Roberts Limbrick Holdings Limited 06585023 false 2022-09-01 2023-08-31 2023-08-31 2023-08-31 The principal activity of the company is that of a holding company. The principal activity of the group is that of architectural design. Digita Accounts Production Advanced 6.30.9574.0 true true true true true false 06585023 2022-09-01 2023-08-31 06585023 2023-08-31 06585023 bus:Director4 bus:Consolidated 2023-08-31 06585023 bus:Consolidated 2023-08-31 06585023 core:OtherDeferredTax bus:Consolidated 2023-08-31 06585023 core:CapitalRedemptionReserve 2023-08-31 06585023 core:CapitalRedemptionReserve bus:Consolidated 2023-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2023-08-31 06585023 core:OtherReservesSubtotal 2023-08-31 06585023 core:OtherReservesSubtotal bus:Consolidated 2023-08-31 06585023 core:RetainedEarningsAccumulatedLosses 2023-08-31 06585023 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-08-31 06585023 core:ShareCapital 2023-08-31 06585023 core:ShareCapital bus:Consolidated 2023-08-31 06585023 core:SharePremium 2023-08-31 06585023 core:SharePremium bus:Consolidated 2023-08-31 06585023 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-08-31 06585023 core:CurrentFinancialInstruments 2023-08-31 06585023 core:CurrentFinancialInstruments bus:Consolidated 2023-08-31 06585023 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 06585023 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-08-31 06585023 core:BetweenTwoFiveYears bus:Consolidated 2023-08-31 06585023 core:WithinOneYear bus:Consolidated 2023-08-31 06585023 core:OtherPropertyPlantEquipment bus:Consolidated 2023-08-31 06585023 bus:FRS102 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Audited bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:FullAccounts bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:RegisteredOffice bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:CompanySecretaryDirector1 2022-09-01 2023-08-31 06585023 bus:CompanySecretaryDirector1 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Director1 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Director3 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Director4 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Director5 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Director6 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Director7 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Director8 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:PrivateLimitedCompanyLtd bus:Consolidated 2022-09-01 2023-08-31 06585023 bus:ConsolidatedGroupCompanyAccounts 2022-09-01 2023-08-31 06585023 bus:Agent1 bus:Consolidated 2022-09-01 2023-08-31 06585023 core:CapitalRedemptionReserve 2022-09-01 2023-08-31 06585023 core:CapitalRedemptionReserve bus:Consolidated 2022-09-01 2023-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity 2022-09-01 2023-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-09-01 2023-08-31 06585023 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 06585023 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-09-01 2023-08-31 06585023 core:ShareCapital 2022-09-01 2023-08-31 06585023 core:ShareCapital bus:Consolidated 2022-09-01 2023-08-31 06585023 core:SharePremium 2022-09-01 2023-08-31 06585023 core:SharePremium bus:Consolidated 2022-09-01 2023-08-31 06585023 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-09-01 2023-08-31 06585023 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2022-09-01 2023-08-31 06585023 core:PlantEquipmentOtherAssetsUnderOperatingLeases bus:Consolidated 2022-09-01 2023-08-31 06585023 core:ComputerEquipment bus:Consolidated 2022-09-01 2023-08-31 06585023 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-09-01 2023-08-31 06585023 core:LandBuildings bus:Consolidated 2022-09-01 2023-08-31 06585023 core:MotorVehicles bus:Consolidated 2022-09-01 2023-08-31 06585023 core:OtherPropertyPlantEquipment bus:Consolidated 2022-09-01 2023-08-31 