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REGISTERED NUMBER: 13452549 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FILETURN GROUP LIMITED

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


FILETURN GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: N A Johnson
B G Edwards
J W Cunningham
D J Pike
M A Chapman





REGISTERED OFFICE: Russell House
140 High Street
Edgware
Middlesex
HA8 7LW





REGISTERED NUMBER: 13452549 (England and Wales)





AUDITORS: The Paris Partnership LLP
Chartered Accountants and
Statutory Auditors
Russell House
140 High Street
Edgware
Middlesex
HA8 7LW

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
Fileturn Group Limited was incorporated on 11th June 2021 to become the holding company of the Group of companies known as Fileturn.

Fileturn Limited is the trading company and a wholly owned subsidiary of Fileturn Group Limited.

Results have been disappointing this year with Fileturn Limited presenting a loss of £1.160m after suffering an exceptional item of £1.576m. The Group results reflect those of the subsidiary along with an amortisation charge on the Group's goodwill which has no impact on cash balances.

The values are detailed in the Key performance indicators section below.

The Group has felt no significant effect from Brexit in the year ending 2023 nor thus far in year ending 2024.

Future developments
The Group continues to work with major brands specialising in rapid expansion and roll out programmes as well as seeking new markets for its services. At the time of writing, the Group has a strong pipeline of projects with existing and new emerging clients in negotiation for a number of national restaurant and hotel brands.

Despite a difficult trading year as a result of the exceptional item the directors are confident that the coming financial year will show a return to satisfactory profits which will in turn strengthen the balance sheet. All signs at this time indicate a healthy trading period.

The Board are pleased to report that we are continuing to recruit staff to meet the demands of our pipeline of projects, both secured and in negotiation.

The directors remain sensitive to the ever-changing economic backdrop and continue to carefully monitor all KPIs, ensuring that the Statement of Financial Position remains in a strong position whilst supporting the medium and long term objectives of the Group.

Key performance indicators

The key financial indicators over the period are as follows:
2023 2022
Turnover £31m £10m
Gross profit margin (%) 13.26% 15.50%
Operating profit/(loss) £0.461m £0.153m
Exceptional item £(1.576)m £-
Average number of office/professional staff 32 35

The comparative period represents a period covering 11 June 2021 to 31 March 2022

Principal Risks and Uncertainties
The Group's principal financial instruments comprise bank balances, bank loans, trade debtors and trade creditors. The main purpose of these instruments is to raise monies to fund the Group's operations and the Group's obligations as they fall due.

The Group's approach to managing other risks applicable to the financial instruments concerned is as shown below.

The Group seeks to win profitable work through responding to a good number of opportunities most appropriate to its experience and resources. The Group's success depends upon our ability to identify, price and execute the right volume and quality of bids to maintain a profitable, sustainable order book. All bids are subject to rigorous estimating and tendering processes within a controlled framework and the defined delegated authority levels for approving all tenders prior to submission.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility.

Banking facilities to fund contracted work are arranged in a controlled fashion with the Group's bankers and ensuring covenants relating thereto are complied with.

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The Group is also exposed to risk on the pricing of its contracts in terms of competitiveness. The risks are managed by regular pro-active reviews of contracts and margins as well as responding to market forces in a competitive environment.

The Board continues to invest in training for its staff and a management structure to oversee the delivery and quality control of projects.

GOING CONCERN
The Group has been negatively affected by the impact of a loss incurred on a one-off exceptional project, which has been both technically unique and commercially challenging. However, the directors are confident that the Group is still a going concern as the core trading operations are profitable. The loss on the one off project has been fully recognised in these financial statements and therefore will have no further impact on the Group's financial position going forward.

