REGISTERED NUMBER: 06816668 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
PARAGON PROPERTY INVESTMENTS LIMITED |
REGISTERED NUMBER: 06816668 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
PARAGON PROPERTY INVESTMENTS LIMITED |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
PARAGON PROPERTY INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
The director presents his strategic report of the company and the group for the year ended 28 February 2023. |
REVIEW OF BUSINESS |
The group has achieved considerable success in developing and expanding both new and existing customer relationships, alongside ongoing investments in facility upgrades. |
The Group's key performance metrics are gross and net profit. The group has managed to increase turnover by 32% although the gross profit margin has reduced to 14% from 17%. |
Similar to other manufacturing businesses, we have experienced the adverse effects from substantial inflation in wages, energy and raw material prices. However, overall, the group has sustained strong sales volumes and reasonable profit margins by timely price adjustments, various strategic initiatives, innovation, and a customer-centric approach. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Interest Rates |
Over the accounting period, interest rates rose considerably which inevitably had a negative impact on profitability. However, should further increases materialise, we anticipate that it will have minimal impact as the group has steadily decreased its debt and will continue to clear the loans over the next few years. |
Economic Volatility |
As the cost of living continues to rise, consumer spending is likely to fall, which could impact our sales. However, based on our experience with previous recessions, convenience food tends to be one of the last areas consumers cut back on. |
Technology and Innovation |
Ongoing investment in technological upgrades is essential to keep pace with advancements in food manufacturing and distribution, ensuring competitiveness. We are continuously investing in technology where possible to improve efficiencies. |
Environmental Sustainability |
Increasing consumer awareness and regulatory pressure on sustainability practices require continuous efforts towards environmentally friendly operations. We are liaising with both customers and suppliers and are making good progress in this area. |
Conclusion |
Despite inherent risks and uncertainties, our group remains agile and positioned for sustained growth. Our commitment to innovation, customer satisfaction, and adaptability to market changes solidifies our favourable position within the industry. |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
SECTION 172(1) STATEMENT |
Directors Duties |
The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties detailed in section 172 of the UK Companies Act 2006 which is summarised as follows: |
A director of a Company must act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to: |
1. The likely consequences of any decisions in the long term: |
The Group's main strategic decisions in the year where those that resulted in decisions to continue to invest in automating and upgrading equipment and machinery and develop its people and processes to enable it to be competitive for the short, medium and long term |
2. The interest of the Group's employees: |
Investment is not only in machinery but also in its people and processes to ensure staff's training and development needs are met. |
3. The need to foster the Group's business relationships with suppliers' customers and others - business relationships: |
The Group continues to develop new automated packaging processes for packing goods. This will help consolidate relationships with the entire supply chain. |
4. The impact of the Group's operations on the community and the environment:. |
Investment in equipment, and processes will lead to increased efficiencies in the use of energy which will reduce our impact on the environment both locally and on a nationally. |
5. The desirability of the Group maintaining a reputation for high standards of business conduct: |
The Group prides itself on its professional reputation. We are regularly audited by external bodies to ensure compliance with all relevant food hygiene legislation. |
6. The need to act fairly as between stakeholders of the Group.: |
Fairness and equality are important to the company, we work with members at all levels and promote a good working relationship between all colleagues |
