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COMPANY REGISTRATION NUMBER: 10448967
Datashredders Group Limited
Consolidated Financial Statements
For the year ended
30 September 2023
Datashredders Group Limited
Consolidated Financial Statements
Year ended 30 September 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the consolidated financial statements
15
Datashredders Group Limited
Officers and Professional Advisers
The board of directors
E Lefevre
J Lefevre
Registered office
Unit 2 Eastwood Industrial Estate
Eastwood End
Wimblington
Cambridgeshire
PE15 0QH
Auditor
Streets Audit LLP
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Datashredders Group Limited
Strategic Report
Year ended 30 September 2023
We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face.
The group's core operations are that of collection, shredding and selling of materials.
Operation Performance and Key Performance Indicators
The directors consider the key performance indicators (KPI's) of the group to be turnover, gross margin and net profit.
The group reported turnover in the year of £8.3m (2022: £8.8m) and a gross margin of 24.3% (28.6%) resulting in a profit before tax of £0.16m (2022: £3.46m).
Principal Risks and Uncertainties
The group's principal financial instruments comprise cash, bank borrowings and various items, such as trade debtors and trade creditors, which arise directly from its operations. The main purpose of these financial instruments is to provide finance for the group's operations.
The existence of these financial instruments exposes the group to a number of financial risks. The main risks arising from the group's financial risks are credit risk, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.
Credit risk
The group seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner.
Liquidity risk
The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities. The main functional currency of the business is Sterling and the group does not have material exposure to foreign-denominated currency.
Interest rate risk
The group's exposure to market risk for the changes in interest rates relates primarily to its assets obtained through hire purchase agreements. The company seeks to manage this risk by keeping hire purchase to a minimum.
Health & safety risk
The group is exposed health & safety risk owing to the nature of the business and sector it operates in. The company seeks to manage this risk through internal expertise and external consultants where deemed necessary.
Outlook
The group continues to seek to grow across all core operations. The directors will continue to react to market conditions whilst managing the risks noted above.
Brexit also continues to affect the UK economy however so far we have not been affected in any way but we continue to monitor whether there may be any impact on the business.
This report was approved by the board of directors on 22 April 2024 and signed on behalf of the board by:
J Lefevre
Director
Registered office:
Unit 2 Eastwood Industrial Estate
Eastwood End
Wimblington
Cambridgeshire
PE15 0QH
Datashredders Group Limited
Directors' Report
Year ended 30 September 2023
The directors present their report and the Consolidated Financial Statements of the group for the year ended 30 September 2023 .
Directors
The directors who served the company during the year were as follows:
E Lefevre
J Lefevre
Dividends
Particulars of recommended dividends are detailed in note 13 to the Consolidated Financial Statements.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the Consolidated Financial Statements in accordance with applicable law and regulations. Company law requires the directors to prepare Consolidated Financial Statements for each financial year. Under that law the directors have elected to prepare the Consolidated 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 Consolidated Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Consolidated Financial Statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Consolidated Financial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Consolidated Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 22 April 2024 and signed on behalf of the board by:
J Lefevre
Director
Registered office:
Unit 2 Eastwood Industrial Estate
Eastwood End
Wimblington
Cambridgeshire
PE15 0QH
Datashredders Group Limited
Independent Auditor's Report to the Members of Datashredders Group Limited
Year ended 30 September 2023
Opinion
We have audited the Consolidated Financial Statements of Datashredders Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Consolidated Financial Statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the consolidated 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 Consolidated 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 Consolidated Financial Statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Consolidated Financial Statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Consolidated Financial Statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the Consolidated Financial Statements are prepared is consistent with the Consolidated Financial Statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Consolidated Financial Statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the Consolidated 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 Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated 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 consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the Consolidated 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 Consolidated Financial Statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; and - enquiring of management as to actual and potential litigation and claims; There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the Consolidated Financial Statements is located 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.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered Accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
22 April 2024
Datashredders Group Limited
Consolidated Statement of Income and Retained Earnings
Year ended 30 September 2023
2023
2022
Note
£
£
Turnover
4
8,366,551
8,802,751
Cost of sales
6,333,803
6,286,462
------------
------------
Gross profit
2,032,748
2,516,289
Administrative expenses
1,894,268
1,848,634
Other operating income
5
101,446
49,852
Business interruption insurance income
2,762,790
------------
------------
Operating profit
6
239,926
3,480,297
Other interest receivable and similar income
10
1,046
57
Interest payable and similar expenses
11
15,222
20,012
------------
------------
Profit before taxation
225,750
3,460,342
Tax on profit
12
26,070
718,895
---------
------------
Profit for the financial year and total comprehensive income
199,680
2,741,447
---------
------------
Dividends paid and payable
13
( 150,000)
( 160,000)
Retained earnings at the start of the year
6,660,992
4,079,545
------------
------------
Retained earnings at the end of the year
6,710,672
6,660,992
------------
------------
All the activities of the group are from continuing operations.