ON BEHALF OF THE BOARD:





N A Johnson - Director


14 February 2024

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The Group is an innovative interior fit-out contractor.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

N A Johnson
B G Edwards
J W Cunningham
D J Pike
M A Chapman

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of 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 judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, The Paris Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N A Johnson - Director


14 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FILETURN GROUP LIMITED


Opinion
We have audited the financial statements of Fileturn Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FILETURN GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the Group and considered
that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the
Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the group complies with these requirements by discussions with
management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur, by holding discussions with management and those charged
with governance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FILETURN GROUP LIMITED

- We inquired of management and those charged with governance as to any known instances of non-compliance
or suspected non-compliance with laws and regulations.
- We have considered the potential for override of controls or other inappropriate influence over the financial
reporting process, the culture of honesty and ethical behaviour and whether a strong emphasis is placed on
fraud prevention and deterrence

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement 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 purposes 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 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Lee Paris (Senior Statutory Auditor)
for and on behalf of The Paris Partnership LLP
Chartered Accountants and
Statutory Auditors
Russell House
140 High Street
Edgware
Middlesex
HA8 7LW

14 February 2024

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

Period
11.6.21
Year Ended to
31.3.23 31.3.22
Notes £    £   

TURNOVER 3 31,279,246 10,260,470

Cost of sales (27,130,848 ) (8,670,461 )
GROSS PROFIT 4,148,398 1,590,009

Administrative expenses (3,687,719 ) (1,485,596 )
460,679 104,413

Other operating income - 48,667
OPERATING PROFIT 5 460,679 153,080

Exceptional items 6 (1,575,753 ) -
(1,115,074 ) 153,080

Interest receivable and similar income 20,237 101
(1,094,837 ) 153,181

Interest payable and similar expenses 7 (316,161 ) (105,331 )
(LOSS)/PROFIT BEFORE TAXATION (1,410,998 ) 47,850

Tax on (loss)/profit 8 295,564 (23,866 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (1,115,434 ) 23,984
(Loss)/profit attributable to:
Owners of the parent (1,115,434 ) 23,984

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

Period
11.6.21
Year Ended to
31.3.23 31.3.22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,115,434 ) 23,984


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(1,115,434

)

23,984

Total comprehensive income attributable to:
Owners of the parent (1,115,434 ) 23,984

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 12 1,812,478 1,911,515
Tangible assets 13 28,281 48,137
Investments 14 - -
1,840,759 1,959,652

CURRENT ASSETS
Debtors 15 8,103,049 7,086,604
Cash at bank 6,499,381 3,366,568
14,602,430 10,453,172
CREDITORS
Amounts falling due within one year 16 (13,168,740 ) (7,520,711 )
NET CURRENT ASSETS 1,433,690 2,932,461
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,274,449

4,892,113

CREDITORS
Amounts falling due after more than one
year

17

(3,343,334

)

(3,843,333

)

PROVISIONS FOR LIABILITIES 20 (6,915 ) (9,146 )
NET (LIABILITIES)/ASSETS (75,800 ) 1,039,634

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Share premium 22 1,014,650 1,014,650
Retained earnings 22 (1,091,450 ) 23,984
SHAREHOLDERS' FUNDS (75,800 ) 1,039,634

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2024 and were signed on its behalf by:




D J Pike - Director



N A Johnson - Director


FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

COMPANY BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 2,964,640 2,964,640
2,964,640 2,964,640

CURRENT ASSETS
Debtors 15 20,658 3,150
Cash at bank 625 4,115
21,283 7,265
CREDITORS
Amounts falling due within one year 16 (84,316 ) (70,779 )
NET CURRENT LIABILITIES (63,033 ) (63,514 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,901,607

2,901,126

CREDITORS
Amounts falling due after more than one
year

17

(1,885,000

)

(1,885,000

)
NET ASSETS 1,016,607 1,016,126

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Share premium 22 1,014,650 1,014,650
Retained earnings 22 957 476
SHAREHOLDERS' FUNDS 1,016,607 1,016,126

Company's profit for the financial year 481 476

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2024 and were signed on its behalf by:




D J Pike - Director



N A Johnson - Director


FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 1,000 - 1,014,650 1,015,650
Total comprehensive income - 23,984 - 23,984
Balance at 31 March 2022 1,000 23,984 1,014,650 1,039,634