ON BEHALF OF THE BOARD: |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the manufacture and distribution of deep frozen foods. The principal activity of the company is that of a holding company and property investment company. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2023. |
RESEARCH AND DEVELOPMENT |
The Group continues to perform research and development activities in the pursuit of achieving greater efficiencies in the packaging, distribution and logistical management of products |
FUTURE DEVELOPMENTS |
The company anticipates that the turnover will remain consistent during the current financial year to February 2024, but profitability to improve as raw materials prices have stabilised, and prices increases were implemented during the year. |
DIRECTOR |
ENERGY AND CARBON REPORTING |
The Group continues to evaluate the energy consumption and identified ways in which the environmental impact can be reduced. At the current time it is not practical for the Group to report the specific consumption figures, but are identifying ways of capturing and providing greater transparency on this information in the future. |
Solar panels were installed in May 2023, and we offset our emissions with the aim to be become carbon natural in August 2023 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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. |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
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 |
Sedulo Audit Limited were appointed as auditors during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PARAGON PROPERTY INVESTMENTS LIMITED |
Opinion |
We have audited the financial statements of Paragon Property Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 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 Group Strategic Report and 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PARAGON PROPERTY INVESTMENTS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the 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. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiring of directors and inspection of policy documentation as to the Company's high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud. |
- Reading Board and sub committee meeting minutes. |
- Considering remuneration incentive schemes and performance targets for management, directors and sales staff. |
- Using analytical procedures to identify any unusual or unexpected relationships. |
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 |
PARAGON PROPERTY INVESTMENTS 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 |
Statutory Auditors |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
TURNOVER | 3 | 58,198,333 | 44,043,445 |
Cost of sales | 49,930,612 | 36,559,825 |
GROSS PROFIT | 8,267,721 | 7,483,620 |
Administrative expenses | 6,207,836 | 3,910,907 |
2,059,885 | 3,572,713 |
Other operating income | 4 | 270,714 | 266,605 |
OPERATING PROFIT | 6 | 2,330,599 | 3,839,318 |
Interest payable and similar expenses | 7 | 168,121 | 112,903 |
PROFIT BEFORE TAXATION | 2,162,478 | 3,726,415 |
Tax on profit | 8 | 480,417 | 586,023 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,682,061 | 2,921,897 |
Non-controlling interests | - | 218,495 |
1,682,061 | 3,140,392 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,682,061 | 3,140,392 |
OTHER COMPREHENSIVE INCOME |
Revaluation of investment properties | 215,000 | - |
Merger reserve arising on acquisition | - | 6,631,405 |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
215,000 |
6,631,405 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,897,061 |
9,771,797 |
Total comprehensive income attributable to: |
Owners of the parent | 1,897,061 | 9,553,302 |
Non-controlling interests | - | 218,495 |
1,897,061 | 9,771,797 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
CONSOLIDATED BALANCE SHEET |
28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 7,493,740 | 5,711,782 |
Investments | 11 | - | - |
Investment property | 12 | 2,845,000 | 2,630,000 |
10,338,740 | 8,341,782 |
CURRENT ASSETS |
Stocks | 13 | 7,410,021 | 5,642,984 |
Debtors | 14 | 6,846,730 | 5,768,101 |
Cash at bank | 72,261 | 146,711 |
14,329,012 | 11,557,796 |
CREDITORS |
Amounts falling due within one year | 15 | 10,800,141 | 7,503,273 |
NET CURRENT ASSETS | 3,528,871 | 4,054,523 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 13,867,611 | 12,396,305 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,385,541 |
) |
(3,170,132 |
) |
PROVISIONS FOR LIABILITIES | 19 | (464,643 | ) | (105,807 | ) |