06585023 core:PlantMachinery bus:Consolidated 2022-09-01 2023-08-31 06585023 core:Subsidiary1 2022-09-01 2023-08-31 06585023 core:UKTax bus:Consolidated 2022-09-01 2023-08-31 06585023 countries:EnglandWales bus:Consolidated 2022-09-01 2023-08-31 06585023 2022-08-31 06585023 bus:Consolidated 2022-08-31 06585023 core:CapitalRedemptionReserve 2022-08-31 06585023 core:CapitalRedemptionReserve bus:Consolidated 2022-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-08-31 06585023 core:RetainedEarningsAccumulatedLosses 2022-08-31 06585023 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-08-31 06585023 core:ShareCapital 2022-08-31 06585023 core:ShareCapital bus:Consolidated 2022-08-31 06585023 core:SharePremium 2022-08-31 06585023 core:SharePremium bus:Consolidated 2022-08-31 06585023 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-08-31 06585023 core:OtherPropertyPlantEquipment bus:Consolidated 2022-08-31 06585023 2021-09-01 2022-08-31 06585023 2022-08-31 06585023 bus:Consolidated 2022-08-31 06585023 core:OtherDeferredTax bus:Consolidated 2022-08-31 06585023 core:CapitalRedemptionReserve 2022-08-31 06585023 core:CapitalRedemptionReserve bus:Consolidated 2022-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-08-31 06585023 core:OtherReservesSubtotal 2022-08-31 06585023 core:OtherReservesSubtotal bus:Consolidated 2022-08-31 06585023 core:RetainedEarningsAccumulatedLosses 2022-08-31 06585023 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-08-31 06585023 core:ShareCapital 2022-08-31 06585023 core:ShareCapital bus:Consolidated 2022-08-31 06585023 core:SharePremium 2022-08-31 06585023 core:SharePremium bus:Consolidated 2022-08-31 06585023 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-08-31 06585023 core:CurrentFinancialInstruments 2022-08-31 06585023 core:CurrentFinancialInstruments bus:Consolidated 2022-08-31 06585023 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 06585023 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-08-31 06585023 core:BetweenTwoFiveYears bus:Consolidated 2022-08-31 06585023 core:WithinOneYear bus:Consolidated 2022-08-31 06585023 core:OtherPropertyPlantEquipment bus:Consolidated 2022-08-31 06585023 bus:Consolidated 2021-09-01 2022-08-31 06585023 core:CapitalRedemptionReserve 2021-09-01 2022-08-31 06585023 core:CapitalRedemptionReserve bus:Consolidated 2021-09-01 2022-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity 2021-09-01 2022-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2021-09-01 2022-08-31 06585023 core:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 06585023 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-09-01 2022-08-31 06585023 core:ShareCapital 2021-09-01 2022-08-31 06585023 core:ShareCapital bus:Consolidated 2021-09-01 2022-08-31 06585023 core:SharePremium 2021-09-01 2022-08-31 06585023 core:SharePremium bus:Consolidated 2021-09-01 2022-08-31 06585023 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-09-01 2022-08-31 06585023 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2021-09-01 2022-08-31 06585023 core:PlantEquipmentOtherAssetsUnderOperatingLeases bus:Consolidated 2021-09-01 2022-08-31 06585023 core:Subsidiary1 2021-09-01 2022-08-31 06585023 core:UKTax bus:Consolidated 2021-09-01 2022-08-31 06585023 2021-08-31 06585023 bus:Consolidated 2021-08-31 06585023 core:CapitalRedemptionReserve 2021-08-31 06585023 core:CapitalRedemptionReserve bus:Consolidated 2021-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity 2021-08-31 06585023 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2021-08-31 06585023 core:RetainedEarningsAccumulatedLosses 2021-08-31 06585023 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-08-31 06585023 core:ShareCapital 2021-08-31 06585023 core:ShareCapital bus:Consolidated 2021-08-31 06585023 core:SharePremium 2021-08-31 06585023 core:SharePremium bus:Consolidated 2021-08-31 06585023 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06585023

