
Movements in working capital:
Increase in debtors
(2,970)
-
Increase/(decrease) in creditors
2,985
(48)
Cash absorbed by operations
(33)
(48)
28
Analysis of changes in net funds - group
1 May 2022
Cash flows
30 April 2023
£
£
£
Cash at bank and in hand
2,810,072
(792,495)
2,017,577
Borrowings excluding overdrafts
(1,837,500)
450,000
(1,387,500)
972,572
(342,495)
630,077
29
Analysis of changes in net funds - company
1 May 2022
Cash flows
30 April 2023
£
£
£
Cash at bank and in hand
2,299
(33)
2,266
2023-04-302022-05-01falseCCH SoftwareCCH Accounts Production 2023.300P J WaterfieldS E D TilsterC J M CollinsM R BoltonN A MatthewsM R IliffeG M MarinerG P PowisJ P CuthbertJ P CuthbertS E D TilsiterfalseMartin 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