The directors are pleased to present their strategic report for the year ended 28 February 2023.
The directors are pleased to report a year of improved trading across the group and consider turnover, gross profit margin, stock levels and net assets as key performance indicators.
During the year, group turnover for the year was £37.3m (2022: £31.6m), with a gross profit margin of 14.1% (2022: 14%) achieved.
At the year end the group held stocks of £3.2m (2022: £1.5m) and had net assets of £0.37m (2022 £0.50m). The increased level of stock reflects the increased level of demand for the group's products which has continued post year end. During the year, dividends totalling £476,390 (2022: £420,000) were paid to shareholders.
Operating profits have increased from 2022, as the group continues to see increased demand for its products and services following the lifting of the final COVID restrictions. The directors are pleased to report a relatively strong and stable performance during the year and post year end.
The directors therefore believe the group's position to be satisfactory, in line with expectations and the strategic direction agreed by the directors.
The group remains committed to being fully compliant with all relevant regulatory bodies and being the group of choice in our market for our customers and established suppliers.
The group continues to invest significantly in its workplace, infrastructure and service capability to achieve these objectives with high levels of quality compliance and to ensure it continues to be seen as the preferred choice within the core markets where it operates. Other streams of revenue such as NHS prescription dispensing have continued to be stable.
The directors are not aware of any significant high risks facing the group in the next twelve months, Low UK GDP growth expectations from 2023-24 may be offset with a forecasted reduction in UK inflation and interest rates; the directors are expecting for the group’s performance to be relatively stable into 2024. Medium term uncertainties facing the group may primarily be linked to any significant economic downturn due to global tensions in the middle east and the on-going Russian-Ukraine war which in turn may impact on revenue. The group continues to be well established within its current markets and therefore any economic downturn within the UK over the medium term may be somewhat mitigated based on the group’s strong and dynamic market position.
The principal ongoing general business risks include:
Increase in operating costs including but not limited to human resources costs. The directors continue to invest in stream-lining the group to mitigate this risk such as up-skilling existing teams to multi-task with continued investment into I.T to seek further efficiencies in business processes. Energy cost increases continued to be mitigated where possible through investment planning on vehicles and buildings infrastructure.
Continued risks in disruption of supply chains - such risks are continued to be managed by maintaining a close working relationship with major manufacturers then forecasting for adequate stocks to be procured while redundant supply chains are in place for alternative products.
Risk of competition - the group is strongly established within its core market. The group has maintained robust customer relationships by offering excellent quality products and services therefore the directors consider that risks around competition is mitigated to a satisfactory level however we remain vigilant.
Cash flow and liquidity risk - the group currently mitigates risk by actively managing its cash flow i.e through tight controls on limiting the amount of credit offerings backed-up with personal guarantees while being proactive on collection of debts. The group’s stock purchasing regime is working in line with just-in-time stock ordering policies to maximise cash flow liquidity. With a strong cash position of the group and regular demand from customers, it is considered sufficient risk has been mitigated to a satisfactory level.
On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide. It is also noted the recent heightened tensions in the Middle-East may result in political and economic ramifications within region and beyond. The Directors have carried out an additional assessment of these potential impacts on the group, including the impact of mitigation measures and uncertainties. The group does not operate in Ukraine, Russia or the Middle-East and no key suppliers or customers are located in any of these countries. The Board’s assessment of these highly tragic geopolitical situations is that the group is not directly impacted at present, however they acknowledge that there is some indirect impact on the group based on impacts to the global economy i.e. increased energy costs; the group has taken into account during the going concern assessment, and will continue to monitor its impact, and respond accordingly.
The business climate remains challenging, although demand remains relatively stable. The group continues to find new and innovative routes to market and to build-on established partnerships with major brands.
Going Concern
After reviewing the company and group's forecasts and projections, the directors have reasonable expectation that the group can remain a viable going concern for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing the financial statements.
On behalf of the board
The directors present their annual report and financial statements for the year ended 28 February 2023.
The results for the year are set out on page 9.
During the year ordinary dividends were paid amounting to £476,390 (2022: £420,000). The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The strategic report contains details of the principle risks and uncertainties which are faced by the group.
The group continues to build and develop teams across all departments.
The directors are confident about the future prospects for the group, having undertaken a review of the group's performance post-year end.
The auditor, Mazars LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the financial statements of Skynet Ltd (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 28 February 2023 which comprise group statement of comprehensive income, group and company balance sheets, group and company statement of changes in equity, group statement of cash flows and net funds and debt, and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
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 the 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 the parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in 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.
In 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.
As explained more fully in the directors’ responsibilities statement set out on page 5, 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 group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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 the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the group and the parent company and their industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the group and the parent company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the group and the parent company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to consideration of investment impairment, revenue recognition (which we pinpointed to the cut-off risk), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the group statement of comprehensive income.
The notes on pages 15 to 32 form part of these financial statements.
The notes on pages 15 to 32 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £14,773 (2022 - £23,658 profit).
The notes on pages 15 to 32 form part of these financial statements.
The notes on pages 15 to 32 form part of these financial statements.
The notes on pages 15 to 32 form part of these financial statements.
The notes on pages 15 to 32 form part of these financial statements.
Skynet Ltd (“the company”) is a private company limited by shares and incorporated in England and Wales. The registered office is 7 Prince William Road, Loughborough, England, LE11 5GU.
The group consists of Skynet Ltd and all of its subsidiaries.
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 Pound 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. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
After reviewing the group and company's forecasts and projections, the Directors have reasonable expectation that the group and company can remain a viable going concern for the foreseeable future. The group and company therefore continue to adopt the going concern basis in preparing these Financial Statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of Value Added Tax.
Turnover 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 turnover 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.
