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COMPANY REGISTRATION NUMBER:
05108231
YEAR ENDED 31 MAY 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
7 to 10 |
|
|
Statement of income and retained earnings |
11 |
|
|
Statement of financial position |
12 |
|
|
Notes to the financial statements |
13 to 22 |
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
THE BOARD OF DIRECTORS |
Mr C O'Raghallaigh |
|
Mr W Taylor |
|
Miss C E Walker |
|
Mrs T F Goodship |
|
Mr J J P Lincoln |
|
|
COMPANY SECRETARY |
Mrs T F Goodship |
|
|
REGISTERED OFFICE |
Citrus Group House |
|
Diamond Way |
|
Nene Park |
|
Irthlingborough |
|
Northamptonshire |
|
NN9 5QF |
|
|
AUDITOR |
Meadows & Co Limited |
|
Chartered Accountants & statutory auditor |
|
Headlands House |
|
1 Kings Court |
|
Kettering Parkway |
|
Kettering |
|
NN15 6WJ |
|
|
YEAR ENDED 31 MAY 2023
PRINCIPAL ACTIVITY AND BUSINESS REVIEW The Director’s present the Strategic Report of the Citrus Group (the “Group”) for the year ended 31 May 2023.
PRINCIPAL ACTIVITY The Group consists of the following companies: Citrus Training is the UK's leading provider of health, safety, technical training, and qualification services to over 35,000 delegates per year. Providing critical services to the some of the UK's largest organisations across a range of sectors including Built Environment, Utilities, Infrastructure, Facilities Management, and Manufacturing sectors. Supporting the Group's strategic focus on safety, Altitude Safety provide specialist safety equipment solutions to a wide range of sectors. Sales, Hire, and Service solutions compliment the training activity of Citrus Training. Bookmycourse is one of the most established on-line comparison websites for training courses in the UK. Working with most of the UK's most established training providers, it brings together 1000's of course at 100's of locations in 1 website. Specialising in Education & Training, Management & Leadership, Accounting & Finance, BBE Training provide a range of nationally recognised, accredited qualifications via distance learning, blended learning, and classroom methods.
Business Review The Group continued is strategic focus on strong sectors showing signs of resilience against an otherwise challenging macroeconomic backdrop. As a result, Turnover grew to record levels in line with forecast, carrying a strong order book into 2023/24. An increase in Overheads combined with the Group reconstruction costs relating to the integration of HR Training & Development into Citrus Training resulted in a reduction in Net Profit albeit in line with forecast.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES As a result of recent strong financial results, the Board are confident that the Group has available financing facilities which are sufficient to meet its working capital requirements. The majority of Group sales and purchases are made in sterling, so there is minimal exposure to currency risk. The Board are satisfied that credit risk is adequately managed, and the debt position is monitored and reviewed by directors regularly. As a result, bad debt experience is minimal.
PRINCIPAL RISKS AND UNCERTAINTIES The management of the business and the execution of the Group's strategy are subject to normal risks. The key business risks and uncertainties have been assessed considering their potential impact and the likelihood of occurrence, are considered as follows: Market, competition, and emerging technologies The Group continues to monitor and profile the key sectors it serves and its resilience against some challenging market environments. The Group continues to focus on service quality and delivery as priorities in making our services attractive across our portfolio of business. We will drive a faster move to digital and services evolution, enhancing the customer journey and maximising development opportunities. Talent SSuccess in attracting, retaining, and developing staff, is critical. Focus on staff health and wellbeing, embracing EDI, and improving staff benefits are all initiatives well underway. Financial risk The Group's activities expose it to some financial risk including credit risk, cash flow risk and liquidity risk. The Group's principal financial assets are bank balances and trade debtors. The Group's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debtors. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Group has some concentration of credit risk with larger contracted customers, but the majority of exposure is spread over a large number of customers. Data privacy and cyber security The Group continues to strengthen its IT project management capability during the year to further enhance its IT security processes and procedures, and specialist support. This investment is ongoing. The Group can demonstrate full data privacy and cyber security policies fully meeting its statutory and specific client requirements. The Group's Data Protection Officer continues to monitor compliance in this area. Safeguarding The Group continues to recognise the importance of managing risks associated with Safeguarding & Protection. During inspection Ofsted confirmed the arrangements as effective.
