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COMPANY REGISTRATION NUMBER: 05477047
Salop Holdings Limited
Financial Statements
30 June 2023
Salop Holdings Limited
Financial Statements
Year ended 30 June 2023
Contents
Pages
Officers and professional advisers
1
Strategic report
2
Directors' report
3 to 4
Independent auditor's report to the members
5 to 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10 to 11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Notes to the financial statements
17 to 31
Salop Holdings Limited
Officers and Professional Advisers
The board of directors
K R Simmons
J Simmons
M Simmons
P Simmons
W L Simmons
Company secretary
J Simmons
Registered office
Stafford Park 5
Telford
Shropshire
TF3 3AS
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
BSN Associates Limited
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Salop Holdings Limited
Strategic Report
Year ended 30 June 2023
The directors measure the business's financial performance against certain key performance indicators (KPIs). These KPIs include growth in turnover, gross profit margin, operating profit and statistical analysis, which are measured against break even levels. The directors are satisfied with the results achieved in the year in comparison to prior periods given the current trading conditions in the industry. Turnover has decreased by 0.74% compared to the previous year. Gross profits have decreased from £4,978,579 to £4,609,137 due to the decrease in turnover and rising costs facing the group. These factors, together with a increase in the group's overhead cost base, have led to a profit before tax of £367,546. This is down on the prior year profit before tax of £1,028,042 due to the group incurring additional overhead expenses over and above normal cost price increases as part of groups internal investment plans. The group recognises areas of risk to the success of the business. It therefore continues to invest into research and development with the aim of increasing its product range and to look to exploit its expertise in operating and managing manufacturing processes.
This report was approved by the board of directors on 8 February 2024 and signed on behalf of the board by:
M Simmons
Director
Registered office:
Stafford Park 5
Telford
Shropshire
TF3 3AS
Salop Holdings Limited
Directors' Report
Year ended 30 June 2023
The directors present their report and the financial statements of the group for the year ended 30 June 2023 .
Directors
The directors who served the company during the year were as follows:
K R Simmons
J Simmons
M Simmons
P Simmons
W L Simmons
Dividends
Particulars of dividends paid are detailed in note 12 to the accounts.
Future developments
No major changes to the group's current position are foreseen.
Financial instruments
The group does not hold any financial instruments to mitigate exposure to foreign currency, which is immaterial to the group.
Events after the end of the reporting period
No major events have taken place since the balance sheet date.
Research and development
The group undertakes research and development and the costs are charged to the profit and loss account.
Disclosure of information in the strategic report
The group's strategic report is presented on page 2.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 8 February 2024 and signed on behalf of the board by:
M Simmons
Director
Registered office:
Stafford Park 5
Telford
Shropshire
TF3 3AS
Salop Holdings Limited
Independent Auditor's Report to the Members of Salop Holdings Limited
Year ended 30 June 2023
Opinion
We have audited the financial statements of Salop Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 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; - 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 auditor's 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 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 or 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 the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Philippa Miller-Hawkes BA CA
(Senior Statutory Auditor)
For and on behalf of
BSN Associates Limited
Chartered accountants & statutory auditor
BSN Associates Limited
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
8 February 2024
Salop Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 30 June 2023
2023
2022
Note
£
£
Turnover
4
10,952,252
11,034,330
Cost of sales
6,343,115
6,055,751
-------------
-------------
Gross profit
4,609,137
4,978,579
Administrative expenses
4,234,854
3,956,693
Other operating income
5
6,156
------------
------------
Operating profit
6
374,283
1,028,042
Other interest receivable and similar income
10
596
1
Interest payable and similar expenses
11
7,333
6,272
------------
------------
Profit before taxation
367,546
1,021,771
Tax on profit
12
( 47,095)
252,188
---------
------------
Profit for the financial year and total comprehensive income
414,641
769,583
---------
------------
Profit for the financial year attributable to:
The owners of the parent company
580,072
863,480
Non-controlling interests
( 165,431)
( 93,897)
---------
---------
414,641
769,583
---------
---------
All the activities of the group are from continuing operations.