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.
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised released to the Statement of Comprehensive Income.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
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.
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.
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.
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, including creditors, bank loans, finance leases 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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 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.
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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Government grants relating to the costs incurred by the group are recognised in the income statement over the period necessary to match them which the costs they are intended to compensate. Government grants are presented separately and disclosed in other operating income within the income statement.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In assessing whether there have been any indicators of impairment of assets including fixed asset investments, the directors have considered both external and internal source of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
The company prepares workings on the investments held in its subsidiaries. Significant estimation is used as the consideration of impairment is based upon multiple forecasts which are deemed to be estimates. As such there is some uncertainty in respect of these figures.
Turnover is attributable to the principal activity of the group.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
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:
With effect from 1 April 2023, the main rate of UK Corporation Tax will increase from 19% to 25% in accordance with Finance Act 2021 which was substantively enacted on 24 May 2021.
Where tax charges are expected to reverse they have been calculated in accordance with the main rate of Corporation Tax in effect at the date of reversal.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases.
Details of the company's subsidiaries at 28 February 2023 are as follows:
The results of all of the company's subsidiaries are included within these financial statements.
As a parent company established under the law of the UK for the year ended 28 February 2023, Skynet Ltd took advantage of the exemption from audit under section 479A of the United Kingdom’s Companies Act 2006 relating to Distrosys Ltd (registered number 11529744) and Beamwave Limited (registered number 10066287) included in the consolidated accounts.
Skynet Ltd guarantees the liabilities of Distrosys Ltd and Beamwave Limited under section 479C of the Companies Act 2006 in respect of the financial year ended 28 February 2023.
Details of associates at 28 February 2023 are as follows:
Amounts owed by group undertakings are interest free and repayable upon demand.
Amounts due from group undertakings are interest free and repayable upon demand.
Finance lease payments represent amounts payable by the group for motor vehicles. Finance lease obligations are secured on the asset to which they relate.
The bank loans are secured by an unlimited debenture secured against the assets of Order Line Limited.
The bank loans are repayable in monthly instalments until they are fully repaid in May 2026. Interest is charged at 1.28% above the Bank of England base rate.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability set out above is expected to reverse within 7 years and relates to accelerated capital allowances that are expected to mature within the same period.
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.
Included within group creditors is a balance of £7,697 (2022: £7,231) in respect of contributions for the year ended 28 February 2023.
All classes of share in issue have voting, dividend and capital distribution rights.
A and D ordinary shares entitle the holder to one vote per share.
B Ordinary shares entitle the holder to one or two votes per share, dependent on the holder of the shares as detailed in the Articles of Association.
C Ordinary shares entitle the holder to two votes per share.
Called up share capital
This represents the nominal value of shares in issue.
Profit and loss account
This reserve records retained earnings and accumulated losses.
Merger reserve
This reserve records the fair value of shares issued in excess of net assets on merger of the group.
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
During the year, the group received dividends of £nil (2022: £50,000) from Imperial Midlands Limited, a company in which the group has a significant interest.
During the year, the group paid rent totalling £30,000 (2022: £30,000) into a Self Invested Pension Plan operated independently for the benefit of the directors.
During the year, the group made sales to a business operated by a close family member of a director totalling £12,794 (2022: £22,524). At the year end £571 (2022: £2,003) was due to the group from this related party.
During the year, the group made advances totalling £146,611 (20212 £107,863) to close family members of the directors, and received repayments totalling £224,000 (2022: £274,263). Interest of £nil (2022: £337) was charged by the group on overdrawn balances. At the year end £213,722 (2022: £136,333) was due to the close family members of the group.
During the year the group made advances totalling £77,354 (2022: £95,146) to various connected parties of the directors or the group, and received repayments of £71,335 (2022: £32,273). At the year end £199,268 (2021: £193,249) was due to the group.
The group has taken advantage of the exemptions available under paragraph 33.1A of FRS102, and accordingly does not disclose transactions between wholly owned subsidiaries of the group.
Company
During the year, the company paid rent totalling £30,000 (2022: £30,000) into a Self Invested Pension Plan operated independently for the benefit of the directors.
At the year end £85,000 (2022: £85,000) was due to the company a company under the control of the directors.
During the year, the company purchased services from a close family member of a director totalling £nil (2022: £22,000),
During the year, the company made advances to various connected parties of the directors totalling £22,985 (2022: £20,264), and received repayments of £43,249 (2022: £nil). At the year end £nil (2022: £20,264) was due to the company from these related parties.
During the year, the company made advances totalling £146,611 (2022: £107,863) to close family members of the directors, and received repayments totalling £224,000 (2022: £274,263). Interest of £nil (2022: £337) was charged by the company on overdrawn balances. At the year end £213,722 (2022: £136,333) was due to the close family members of the directors.
During the year, the directors entered into the following transactions with the group:
During the year, the group made advances totalling £455,365 (2022: £728,340) to the directors. Interest of £48 (2022: £4,535) was charged by the group to directors in respect of overdrawn balances. During the year amounts repaid to the group by the directors totalled £596,981 (2022: £492,313). At the year end £99,809 was owed to the directors from the group (2022: £41,759 was doe to the group from the directors).
During the year, the directors entered into the following transactions with the company:
During the year, the company made advances totalling £337,260 (2022: £211,473) to the directors and received repayments totalling £276,445 (2022: £189,452) from the directors. Interest of £48 (2022: £517) was charged on overdrawn loan accounts. At the year end £21,162 (2022: £82,025) was due to the directors by the company.
Dividends totalling £252,390 (2022 - £166,000) were paid in the year in respect of shares held by the company's directors.
The ultimate controlling parties are Mr M R and Mrs A Bhojani.