Changes in equity
Total comprehensive income - (1,115,434 ) - (1,115,434 )
Balance at 31 March 2023 1,000 (1,091,450 ) 1,014,650 (75,800 )

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 1,000 - 1,014,650 1,015,650
Total comprehensive income - 476 - 476
Balance at 31 March 2022 1,000 476 1,014,650 1,016,126

Changes in equity
Total comprehensive income - 481 - 481
Balance at 31 March 2023 1,000 957 1,014,650 1,016,607

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

Period
11.6.21
Year Ended to
31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,894,455 48,116
Interest paid (316,161 ) (105,331 )
Tax paid 44,361 -
Net cash from operating activities 3,622,655 (57,215 )

Cash flows from investing activities
Purchase of intangible fixed assets (10,080 ) (1,929,463 )
Purchase of tangible fixed assets - (5,838 )
Interest received 20,237 101
Net cash from investing activities 10,157 (1,935,200 )

Cash flows from financing activities
New loans in year - 4,385,000
Loan repayments in year (499,999 ) (41,667 )
Share issue - 1,015,650
Net cash from financing activities (499,999 ) 5,358,983

Increase in cash and cash equivalents 3,132,813 3,366,568
Cash and cash equivalents at beginning
of year

2

3,366,568

-

Cash and cash equivalents at end of year 2 6,499,381 3,366,568

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
Period
11.6.21
Year Ended to
31.3.23 31.3.22
£    £   
(Loss)/profit for the financial year (1,115,434 ) 23,984
Depreciation charges 128,973 56,884
Deferred tax - (1,131 )
Taxation 30,191 (23,866 )
Provision for onerous contract 1,243,913 -
Finance costs 316,161 105,331
Finance income (20,237 ) (101 )
Taxation (295,564 ) 23,866
288,003 184,967
Decrease/(increase) in trade and other debtors 830,037 (7,086,783 )
Increase in trade and other creditors 2,776,415 6,949,932
Cash generated from operations 3,894,455 48,116

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 6,499,381 3,366,568
Period ended 31 March 2022
31.3.22 11.6.21
£    £   
Cash and cash equivalents 3,366,568 -


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 3,366,568 3,132,813 6,499,381
3,366,568 3,132,813 6,499,381
Debt
Debts falling due within 1 year (500,000 ) - (500,000 )
Debts falling due after 1 year (3,843,333 ) 499,999 (3,343,334 )
(4,343,333 ) 499,999 (3,843,334 )
Total (976,765 ) 3,632,812 2,656,047

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Fileturn Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in pound sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its group undertakings made up to 31 March 2023 using the acquisition method of accounting. The results of group undertakings acquired are included from the date of acquisition.

The group consists of Limited Companies, as detailed in note 13. Group undertakings have been consolidated under the acquisition method of accounting where the company has control, that is, more than 50% of the voting rights.

Going concern
The Group has been negatively affected by the impact of a loss incurred on a one-off exceptional project, which has been both technically unique and commercially challenging. However, the directors are confident that the Group is still a going concern as the core trading operations are profitable. The loss on the one off project has been fully recognised in these financial statements and therefore will have no further impact on the Group's financial position going forward.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Revenue recognition
When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, turnover and costs are recognised over the period of the contract.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

When the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised only to the extent of contract costs that are recoverable and the contract costs are expensed as incurred

The Group uses the "percentage of completion method" to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded for contract costs in determining the stage of completion. These costs are presented as amounts recoverable on contracts, provided it is probable they will be recovered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets other than goodwill
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives.

Computer software 33% reducing balance

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the costs of assets less their residual values over their useful lives on the following basis:

Improvements to property25% reducing balance
Fixtures and fittings25% reducing balance
Computer equipment 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Investments comprise investments in unquoted equity instruments measured at cost less any impairment.

Provisions
Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar expenses.

Financial instruments
The Group has elected to apply the provisions of Section 11 ' Basic Financial Instruments' and ' Section 12 ' Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.


Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and where material the changes in fair value are recognised in the Statement of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair value cannot be measured reliably are measured at cost less impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets , other than those held at fair value are assessed for indicators of impairment at each reporting end date.

