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COMPANY REGISTRATION NUMBER: 08105082
Scott Parnell Limited Group
Financial Statements
30 June 2023
Scott Parnell Limited Group
Financial Statements
Year ended 30 June 2023
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
16
Scott Parnell Limited Group
Strategic Report
Year ended 30 June 2023
The directors consider that the key financial performance indicators (KPIs) are those that communicate the financial performance and strength of the group as a whole to the members. These KPIs comprise turnover, operating profit and shareholders' funds. Business Review The group has continued to grow strongly both in terms of turnover and profit throughout the year, the focus being on increasing the customer base whilst aiming to improve or maintain the margin. Class leading customer service, coupled with flexibility and innovation in the product offering, has resulted in a highly attractive offering to both existing and potential customers, the financial implications of these efforts are reflected in the current year's performance; Turnover has increased by 8% to £130,267,87 (2022: £120,153,981) generating a gross profit of £22,737,872 (2022: £21,177,531). Operating profit increased by 9% to £8,290,496 (2022: £7,599,571). Shareholders' funds increased by 68% to £16,072,170 (2022: £9,555,974). The directors are confident that by following this flexible and innovative policy the company will continue to grow both in terms of profitability and sales. Principal Risks & Uncertainties The directors believe that the principal risks and uncertainties facing the company in the coming year are as follows: Potential downturn in the housing industry, although their activities in other markets are diverse enough to mitigate this risk significantly. The continued expansion of the rail division further mitigates this risk. Bad debt risk, over 85% of the ledger is fully insured and the remaining 15% is spread across several customers reducing the risk to a low level.
This report was approved by the board of directors on 2 February 2024 and signed on behalf of the board by:
David Scott
Director
Registered office:
Suite1, First Floor
1 Duchess Street
London
W1W 6AN
Scott Parnell Limited Group
Directors' Report
Year ended 30 June 2023
The directors present their report and the financial statements of the group for the year ended 30 June 2023 .
Directors
The directors who served the company during the year were as follows:
Steven Parnell
David Scott
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
The company has included information relating to future development in the strategic report.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and 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 judgments 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.
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 2 February 2024 and signed on behalf of the board by:
David Scott
Director
Registered office:
Suite1, First Floor
1 Duchess Street
London
W1W 6AN
Scott Parnell Limited Group
Independent Auditor's Report to the Members of Scott Parnell Limited Group
Year ended 30 June 2023
Opinion
We have audited the financial statements of Scott Parnell Limited Group (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the consolidated statement of 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 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 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 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; - 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 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are 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 financial statements are prepared is consistent with the 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 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 financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Paul Mattei
(Senior Statutory Auditor)
For and on behalf of
Leaman Mattei
Chartered accountants & statutory auditor
Suite 1, First floor
1 Duchess Street
London
W1W 6AN
6 February 2024
Scott Parnell Limited Group
Consolidated Statement of Comprehensive Income
Year ended 30 June 2023
2023
2022
Note
£
£
Turnover
4
130,267,887
120,153,981
Cost of sales
107,530,015
98,976,450
--------------
--------------
Gross profit
22,737,872
21,177,531
Distribution costs
1,470,057
1,524,449
Administrative expenses
13,065,426
12,102,368
Other operating income
5
88,107
48,857
-------------
-------------
Operating profit
6
8,290,496
7,599,571
Other interest receivable and similar income
10
36,515
13,156
Amounts written off investments
11,117
604,967
Interest payable and similar expenses
11
339,460
534,389
-------------
-------------
Profit before taxation
7,976,434
6,473,371
Tax on profit
12
1,462,238
811,594
------------
------------
Profit for the financial year and total comprehensive income
6,514,196
5,661,777
------------
------------
All the activities of the group are from continuing operations.