KEY PERFORMANCE INDICATORS Individual Key Performance Indicators are included in all individual company reports and Group key performance indicators are also included in Group board reports, along with comparisons of Turnover, Cost of Sales, and individual Overheads to budget and prior year. Salaries, and staff related costs remain a significant overhead to the business, and key to delivering outstanding customer performance. Head count increased during this financial year 22-23. Headcount of 152 (21-22 headcount 138) with FTE% 116.4 (21-2 FTE% 98.4). This was a marked increase and it has been agreed that focus for 23-24 will be investment in these people.
FUTURE DEVELOPMENTS AND OUTLOOK The Group's business activities, together with the factors likely to affect its future development, performance, and position, are set out in this report. The financial position of the Group and its liquidity position are set out in the attached accounts. The Board remain committed to accelerating sustainable growth, continually delivering high level customer experience. The senior management team remain committed to continue to develop two key areas. Develop the team - Through a detailed understanding of our people, skills, gap analysis and training to support the strategy. Develop the tools - Develop the systems to support the service. The Group continue to invest in its facilities and equipment at all locations. The Board will continue to monitor the marketplace as part of their acquisition strategy. The Board are confident that continued investment in our people, whilst at the same time driving efficiencies through embracing technology will deliver further growth in the next 12 months.
This report was approved by the board of directors on 7 February 2024 and signed on behalf of the board by:
Mrs T F Goodship |
Director |
|
Registered office: |
Citrus Group House |
Diamond Way |
Nene Park |
Irthlingborough |
Northamptonshire |
NN9 5QF |
|
YEAR ENDED 31 MAY 2023
The directors present their report and the financial statements of the company for the year ended
31 May 2023
.
DIRECTORS
The directors who served the company during the year were as follows:
Mr C O'Raghallaigh |
|
Mr W Taylor |
|
Miss C E Walker |
|
Mrs T F Goodship |
(Appointed
1 April 2023) |
Mr J J P Lincoln |
(Appointed
2 March 2023) |
Mr C H D Magee |
(Resigned
13 October 2022) |
Mr C R Stanley |
(Resigned
22 February 2023) |
|
|
DIVIDENDS
Particulars of recommended dividends are detailed in note 14 to the financial statements.
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The directors have chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
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 company and the profit or loss of the company 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 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 company's auditor is aware of that information.
This report was approved by the board of directors on
7 February 2024
and signed on behalf of the board by:
Mrs T F Goodship |
Director |
|
Registered office: |
Citrus Group House |
Diamond Way |
Nene Park |
Irthlingborough |
Northamptonshire |
NN9 5QF |
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
CITRUS TRAINING LIMITED |
|
YEAR ENDED 31 MAY 2023
OPINION
We have audited the financial statements of Citrus Training Limited (the 'company') for the year ended 31 May 2023 which comprise the statement of income and retained earnings, statement of financial position 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 company's affairs as at 31 May 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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, or returns adequate for our audit have not been received from branches not visited by us; or - the 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 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 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 undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. 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 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 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 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. 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.
