REGISTERED NUMBER: 08405320 (England and Wales) |
C.S. ELLIS (HOLDINGS) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
REGISTERED NUMBER: 08405320 (England and Wales) |
C.S. ELLIS (HOLDINGS) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 | to | 6 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Statement of Financial Position | 9 |
Company Statement of Financial Position | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Financial Statements | 15 | to | 28 |
C.S. ELLIS (HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their strategic report of the company and the group for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
The Directors are pleased with what they consider to be an exceptionally good 90th year for the business. The three logistics related trading companies, C S Ellis Group Limited, Pacwolf Fulfilment Limited, Versatile Venues Limited all performed very well, securing new revenue streams and finding new ways to deliver the work efficiently. |
The fourth trading company, Rutland Water Garden Nursery Limited, had a transitional year as it made a large investment in a new shop and restaurant on the south shore of Rutland Water. Whilst this impacted the results the enhanced site is now open and trading strongly. |
On the last day of the financial year the trade and assets of the warehousing and fulfilment company, Pacwolf Fulfilment Limited, were transferred to CS Ellis (Group) Limited, incorporating both trading operations under a new ‘C S Ellis Logistics’ brand. This change was to ensure customers were provided with the best collective service offering, bringing the knowledge and experience from both businesses together as one efficient and cohesive entity. |
The overall effect on turnover for the year was an consistent £27.4m to £27.4m, a 0% rise. The gross profit margin increased from 26.8% to 27.7%. Overheads saw a natural increase as a result of the growth, particularly in salaries as a result of the investment in people and due to inflationary impacts. With no revaluation movements this year net margin fell from 6.9% to 4.7%. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors have assessed the main risks facing the group as the adherence to best health and safety practices, along with recruiting and retaining staff and the volatility in both energy and fuel prices. These have all been reviewed and carefully managed with strong focuses from the management, facilities and HR teams. |
ON BEHALF OF THE BOARD: |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
DIVIDENDS |
Interim dividends amounting to £251,000 (2021 - £140,000) were paid during the year between January and June 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
GOING CONCERN |
The Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Cash has remained in a good position throughout the year and forecasts demonstrate there is sufficient headroom to continue operating for at least one year from approval of the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C.S. ELLIS (HOLDINGS) LIMITED |
Opinion |
We have audited the financial statements of C.S. Ellis (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C.S. ELLIS (HOLDINGS) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C.S. ELLIS (HOLDINGS) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws and regulations as part of our financial statements audit. This included the identification and testing of unusual material journal entries and challenging management on key areas of uncertainty being the estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Haulage and operator regulations and Employment laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. This inspection included a review of the external audits conducted in the year, confirmation of renewed relevant memberships and licenses and a detailed walkthrough of Health and Safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, international omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 27,487,649 | 27,365,927 |
Cost of sales | 19,863,844 | 20,056,742 |
GROSS PROFIT | 7,623,805 | 7,309,185 |
Administrative expenses | 6,164,151 | 6,441,509 |
OPERATING PROFIT | 5 | 1,459,654 | 867,676 |
Income from fixed asset investments | 11,892 | 19,110 |
1,471,546 | 886,786 |
Gain/loss on revaluation of investment property | - | 1,163,750 |
1,471,546 | 2,050,536 |
Interest payable and similar expenses | 6 | 195,725 | 162,559 |
PROFIT BEFORE TAXATION | 1,275,821 | 1,887,977 |
Tax on profit | 7 | 159,496 | 540,054 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,089,380 | 1,335,127 |
Non-controlling interests | 26,945 | 12,796 |