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from group undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group. This also also applies to equity instruments issued for the purpose of acquiring shares in other entities.

Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received. Loans provided and/or guaranteed by government that represent market rates of interest are recorded at the amount of the proceeds received and recognised within Borrowings. Those loans provided and/or guaranteed by government that represent below market rates of interest are measured at inception at their fair value and recognised within Borrowings, with the differential to the proceeds received recorded within Deferred income and released to the relevant financial statement caption in the Income statement on an accruals basis. Grants that compensate the Group for expenses incurred are recognised in the Income statement in the relevant financial statement caption on an accruals basis in the periods in which the expenses are recognised.

Coronavirus Business Interruption Loan Scheme (CBILS)
A company in the group received a CBILS loan of £2.50 million, repayable within 6 years, with interest incurred at 4.9% over base rate. Capital repayments are deferred by 12 months and the initial 12 months interest payments made by the Government were recognised as grant income.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group, net of VAT and discounts.

4. EMPLOYEES AND DIRECTORS
Period
11.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Wages and salaries 2,259,516 764,707
Social security costs 279,655 88,535
Other pension costs 110,652 37,238
2,649,823 890,480

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
11.6.21
Year Ended to
31.3.23 31.3.22

Directors 5 5
Office staff 25 29
Professional staff 2 1
32 35

2023 2022
£ £
Directors' remuneration 548,257 209,321
Directors' pension contributions to money purchase schemes 53,744 18,230

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:

2023 2022
£ £
Emoluments etc 127,457 49,205
Pension contributions to money purchase schemes 3,788 1,462

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
11.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Depreciation - owned assets 19,856 8,450
Goodwill amortisation 95,337 41,530
Computer software amortisation 13,780 6,905
Auditors' remuneration 24,000 8,975

6. EXCEPTIONAL ITEMS
Period
11.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Exceptional items (1,575,753 ) -

The Group engaged on a one off and non-core project during the year and encountered a series of unique technical and commercial challenges on this project resulting in a substantial delay in its completion. As a consequence, significant exceptional losses have been incurred and recognised in the accounting year to March 2023.
This project has therefore been treated as an Exceptional item during the year.

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
11.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Bank interest 161,720 55,586
Interest payable 154,441 49,745
316,161 105,331

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
Period
11.6.21
Year Ended to
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 34 24,997
Under/Over Provision prior yrs (58,411 ) -
Tax credits (30,226 ) -
Total current tax (88,603 ) 24,997

Deferred tax (206,961 ) (1,131 )
Tax on (loss)/profit (295,564 ) 23,866

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
11.6.21
Year Ended to
31.3.23 31.3.22
£    £   
(Loss)/profit before tax (1,410,998 ) 47,850
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

(268,090

)

9,092

Effects of:
Expenses not deductible for tax purposes 32,026 2,502
Income not taxable for tax purposes 18,114 (18,981 )
Depreciation in excess of capital allowances 3,772 2,646
Utilisation of tax losses 214,212 (21 )
Adjustments to tax charge in respect of previous periods (58,411 ) -
Consolidation adjustments - 29,759
Deferred tax (206,961 ) (1,131 )
Tax credits (30,226 ) -
Total tax (credit)/charge (295,564 ) 23,866

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. CONSTRUCTION CONTRACTS

2023 2022
£ £
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors 1,391,483 1,502,890
Gross amounts owed to contract customers included in creditors (4,517,750 ) (1,109,868 )


Contract revenue recognised
Contract costs incurred plus recognised profit less recognised losses to date 31,279,246 10,260,470

11. GOVERNMENT GRANTS

2023 2022
£ £

Government grants received - 48,667

12. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 April 2022 1,906,733 98,828 2,005,561
Additions - 10,080 10,080
At 31 March 2023 1,906,733 108,908 2,015,641
AMORTISATION
At 1 April 2022 41,530 52,516 94,046
Amortisation for year 95,337 13,780 109,117
At 31 March 2023 136,867 66,296 203,163
NET BOOK VALUE
At 31 March 2023 1,769,866 42,612 1,812,478
At 31 March 2022 1,865,203 46,312 1,911,515

The goodwill arose as a result of the acquisition of the share capital in the newly acquired subsidiaries. At balance sheet date the remaining amortization period is 18 years and 7 months.