David Kelland FCA |
(Senior Statutory Auditor) |
|
For and on behalf of |
Meadows & Co Limited |
Chartered Accountants & statutory auditor |
Headlands House |
1 Kings Court |
Kettering Parkway |
Kettering |
NN15 6WJ |
|
7 February 2024
STATEMENT OF INCOME AND RETAINED EARNINGS |
|
YEAR ENDED 31 MAY 2023
|
2023 |
2022 |
Note |
£ |
£ |
TURNOVER |
4 |
11,583,242 |
11,360,954 |
|
|
|
|
Cost of sales |
5,518,433 |
6,015,094 |
|
------------- |
------------- |
GROSS PROFIT |
6,064,809 |
5,345,860 |
|
|
|
Administrative expenses |
5,564,681 |
4,353,411 |
Other operating income |
5 |
– |
73,677 |
Group reconstruction costs |
237,585 |
– |
|
|
------------ |
------------ |
OPERATING PROFIT |
6 |
262,543 |
1,066,126 |
|
|
|
|
Income from shares in group undertakings |
11 |
– |
350,000 |
Interest payable and similar expenses |
12 |
– |
(
863) |
|
------------ |
------------ |
PROFIT BEFORE TAXATION |
262,543 |
1,416,989 |
|
|
|
|
Tax on profit |
13 |
65,030 |
307,506 |
|
--------- |
------------ |
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME |
197,513 |
1,109,483 |
|
--------- |
------------ |
|
|
|
|
Dividends paid and payable |
14 |
(
500,000) |
(
500,000) |
|
|
|
|
RETAINED EARNINGS AT THE START OF THE YEAR |
1,909,893 |
1,300,410 |
|
------------ |
------------ |
RETAINED EARNINGS AT THE END OF THE YEAR |
1,607,406 |
1,909,893 |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
STATEMENT OF FINANCIAL POSITION |
|
31 May 2023
FIXED ASSETS
Intangible assets |
15 |
|
203,296 |
|
– |
Tangible assets |
16 |
|
638,775 |
|
605,627 |
Investments |
17 |
|
151,750 |
|
569,427 |
|
|
--------- |
|
------------ |
|
|
993,821 |
|
1,175,054 |
|
|
|
|
|
|
CURRENT ASSETS
Debtors |
18 |
2,643,830 |
|
2,856,317 |
|
Cash at bank and in hand |
377,115 |
|
808,068 |
|
|
------------ |
|
------------ |
|
|
3,020,945 |
|
3,664,385 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
19 |
2,208,949 |
|
2,662,681 |
|
|
------------ |
|
------------ |
|
NET CURRENT ASSETS |
|
811,996 |
|
1,001,704 |
|
|
------------ |
|
------------ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
1,805,817 |
|
2,176,758 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
20 |
|
59,398 |
|
143,624 |
|
|
|
|
|
|
PROVISIONS |
22 |
|
131,087 |
|
115,315 |
|
|
------------ |
|
------------ |
NET ASSETS |
|
1,615,332 |
|
1,917,819 |
|
|
------------ |
|
------------ |
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital fully paid |
25 |
|
4,500 |
|
4,500 |
Share premium account |
26 |
|
3,426 |
|
3,426 |
Profit and loss account |
26 |
|
1,607,406 |
|
1,909,893 |
|
|
------------ |
|
------------ |
SHAREHOLDERS FUNDS |
|
1,615,332 |
|
1,917,819 |
|
|
------------ |
|
------------ |
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
7 February 2024
, and are signed on behalf of the board by:
Company registration number:
05108231
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MAY 2023
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Citrus Group House, Diamond Way, Nene Park, Irthlingborough, Northamptonshire, NN9 5QF.
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.
Consolidation The company has taken advantage of the exemption from preparing consolidated financial statements under Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its results and position are included in the consolidated accounts of its immediate parent company. Going concern The directors have given due regard to the financial position of the company at the year end, at the date of signing and for a period of twelve months following this. The ongoing effects of the coronavirus pandemic have formed a part of this consideration. Based on the financial position of the company the directors are satisfied that the company has sufficient resources and flexibility to be able to meet its liabilities as they fall due. Financial support is also available between group companies if required. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Shorcontrol Safety Limited which can be obtained from Naas Industrial Estate, Naas, Co Kildare, Ireland. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.