Roberts Limbrick Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 August 2023

 

Roberts Limbrick Holdings Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 24

 

Roberts Limbrick Holdings Limited

Company Information

Directors

D P Billingham

P J Gooderson

W Organ

A W Roberts

J L Roberts

A S Terry

E M Hitchings

Company secretary

E M Hitchings

Registered office

The Carriage Building
Bruton Way
Gloucester
GL1 1DG

Solicitors

BPE Solicitors LLP
St James House
St James Square
Cheltenham
GL50 3PR

Bankers

Lloyds Bank Plc
19 Eastgate Street
Gloucester
GL1 1NU

Auditors

Hazlewoods LLP
Chartered Accountants
Staverton Courts
Cheltenham
GL51 0UX

 

Roberts Limbrick Holdings Limited

Strategic Report for the Year Ended 31 August 2023

The Directors present their strategic report for the year ended 31 August 2023.

Principal activity

The principal activity of the group is that of a holding company.

The principal activity of the group is that of architectural design.

Fair review of the business

The measures and business strategies adopted by the Directors has resulted in the Group’s turnover decreasing by 7.6% over those of 2021/22.

The investment throughout the year under review in staff and offices has resulted in an expected reduction in, but still very strong, profit before tax of £1.9 million (from £3.1 million in 2022). The Directors are pleased to report that the business remains in a very good position.

Key performance indicators

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£'000

8,327

9,025

Gross profit

£'000

3,776

4,709

Gross profit margin

%

45

52

Profit before tax

£'000

1,928

3,128

Net current assets

£'000

2,485

3,067

Given the nature of the business, the Directors are of the opinion that key performance indicators are a valuable tool for driving continuous improvement across all aspects of the business. The Group uses a number of key performance indicators to monitor and improve the performance of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments and include measures relating to Financial Performance, Health and Safety, Employee Satisfaction, Customer Satisfaction, Quality and, Environmental.

The Group’s key financial indicators during the year included the measurement of turnover, gross profit margin, EBITDA and net cash generation which are presented in the Profit and Loss Account, Balance Sheet and Cash Flow Statements. Indicators are reviewed on a daily, weekly and monthly basis to ensure changes in internal and external environments can be reacted to in a timely manner.

Principal risks and uncertainties

The management of the group and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the general economic climate and competition within the sector.

Approved by the Board on 21 March 2024 and signed on its behalf by:


E M Hitchings
Company secretary and director

 

Roberts Limbrick Holdings Limited

Directors' Report for the Year Ended 31 August 2023

The Directors present their report and the for the year ended 31 August 2023.

Directors of the company

The Directors who held office during the year were as follows:

D P Billingham

P J Gooderson

P W Newth (resigned 30 December 2022)

W Organ

A W Roberts

J L Roberts

A S Terry

E M Hitchings - Company secretary and director

Objectives and policies

The group does not use financial instruments to manage its risks.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity risk - The Group's principal liquidity risk is to ensure that it has sufficient liquid assets to meet its working capital requirements. This is monitored on a monthly basis and unencumbered cash resources are retained in order to meet this requirement.

Interest rate risk - The Group has net cash resources and is therefore not at risk from increases in interest rates.

Credit risk - The Group's cash resources are held with one of the major banks. The Group's debtors relate primarily to amounts outstanding in respect of fees billed are billable to clients; non-payments are promptly pursued.

Price risk - The Group has no significant exposure to price risk, other than in respect to changes in market conditions.

Future developments

The Directors consider that the market will remain steady in the coming year and anticipate that the Group will at least maintain its activity proportionately. In recent financial years, the Group has put in place the resources required to ensure it can remain in a strong position and take advantage of opportunities that may arise. The Group’s strategy is currently on track for 2023/24 with continuing investment in our staff and buildings.

Going concern

In accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2006' the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.

Cash is being managed effectively to ensure it can support the business over the coming year and the directors believe that the Group also has the ongoing support of our shareholders.

The directors therefore have a reasonable expectation that the Group has adequate resources to continue in operational existence and has continued to adopt the going concern basis in preparing the financial statements.