1,116,325 | 1,347,923 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,116,325 | 1,347,923 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,116,325 | 1,347,923 |
Total comprehensive income attributable to: |
Owners of the parent | 1,089,380 | 1,335,127 |
Non-controlling interests | 26,945 | 12,796 |
1,116,325 | 1,347,923 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 237,513 | 280,699 |
Tangible assets | 11 | 14,581,723 | 11,534,507 |
Investments | 12 |
Interest in joint venture | - | 1 |
Other investments | 528,959 | 528,959 |
Investment property | 13 | 4,177,542 | 4,200,599 |
19,525,737 | 16,544,765 |
CURRENT ASSETS |
Stocks | 14 | 440,495 | 459,358 |
Debtors | 15 | 4,849,822 | 6,804,781 |
Cash at bank and in hand | 801,466 | 1,576,042 |
6,091,783 | 8,840,181 |
CREDITORS |
Amounts falling due within one year | 16 | 6,343,995 | 7,123,589 |
NET CURRENT (LIABILITIES)/ASSETS | (252,212 | ) | 1,716,592 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 19,273,525 | 18,261,357 |
CREDITORS |
Amounts falling due after more than one year | 17 | (3,247,309 | ) | (3,336,726 | ) |
PROVISIONS FOR LIABILITIES | 21 | (1,635,613 | ) | (1,384,353 | ) |
NET ASSETS | 14,390,603 | 13,540,278 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 12,780 | 12,780 |
Revaluation reserve | 23 | 337,516 | 337,516 |
Capital redemption reserve | 23 | 3,043 | 3,043 |
Retained earnings | 23 | 14,022,372 | 13,183,992 |
SHAREHOLDERS' FUNDS | 14,375,711 | 13,537,331 |
NON-CONTROLLING INTERESTS | 14,892 | 2,947 |
TOTAL EQUITY | 14,390,603 | 13,540,278 |
The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2024 and were signed on its behalf by: |
C S Ellis - Director |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 17 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 587,815 | 1,406,729 |
The financial statements were approved by the Board of Directors and authorised for issue on |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 July 2021 | 12,780 | 11,988,865 | 337,516 |
Changes in equity |
Dividends | - | (140,000 | ) | - |
Total comprehensive income | - | 1,335,127 | - |
Balance at 30 June 2022 | 12,780 | 13,183,992 | 337,516 |
Changes in equity |
Dividends | - | (251,000 | ) | - |
Total comprehensive income | - | 1,089,380 | - |
Balance at 30 June 2023 | 12,780 | 14,022,372 | 337,516 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 July 2021 | 3,043 | 12,342,204 | (9,849 | ) | 12,332,355 |
Changes in equity |
Dividends | - | (140,000 | ) | - | (140,000 | ) |
Total comprehensive income | - | 1,335,127 | 12,796 | 1,347,923 |
Balance at 30 June 2022 | 3,043 | 13,537,331 | 2,947 | 13,540,278 |
Changes in equity |
Dividends | - | (251,000 | ) | (15,000 | ) | (266,000 | ) |
Total comprehensive income | - | 1,089,380 | 26,945 | 1,116,325 |
Balance at 30 June 2023 | 3,043 | 14,375,711 | 14,892 | 14,390,603 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,156,963 | 2,009,438 |
Interest paid | (165,655 | ) | (127,809 | ) |
Interest element of hire purchase payments paid | (30,070 | ) | (34,750 | ) |
Tax paid | - | (126,469 | ) |
Taxation refund | 71,928 | - |
Net cash from operating activities | 4,033,166 | 1,720,410 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,017,067 | ) | (2,687,069 | ) |
Purchase of investment property | - | (7,506 | ) |
Sale of tangible fixed assets | 239,471 | 587,479 |
Dividends received | 11,892 | 19,110 |
Net cash from investing activities | (3,765,704 | ) | (2,087,986 | ) |
Cash flows from financing activities |
New loans in year | - | 1,157,245 |
Loan repayments in year | (422,595 | ) | (320,469 | ) |
Capital repayments in year | (371,008 | ) | (565,575 | ) |
Amount introduced by directors | 2,985 | - |
Amount withdrawn by directors | (420 | ) | - |
Equity dividends paid | (251,000 | ) | (140,000 | ) |
Net cash from financing activities | (1,042,038 | ) | 131,201 |
Decrease in cash and cash equivalents | (774,576 | ) | (236,375 | ) |
Cash and cash equivalents at beginning of year | 2 | 1,576,042 | 1,812,417 |
Cash and cash equivalents at end of year | 2 | 801,466 | 1,576,042 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit for the financial year | 1,116,325 | 1,347,923 |
Depreciation charges | 1,604,317 | 1,792,580 |
Profit on disposal of fixed assets | (226,063 | ) | (286,068 | ) |
Gain on revaluation of fixed assets | - | (1,163,750 | ) |
Amortisation | 43,186 | 43,186 |
Finance costs | 195,725 | 162,559 |
Finance income | (11,892 | ) | (19,110 | ) |
Taxation | 159,496 | 540,054 |
2,881,094 | 2,417,374 |
Decrease/(increase) in stocks | 18,863 | (167,367 | ) |
Decrease/(increase) in trade and other debtors | 1,948,416 | (264,173 | ) |
(Decrease)/increase in trade and other creditors | (691,410 | ) | 23,604 |
