REGISTERED NUMBER: 08461016 (England and Wales) |
GGR COMMUNICATIONS GROUP LIMITED |
Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 March 2023 |
REGISTERED NUMBER: 08461016 (England and Wales) |
GGR COMMUNICATIONS GROUP LIMITED |
Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 March 2023 |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Contents of the Consolidated Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 3 | to | 5 |
Consolidated Income Statement | 6 |
Consolidated Balance Sheet | 7 |
Company Balance Sheet | 8 |
Consolidated Statement of Changes in Equity | 9 |
Company Statement of Changes in Equity | 10 |
Notes to the Consolidated Financial Statements | 11 | to | 16 |
GGR COMMUNICATIONS GROUP LIMITED |
Company Information |
for the year ended 31 March 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
CUBO Birmingham |
Office 401, 4th Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
Bankers: | Barclays Bank UK PLC |
PO Box 299 |
Birmingham |
B1 3PF |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Report of the Director |
for the year ended 31 March 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2023. |
Principal activity |
The principal activity of the company during the period was that of a holding company. The principal activity of the group which it heads is the sale, supply and maintenance of data communications equipment, consultancy and associated services. |
Review of business |
During the year an amount of £152,418 (2022 - £159,403) has been taken from the profit to distribute to the employees. |
Director |
Statement of director's responsibilities |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Auditors |
The audit business of Haines Watts Birmingham LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Birmingham LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
The auditors, Cooper Parry Group Limited, are deemed to be re-appointed under section 487(2) of the Companies Act 2006. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
GGR Communications Group Limited |
Opinion |
We have audited the financial statements of GGR Communications Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
GGR Communications Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation. |
We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included, but were not limited to: |
- | making enquires of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud; |
- | obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- | assessing the design effectiveness of the controls in place to prevent and detect fraud; |
- | assessing the risk of management override including identifying and testing journal entries; |
- | challenging the assumptions and judgements made by management in its significant accounting estimates. |
Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional 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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
GGR Communications Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
CUBO Birmingham |
Office 401, 4th Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Consolidated |
Income Statement |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 7,199,040 | 6,093,954 |
Cost of sales | (3,811,556 | ) | (3,046,293 | ) |
Gross profit | 3,387,484 | 3,047,661 |
Administrative expenses | (2,225,573 | ) | (2,495,327 | ) |
Operating profit | 6 | 1,161,911 | 552,334 |
Interest receivable and similar income | 3,198 | 198 |
Profit before taxation | 1,165,109 | 552,532 |
Tax on profit | 7 | (209,371 | ) | (26,935 | ) |
Profit for the financial year |
Profit attributable to: |
Owners of the parent | 955,738 | 525,597 |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Consolidated Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 | 395,409 | 391,233 |
Investments | 10 | - | - |
395,409 | 391,233 |
Current assets |
Stocks | 236,663 | 267,602 |
Debtors | 11 | 883,916 | 1,020,184 |
Cash at bank and in hand | 2,812,383 | 2,966,532 |
3,932,962 | 4,254,318 |
Creditors |
Amounts falling due within one year | 12 | 1,769,671 | 2,042,589 |
Net current assets | 2,163,291 | 2,211,729 |
Total assets less current liabilities | 2,558,700 | 2,602,962 |
Capital and reserves |
Called up share capital | 1,000 | 1,000 |
Share premium | 15 | 2,000 | 2,000 |
Capital redemption reserve | 15 | 2,000 | 2,000 |
Retained earnings | 15 | 2,553,700 | 2,597,962 |
Shareholders' funds | 2,558,700 | 2,602,962 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 20 November 2023 and were signed by: |
A Clinton-Watkins - Director |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Company Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 9 |
Investments | 10 |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
13 |
Net assets |
Capital and reserves |
Called up share capital |
Capital redemption reserve |
Shareholders' funds |
Company's profit for the financial year | 1,000,000 | - |
The financial statements were approved by the director and authorised for issue on |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Consolidated Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | 1,000 | 2,072,365 | 2,000 | 2,000 | 2,077,365 |
Changes in equity |
Total comprehensive income | - | 525,597 | - | - | 525,597 |
Balance at 31 March 2022 | 1,000 | 2,597,962 | 2,000 | 2,000 | 2,602,962 |
Changes in equity |
Dividends | - | (1,000,000 | ) | - | - | (1,000,000 | ) |
Total comprehensive income | - | 955,738 | - | - | 955,738 |
Balance at 31 March 2023 | 1,000 | 2,553,700 | 2,000 | 2,000 | 2,558,700 |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Company Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
GGR Communications Group Limited is a |
2. | Statement of compliance |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. |
3. | Accounting policies |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