 

Roberts Limbrick Holdings Limited

Directors' Report for the Year Ended 31 August 2023

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 21 March 2024 and signed on its behalf by:


E M Hitchings
Company secretary and director

 

Roberts Limbrick Holdings Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Roberts Limbrick Holdings Limited

Independent Auditor's Report to the Members of Roberts Limbrick Holdings Limited

Opinion

We have audited the financial statements of Roberts Limbrick Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 August 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Roberts Limbrick Holdings Limited

Independent Auditor's Report to the Members of Roberts Limbrick Holdings Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

 

Roberts Limbrick Holdings Limited

Independent Auditor's Report to the Members of Roberts Limbrick Holdings Limited

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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

......................................
Ryan Hancock (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Courts
Cheltenham
GL51 0UX

26 March 2024

 

Roberts Limbrick Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 August 2023

Note

2023
 £

2022
 £

Turnover

3

8,334,697

9,024,906

Cost of sales

 

(4,557,144)

(4,315,862)

Gross profit

 

3,777,553

4,709,044

Administrative expenses

 

(1,838,548)

(1,573,742)

Other operating income

4

484

1,881

Operating profit

5

1,939,489

3,137,183

Interest payable and similar charges

6

(11,346)

(9,613)

Profit before tax

 

1,928,143

3,127,570

Taxation

9

(433,288)

(609,068)

Profit for the financial year

 

1,494,855

2,518,502

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

 

Roberts Limbrick Holdings Limited

(Registration number: 06585023)
Consolidated Balance Sheet as at 31 August 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

10

342,166

325,328

Current assets

 

Debtors

12

2,173,269

3,004,507

Cash at bank and in hand

 

2,209,658

2,111,020

 

4,382,927

5,115,527

Creditors: Amounts falling due within one year

13

(1,897,702)

(2,048,683)

Net current assets

 

2,485,225

3,066,844

Total assets less current liabilities

 

2,827,391

3,392,172

Provisions for liabilities

 

(49,204)

(62,735)

Net assets

 

2,778,187

3,329,437

Capital and reserves

 

Called up share capital

15

266

304

Share premium reserve

449,990

449,990

Capital redemption reserve

834

796

Other reserves

309,000

309,000

Profit and loss account

2,018,097

2,569,347

Total equity

 

2,778,187

3,329,437

Approved and authorised by the Board on 21 March 2024 and signed on its behalf by:
 

E M Hitchings
Company secretary and director

 

Roberts Limbrick Holdings Limited

(Registration number: 06585023)
Balance Sheet as at 31 August 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

10

342,166

325,328

Investments

11

100,000

100,000

 

442,166

425,328

Current assets

 

Debtors

12

76,384

249,134

Cash at bank and in hand

 

1,138,770

1,039,558

 

1,215,154

1,288,692

Creditors: Amounts falling due within one year

13

(202,337)

(310,425)

Net current assets

 

1,012,817

978,267

Total assets less current liabilities

 

1,454,983

1,403,595

Provisions for liabilities

9

(49,204)

(62,735)

Net assets

 

1,405,779

1,340,860

Capital and reserves

 

Called up share capital

15

266

304

Share premium reserve

449,990

449,990

Capital redemption reserve

834

796

Other reserves

99,000

99,000

Profit and loss account

855,689

790,770

Total equity

 

1,405,779

1,340,860

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £2,111,024 (2022 - profit of £2,125,952).

Approved and authorised by the Board on 21 March 2024 and signed on its behalf by:
 

E M Hitchings
Company secretary and director

 

Roberts Limbrick Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 August 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 September 2021

342

449,990

758

309,000

3,515,578

4,275,668

Profit for the year

-

-

-

-

2,518,502

2,518,502

Dividends

-

-

-

-

(2,964,733)

(2,964,733)

Purchase of own share capital

(38)

-

38

-

(500,000)

(500,000)

At 31 August 2022

304

449,990

796

309,000

2,569,347

3,329,437

Share capital
£

Share premium
£

Capital redemption reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 September 2022

304

449,990

796

309,000

2,569,347

3,329,437

Profit for the year

-

-

-

-

1,494,855

1,494,855

Dividends

-

-

-

-

(1,546,105)

(1,546,105)

Purchase of own share capital

(38)

-

38

-

(500,000)

(500,000)

At 31 August 2023

266

449,990

834

309,000

2,018,097

2,778,187

 