Salop Holdings Limited
Consolidated Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
150,716
219,830
Tangible assets
15
2,285,041
2,229,507
------------
------------
2,435,757
2,449,337
Current assets
Stocks
17
2,443,134
2,388,448
Debtors
18
1,700,894
1,979,549
Cash at bank and in hand
205,476
563,719
------------
------------
4,349,504
4,931,716
Creditors: amounts falling due within one year
19
2,810,456
3,216,707
------------
------------
Net current assets
1,539,048
1,715,009
------------
------------
Total assets less current liabilities
3,974,805
4,164,346
Creditors: amounts falling due after more than one year
20
15,756
66,666
Provisions
Taxation including deferred tax
22
( 74,774)
1,134
Other provisions
22
22,913
22,913
--------
--------
(51,861)
24,047
------------
------------
Net assets
4,010,910
4,073,633
------------
------------
Capital and reserves
Called up share capital
26
1,050
1,050
Share premium account
27
45,800
45,800
Capital redemption reserve
27
200
200
Other reserves, including the fair value reserve
27
1,646,172
1,646,172
Profit and loss account
27
2,547,016
2,444,308
------------
------------
Equity attributable to the owners of the parent company
4,240,238
4,137,530
Non-controlling interests
( 229,328)
( 63,897)
------------
------------
4,010,910
4,073,633
------------
------------
Salop Holdings Limited
Consolidated Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
M Simmons
Director
Company registration number: 05477047
Salop Holdings Limited
Company Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Investments
16
2,007,006
2,077,006
Current assets
Debtors
18
573,699
459,000
Cash at bank and in hand
60,397
104,582
---------
---------
634,096
563,582
Creditors: amounts falling due within one year
19
1,105,824
921,485
------------
---------
Net current liabilities
471,728
357,903
------------
------------
Total assets less current liabilities
1,535,278
1,719,103
Provisions
Taxation including deferred tax
22
( 85,921)
------------
------------
Net assets
1,621,199
1,719,103
------------
------------
Capital and reserves
Called up share capital
26
1,050
1,050
Share premium account
27
45,800
45,800
Capital redemption reserve
27
200
200
Profit and loss account
27
1,574,149
1,672,053
------------
------------
Shareholders funds
1,621,199
1,719,103
------------
------------
The profit for the financial year of the parent company was £ 379,460 (2022: £ 542,386 ).
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
M Simmons
Director
Company registration number: 05477047
Salop Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 30 June 2023
Called up share capital
Share premium account
Capital redemption reserve
Other reserves, including the fair value reserve
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
£
£
At 1 July 2021
1,050
45,800
200
1,646,172
2,168,192
3,861,414
3,861,414
Profit for the year
863,480
863,480
( 63,897)
799,583
-------
--------
----
------------
------------
------------
--------
------------
Total comprehensive income for the year
863,480
863,480
( 63,897)
799,583
Dividends paid and payable
13
( 587,364)
( 587,364)
( 587,364)
-------
--------
----
------------
------------
------------
--------
------------
Total investments by and distributions to owners
( 587,364)
( 587,364)
( 587,364)
At 30 June 2022
1,050
45,800
200
1,646,172
2,444,308
4,137,530
( 63,897)
4,073,633
Profit for the year
580,072
580,072
( 165,431)
414,641
-------
--------
----
------------
------------
------------
---------
------------
Total comprehensive income for the year
580,072
580,072
( 165,431)
414,641
Dividends paid and payable
13
( 477,364)
( 477,364)
( 477,364)
----
----
----
----
---------
---------
----
---------
Total investments by and distributions to owners
( 477,364)
( 477,364)
( 477,364)
-------
--------
----
------------
------------
------------
---------
------------
At 30 June 2023
1,050
45,800
200
1,646,172
2,547,016
4,240,238
( 229,328)
4,010,910
-------
--------
----
------------
------------
------------
---------
------------
Salop Holdings Limited
Company Statement of Changes in Equity
Year ended 30 June 2023
Salop Holdings Limited
Company Statement of Changes in Equity
Year ended 30 June 2023
Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
£
At 1 July 2021
1,050
45,800
200
1,717,031
1,764,081
Profit for the year
542,386
542,386
-------
--------
----
------------
------------
Total comprehensive income for the year
542,386
542,386
Dividends paid and payable
13
( 587,364)
( 587,364)
-------
--------
----
------------
------------
Total investments by and distributions to owners
( 587,364)
( 587,364)
At 30 June 2022
1,050
45,800
200
1,672,053
1,719,103
Profit for the year
379,460
379,460
-------
--------
----
------------
------------
Total comprehensive income for the year
379,460
379,460
Dividends paid and payable
13
( 477,364)
( 477,364)
----
----
----
---------
---------
Total investments by and distributions to owners
( 477,364)
( 477,364)
-------
--------
----
------------
------------
At 30 June 2023
1,050
45,800
200
1,574,149
1,621,199
-------
--------
----
------------
------------
Salop Holdings Limited
Consolidated Statement of Cash Flows
Year ended 30 June 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
414,641
769,583
Adjustments for:
Depreciation of tangible assets
88,040
76,721
Amortisation of intangible assets
69,114
72,272
Government grant income
( 6,156)
Other interest receivable and similar income
( 596)
( 1)
Interest payable and similar expenses
7,333
6,272
Tax on profit
( 47,095)
252,188
Accrued expenses
3,763
Changes in:
Stocks
( 54,686)
( 990,390)
Trade and other debtors
282,419
652,872
Trade and other creditors
( 475,596)
( 396,060)
Provisions and employee benefits
10,913
---------
---------
Cash generated from operations
283,574
451,977
Interest paid
( 7,333)
( 6,272)
Interest received
596
1
Tax paid
( 145,296)
( 165,785)
---------
---------
Net cash from operating activities
131,541
279,921
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 143,574)
( 68,506)
Purchase of intangible assets
( 244,339)
---------
---------
Net cash used in investing activities