Datashredders Group Limited
Company Statement of Income and Retained Earnings
Year ended 30 September 2023
2023
2022
Note
£
£
Profit for the financial year and total comprehensive income
111,100
2,137,955
Dividends paid and payable
13
( 150,000)
( 160,000)
Retained earnings at the start of the year
3,316,173
1,338,218
------------
------------
Retained earnings at the end of the year
3,277,273
3,316,173
------------
------------
Datashredders Group Limited
Consolidated Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
64,958
115,958
Tangible assets
15
3,992,440
3,459,503
Investments
16
808,270
869,471
------------
------------
4,865,668
4,444,932
Current assets
Stocks
17
44,212
104,950
Debtors
18
1,359,650
1,616,314
Investments
19
1,000,000
Cash at bank and in hand
1,263,597
3,158,729
------------
------------
3,667,459
4,879,993
Creditors: amounts falling due within one year
20
961,657
1,808,567
------------
------------
Net current assets
2,705,802
3,071,426
------------
------------
Total assets less current liabilities
7,571,470
7,516,358
Creditors: amounts falling due after more than one year
21
74,320
201,529
Provisions
23
786,378
653,737
------------
------------
Net assets
6,710,772
6,661,092
------------
------------
Capital and reserves
Called up share capital
26
100
100
Profit and loss account
27
6,710,672
6,660,992
------------
------------
Shareholders funds
6,710,772
6,661,092
------------
------------
These Consolidated Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Consolidated Financial Statements were approved by the board of directors and authorised for issue on 22 April 2024 , and are signed on behalf of the board by:
J Lefevre
Director
Company registration number: 10448967
Datashredders Group Limited
Company Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
15
820,461
831,370
Investments
16
794,070
855,271
------------
------------
1,614,531
1,686,641
Current assets
Debtors
18
259,636
181,225
Investments
19
1,000,000
Cash at bank and in hand
460,773
1,983,943
------------
------------
1,720,409
2,165,168
Creditors: amounts falling due within one year
20
55,184
533,103
------------
------------
Net current assets
1,665,225
1,632,065
------------
------------
Total assets less current liabilities
3,279,756
3,318,706
Provisions
23
2,383
2,433
------------
------------
Net assets
3,277,373
3,316,273
------------
------------
Capital and reserves
Called up share capital
26
100
100
Profit and loss account
27
3,277,273
3,316,173
------------
------------
Shareholders funds
3,277,373
3,316,273
------------
------------
The profit for the financial year of the parent company was £ 111,100 (2022: £ 2,137,955 ).