NET ASSETS | 11,017,427 | 9,120,366 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 61,000 | 61,000 |
Merger reserves | 21 | 6,631,405 | 6,631,405 |
Retained earnings | 21 | 4,325,022 | 2,427,961 |
SHAREHOLDERS' FUNDS | 11,017,427 | 9,120,366 |
The financial statements were approved by the director and authorised for issue on 2 February 2024 and were signed by: |
M Pekin - Director |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
COMPANY BALANCE SHEET |
28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's profit/(loss) for the financial year |
206,155 |
(15,617 |
) |
The financial statements were approved by the director and authorised for issue on |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Called up |
share | Retained | Merger |
capital | earnings | reserves |
£ | £ | £ |
Balance at 1 March 2021 | 60,000 | (493,936 | ) | - |
Changes in equity |
Issue of share capital | 1,000 | - | - |
Total comprehensive income | - | 2,921,897 | 6,631,405 |
61,000 | 2,427,961 | 6,631,405 |
Acquisition of non-controlling interest |
- |
- |
- |
Balance at 28 February 2022 | 61,000 | 2,427,961 | 6,631,405 |
Changes in equity |
Total comprehensive income | - | 1,897,061 | - |
Balance at 28 February 2023 | 61,000 | 4,325,022 | 6,631,405 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 March 2021 | (433,936 | ) | 3,813,359 | 3,379,423 |
Changes in equity |
Issue of share capital | 1,000 | - | 1,000 |
Total comprehensive income | 9,553,302 | 218,495 | 9,771,797 |
9,120,366 | 4,031,854 | 13,152,220 |
Acquisition of non-controlling interest |
- |
(4,031,854 |
) |
(4,031,854 |
) |
Balance at 28 February 2022 | 9,120,366 | - | 9,120,366 |
Changes in equity |
Total comprehensive income | 1,897,061 | - | 1,897,061 |
Balance at 28 February 2023 | 11,017,427 | - | 11,017,427 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2021 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 28 February 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2023 | ( |
) | ( |
) |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,105,075 | 4,154,636 |
Interest paid | (168,121 | ) | (112,903 | ) |
Tax paid | - | (1,254,046 | ) |
Net cash from operating activities | 2,936,954 | 2,787,687 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (2,381,888 | ) | (583,737 | ) |
Sale of tangible fixed assets | 4,400 | - |
Cash acquired upon acquisition | - | 2,000,326 |
Purchase of non controlling interest | - | (3,786,000 | ) |
Net cash from investing activities | (2,377,488 | ) | (2,369,411 | ) |
Cash flows from financing activities |
New loans in year | - | 4,300,000 |
Loan repayments in year | (784,591 | ) | (332,474 | ) |
Amount introduced by directors | - | 1,000,000 |
Settlement of provision | - | (5,314,000 | ) |
Net cash from financing activities | (784,591 | ) | (346,474 | ) |
(Decrease)/increase in cash and cash equivalents | (225,125 | ) | 71,802 |
Cash and cash equivalents at beginning of year |
2 |
146,711 |
74,909 |
Cash and cash equivalents at end of year | 2 | (78,414 | ) | 146,711 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
28.2.23 | 28.2.22 |
£ | £ |
Profit before taxation | 2,162,478 | 3,726,415 |
Depreciation charges | 599,928 | 402,499 |
Profit on disposal of fixed assets | (4,400 | ) | - |
Finance costs | 168,121 | 112,903 |
2,926,127 | 4,241,817 |
Increase in stocks | (1,767,037 | ) | (1,554,763 | ) |
(Increase)/decrease in trade and other debtors | (1,200,208 | ) | 3,443,946 |
Increase/(decrease) in trade and other creditors | 3,146,193 | (1,976,364 | ) |
Cash generated from operations | 3,105,075 | 4,154,636 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 72,261 | 146,711 |
Bank overdrafts | (150,675 | ) | - |
(78,414 | ) | 146,711 |
Year ended 28 February 2022 |
28.2.22 | 1.3.21 |
£ | £ |
Cash and cash equivalents | 146,711 | 74,909 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.3.22 | Cash flow | At 28.2.23 |
£ | £ | £ |
Net cash |
Cash at bank | 146,711 | (74,450 | ) | 72,261 |
Bank overdrafts | - | (150,675 | ) | (150,675 | ) |
146,711 | (225,125 | ) | (78,414 | ) |
Debt |
Debts falling due within 1 year | (797,394 | ) | - | (797,394 | ) |
Debts falling due after 1 year | (3,170,132 | ) | 784,591 | (2,385,541 | ) |
(3,967,526 | ) | 784,591 | (3,182,935 | ) |
Total | (3,820,815 | ) | 559,466 | (3,261,349 | ) |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Paragon Property Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the financial statements is the Pound Sterling (£). |