( 143,574)
( 312,845)
---------
---------
Cash flows from financing activities
Proceeds from issue of ordinary shares
30,000
Proceeds from borrowings
200,000
( 80,948)
Repayments of borrowings
( 66,666)
Government grant income
6,156
Payments of finance lease liabilities
( 2,180)
Dividends paid
( 477,364)
( 587,364)
---------
---------
Net cash used in financing activities
( 346,210)
( 632,156)
---------
---------
Net decrease in cash and cash equivalents
( 358,243)
( 665,080)
Cash and cash equivalents at beginning of year
563,719
1,228,799
---------
------------
Cash and cash equivalents at end of year
205,476
563,719
---------
------------
Salop Holdings Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stafford Park 5, Telford, Shropshire, TF3 3AS. The company operates as a holding company for the group and the only activity is in regards to management charges and rent.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Research and development expenditure
Research and development expenditure is written off to the profit and loss account in the year in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit
Rectification provision
A rectification provision is included in the accounts to cover the potential risk of faults in the company's existing product range. The provision included in the accounts is estimated by the directors based on current product mix and knowledge of the latest technology available.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.A7 of FRS 102: - No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Salop Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The only significant estimation made is the valuation of the property. This has been based on similar properties in the nearby area to give a relatively accurate representation of the value of the property and the value in the accounts has been adjusted for this accordingly.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 5 years
Computer software
-
3 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold & leasehold property
-
2% straight line
Leasehold property
-
20% straight line
Plant & machinery
-
15% to 33.3% p.a. striaght line basis
Fixtures, fittings and equipment
-
15% to 33.3% p.a. straight line basis/25% Reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less 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. Raw materials and consumables stock are valued at purchase price on a first-in, first-out basis. Work in progress is valued on the basis of direct costs based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
10,952,252
11,034,330
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2023
2022
£
£
United Kingdom
10,478,238
10,261,363
Overseas
474,014
772,967
-------------
-------------
10,952,252
11,034,330
-------------
-------------
5. Other operating income
2023
2022
£
£
Government grant income
6,156
----
-------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
17,399
20,557
Depreciation of tangible assets
88,040
76,721
Impairment of intangible assets recognised in:
Administrative expenses
51,715
51,715
Research and development expenditure written off
64,440
17,886
Operating lease costs
66,367
104,241
Bad Debts Written Off
8,957
Foreign exchange differences
4,400
(3,640)
--------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
39,351
46,448
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
33
37
Distribution staff
25
20
Administrative staff
11
7
Management staff
5
5
----
----
74
69
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,642,026
2,619,028
Social security costs
292,272
281,300
Other pension costs
74,431
89,025
------------
------------
3,008,729
2,989,353
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
297,776
343,608
Company contributions to defined contribution pension plans
3,940
3,744
---------
---------
301,716
347,352
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
3
3
----
----
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
99,861
176,020
Company contributions to defined contribution pension plans
1,321
1,321
---------
---------
101,182
177,341
---------
---------
10. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
1
1
Interest on bank deposits
309
Other interest received
286
----
----
596
1
----
----
11. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
6
20
Interest on obligations under finance leases and hire purchase contracts
7,327
6,252
-------
-------
7,333
6,272
-------
-------
12. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
85,937
260,066
Adjustments in respect of prior periods
( 53,360)
--------
---------
Total current tax
32,577
260,066
--------
---------
Deferred tax:
Origination and reversal of timing differences
( 79,672)
( 7,878)
--------
---------
Tax on profit
( 47,095)
252,188
--------
---------
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 23.80 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
367,546
1,021,771
---------
------------
Profit on ordinary activities by rate of tax
87,482
200,569
Adjustment to tax charge in respect of prior periods
( 170)
Effect of expenses not deductible for tax purposes
20,606
22,126
Effect of capital allowances and depreciation
( 88,874)
( 1,765)
Utilisation of tax losses
( 7,700)
31,428
Unused tax losses
64,651
Effect of change in tax rate
(7,430)
Tax refunded
(115,830)
---------
------------
Tax on profit
( 47,095)
252,188
---------
------------
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Dividends on equity shares Class A
363,706
450,564
Dividends on preference shares
113,658
136,800
---------
---------
477,364
587,364
---------
---------
14. Intangible assets
Group
Goodwill
Computer software
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
258,574
56,932
315,506
---------
--------
---------
Amortisation
At 1 July 2022
54,562
41,114
95,676
Charge for the year
51,715
17,399
69,114
---------
--------
---------
At 30 June 2023
106,277
58,513
164,790
---------
--------
---------
Carrying amount
At 30 June 2023
152,297
( 1,581)
150,716
---------
--------
---------
At 30 June 2022
204,012
15,818
219,830
---------
--------
---------
The company has no intangible assets.
15. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
2,050,262
1,148,203
794,333
36,679
4,029,477
Additions
9,053
35,888
73,105
25,528
143,574
Disposals
( 15,171)
( 26,128)
( 41,299)
------------
------------
---------
--------
------------
At 30 June 2023
2,044,144
1,184,091
841,310
62,207
4,131,752
------------
------------
---------
--------
------------
Depreciation
At 1 July 2022
34,854
1,009,450
727,056
28,610
1,799,970
Charge for the year
2,745
45,863
33,654
5,778
88,040
Disposals
( 15,171)
( 26,128)
( 41,299)
------------
------------
---------
--------
------------
At 30 June 2023
22,428
1,055,313
734,582
34,388
1,846,711
------------
------------
---------
--------
------------
Carrying amount
At 30 June 2023
2,021,716
128,778
106,728
27,819
2,285,041
------------
------------
---------
--------
------------
At 30 June 2022
2,015,408
138,753
67,277
8,069
2,229,507
------------
------------
---------
--------
------------
The company has no tangible assets.
Tangible assets held at valuation
The property is held at a revalued amount. Its was valued by management on 30 June 2023 by reviewing market values of similar properties nearby available for sale. The historical cost of this property is £1,560,000.
16. Investments
The group has no investments.
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
71,006
2,006,000
2,077,006
--------
------------
------------
Impairment
At 1 July 2022
Impairment losses
70,000
70,000
--------
------------
------------
At 30 June 2023
70,000
70,000
--------
------------
------------
Carrying amount
At 30 June 2023
1,006
2,006,000
2,007,006
--------
------------
------------
At 30 June 2022
71,006
2,006,000
2,077,006
--------
------------
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Simmonsigns Limited
Stafford Park 5
Ordinary
100
Telford
Shropshire
TF3 3AS
Traffic Sign Solutions Inc
Stafford Park 5
Ordinary
100
Telford
Shropshire
TF3 3AS
Traffic Sign Solutions International Limited
Stafford Park 5
Ordinary
100
Telford
Shropshire
TF3 3AS
Link by Design Limited
Stafford Park 5
Ordinary
100
Telford
Shropshire
TF3 3AS
Feed the World Limited
Stafford Park 5
Ordinary
100
Telford
Shropshire
TF3 3AS
Link by Lighting Limited
Stafford Park 5
Ordinary
100
Telford
Shropshire
TF3 3AS
Link by Systems Limited
Stafford Park 5
Ordinary
100
Telford
Shropshire
TF3 3AS
Solar Technology International Limited
Unit 6 Station Drive
Ordinary
100
Bredon
Tewkesbury
Gloucestershire
GL20 7HH
Lifos Advanced Battery Technology Limited
Stafford Park 5
Ordinary
70
Telford
United Kingdom
TF3 3AS
17. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,246,978
1,223,564
Work in progress
128,252
172,926
Finished goods and goods for resale
1,067,904
991,958
------------
------------
----
----
2,443,134
2,388,448
------------
------------
----
----
18. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
1,242,608
1,524,905
Amounts owed by group undertakings
573,699
457,320
Deferred tax asset
29,843
26,079
Prepayments and accrued income
364,573
426,885
Other debtors
63,870
1,680
1,680
------------
------------
---------
---------
1,700,894
1,979,549
573,699
459,000
------------
------------
---------
---------
19. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
598,387
66,676
Trade creditors
894,813
1,694,372
Amounts owed to group undertakings
701,022
785,561
Accruals and deferred income
578,668
303,551
9,762
9,762
Corporation tax
149,774
262,493
98,676
59,592
Social security and other taxes
304,831
246,582
93,166
64,639
Obligations under finance leases and hire purchase contracts
3,674
Director loan accounts
200,000
200,000
Other creditors
80,309
643,033
3,198
1,931
------------
------------
------------
---------
2,810,456
3,216,707
1,105,824
921,485
------------
------------
------------
---------
Included in bank loans and overdraft is a government backed loan and loan secured against a specific tangible asset of the companies.
20. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
66,666
Obligations under finance leases and hire purchase contracts
15,756
--------
--------
----
----
15,756
66,666
--------
--------
----
----
Included in bank loans and overdraft is a government backed loan and loan secured against a specific tangible asset of the companies.
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
3,674
Later than 1 year and not later than 5 years
15,756
--------
----
----
----
19,430
--------
----
----
----
22. Provisions
Group
Warranties
Deferred tax (note 23)
Total
£
£
£
At 1 July 2022
22,913
1,134
24,047
Additions
( 75,908)
( 75,908)
--------
--------
--------
At 30 June 2023
22,913
( 74,774)
( 51,861)
--------
--------
--------
Company
Deferred tax (note 23)
£
At 1 July 2022
Additions
( 85,921)
--------
At 30 June 2023
( 85,921)
--------
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in debtors (note 18)
29,843
26,079
Included in provisions (note 22)
74,774
( 1,134)
85,921
---------
--------
--------
----
104,617
24,945
85,921
---------
--------
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
11,046
7,621
Fair value adjustment of investment property
( 85,921)
( 85,921)
Unused tax losses
( 29,843)
( 32,412)
Pension plan obligations
101
( 154)
---------
--------
--------
----
(104,617)
(24,945)
(85,921)
---------
--------
--------
----
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 72,230 (2022: £ 67,283 ).
25. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
6,156
----
-------
----
----
26. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Preference shares of £ 1 each
250
250
250
250
Ordinary Class A shares of £ 1 each
400
400
400
400
Ordinary Class B shares of £ 1 each
400
400
400
400
-------
-------
-------
-------
1,050
1,050
1,050
1,050
-------
-------
-------
-------
27. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses. Undistributable element of this reserve amounts to £750,200 relating to the revaluation of the property.
28. Contingent liabilities
The group's bankers hold an unlimited guarantee between Salop Holdings Limited and Simmonsigns Limited. At the balance sheet date this guarantee amounted to £nil (2022: £nil).
29. Analysis of changes in net debt
At 1 Jul 2022
Cash flows
New finance leases
At 30 Jun 2023
£
£
£
£
Cash at bank and in hand
563,719
(358,243)
205,476
Debt due within one year
(66,676)
(732,034)
(3,351)
(802,061)
Debt due after one year
(66,666)
69,169
(18,259)
(15,756)
---------
------------
--------
---------
430,377
( 1,021,108)
( 21,610)
( 612,341)
---------
------------
--------
---------
Salop Holdings Limited
Notes to the Financial Statements (continued)
Year ended 30 June 2023
30. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
122,841
269,592
Later than 1 year and not later than 5 years
116,913
455,231
---------
---------
----
----
239,754
724,823
---------
---------
----
----
31. Directors' advances, credits and guarantees
During the year, the directors advanced the group and company £200,000 (2022 - £Nil). At the balance sheet date £200,000 was due to the directors (2022 - £Nil). The loan is interest free and repayable on demand.
32. Related party transactions
Group
The group was under the control of no single individual throughout the current and previous period. During the year the group paid preference dividends to Mr K Simmons of £56,829 (2022: £68,400), Mrs J Simmons of £56,829 (2022: £68,400) and equity dividends to Mr M Simmons of £181,853 (2022: £225,282), Mr P Simmons of £181,853 (2022: £225,282), Mr K Simmons of £Nil (2022: £Nil) and Mrs J Simmons £Nil (2022: £Nil).
Company
The company was under the control of no single individual throughout the current and previous period. During the year the company paid preference dividends to Mr K Simmons of £56,829 (2022: £68,400), Mrs J Simmons of £56,829 (2022: £68,400) and equity dividends to Mr M Simmons of £181,853 (2022: £225,282), Mr P Simmons of £181,853 (2022: £225,282), Mr K Simmons of £Nil (2022: £Nil) and Mrs J Simmons £Nil (2022: £Nil).