Cash generated from operations | 4,156,963 | 2,009,438 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 801,466 | 1,576,042 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 1,576,042 | 1,812,417 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.7.22 | Cash flow | changes | At 30.6.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,576,042 | (774,576 | ) | 801,466 |
1,576,042 | (774,576 | ) | 801,466 |
Debt |
Finance leases | (1,101,784 | ) | 371,008 | (756,878 | ) | (1,487,654 | ) |
Debts falling due |
within 1 year | (1,176,446 | ) | 61,286 | - | (1,115,160 | ) |
Debts falling due |
after 1 year | (2,635,095 | ) | 361,309 | - | (2,273,786 | ) |
(4,913,325 | ) | 793,603 | (756,878 | ) | (4,876,600 | ) |
Total | (3,337,283 | ) | 19,027 | (756,878 | ) | (4,075,134 | ) |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
C.S. Ellis (Holdings) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Cash has remained in a good position throughout the year and forecasts demonstrate there is sufficient headroom to continue operating for at least one year from approval of the financial statements. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The Group and Parent Company make estimates and assumptions concerning the future. The Directors are also required to exercise judgement in the process of applying the Group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
In preparing these financial statements, the Directors have made the following judgements: |
Property valuation |
The Directors make judgements with regards to the market value of the property held for investment. A combination of factors are considered in determining this value including property yields, relevant price indices and levels of economic uncertainty, alongside application of the Directors industry knowledge. The proportion of the mixed use property is calculated based on estimated floor space. |
Other sources of estimation uncertainty are as follows: |
- Insurance provisions are based on amounts expected to be paid out in respect of insurance claims |
- Bad debt provision is reviewed on a client by client basis and estimated based on the likelihood of debt being recovered. |
- Depreciation and amortisation rates are based on estimates of the useful economic lives and residual values of the assets involved. |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Revenue from haulage and freight transport services is recognised in the period in which the services are provided. |
Goods sales are recognised when ownership of the goods passes. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated profit and loss account over its useful economic life of 10 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The assets' residual values, useful economic lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive income. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items. |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt the FRS 102A in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to the Statement of Comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issues costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of Comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 27,263,153 | 27,075,971 |
Europe | 224,496 | 289,956 |
27,487,649 | 27,365,927 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 7,899,051 | 7,718,011 |
Social security costs | 444,899 | 442,372 |
Other pension costs | 118,750 | 106,313 |
8,462,700 | 8,266,696 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Haulage and storage | 147 | 164 |
Administration | 68 | 74 |
Nursery | 32 | 33 |
The average number of employees by undertakings that were proportionately consolidated during the year was 246 (2022 - NIL ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 425,097 | 461,112 |
Directors' pension contributions to money purchase schemes | 43,930 | 25,421 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 155,295 | 166,078 |
Pension contributions to money purchase schemes | 16,317 | 11,346 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 1,561,129 | 1,792,580 |
Profit on disposal of fixed assets | (226,063 | ) | (249,072 | ) |
Goodwill amortisation | 43,186 | 43,186 |
Auditors' remuneration | 27,750 | 28,500 |
Auditors' remuneration for non audit work | - | 20,006 |
Foreign exchange differences | (458 | ) | (31,109 | ) |
Operating lease rentals | 294,528 | 294,528 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest | 165,655 | 127,809 |
Hire purchase interest | 30,070 | 34,750 |
195,725 | 162,559 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | - | 62,249 |
Adjustment re previous years | (91,764 | ) | (98,955 | ) |
Total current tax | (91,764 | ) | (36,706 | ) |
Deferred tax | 251,260 | 576,760 |