Roberts Limbrick Holdings Limited

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 September 2021

342

449,990

758

99,000

2,129,551

2,679,641

Profit for the year

-

-

-

-

2,125,952

2,125,952

Dividends

-

-

-

-

(2,964,733)

(2,964,733)

Purchase of own share capital

(38)

-

38

-

(500,000)

(500,000)

At 31 August 2022

304

449,990

796

99,000

790,770

1,340,860

Share capital
£

Share premium
£

Capital redemption reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 September 2022

304

449,990

796

99,000

790,770

1,340,860

Profit for the year

-

-

-

-

2,111,024

2,111,024

Dividends

-

-

-

-

(1,546,105)

(1,546,105)

Purchase of own share capital

(38)

-

38

-

(500,000)

(500,000)

At 31 August 2023

266

449,990

834

99,000

855,689

1,405,779

 

Roberts Limbrick Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 August 2023

Note

2023
 £

2022
 £

Cash flows from operating activities

Profit for the year

 

1,494,855

2,518,502

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

91,801

89,070

Loss/(profit) on disposal of tangible assets

638

(13,041)

Finance costs

6

11,346

9,613

Corporation tax expense

9

433,288

609,068

 

2,031,928

3,213,212

Working capital adjustments

 

Decrease/(increase) in trade debtors

12

831,238

(271,568)

(Decrease)/increase in trade creditors

13

(171,771)

126,242

Cash generated from operations

 

2,691,395

3,067,886

Income taxes paid

 

(426,065)

(604,550)

Net cash flow from operating activities

 

2,265,330

2,463,336

Cash flows from investing activities

 

Acquisitions of tangible assets

(109,241)

(243,673)

Proceeds from sale of tangible assets

 

-

14,283

Net cash flows from investing activities

 

(109,241)

(229,390)

Cash flows from financing activities

 

Interest paid

 

(11,346)

(9,613)

Payments for purchase of own shares

 

(500,000)

(500,000)

Dividends paid

(1,546,105)

(2,964,733)

Net cash flows from financing activities

 

(2,057,451)

(3,474,346)

Net increase/(decrease) in cash and cash equivalents

 

98,638

(1,240,400)

Cash and cash equivalents at 1 September

 

2,111,020

3,351,420

Cash and cash equivalents at 31 August

 

2,209,658

2,111,020

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Carriage Building
Bruton Way
Gloucester
GL1 1DG

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £2,111,024 (2022 - profit of £2,125,952).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

Management applies judgement when assessing the percentage of completion for contracts and the subsequent net realisable value of contract work in progress, taking into account the most reliable evidence available at each reporting date. The future realisation of these amounts may be affected by future outcome of these contracts. Provisions are made for any losses which are foreseen.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Turnover

Turnover represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT.

Fee income is recognised on contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainly.

Fee income in respect of contingent fee assignments is recognised in the period when the contingent event can be reliably confirmed as assured. Fee income which has not yet been billed on individual assignments is included as amounts recoverable on contracts within debtors.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

20% straight line

Plant and machinery

15% straight line

Fixtures, fittings and equipment

15% straight line

IT equipment and software

25% straight line

Motor vehicles

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

 

3

Revenue

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

8,334,697

9,024,906

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

484

1,881

 

5

Operating profit

Arrived at after charging

2023
 £

2022
 £

Depreciation expense

91,801

89,070

(Profit)/loss on disposal of tangible fixed assets

638

(13,041)

Operating lease expense - plant and machinery

1,148

793

Operating lease expense - property

227,382

215,453

 

6

Interest payable and similar expenses

2023
£

2022
£

Interest on obligations under finance leases and hire purchase contracts

(369)

-

Interest expense on other finance liabilities

11,715

9,613

11,346

9,613

 

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

3,475,705

3,643,728

Social security costs

364,115

390,168

Pension costs, defined contribution scheme

263,343

279,736

4,103,163

4,313,632

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

93

101

Directors

7

9

100

110

 

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

140,405

158,823

Contributions paid to money purchase schemes

75,000

90,000

215,405

248,823

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

 

