REGISTERED NUMBER: |
Burntwood Sports Limited |
Strategic Report, Report of the Directors and |
Financial Statements For The Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Burntwood Sports Limited |
Strategic Report, Report of the Directors and |
Financial Statements For The Year Ended 31 March 2023 |
Burntwood Sports Limited (Registered number: 01328623) |
Contents of the Financial Statements |
For The Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 6 |
Balance Sheet | 7 |
Statement of Changes in Equity | 8 |
Cash Flow Statement | 9 |
Notes to the Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
Burntwood Sports Limited |
Company Information |
For The Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
BANKERS: |
5 Market Hill |
Barnsley |
South Yorkshire |
S70 2PY |
Burntwood Sports Limited (Registered number: 01328623) |
Strategic Report |
For The Year Ended 31 March 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
In the company's first year of trade since 2020 not affected by national lockdowns following the Covid-19 pandemic, the company saw year-on-year growth in turnover of 21.3% and 88.4% growth in profit before tax. This has been driven by the post pandemic increase in the use of facilities during the year. |
Development continued in the year on the new facilities at Bawtry Park Golf Club. |
Key Performance Indicators |
The principal key performance indicators for the company are levels of turnover, gross profit and net profit and employee numbers. The key sums are as follows: |
2023 | 2022 |
£ | £ |
Turnover | 5,534,044 | 4,563,779 |
Gross profit / (loss) | 2,218,475 | 1,601,451 |
Profit before tax | 1,322,471 | 710,376 |
Employee numbers | 97 | 96 |
PRINCIPAL RISKS AND UNCERTAINTIES |
With the national lockdowns coming to an end in the prior year, the previous risks surrounding the Covid-19 pandemic are significantly lower and this is no longer considered to be a main risk. Senior management continue to monitor the impact that Covid-19 has had on the performance of the site and adapt to any changes in consumer patterns identified. |
Senior management also continue to monitor potential threats such as legislative changes and attempt to mitigate any potential consequences, but the main threats for the next couple of years are the impact of inflation, wage rates and energy costs. |
ON BEHALF OF THE BOARD: |
Burntwood Sports Limited (Registered number: 01328623) |
Report of the Directors |
For The Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the operation of a hotel, leisure complex and golf course. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2023. |
FUTURE DEVELOPMENTS |
The directors intend to continue their programme of consolidating the company's position. They anticipate that the trading results will improve going forward. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 company'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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Kingswood Allotts Limited, will be proposed for re-appointment as auditor at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Burntwood Sports Limited |
Opinion |
We have audited the financial statements of Burntwood Sports Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
Report of the Independent Auditors to the Members of |
Burntwood Sports Limited |
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 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 company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- | Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
- | Performing audit work over completeness of income, including cash income, including analytical review and substantive procedures. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
Burntwood Sports Limited (Registered number: 01328623) |
Statement of Comprehensive |
Income |
For The Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,103,528 | 474,620 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Burntwood Sports Limited (Registered number: 01328623) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Burntwood Sports Limited (Registered number: 01328623) |
Statement of Changes in Equity |
For The Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Burntwood Sports Limited (Registered number: 01328623) |
Cash Flow Statement |
For The Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 7,226 | - |
Amount withdrawn by directors | - | (3,308 | ) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 1,360,173 |
Cash and cash equivalents at end of year | 2 | 2,745,897 | 3,052,575 |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Cash Flow Statement |
For The Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Government grants | ( |
) | ( |
) |
Finance income | (55,903 | ) | (3,323 | ) |
1,446,723 | 959,522 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,745,897 | 3,052,575 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 3,052,575 | 1,360,173 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,052,575 | (306,678 | ) | 2,745,897 |
3,052,575 | ( |
) | 2,745,897 |
Total | 3,052,575 | (306,678 | ) | 2,745,897 |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements |
For The Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Burntwood Sports Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. Membership fees are spread over the period to which they relate. |
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. |
Website costs are being amortised evenly over the estimated useful life of 3 years. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold land | - not provided |
Freehold buildings | - 2% on straight line |
Plant and machinery | - 20% on reducing balance and 15% straight line |
Fixtures and fittings | - 20% on reducing balance and 15% straight line |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 33% on straight line |
Assets under construction | - 0% |
Depreciation on assets under construction will commence once the asset is brought into use. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Grants relating to capital expenditure are credited to the profit and loss account over the useful life of the assets to which they relate.Those relating to revenue expenditure are credited in the year the related expenditure is incurred. |
Trust |
The company created a trust whose beneficiaries include employees of the company and their dependents. Assets held under this trust are controlled by trustees who are acting independently and entirely at their own discretion. |
Where assets are held in the trust and these are considered by the company to be in respect of services already provided by employees to the company, the company will account for these as assets of the company until the earlier of it no longer having de facto control of these assets and it not obtaining future economic benefit from these assets. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
Turnover is made up of the following: |
2023 | 2022 |
£ | £ |
Sale of goods | 2,984,415 | 2,627,635 |
Rendering of services | 2,549,629 | 1,936,144 |
5,534,044 | 4,563,779 |
All turnover arises from one class of business, being the leisure industry. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration and directors | 3 | 5 |
Hotel and bar | 67 | 70 |
Health Club | 27 | 21 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
6. | 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 |
Deferred tax |
Tax on profit |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation on non-allowable items | 12,566 | 12,566 |
Change in tax rates | 706 | 16,732 |
Super deduction | (5,908 | ) | (2,740 | ) |
Total tax charge | 257,677 | 160,572 |
7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2023 |
8. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | Plant and | and | Computer |
buildings | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Included in cost of land and buildings is freehold land of £ 790,265 (2022 - £ 790,265 ) which is not depreciated. |
Freehold land and buildings includes £3,546,086 (2022: £1,446,086) of assets under construction, which are not depreciated until brought into use. |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Food and consumables |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation |
Other taxes and social security |
Other creditors |
Directors' current accounts | 85,075 | 77,849 |
Accruals and deferred income |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Accruals and deferred income |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Lease payments recognised as an expense during the year amounted to £2,660 (2022: £2,660). |
14. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 72,656 | 69,713 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Movement in the year | 2,943 |
Balance at 31 March 2023 |
Deferred tax has been provided at 25% (2022: 25%). Subject to further capital expenditure, £38,000 is expected to reverse within one year (2022: £22,000). |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
16. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2023 |
17. | RELATED PARTY DISCLOSURES |
During the year the following balances were outstanding:- |
2023 | 2022 |
£ | £ |
Amount due from other related parties | 161,000 | 161,000 |
Amount due to other related parties | 1,615,992 | 969,448 |
Amount due to the directors | 85,075 | 77,849 |
The amounts due are unsecured, interest free and repayable on demand. |
During the year, the company provided services to related parties amounting to £95,000 (2022: £95,000) and received services from a related party amounting to £2,100,000 (2022: £913,470). |
Key Management Personnel Remuneration |
There are no key management personnel except the directors, whose remuneration is disclosed in the employees and directors note. |