Scott Parnell Limited Group
Consolidated Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
3,390,400
3,838,458
Tangible assets
15
2,618,670
2,880,878
Investments
16
38,412
46,848
------------
------------
6,047,482
6,766,184
Current assets
Stocks
17
8,852,717
8,139,076
Debtors
18
30,258,678
28,734,095
Cash at bank and in hand
5,760,282
3,154,378
-------------
-------------
44,871,677
40,027,549
Creditors: amounts falling due within one year
20
32,183,950
32,410,488
-------------
-------------
Net current assets
12,687,727
7,617,061
-------------
-------------
Total assets less current liabilities
18,735,209
14,383,245
Creditors: amounts falling due after more than one year
21
2,180,569
4,431,375
Provisions
23
482,420
393,846
-------------
-------------
Net assets
16,072,220
9,558,024
-------------
-------------
Capital and reserves
Called up share capital
26
1,500
1,500
Capital redemption reserve
27
550
550
Profit and loss account
27
16,070,170
9,555,974
-------------
------------
Shareholders funds
16,072,220
9,558,024
-------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 2 February 2024 , and are signed on behalf of the board by:
David Scott
Director
Company registration number: 08105082
Scott Parnell Limited Group
Company Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
8,434,340
Tangible assets
15
1,653,522
2,163,784
Investments
16
9,971,962
44,848
-------------
-------------
11,625,484
10,642,972
Current assets
Stocks
17
5,975,598
5,399,099
Debtors
18
24,961,375
21,202,603
Cash at bank and in hand
4,055,228
2,309,775
-------------
-------------
34,992,201
28,911,477
Creditors: amounts falling due within one year
20
28,521,343
27,613,043
-------------
-------------
Net current assets
6,470,858
1,298,434
-------------
-------------
Total assets less current liabilities
18,096,342
11,941,406
Creditors: amounts falling due after more than one year
21
1,797,355
4,216,594
Provisions
23
268,359
315,981
-------------
-------------
Net assets
16,030,628
7,408,831
-------------
-------------
Capital and reserves
Called up share capital
26
1,500
1,500
Share premium account
27
1,499,910
Capital redemption reserve
27
50
50
Profit and loss account
27
14,529,168
7,407,281
-------------
------------
Shareholders funds
16,030,628
7,408,831
-------------
------------
The profit for the financial year of the parent company was £ 7,121,887 (2022: £ 3,513,084 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
Scott Parnell Limited Group
Company Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 2 February 2024 , and are signed on behalf of the board by:
David Scott
Director
Company registration number: 08105082
Scott Parnell Limited Group
Consolidated Statement of Changes in Equity
Year ended 30 June 2023
Called up share capital
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
At 1 July 2021
150
550
5,198,552
5,199,252
Profit for the year
5,661,777
5,661,777
----
----
------------
------------
Total comprehensive income for the year
5,661,777
5,661,777
Issue of shares
1,350
1,350
Dividends paid and payable
13
( 1,304,355)
( 1,304,355)
-------
----
------------
------------
Total investments by and distributions to owners
1,350
( 1,304,355)
( 1,303,005)
At 30 June 2022
1,500
550
9,555,974
9,558,024
Profit for the year
6,514,196
6,514,196
-------
----
------------
------------
Total comprehensive income for the year
6,514,196
6,514,196
-------
----
-------------
-------------
At 30 June 2023
1,500
550
16,070,170
16,072,220
-------
----
-------------
-------------
Scott Parnell Limited Group
Company Statement of Changes in Equity
Year ended 30 June 2023
Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
£
At 1 July 2021
150
50
5,198,552
5,198,752
Profit for the year
3,513,084
3,513,084
----
----
----
------------
------------
Total comprehensive income for the year
3,513,084
3,513,084
Issue of shares
1,350
1,350
Dividends paid and payable
13
( 1,304,355)
( 1,304,355)
-------
----
----
------------
------------
Total investments by and distributions to owners
1,350
( 1,304,355)
( 1,303,005)
At 30 June 2022
1,500
1,499,910
50
7,407,281
8,908,741
Profit for the year
7,121,887
7,121,887
-------
------------
----
------------
------------
Total comprehensive income for the year
7,121,887
7,121,887
-------
------------
----
-------------
-------------
At 30 June 2023
1,500
1,499,910
50
14,529,168
16,030,628
-------
------------
----
-------------
-------------
Scott Parnell Limited Group
Consolidated Statement of Cash Flows
Year ended 30 June 2023
2023
2022
Note
£
£
Cash flows from operating activities
Profit for the financial year
6,514,196
5,661,777
Adjustments for:
Depreciation of tangible assets
918,148
912,743
Amortisation of intangible assets
448,058
450,225
Amounts written off investments
11,117
604,967
Other interest receivable and similar income
( 36,515)
( 13,156)
Interest payable and similar expenses
339,460
534,389
Loss/(gains) on disposal of tangible assets
14,120
( 8,602)
Tax on profit
1,462,238
811,594
Accrued income
( 271,289)
Other operating cash flow adjustment
(5,373,096)
Changes in:
Stocks
( 713,641)
( 8,139,076)
Trade and other debtors
581,893
( 29,192,029)
Trade and other creditors
( 1,115,067)
35,847,210
------------
-------------
Cash generated from operations
8,424,007
1,825,657
Interest paid
( 339,460)
( 534,389)
Interest received
36,515
13,156
Tax (paid)/received
( 436,863)
3,506,474
------------
------------
Net cash from operating activities