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


13. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 13,298 171,401 163,416 348,115
DEPRECIATION
At 1 April 2022 11,878 150,785 137,315 299,978
Charge for year 800 4,708 14,348 19,856
At 31 March 2023 12,678 155,493 151,663 319,834
NET BOOK VALUE
At 31 March 2023 620 15,908 11,753 28,281
At 31 March 2022 1,420 20,616 26,101 48,137

14. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 April 2022
and 31 March 2023 2,964,640
NET BOOK VALUE
At 31 March 2023 2,964,640
At 31 March 2022 2,964,640

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Fileturn Topco Limited
Registered office: Fileturn House, Brighton Road, Redhill, Surrey, United Kingdom, RH1 6QZ
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Fileturn Limited
Registered office: Fileturn House, Brighton Road, Redhill, Surrey, England, RH1 6QZ
Nature of business: Interior fit-out contractor
%
Class of shares: holding
Ordinary 100.00

Fileturn Group Limited owns directly 15% of the share capital of Fileturn Limited. The remaining 85% of the share capital is owned by Fileturn Topco Limited which is a wholly owned subsidiary within the group.


FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


15. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,259,333 4,397,692 - -
Amounts owed by group undertakings - - 20,000 -
Amounts recoverable on contract 1,391,483 1,502,890 - -
Other debtors 2,957,351 934,277 - -
Tax 58,411 102,848 - -
VAT - - 8 2,500
Called up share capital not paid 650 650 650 650
Prepayments 231,090 148,247 - -
7,898,318 7,086,604 20,658 3,150

Amounts falling due after more than one year:
Tax 204,731 - - -

Aggregate amounts 8,103,049 7,086,604 20,658 3,150

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 500,000 500,000 - -
Trade creditors 4,225,141 3,538,315 - -
Gross amounts due to contract 4,517,750 1,109,868 - -
Amounts owed to group undertakings - - 76,816 64,167
Tax 34 58,487 - -
Social security and other taxes 107,043 121,492 5,499 3,582
VAT 1,430,605 1,073,096 - -
Other creditors 747,912 646,977 - -
Accrued expenses 1,640,255 472,476 2,001 3,030
13,168,740 7,520,711 84,316 70,779

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 1,458,334 1,958,333 - -
Other loans (see note 18) 1,885,000 1,885,000 1,885,000 1,885,000
3,343,334 3,843,333 1,885,000 1,885,000

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 500,000 500,000 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 500,000 500,000 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 958,334 1,458,333 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans 1,885,000 1,885,000 1,885,000 1,885,000

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 94,654 -
Between one and five years 378,616 -
In more than five years 425,943 -
899,213 -

The lease contains a break clause at 5 years.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 6,915 9,146

Group
Deferred
tax
£   
Balance at 1 April 2022 9,146
Credit to Income Statement during year (2,231 )
Balance at 31 March 2023 6,915

This deferred tax liability has arisen as a result of accelerated capital allowances.

FILETURN GROUP LIMITED (REGISTERED NUMBER: 13452549)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
65,000 Ordinary A 0.01 650 650
35,000 Ordinary B 0.01 350 350
1,000 1,000

22. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 23,984 1,014,650 1,038,634
Deficit for the year (1,115,434 ) (1,115,434 )
At 31 March 2023 (1,091,450 ) 1,014,650 (76,800 )

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 476 1,014,650 1,015,126
Profit for the year 481 481
At 31 March 2023 957 1,014,650 1,015,607


23. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Rent, Service & Vehicle Hire 85,404 88,659
Interest Paid 60,630 8,346
Amount due to related party 747,779 738,410

Other related parties
2023 2022
£    £   
Rent, Service & Vehicle Hire 129,077 86,440