Tax on profit | 159,496 | 540,054 |
UK corporation tax has been charged at 25 % . |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,275,821 | 1,887,977 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
318,955 |
358,716 |
Effects of: |
Expenses not deductible for tax purposes | - | 60,530 |
Depreciation in excess of capital allowances | - | 13,397 |
Utilisation of tax losses | - | 11,422 |
Adjustments to tax charge in respect of previous periods | (91,764 | ) | (98,955 | ) |
Changes to tax rates | (57,412 | ) | 95,592 |
Deferred tax not recognised | - | 122,626 |
Other timing differences | (10,283 | ) | (23,274 | ) |
Total tax charge | 159,496 | 540,054 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary A shares of 1 each |
Interim | 251,000 | 140,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 | 431,845 |
AMORTISATION |
At 1 July 2022 | 151,146 |
Amortisation for year | 43,186 |
At 30 June 2023 | 194,332 |
NET BOOK VALUE |
At 30 June 2023 | 237,513 |
At 30 June 2022 | 280,699 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 July 2022 | 9,138,206 | 1,192,093 | 5,765,326 |
Additions | 2,650,404 | 1,603 | 444,895 |
Disposals | - | - | (1,042,337 | ) |
Reclassification/transfer | - | - | (316,588 | ) |
At 30 June 2023 | 11,788,610 | 1,193,696 | 4,851,296 |
DEPRECIATION |
At 1 July 2022 | 1,779,896 | 737,807 | 4,900,454 |
Charge for year | 9,107 | 73,466 | 435,963 |
Eliminated on disposal | - | - | (994,162 | ) |
Reclassification/transfer | - | - | (338,337 | ) |
At 30 June 2023 | 1,789,003 | 811,273 | 4,003,918 |
NET BOOK VALUE |
At 30 June 2023 | 9,999,607 | 382,423 | 847,378 |
At 30 June 2022 | 7,358,310 | 454,286 | 864,872 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 | - | 7,696,556 | 521,254 | 24,313,435 |
Additions | 304,720 | 1,363,481 | 8,842 | 4,773,945 |
Disposals | - | (1,551,018 | ) | (117,473 | ) | (2,710,828 | ) |
Reclassification/transfer | - | - | (94,650 | ) | (411,238 | ) |
At 30 June 2023 | 304,720 | 7,509,019 | 317,973 | 25,965,314 |
DEPRECIATION |
At 1 July 2022 | - | 4,921,709 | 439,062 | 12,778,928 |
Charge for year | 44,869 | 918,093 | 56,574 | 1,538,072 |
Eliminated on disposal | - | (1,410,537 | ) | (117,473 | ) | (2,522,172 | ) |
Reclassification/transfer | - | - | (72,900 | ) | (411,237 | ) |
At 30 June 2023 | 44,869 | 4,429,265 | 305,263 | 11,383,591 |
NET BOOK VALUE |
At 30 June 2023 | 259,851 | 3,079,754 | 12,710 | 14,581,723 |
At 30 June 2022 | - | 2,774,847 | 82,192 | 11,534,507 |
The net book value of assets held under hire purchase contracts, included above, is £1,749,099 (2022 £1,311,620) |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in joint | Unlisted |
venture | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2022 | 1 | 528,959 | 528,960 |
Disposals | (1 | ) | - | (1 | ) |
At 30 June 2023 | - | 528,959 | 528,959 |
NET BOOK VALUE |
At 30 June 2023 | - | 528,959 | 528,959 |
At 30 June 2022 | 1 | 528,959 | 528,960 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Included in the above are investments held at valuation amounting to £519,960 (2022 - £519,960), the original cost of these investments was £112,750 (2022 - £112,750). |
The registered office of the subsidiary undertakings is Wireless Hill, South Luffenham, Oakham, Rutland, LE15 8NF. |
Rutland Water Garden Nursery Limited and Pacwolf Fulfilment Limited are exempt from the requirements to obtain an audit of its financial statements by virtue of section 479A of the Companies Act 2006. C. S Ellis (Holdings) Limited guarantees the liabilities of Rutland Water Garden Nursery Limited and Pacwolf Fulfilment Limited under section 479C of the Companies Act 2006 in respect of the financial year ended 30 June 2023. |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 | 4,200,599 |
DEPRECIATION |
Charge for year | 23,057 |
At 30 June 2023 | 23,057 |
NET BOOK VALUE |
At 30 June 2023 | 4,177,542 |
At 30 June 2022 | 4,200,599 |
The 2022 valuations were made by the Directors, on an open market value for existing use basis. The historical cost of the freehold investment property amounts to £1,869,384 (2022 - £1,8698,384). |
Company |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
Charge for year | 23,057 |
At 30 June 2023 | 23,057 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The 2022 valuations were made by the Directors, on an open market value for existing use basis. The historical cost of the freehold investment property amounts to £7,526,131 (2022 - £7,526,131). |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 440,495 | 459,358 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 3,812,296 | 5,179,081 |
Amounts owed by group undertakings | - | - |
Amounts owed by joint ventures | - | 48,750 |