The director has prepared the financial statements on a going concern basis for a period of not less than 12 months from the date of signature. The group is trading profitably, and in light of future projections and positive net assets of £2,558,700 at the reporting date, the director considers the going concern basis to be appropriate. |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. |
The combination of GGR Communications Group Limited, GGR Communications Limited and Cornet Switching Systems Limited is accounted for under the merger accounting method of consolidation due to the fact that the group was formed as a result of a group reconstruction in which there was no change in ultimate ownership. Under this method of consolidation the results of the entities are combined as if the group had always been in existence. |
As a consolidated profit and loss is published, a separate profit and loss account for the parent company is omitted from the group financial statement by virtue of section 408 of the Companies Act 2006. |
Turnover |
The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year, exclusive of Value Added Tax. |
Income received in advance in respect of contracts for the provision of maintenance and software is deferred and taken to the income statement over the life of the contract. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Long leasehold | - | straight line over 125 years |
Fixtures and fittings | - | 10% on cost and straight line over 3 years |
Motor vehicles | - | straight line over 3 years |
Computer equipment | - | straight line over 3 years |
All fixed assets are initially recorded at cost less accumulated depreciation and any accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
Operating Lease Agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
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 entity after deducting all of its financial liabilities. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Directors' emoluments |
2023 | 2022 |
£ | £ |
Director's remuneration | 262,689 | 667,526 |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
5. | Directors' emoluments - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 262,689 | 667,526 |
6. | Operating profit |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 70,376 | 80,557 |
Profit on disposal of fixed assets | (21,500 | ) | (73,320 | ) |
Auditors' remuneration | 16,500 | 14,550 |
Foreign exchange differences | 1,836 | 2,377 |
Pension costs | 24,781 | 23,725 |
7. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 209,371 | 95,435 |
Over provision of tax in prior |
year | - | (68,500 | ) |
Tax on profit | 209,371 | 26,935 |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
The company is in the early stages of making a retrospective claim for Research & Development tax credit in respect of earlier years. The repayments receivable can not yet be quantified therefore they have not been accounted for in this financial year end. |
8. | Individual income statement |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
9. | Tangible fixed assets |
Group |
Fixtures |
Long | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2022 | 360,087 | 215,899 | 289,078 | 668,726 | 1,533,790 |
Additions | - | 7,075 | 5,000 | 63,029 | 75,104 |
Disposals | - | (15,499 | ) | (101,735 | ) | (40,912 | ) | (158,146 | ) |
At 31 March 2023 | 360,087 | 207,475 | 192,343 | 690,843 | 1,450,748 |
Depreciation |
At 1 April 2022 | 60,007 | 202,584 | 260,788 | 619,178 | 1,142,557 |
Charge for year | 2,881 | 11,576 | 13,180 | 42,739 | 70,376 |
Eliminated on disposal | - | (15,499 | ) | (101,738 | ) | (40,357 | ) | (157,594 | ) |
At 31 March 2023 | 62,888 | 198,661 | 172,230 | 621,560 | 1,055,339 |
Net book value |
At 31 March 2023 | 297,199 | 8,814 | 20,113 | 69,283 | 395,409 |
At 31 March 2022 | 300,080 | 13,315 | 28,290 | 49,548 | 391,233 |
10. | Fixed asset investments |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: De Salis House,De Salis Drive,Worcestershire,WR9 0QE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
10. | Fixed asset investments - continued |
Registered office: De Salis House,De Salis Drive,Worcestershire,WR9 0QE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
11. | Debtors: amounts falling due within one year |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 597,527 | 656,599 |
Other debtors | 286,389 | 363,585 |
883,916 | 1,020,184 |
12. | Creditors: amounts falling due within one year |
Group |
2023 | 2022 |
£ | £ |
Trade creditors | 276,654 | 394,661 |
Corporation tax | 209,371 | 26,935 |
Social security and other taxes | 55,623 | 58,294 |
VAT | 153,125 | 135,273 |
Other creditors | 1,432 | - |
Accruals and deferred income | 1,073,466 | 1,427,426 |
1,769,671 | 2,042,589 |
13. | Creditors: amounts falling due after more than one year |
Company |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings | 2 | 2 |
14. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year | 50,834 | 32,243 |
Between one and five years | 27,243 | 42,486 |
78,077 | 74,729 |
GGR COMMUNICATIONS GROUP LIMITED (REGISTERED NUMBER: 08461016) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
15. | Reserves |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 2,597,962 | 2,000 | 2,000 | 2,601,962 |
Profit for the year | 955,738 | 955,738 |
Dividends | (1,000,000 | ) | (1,000,000 | ) |
At 31 March 2023 | 2,553,700 | 2,000 | 2,000 | 2,557,700 |
16. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The company was under the control of the director, A Clinton-Watkins, throughout the current and previous year. |
Dividends paid to the director during the year amounted to £1,000,000 (2022 - £NIL) |
17. | Ultimate controlling party |
The ultimate controlling party is A Clinton-Watkins. |
18. | Profit share related bonus |
During the year an amount of £152,418 (2022 - £159,403) has been taken from the profit to distribute to the employees. |