These Consolidated Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Consolidated Financial Statements were approved by the board of directors and authorised for issue on 22 April 2024 , and are signed on behalf of the board by:
J Lefevre
Director
Company registration number: 10448967
Datashredders Group Limited
Consolidated Statement of Cash Flows
Year ended 30 September 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
199,680
2,741,447
Adjustments for:
Depreciation of tangible assets
618,136
678,709
Amortisation of intangible assets
51,000
44,042
Fair value adjustment of investment property
61,201
( 62,917)
Other interest receivable and similar income
( 1,046)
( 57)
Interest payable and similar expenses
15,222
20,012
Gains on disposal of tangible assets
( 41,495)
( 6,731)
Tax on profit
26,070
718,895
Accrued income
( 47,074)
( 2,219)
Changes in:
Stocks
60,738
( 55,850)
Trade and other debtors
256,664
( 581,221)
Trade and other creditors
( 198,324)
96,746
------------
------------
Cash generated from operations
1,000,772
3,590,856
Interest paid
( 15,222)
( 20,012)
Interest received
1,046
57
Tax paid
( 494,463)
( 111,619)
------------
------------
Net cash from operating activities
492,133
3,459,282
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,467,578)
( 1,119,962)
Proceeds from sale of tangible assets
358,000
19,606
Purchase of intangible assets
( 160,000)
Purchases of other investments
(1,000,000)
(378,498)
------------
------------
Net cash used in investing activities
( 2,109,578)
( 1,638,854)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 50,000)
( 50,000)
Payments of finance lease liabilities
( 77,687)
( 12,648)
Dividends paid
( 150,000)
( 160,000)
------------
------------
Net cash used in financing activities
( 277,687)
( 222,648)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,895,132)
1,597,780
Cash and cash equivalents at beginning of year
3,158,729
1,560,949
------------
------------
Cash and cash equivalents at end of year
1,263,597
3,158,729
------------
------------
Datashredders Group Limited
Notes to the Consolidated Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Eastwood Industrial Estate, Eastwood End, Wimblington, Cambridgeshire, PE15 0QH.
2. Statement of compliance
These Consolidated Financial Statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income statement. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
No dislosure exemptions are available under FRS102 section 1.12.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: 1) Depreciation and amortisation charge The annual depreciation and amortisation charges for each class of fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. 2) Revaluation of assets Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred, which is usually on the despatch of goods, the amount of revenue can be measured reliably and it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
33% straight line
Other intangibles
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairments losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Long leasehold property
-
10% straight line
Plant and machinery
-
10 - 25% Straight line
Fixtures, fittings and equipment
-
25% straight line
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Other fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Dividends and other distributions received from investments are recognised as income in profit or loss.
Income from investments is accounted for when received.
Investments in other companies accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
6,806,413
7,304,449
Rendering of services
1,560,138
1,498,302
------------
------------
8,366,551
8,802,751
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
6. Operating loss/profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
51,000
44,042
Depreciation of tangible assets
618,136
678,709
Gains on disposal of tangible assets
( 41,495)
( 6,731)
Fair value adjustments to investment property
61,201
( 62,917)
Operating lease payments
61,000
35,750
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the consolidated financial statements
16,950
14,000
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
4,622
6,860
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
45
47
Administrative staff
5
5
----
----
50
52
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,598,047
1,456,731
Social security costs
159,101
140,906
Other pension costs
151,747
106,480
------------
------------
1,908,895
1,704,117
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
19,123
18,511
Company contributions to defined contribution pension plans
120,000
80,000
---------
--------
139,123
98,511
---------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
2
2
----
----
10. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
1,046
57
-------
----
11. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
8,974
10,636
Interest on obligations under finance leases and hire purchase contracts
6,248
9,376
--------
--------
15,222
20,012
--------
--------
12. Tax on profit
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax expense
( 85,368)
604,078
Adjustments in respect of prior periods
( 21,203)
---------
---------
Total current tax
( 106,571)
604,078
---------
---------
Deferred tax:
Origination and reversal of timing differences
132,641
114,817
---------
---------
Tax on profit
26,070
718,895
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 22 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
225,750
3,460,342
---------
------------
Profit on ordinary activities by rate of tax
49,665
657,465
Adjustment to tax charge in respect of prior periods
( 21,203)
Effect of expenses not deductible for tax purposes
3,198
960
Effect of capital allowances and depreciation
( 17,807)
60,470
Other timing adjustments
(1,263)
Effect of change in tax rate
13,480
---------
------------
Tax on profit
26,070
718,895
---------
------------
13. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
150,000
160,000
---------
---------
14. Intangible assets
Group
Goodwill
Other intangibles
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
285,000
160,000
445,000
---------
---------
---------
Amortisation
At 1 October 2022
285,000
44,042
329,042
Charge for the year
51,000
51,000
---------
---------
---------
At 30 September 2023
285,000
95,042
380,042
---------
---------
---------
Carrying amount
At 30 September 2023
64,958
64,958
---------
---------
---------
At 30 September 2022
115,958
115,958
---------
---------
---------
The company has no intangible assets.