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.
Revenue recognition The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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.
Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 |
- |
10% 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. 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.
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:
|
Short Leasehold Property |
- |
Over term of the lease |
|
Training & Safety Equipment |
- |
25% straight line |
|
Fixtures & Fittings |
- |
20% straight line |
|
Motor Vehicles |
- |
20% straight line |
|
Equipment |
- |
33% straight line |
|
|
|
|
Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
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 |
11,583,242 |
11,360,954 |
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
OTHER OPERATING INCOME
|
2023 |
2022 |
|
£ |
£ |
Management charges receivable |
– |
73,677 |
|
---- |
-------- |
|
|
|
6.
OPERATING PROFIT
Operating profit or loss is stated after charging/crediting:
|
2023 |
2022 |
|
£ |
£ |
Amortisation of intangible assets |
39,348 |
– |
Depreciation of tangible assets |
271,174 |
258,714 |
Gains on disposal of tangible assets |
(
7,537) |
(
3,209) |
Impairment of trade debtors |
37,514 |
(57,773) |
|
--------- |
--------- |
|
|
|
7.
GROUP RECONSTRUCTION COSTS
During the year the trade and assets of HR Training & Development, a 100% owned subsidiary of the company, were hived up into the company.
As a result of this hive up the previous investment in this subsidiary has been disposed of, the intercompany balance has been written off and goodwill has been recognised in respect of this previous subsidiary.
8.
AUDITOR'S REMUNERATION
|
2023 |
2022 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
8,150 |
7,750 |
|
------- |
------- |
|
|
|
9.
STAFF COSTS
The average number of persons employed by the company during the year amounted to
111
(2022:
95
).
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2023 |
2022 |
|
£ |
£ |
Wages and salaries |
3,536,116 |
2,947,754 |
Social security costs |
19,253 |
9,980 |
Other pension costs |
80,156 |
65,504 |
|
------------ |
------------ |
|
3,635,525 |
3,023,238 |
|
------------ |
------------ |
|
|
|
10.
DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
|
2023 |
2022 |
|
£ |
£ |
Remuneration |
167,823 |
82,689 |
Company contributions to defined contribution pension plans |
4,774 |
2,116 |
|
--------- |
-------- |
|
172,597 |
84,805 |
|
--------- |
-------- |
|
|
|
11.
INCOME FROM SHARES IN GROUP UNDERTAKINGS
|
2023 |
2022 |
|
£ |
£ |
Income from group undertakings |
– |
350,000 |
|
---- |
--------- |
|
|
|
12.
INTEREST PAYABLE AND SIMILAR EXPENSES
|
2023 |
2022 |
|
£ |
£ |
Other interest payable and similar charges |
– |
(
863) |
|
---- |
---- |
|
|
|
13.
TAX ON PROFIT
Major components of tax expense
Current tax:
UK current tax expense |
111,497 |
235,294 |
Adjustments in respect of prior periods |
(
62,239) |
– |
|
--------- |
--------- |
Total current tax |
49,258 |
235,294 |
|
--------- |
--------- |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
15,772 |
72,212 |
|
-------- |
--------- |
Tax on profit |
65,030 |
307,506 |
|
-------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the
standard rate of corporation tax in the UK
of
20
% (2022:
19
%).
|
2023 |
2022 |
|
£ |
£ |
Profit on ordinary activities before taxation |
262,543 |
1,416,989 |
|
--------- |
------------ |
Profit on ordinary activities by rate of tax |
65,028 |
269,064 |
Adjustment to tax charge in respect of prior periods |
(
62,239) |
– |
Effect of expenses not deductible for tax purposes |
62,837 |
30,677 |
Effect of capital allowances and depreciation |
(
1,393) |
(
4,902) |
Other movements |
797 |
(
938)
|
Effect of change in future tax rate |
– |
13,605 |
|
--------- |
------------ |
Tax on profit |
65,030 |
307,506 |
|
--------- |
------------ |
|
|
|
14.