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

447,875

565,538

UK corporation tax adjustment to prior periods

(1,056)

-

446,819

565,538

Deferred taxation

Arising from origination and reversal of timing differences

(13,531)

43,530

Tax expense in the income statement

433,288

609,068

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 21.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,928,143

3,127,570

Corporation tax at standard rate

414,936

594,238

Effect of expense not deductible in determining taxable profit

19,408

14,830

Decrease in UK and foreign current tax from adjustment for prior periods

(1,056)

-

Total tax charge

433,288

609,068

Deferred tax

Group and company

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

49,204

2022

Liability
£

Fixed asset timing differences

62,735

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

 

10

Tangible assets

Group and company

Other property, plant and equipment
 £

Cost

At 1 September 2022

1,149,147

Additions

109,241

Disposals

(25,105)

At 31 August 2023

1,233,283

Depreciation

At 1 September 2022

823,819

Charge for the year

91,801

Eliminated on disposal

(24,503)

At 31 August 2023

891,117

Carrying amount

At 31 August 2023

342,166

At 31 August 2022

325,328

 

11

Investments

Company

2023
£

2022
£

Investments in subsidiaries

100,000

100,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Roberts Limbrick Limited

The Carriage Building, Bruton Way, Gloucester, GL1 1DG
United Kingdom

Ordinary

100%

100%

         

The principal activity of Roberts Limbrick Limited is architectural design.

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

 

12

Debtors

 

Group

Company

2023
 £

2022
 £

2023
 £

2022
 £

Trade debtors

1,424,854

1,931,814

-

-

Amounts owed by related parties

-

-

76,384

173,420

Other debtors

-

75,714

-

75,714

Prepayments

234,916

290,890

-

-

Amounts recoverable on long term contracts

513,499

706,089

-

-

Total current trade and other debtors

2,173,269

3,004,507

76,384

249,134

 

13

Creditors

   

Group

Company

Note

2023
 £

2022
 £

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

253,987

181,244

6,060

-

Social security and other taxes

 

454,687

491,761

1,448

1,262

Outstanding pension costs

 

27,291

30,142

6,329

7,673

Other creditors

 

59,982

214,926

56,171

205,444

Accrued expenses

 

281,292

246,339

238

4,205

Corporation tax liability

9

359,023

338,269

132,091

91,841

Payments received on account

 

461,440

546,002

-

-

 

1,897,702

2,048,683

202,337

310,425

 

14

Pension and other schemes

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £263,343 (2022 - £279,736). Contributions totalling £27,291 (2022 - £30,142) were payable to the scheme at the end of the year and are included in creditors.

 

Roberts Limbrick Holdings Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

 

15

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary G of £0.01 each

3,796

37.96

3,796

37.96

Ordinary I of £0.01 each

3,796

37.96

3,796

37.96

Ordinary J of £0.01 each

3,796

37.96

3,796

37.96

Ordinary K of £0.01 each

3,796

37.96

3,796

37.96

Ordinary L of £0.01 each

3,796

37.96

3,796

37.96

Ordinary M of £0.01 each

3,796

37.96

3,796

37.96

Ordinary N of £0 (2022 - £0.01) each

-

-

3,796

37.96

Ordinary O of £0.01 each

3,796

37.96

3,796

37.96

 

26,572

266

30,368

304

On 30 December 2022 the company purchased 3,796 of it's own Ordinary N shares of £0.01 each for consideration of £500,000.

All shares in issue rank pari passu in all respects but are capable of receiving separate dividends.

 

16

Obligations under leases

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

211,229

215,453

Later than one year and not later than five years

482,600

522,900

693,829

738,353

The amount of non-cancellable operating lease payments recognised as an expense during the year was £227,382 (2022 - £216,246).

 

17

Dividends

2023
 £

2022
 £

Dividends paid

1,546,105

2,964,733

 

18

Related party transactions

Group

Transactions with directors

At 31 August 2023 the directors owed the Company £Nil (2022 - £75,714).

Group and Company

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 8 to the financial statements.