The group has continued to operate profitably since the year end and, having regard to the diminishing effects of the pandemic on activity, continues to forecast profitability and positive cash flow for the next year. |
During the year the company brought into the group its connected company, Paragon Foodservice Limited, which is continuing to operate profitably and generate positive cash flows for the group, and is forecast to continue to do so. |
During the year the company enacted the buy back of a non-controlling interest, which was settled from a combination of existing reserves and facilities, new bank loan funding received of £4.3m and a loan from the director. Based on the groups results since the year end and its forecast future profitability the director expects that repayment of these facilities will be met in accordance with the loan terms and is anticipating early settlement where possible. |
The director notes that the group has a strong net asset and net current asset position and is able to meet day to day operational commitments as and when they fall due. |
Accordingly, at the time of signing these financial statements the directors are of the opinion that the company has sufficient resources to continue in operational existence for the foreseeable future, and therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Basis of consolidation |
The consolidated financial statements present the results of the parent company and its subsidiaries ("the group") as they form a single business entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statement incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements: |
Tangible fixed assets - Determination of whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Valuation of Investment properties - Investment properties rented by external parties are valued annually using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. |
Stock costing and provisions - Management estimate the proportion of direct wages and overheads to be absorbed into stock cost based on production rates over the year. Stock cost is subsequently considered as to whether any stock provisions are needed based on the age and quality of stock held. |
Sales rebate accrual - A rebate accrual has been calculated based on historic levels of customer rebates previously experienced. The director has estimated that the future levels of rebates will continue to be consistent with historic levels. |
Trade debtor recoverability - Recoverability of trade debtors is regularly reviewed in light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be irrecoverable. |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax and rate discounts. |
Revenue is recognised on despatch of goods. |
Rental income in the parent company is recognised in the period to which the income relates and is shown as 'other income' within the consolidated statement of comprehensive income. |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are initially recognised at historic cost, which includes expenditure incurred in bringing the asset to its present location and condition. |
They are assessed at each reporting date for evidence of impairment. Impairment losses are recognised for the amount by which the carrying amount exceeds recoverable amount. Assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that previously recognised impairment losses may no longer exist or be reduced, and any reversal recognised in the accounts |
Residual values, useful lives and depreciation methods are reviewed annually and adjusted if considered appropriate or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and recognised in the statement of comprehensive income. Tangible fixed assets under the cost model are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property within the company that is leased to other group companies is measured at deemed cost as at 1 March 2019 and recorded as property, plant and equipment. Depreciation is charged at 2% straight line per annum in line with the tangible fixed assets accounting policy for the group. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods included labour and attributable overheads. |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. |
Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities (other than those classified as payable within one year) are initially recognised at present value of future cash flows and subsequently at amortised costs using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised. |