DIVIDENDS
|
2023 |
2022 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
500,000 |
500,000 |
|
--------- |
--------- |
|
|
|
15.
INTANGIBLE ASSETS
|
Goodwill |
|
£ |
Cost |
|
Additions |
– |
Transfers |
393,477 |
|
--------- |
At 31 May 2023 |
393,477 |
|
--------- |
Amortisation |
|
Charge for the year |
39,348 |
Transfers |
150,833 |
|
--------- |
At 31 May 2023 |
190,181 |
|
--------- |
Carrying amount |
|
At 31 May 2023 |
203,296 |
|
--------- |
At 31 May 2022 |
– |
|
--------- |
|
|
16.
TANGIBLE ASSETS
|
Short Leasehold Property |
Training & Safety Equipment |
Fixtures & Fittings |
Motor Vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 Jun 2022 |
638,231 |
260,663 |
169,321 |
172,784 |
447,766 |
1,688,765 |
Additions |
70,402 |
84,461 |
28,011 |
22,978 |
85,975 |
291,827 |
Disposals |
– |
(
179) |
(
458) |
(
18,512) |
(
33,528) |
(
52,677) |
Transfers |
811 |
67,847 |
20,793 |
– |
9,075 |
98,526 |
|
--------- |
--------- |
--------- |
--------- |
--------- |
------------ |
At 31 May 2023 |
709,444 |
412,792 |
217,667 |
177,250 |
509,288 |
2,026,441 |
|
--------- |
--------- |
--------- |
--------- |
--------- |
------------ |
Depreciation |
|
|
|
|
|
|
At 1 Jun 2022 |
476,480 |
131,120 |
124,958 |
76,475 |
274,105 |
1,083,138 |
Charge for the year |
67,113 |
61,627 |
19,375 |
30,269 |
92,790 |
271,174 |
Disposals |
– |
(
175) |
(
458) |
(
8,728) |
(
33,469) |
(
42,830) |
Transfers |
724 |
59,125 |
7,610 |
– |
8,725 |
76,184 |
|
--------- |
--------- |
--------- |
--------- |
--------- |
------------ |
At 31 May 2023 |
544,317 |
251,697 |
151,485 |
98,016 |
342,151 |
1,387,666 |
|
--------- |
--------- |
--------- |
--------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
|
|
At 31 May 2023 |
165,127 |
161,095 |
66,182 |
79,234 |
167,137 |
638,775 |
|
--------- |
--------- |
--------- |
--------- |
--------- |
------------ |
At 31 May 2022 |
161,751 |
129,543 |
44,363 |
96,309 |
173,661 |
605,627 |
|
--------- |
--------- |
--------- |
--------- |
--------- |
------------ |
|
|
|
|
|
|
|
17.
INVESTMENTS
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 June 2022 |
569,427 |
Disposals |
(
417,677) |
|
--------- |
At 31 May 2023 |
151,750 |
|
--------- |
Impairment |
|
At 1 June 2022 and 31 May 2023 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 May 2023 |
151,750 |
|
--------- |
At 31 May 2022 |
569,427 |
|
--------- |
|
|
18.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
2,005,065 |
2,351,288 |
Amounts owed by group undertakings |
333,305 |
365,947 |
Prepayments and accrued income |
206,199 |
138,785 |
Other debtors |
99,261 |
297 |
|
------------ |
------------ |
|
2,643,830 |
2,856,317 |
|
------------ |
------------ |
|
|
|
The company has an ongoing debt financing arrangement whereby it receives a proportion of the value of sales invoices in advance. Advances are disclosed in the balance sheet as current liabilities and the gross amount of the financial debtors is included in trade debtors.