15. Tangible assets
Group
Freehold property
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Oct 2022
860,941
148,152
2,711,848
311,854
2,260,086
6,292,881
Additions
224,733
1,185,701
52,544
4,600
1,467,578
Disposals
( 90,500)
( 520,278)
( 610,778)
---------
---------
------------
---------
------------
------------
At 30 Sep 2023
860,941
372,885
3,807,049
364,398
1,744,408
7,149,681
---------
---------
------------
---------
------------
------------
Depreciation
At 1 Oct 2022
29,571
10,911
1,173,633
253,563
1,365,700
2,833,378
Charge for the year
10,909
25,496
430,757
31,617
119,357
618,136
Disposals
( 64,150)
( 230,123)
( 294,273)
---------
---------
------------
---------
------------
------------
At 30 Sep 2023
40,480
36,407
1,540,240
285,180
1,254,934
3,157,241
---------
---------
------------
---------
------------
------------
Carrying amount
At 30 Sep 2023
820,461
336,478
2,266,809
79,218
489,474
3,992,440
---------
---------
------------
---------
------------
------------
At 30 Sep 2022
831,370
137,241
1,538,215
58,291
894,386
3,459,503
---------
---------
------------
---------
------------
------------
Company
Freehold property
£
Cost
At 1 October 2022 and 30 September 2023
860,941
---------
Depreciation
At 1 October 2022
29,571
Charge for the year
10,909
---------
At 30 September 2023
40,480
---------
Carrying amount
At 30 September 2023
820,461
---------
At 30 September 2022
831,370
---------
The investment property has been revalued based on the Directors knowledge, experience and market information.
Capital commitments
Group
Company
2023
2022
2023
2022
£
£
£
£
Contracted for but not provided for in the Consolidated Financial Statements
164,893
----
---------
----
----
16. Investments
Group
Shares in participating interests
Investment property
Total
£
£
£
Cost
At 1 October 2022
14,400
855,071
869,471
Revaluations
( 61,201)
( 61,201)
--------
---------
---------
At 30 September 2023
14,400
793,870
808,270
--------
---------
---------
Impairment
At 1 October 2022 and 30 September 2023
--------
---------
---------
Carrying amount
At 30 September 2023
14,400
793,870
808,270
--------
---------
---------
At 30 September 2022
14,400
855,071
869,471
--------
---------
---------
Company
Shares in group undertakings
Investment property
Total
£
£
£
Cost
At 1 October 2022
200
855,071
855,271
Revaluations
( 61,201)
( 61,201)
----
---------
---------
At 30 September 2023
200
793,870
794,070
----
---------
---------
Impairment
At 1 October 2022 and 30 September 2023
----
---------
---------
Carrying amount
At 30 September 2023
200
793,870
794,070
----
---------
---------
At 30 September 2022
200
855,071
855,271
----
---------
---------
The group owns 20% of the issued share capital of The Shredding Alliance Holdings Limited.
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Datashredders Limited
Registered office is the same as the parent company
Ordinary
100
Eastwood Trading Limited (Dormant)
Registered office is the same as the parent company
Ordinary
100
17. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
44,212
104,950
--------
---------
----
----
18. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
927,845
1,158,859
Prepayments and accrued income
25,900
213,626
835
Directors loan account
254,823
178,659
254,823
178,659
Other debtors
151,082
65,170
3,978
2,566
------------
------------
---------
---------
1,359,650
1,616,314
259,636
181,225
------------
------------
---------
---------
19. Investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Other investments
1,000,000
1,000,000
------------
----
------------
----
Other investments relates to a managed fund portfolio which was entered into on 31 October 2022.
20. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
65,184
50,000
Trade creditors
543,787
700,751
3,901
355
Amounts owed to group undertakings
15,300
509,486
Accruals and deferred income
96,044
143,118
32,939
2,975
Corporation tax
3,044
604,078
3,044
20,287
Social security and other taxes
167,499
196,965
Obligations under finance leases and hire purchase contracts
70,216
85,878
Other creditors
15,883
27,777
---------
------------
--------
---------
961,657
1,808,567
55,184
533,103
---------
------------
--------
---------
Bank loans and overdrafts are secured against the assets of the company. Hire purchase agreements are secured on the assets to which they relate. Included within the bank loans is a Coronavirus business interruption loan. The lender has been provided with a guarantee from the UK Government.
21. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
63,983
129,167
Obligations under finance leases and hire purchase contracts
10,337
72,362
--------
---------
----
----
74,320
201,529
--------
---------
----
----
Hire purchase agreements are secured on the assets to which they relate. Included within the bank loans is a Coronavirus business interruption loan. The lender has been provided with a guarantee from the UK Government.
22. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
70,216
85,878
Later than 1 year and not later than 5 years
10,337
72,362
--------
---------
----
----
80,553
158,240
--------
---------
----
----
23. Provisions
Group
Deferred tax (note 24)
£
At 1 October 2022
653,737
Additions
132,741
Charge against provision
( 100)
---------
At 30 September 2023
786,378
---------
Company
Deferred tax (note 24)
£
At 1 October 2022
2,433
Charge against provision
( 50)
-------
At 30 September 2023
2,383
-------
24. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 23)
786,378
653,737
2,383
2,433
---------
---------
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
786,378
653,737
2,383
2,433
---------
---------
-------
-------
Deferred tax has been calculated at 25% (2022 - 25%). The expected reversal of the deferred tax asset in the next financial year is £193,618.
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 31,747 (2022: £ 26,480 ).
26. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
27. Reserves
Profit and loss account - this reserve records retained earnings and accumulated losses and the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
28. Analysis of changes in net debt
At 1 Oct 2022
Cash flows
At 30 Sep 2023
£
£
£
Cash at bank and in hand
3,158,729
(1,895,132)
1,263,597
Debt due within one year
(135,878)
478
(135,400)
Debt due after one year
(201,529)
127,209
(74,320)
Current asset investments
1,000,000
1,000,000
------------
------------
------------
2,821,322
( 767,445)
2,053,877
------------
------------
------------
29. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
61,000
31,000
Later than 1 year and not later than 5 years
47,500
76,000
---------
---------
----
----
108,500
107,000
---------
---------
----
----
30. Directors' advances, credits and guarantees
The 2 directors operate a joint loan account with the company. The opening balance was £178,659, directors took advances of £227,112 and made repayments of £150,948. As at the balance sheet date, £254,823 was owed to the company (2022: £178,659). The loan was interest free and repayable on demand.
Datashredders Group Limited
Notes to the Consolidated Financial Statements (continued)
Year ended 30 September 2023
31. Related party transactions
Group
The Shredding Alliance Limited is a company with common directors and shareholders. During the year, Datashredders Limited made sales of £557,968 (2022: £564,698) and purchases of £106,264 (2022: £276,616) to the related party. At year end, £123,152 (2022: £132,972)was owed to Datashredders Limited and £6,534 (2022: £33,413)was owed from them. Rent was paid to The Trustees of The Lefevre Family Pension Scheme totalling £19,000 (2022: £18,000) for the rental of Unit B Eastwood Industrial Estate, PE15 0QH. As at year end, The Lefevre Family Pension Scheme owed Datashredders Limited £nil (2022: £60). Total remuneration of key management personnel are deemed to be the directors, the remuneration is disclosed in note 8. The company has taken advantage from the exemption under FRS102 from reporting transactions with wholly owned members of the same group.
Company
During the year, dividends totalling £150,000 (2022: £160,000) were paid to the directors by virtue of their shareholding in the company.