Financial assets and liabilities are offset, with the net amounts reported 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. |
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. |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measure at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The whole of the turnover is attributable to the principal activity of the group, and substantially arose in the United Kingdom. |
4. | OTHER OPERATING INCOME |
Other operating income represents net rents receivable from the groups investment properties. |
5. | EMPLOYEES AND DIRECTORS |
28.2.23 | 28.2.22 |
£ | £ |
Wages and salaries | 3,704,751 | 2,965,218 |
Social security costs | 357,137 | 261,312 |
Other pension costs | 70,876 | 55,318 |
4,132,764 | 3,281,848 |
The average number of employees during the year was as follows: |
28.2.23 | 28.2.22 |
Office and administration | 20 | 25 |
Sales and marketing | 7 | 8 |
Production and warehouse | 112 | 107 |
Director | 1 | 1 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
28.2.23 | 28.2.22 |
£ | £ |
Director's remuneration | 150,000 | 150,000 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
28.2.23 | 28.2.22 |
£ | £ |
Hire of plant and machinery | 229,194 | 234,769 |
Depreciation - owned assets | 599,930 | 402,499 |
Profit on disposal of fixed assets | (4,400 | ) | - |
Auditors remuneration for audit of annual accounts | 10,325 | 29,410 |
Auditors fees for tax compliance services | 3,000 | 3,800 |
Auditors fees for other services | - | 3,500 |
Foreign exchange differences | 95,767 | (65,913 | ) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
28.2.23 | 28.2.22 |
£ | £ |
Bank loan interest | 168,121 | 54,773 |
Other loan interest | - | 58,130 |
168,121 | 112,903 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
28.2.23 | 28.2.22 |
£ | £ |
Current tax: |
UK corporation tax | 124,544 | 736,086 |
Deferred tax | 355,873 | (150,063 | ) |
Tax on profit | 480,417 | 586,023 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
28.2.23 | 28.2.22 |
£ | £ |
Profit before tax | 2,162,478 | 3,726,415 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
410,871 |
708,019 |
Effects of: |
Expenses not deductible for tax purposes | 41,928 | 17,183 |
Income not taxable for tax purposes | - | (46,712 | ) |
Capital allowances in excess of depreciation | (121,753 | ) | (84,533 | ) |
Utilisation of tax losses | (64,296 | ) | (11,049 | ) |
Deferred tax | 205,809 | - |
Overprovision | 7,858 | - |
Losses c/fwd | - | 3,115 |
Total tax charge | 480,417 | 586,023 |
Tax effects relating to effects of other comprehensive income |
28.2.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of investment properties | 215,000 | - | 215,000 |
Merger reserve arising on acquisition |
215,000 | - | 215,000 |
28.2.22 |
Gross | Tax | Net |
£ | £ | £ |
Merger reserve arising on acquisition | 6,631,405 | - | 6,631,405 |
The group has tax losses of approximately £10.1m (2022 - £10.5m) carried forward against which future profits may be offset. No deferred tax asset is accrued in respect of these losses as the timing of their future use is uncertain. |
9. | 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. |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2022 | 4,830,452 | 4,771,495 | 1,776,464 |
Additions | 361,001 | 974,240 | 1,003,734 |
At 28 February 2023 | 5,191,453 | 5,745,735 | 2,780,198 |
DEPRECIATION |
At 1 March 2022 | 1,446,882 | 3,464,274 | 816,663 |
Charge for year | 88,632 | 270,625 | 201,247 |
At 28 February 2023 | 1,535,514 | 3,734,899 | 1,017,910 |
NET BOOK VALUE |
At 28 February 2023 | 3,655,939 | 2,010,836 | 1,762,288 |
At 28 February 2022 | 3,383,570 | 1,307,221 | 959,801 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2022 | 174,125 | 159,888 | 11,712,424 |
Additions | - | 42,913 | 2,381,888 |
At 28 February 2023 | 174,125 | 202,801 | 14,094,312 |
DEPRECIATION |
At 1 March 2022 | 122,307 | 150,516 | 6,000,642 |
Charge for year | 22,751 | 16,675 | 599,930 |
At 28 February 2023 | 145,058 | 167,191 | 6,600,572 |
NET BOOK VALUE |
At 28 February 2023 | 29,067 | 35,610 | 7,493,740 |
At 28 February 2022 | 51,818 | 9,372 | 5,711,782 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 March 2022 |
and 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 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: Yorkshire Way, Armthorpe, Doncaster, DN3 3FB |
Nature of business: |
% |
Class of shares: | holding |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit D Herons Way, Balby, Doncaster, DN4 8WA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit D Herons Way, Balby, Doncaster, England, DN4 8WA |