Other debtors | 193,279 | 164,737 |
Directors' current accounts | 420 | - | - | - |
VAT | - | - |
Prepayments and accrued income | 843,827 | 1,412,213 |
4,849,822 | 6,804,781 |
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 1,115,160 | 1,176,446 |
Hire purchase contracts (see note 19) | 514,131 | 400,153 |
Trade creditors | 1,809,062 | 2,737,694 |
Amounts owed to group undertakings | - | - |
Amounts owed to joint ventures | - | 28,524 | - | 28,273 |
Taxation | 10,248 | 1,531 |
Other taxes and social security | 277,119 | 430,761 |
VAT | 104,491 | 309,019 | - | - |
Other creditors | 765,350 | 90,474 |
Directors' current accounts | 2,985 | - | - | - |
Accruals and deferred income | 1,745,449 | 1,948,987 |
6,343,995 | 7,123,589 |
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
Included within other creditors are amounts due under an invoice financing facility amounting to £449,917 (2022 £388,247). |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 18) | 2,273,786 | 2,635,095 |
Hire purchase contracts (see note 19) | 973,523 | 701,631 |
3,247,309 | 3,336,726 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 1,115,160 | 1,176,446 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 1,115,161 | 311,910 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 1,158,625 | 2,323,185 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 514,131 | 400,153 |
Between one and five years | 973,523 | 701,631 |
1,487,654 | 1,101,784 |
Company |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 345,887 | 411,000 |
Between one and five years | 166,327 | 370,000 |
512,214 | 781,000 |
20. | SECURED DEBTS |
Obligations under hire purchase contracts are secured on the assets to which they relate. |
Bank loans are secured by a fixed and floating charge over the assets of the Company. |
Amounts due under an invoice financing facility are secured against the trade debtors of the Company. |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 877,583 | 619,886 | 114,409 | 101,884 |
Other timing differences | (40,081 | ) | (35,017 | ) | - | - |
Losses | (3,687 | ) | - | - | - |
Unrealised gains | 801,798 | 799,484 | 1,031,499 | 1,031,499 |
1,635,613 | 1,384,353 | 1,145,908 | 1,133,383 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2022 | 1,384,353 |
Provided during year | 251,260 |
Balance at 30 June 2023 | 1,635,613 |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during year |
Balance at 30 June 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | 1 | 6,518 | 6,518 |
Ordinary B | 1 | 4,984 | 4,984 |
Ordinary C | 1 | 1,278 | 1,278 |
12,780 | 12,780 |
23. | RESERVES |
Group |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2022 | 13,183,992 | 337,516 | 3,043 | 13,524,551 |
Profit for the year | 1,089,380 | 1,089,380 |
Dividends | (251,000 | ) | (251,000 | ) |
At 30 June 2023 | 14,022,372 | 337,516 | 3,043 | 14,362,931 |
C.S. ELLIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08405320) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
23. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2023 |
Revaluation reserve |
The revaluation reserve represents the cumulative increases in the fair value of freehold land and buildings. |
Other reserves |
Other reserves is made up of amounts attributable to the capital redemption reserve. |
Profit & loss account |
The profit and loss account represents the cumulative profits and losses of the Parent Company/Group. |
24. | PENSION COMMITMENTS |
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £182,145 (2022 £160,121). Contributions totalling £14,751 (2022 - £13,316) were payable to the fund at the balance sheet date and are included within creditors. |
25. | CONTINGENT LIABILITIES |
The Company is a party to a cross guarantee with C S Ellis (Holdings) Limited, Versatile Venues Limited, and Pacwolf Fulfilment Limited, relating to certain debt facilities. |
On 15 April 2021 there was an incident involving a roofing contractor working on site which tragically led to a fatality. As such, there are ongoing external investigations. The outcome and timeframe of any potential liability is unknown and cannot be estimated with reliable certainty at the date of approval of these financial statements. |
26. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant influence |
2023 | 2022 |
£ | £ |
Sales | 219,300 | 245,509 |
Purchases | 4,740 | - |
Amount due from related party | 1,135,622 | 1,365,233 |
Other related parties |
2023 | 2022 |
£ | £ |
Sales | 1,946,548 | 636,927 |
Purchases | 3,111,535 | 890,569 |
Amount due from related party | 410,617 | 53,847 |
Amount due to related party | 599,679 | 47,017 |
27. | ULTIMATE CONTROLLING PARTY |
The controlling party is T C Ellis. |