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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
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 | ( |
) |
(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 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 481 | 476 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | - |
Total comprehensive income | - | - |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 property | 25% reducing balance |
Fixtures and fittings | 25% 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 |
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 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Fileturn House, Brighton Road, Redhill, Surrey, United Kingdom, RH1 6QZ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Fileturn House, Brighton Road, Redhill, Surrey, England, RH1 6QZ |
Nature of business: |
% |
Class of shares: | holding |
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 | - | - |
Amounts recoverable on contract | 1,391,483 | 1,502,890 |
Other debtors | 2,957,351 | 934,277 |
Tax | 58,411 | 102,848 |
VAT | - | - |
Called up share capital not paid | 650 | 650 |
Prepayments | 231,090 | 148,247 |
7,898,318 | 7,086,604 |
Amounts falling due after more than one | year: |
Tax | 204,731 | - |
Aggregate amounts | 8,103,049 | 7,086,604 |
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 | - | - |
Tax | 34 | 58,487 |
Social security and other taxes | 107,043 | 121,492 |
VAT | 1,430,605 | 1,073,096 | - | - |
Other creditors | 747,912 | 646,977 |
Accrued expenses | 1,640,255 | 472,476 |
13,168,740 | 7,520,711 |
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 |
3,343,334 | 3,843,333 |
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: | £ | £ |
Ordinary A | 0.01 | 650 | 650 |
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 | 1,015,126 |
Profit for the year |
At 31 March 2023 | 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 |