19.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
249,910 |
465,721 |
Trade creditors |
706,158 |
907,877 |
Amounts owed to group undertakings |
334,639 |
243,819 |
Accruals and deferred income |
518,524 |
587,049 |
Corporation tax |
4,584 |
90,282 |
Social security and other taxes |
349,855 |
334,474 |
Obligations under finance leases and hire purchase contracts |
3,024 |
3,402 |
Other creditors |
42,255 |
30,057 |
|
------------ |
------------ |
|
2,208,949 |
2,662,681 |
|
------------ |
------------ |
|
|
|
Included in overdrafts are advances in respect of financial debtors of £249,910 (2022 - £465,721) which are secured against the debtors ledger.
20.
CREDITORS:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
46,667 |
126,667 |
Obligations under finance leases and hire purchase contracts |
12,731 |
16,957 |
|
-------- |
--------- |
|
59,398 |
143,624 |
|
-------- |
--------- |
|
|
|
21.
FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
4,603 |
4,603 |
Later than 1 year and not later than 5 years |
13,041 |
17,644 |
|
-------- |
-------- |
|
17,644 |
22,247 |
|
-------- |
-------- |
|
|
|
22.
PROVISIONS
|
Deferred tax (note 23) |
|
£ |
At 1 June 2022 |
115,315 |
Charge against provision |
15,772 |
|
--------- |
At 31 May 2023 |
131,087 |
|
--------- |
|
|
23.
DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions (note 22) |
131,087 |
115,315 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
131,087 |
115,315 |
|
--------- |
--------- |
|
|
|
24.
EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
75,732
(2022: £
63,388
).
As at 31 May 2023 there were amounts included in other creditors totalling £21,747 (2022: £20,118) due in respect of defined contribution pension schemes.
25.
CALLED UP SHARE CAPITAL FULLY PAID
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.01 each |
430,000 |
4,300 |
430,000 |
4,300 |
A shares of £ 0.01 each |
11,000 |
110 |
11,000 |
110 |
B shares of £ 0.01 each |
9,000 |
90 |
9,000 |
90 |
|
--------- |
------- |
--------- |
------- |
|
450,000 |
4,500 |
450,000 |
4,500 |
|
--------- |
------- |
--------- |
------- |
|
|
|
|
|
Each fully paid 'A' and 'B' ordinary share qualifies pari passu in respect of dividends and capital distributions but has no voting rights.
26.
RESERVES
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
27.
OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
365,983 |
269,148 |
Later than 1 year and not later than 5 years |
494,125 |
481,417 |
Later than 5 years |
54,180 |
– |
|
--------- |
--------- |
|
914,288 |
750,565 |
|
--------- |
--------- |
|
|
|
28.
RELATED PARTY TRANSACTIONS
During the year the company undertook transactions with the following related parties: Subsidiaries were sold services by the company which totalled £185,782 (2022 - £103,190). Subsidiaries sold services to the company which totalled £2,600 (2022 - £32,096). Subsidiaries were charged management fees and rental costs and recharged expenditure which totalled £337,228 (2022 - £367,327). At 31 May 2023 subsidiaries were owed £334,639 (2022 - £243,819). At 31 May 2023 subsidiaries owed the company £296,175 (2022 - £261,763). At 31 May 2023 the parent company owed £4,925 (2022 - £4,925). Directors charged fees totalling £50,000 (2022 - £54,000). The company has also participated in transactions with other related parties but has exercised the exemption allowed under FRS 102 not to disclose transactions with entities, 100% of whose voting rights are controlled within the group.
29.
PARENT COMPANY AND ULTIMATE CONTROLLING PARTY
The company is 56.67% (2022 - 56.67%) owned by Shorcontrol Safety Limited a company incorporated in the Republic of Ireland. Shorcontrol Safety Limited is also the parent company of both the smallest and largest group that prepares consolidated accounts which include the results of the company.
The registered address of this company is: Naas Industrial Estate, Naas Co Kildare, Ireland. The ultimate controlling party is Mr C H D Magee
.