Nature of business: |
% |
Class of shares: | holding |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 March 2022 | 2,630,000 |
Revaluations | 215,000 |
At 28 February 2023 | 2,845,000 |
NET BOOK VALUE |
At 28 February 2023 | 2,845,000 |
At 28 February 2022 | 2,630,000 |
Fair value at 28 February 2023 is represented by: |
£ |
Valuation in 2023 | 215,000 |
Valuation in 2021 | 205,000 |
Valuation in 2018 | (146,324 | ) |
Cost | 2,571,324 |
2,845,000 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
12. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 March 2022 |
Revaluations | 215,000 |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Fair value at 28 February 2023 is represented by: |
£ |
Valuation in 2023 | 215,000 |
Valuation in 2021 | 205,000 |
Valuation in 2018 | (146,324 | ) |
Cost | 2,571,324 |
2,845,000 |
13. | STOCKS |
Group |
28.2.23 | 28.2.22 |
£ | £ |
Raw materials | 3,150,334 | 2,340,567 |
Finished goods | 4,259,687 | 3,302,417 |
7,410,021 | 5,642,984 |
Stock recognised in cost of sales during the years as an expense was £46,123,774 (2022 - £32,180,099) |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
28.2.23 | 28.2.22 | 28.2.23 | 28.2.22 |
£ | £ | £ | £ |
Trade debtors | 5,937,939 | 5,119,309 |
Tax | 434,793 | 138,185 |
VAT | 302,362 | 368,316 |
Deferred tax asset | - | - | 60,850 | - |
Prepayments and accrued income | 171,636 | 142,291 |
6,846,730 | 5,768,101 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
28.2.23 | 28.2.22 | 28.2.23 | 28.2.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 948,069 | 797,394 |
Trade creditors | 4,563,976 | 3,634,312 |
Amounts owed to group undertakings | - | - |
Tax | 242,368 | 242,368 |
Social security and other taxes | 73,628 | 84,623 |
VAT | - | - | 19,434 | 11,154 |
Other creditors | 2,488,623 | 91,670 |
Directors' loan accounts | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Accruals and deferred income | 1,483,477 | 1,652,906 |
10,800,141 | 7,503,273 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
28.2.23 | 28.2.22 | 28.2.23 | 28.2.22 |
£ | £ | £ | £ |
Bank loans (see note 17) | 2,385,541 | 3,170,132 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
28.2.23 | 28.2.22 | 28.2.23 | 28.2.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 150,675 | - |
Bank loans | 797,394 | 797,394 |
948,069 | 797,394 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 809,394 | 809,394 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 1,576,147 | 2,360,738 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans |
19. | PROVISIONS FOR LIABILITIES |
Group |
28.2.23 | 28.2.22 |
£ | £ |
Deferred tax | 464,643 | 105,807 |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2022 | 105,807 |
Provided during year | 358,836 |
On acquisition of subsidiary |
Balance at 28 February 2023 | 464,643 |
Company |
Deferred |
tax |
£ |
Credit to Income Statement during year | ( |
) |
Balance at 28 February 2023 | ( |
) |
Other provisions in the prior year represented the amount payable in respect of full and final |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary | £1 | 60,000 | 60,000 |
Ordinary A | £1 | 400 | 400 |
Ordinary B | £1 | 600 | 600 |
61,000 | 61,000 |
PARAGON PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 06816668) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
21. | RESERVES |
Group |
Retained | Merger |
earnings | reserves | Totals |
£ | £ | £ |
At 1 March 2022 | 2,427,961 | 6,631,405 | 9,059,366 |
Profit for the year | 1,682,061 | 1,682,061 |
Revaluations | 215,000 | - | 215,000 |
At 28 February 2023 | 4,325,022 | 6,631,405 | 10,956,427 |
Company |
Retained |
earnings |
£ |
At 1 March 2022 | ( |
) |
Profit for the year |
Revaluations | 215,000 |
At 28 February 2023 | ( |
) |
22. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The assets of the scheme are held separately to the company in an independently administered fund. The pension cost charge represents contributions payable by the group to fund and amounted to £70,876 (2022 - £55,318). |
23. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with its wholly owned Subsidiaries. |
During the year, the group made sales of £535,686 (2022- £41,991) to Urban Burgers Group Limited, a company of which M Pekin is a minority shareholder and his daughter is a director. As at 28 February 2023, the group was owed £43,615 (2022- £15,264). |
24. | ULTIMATE CONTROLLING PARTY |
The Group and parent Company are controlled by M Pekin by virtue of his majority shareholding. |