7,684,199
4,810,898
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 781,716)
1,985,665
Proceeds from sale of tangible assets
111,656
39,761
Purchases of other investments
( 2,681)
( 45,441)
------------
------------
Net cash (used in)/from investing activities
( 672,741)
1,979,985
------------
------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
1,350
Proceeds from borrowings
( 2,724,148)
Repayments of borrowings
( 1,000,000)
Proceeds from loans from group undertakings
( 710,053)
Repayments of loans from participating interests
( 3,152,098)
Payments of finance lease liabilities
( 255,840)
1,100,701
Dividends paid
( 1,304,355)
------------
------------
Net cash used in financing activities
( 4,407,938)
( 3,636,505)
------------
------------
Scott Parnell Limited Group
Consolidated Statement of Cash Flows (continued)
Year ended 30 June 2023
2023
2022
Note
£
£
Net increase in cash and cash equivalents
2,603,520
3,154,378
Cash and cash equivalents at beginning of year
3,154,378
------------
------------
Cash and cash equivalents at end of year
19
5,757,898
3,154,378
------------
------------
Scott Parnell Limited Group
Notes to the Financial Statements
Year ended 30 June 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 Suite1, First Floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These 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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Scott Parnell Limited Group and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
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. (i) Key accounting judgements No critical accounting judgement was made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements. (ii) Key sources of estimation uncertainty No critical sources of estimation uncertainty were made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; 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.
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 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. 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.
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
-
10% 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 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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Land and buildings
-
10% straight line
Plant and machinery
-
Some 20% straight line and others 25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
Some 25% straight line and others 25% reducing balance
Computer equipments
-
33 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
130,267,887
120,153,981
--------------
--------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Rental income
16,667
15,104
Management charges receivable
27,800
Other operating income
71,440
5,953
--------
--------
88,107
48,857
--------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
448,058
450,225
Depreciation of tangible assets
918,148
912,743
Loss/(gains) on disposal of tangible assets
14,120
( 8,602)
Impairment of trade debtors
109,990
241,819
Foreign exchange differences
534
101
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
21,250
39,917
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Distribution staff
25
24
Administrative staff
26
24
Management staff
3
3
Sale staff
66
63
Yard staff
42
39
Rail staff
10
8
----
----
172
161
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
6,828,941
6,435,783
Social security costs
777,336
724,407
Other pension costs
500,457
437,039
------------
------------
8,106,734
7,597,229
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
330,971
405,280
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
149,000
197,745
---------
---------
10. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
36,515
13,156
--------
--------
11. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
126,173
303,577
Interest on obligations under finance leases and hire purchase contracts
72,268
60,321
Other interest payable and similar charges
141,019
170,491
---------
---------
339,460
534,389
---------
---------
12. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
1,871,055
1,393,315
Adjustments in respect of prior periods
( 224,541)
( 622,489)
------------
------------
Total current tax
1,646,514
770,826
------------
------------
Deferred tax:
Origination and reversal of timing differences
( 184,276)
40,768
------------
---------
Tax on profit
1,462,238
811,594
------------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 20.40 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
7,976,434
6,473,371
------------
------------
Profit on ordinary activities by rate of tax
2,287,362
1,306,904
Adjustment to tax charge in respect of prior periods
( 224,541)
(620,639)
Effect of expenses not deductible for tax purposes
( 520,408)
173,016
Effect of capital allowances and depreciation
( 101,605)
( 1,054)
Effect of revenue exempt from tax
21,567
5,562
Other tax adjustment to increase/(decrease) tax liability
(137)
(52,195)
------------
------------
Tax on profit
1,462,238
811,594
------------
------------
13. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
1,304,355
----
------------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
4,480,583
------------
Amortisation
At 1 July 2022
642,125
Charge for the year
448,058
------------
At 30 June 2023
1,090,183
------------
Carrying amount
At 30 June 2023
3,390,400
------------
At 30 June 2022
3,838,458
------------
The company has no intangible assets.
15. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
882,787
1,402,858
215,317
3,290,419
66,515
5,857,896
Additions
170,253
199,290
31,209
360,035
20,929
781,716
Disposals
( 98,706)
( 44,964)
( 36,028)
( 124,863)
( 5,075)
( 309,636)
Transfers
609,504
(609,503)
1
---------
------------
---------
------------
--------
------------
At 30 Jun 2023
954,334
2,166,688
210,498
2,916,088
82,369
6,329,977
---------
------------
---------
------------
--------
------------
Depreciation
At 1 Jul 2022
448,595
936,090
177,150
1,368,374
46,809
2,977,018
Charge for the year
125,056
185,278
19,067
567,339
21,408
918,148
Disposals
( 29,868)
( 41,987)
( 23,902)
( 81,737)
( 6,365)
( 183,859)
---------
------------
---------
------------
--------
------------
At 30 Jun 2023
543,783
1,079,381
172,315
1,853,976
61,852
3,711,307
---------
------------
---------
------------
--------
------------
Carrying amount
At 30 Jun 2023
410,551
1,087,307
38,183
1,062,112
20,517
2,618,670
---------
------------
---------
------------
--------
------------
At 30 Jun 2022
434,192
466,768
38,167
1,922,045
19,706
2,880,878
---------
------------
---------
------------
--------
------------
Company
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
587,832
936,901
2,419,235
95,572
66,515
4,106,055
Additions
13,719
167,136
9,253
20,929
211,037
Disposals
( 2,007)
( 7,158)
( 71,748)
( 4,059)
( 5,075)
( 90,047)
---------
------------
------------
---------
--------
------------
At 30 Jun 2023
599,544
1,096,879
2,347,487
100,766
82,369
4,227,045
---------
------------
------------
---------
--------
------------
Depreciation
At 1 Jul 2022
299,753
638,707
871,932
85,070
46,809
1,942,271
Charge for the year
66,335
139,546
467,255
7,975
21,408
702,519
Disposals
( 720)
( 7,158)
( 53,812)
( 3,212)
( 6,365)
( 71,267)
---------
------------
------------
---------
--------
------------
At 30 Jun 2023
365,368
771,095
1,285,375
89,833
61,852
2,573,523
---------
------------
------------
---------
--------
------------
Carrying amount
At 30 Jun 2023
234,176
325,784
1,062,112
10,933
20,517
1,653,522
---------
------------
------------
---------
--------
------------
At 30 Jun 2022
288,079
298,194
1,547,303
10,502
19,706
2,163,784
---------
------------
------------
---------
--------
------------
16. Investments
Group
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 July 2022
602,000
57,463
659,463
Additions
2,681
2,681
---------
--------
---------
At 30 June 2023
602,000
60,144
662,144
---------
--------
---------
Impairment
At 1 July 2022
600,000
12,615
612,615
Revaluations
11,117
11,117
---------
--------
---------
At 30 June 2023
600,000
23,732
623,732
---------
--------
---------
Carrying amount
At 30 June 2023
2,000
36,412
38,412
---------
--------
---------
At 30 June 2022
2,000
44,848
46,848
---------
--------
---------
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 July 2022
10,535,550
57,463
10,593,013
Additions
2,681
2,681
-------------
--------
-------------
At 30 June 2023
10,535,550
60,144
10,595,694
-------------
--------
-------------
Impairment
At 1 July 2022
600,000
12,615
612,615
Revaluations
11,117
11,117
-------------
--------
-------------
At 30 June 2023
600,000
23,732
623,732
-------------
--------
-------------
Carrying amount
At 30 June 2023
9,935,550
36,412
9,971,962
-------------
--------
-------------
At 30 June 2022
9,935,550
44,848
9,980,398
-------------
--------
-------------
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
Rouden Group Limited
Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN
Ordinary
100
Rouden Pipetek Limited
Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN
Ordinary
100
Rouden Civils Limited
Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN
Ordinary
100
Tufflite Limited
Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN
Ordinary
100
17. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
8,852,717
8,139,076
5,975,598
5,399,099
------------
------------
------------
------------
18. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
25,247,837
26,664,233
20,410,542
20,555,011
Amounts owed by group undertakings
613,473
( 711,053)
Amounts owed by undertakings in which the company has a participating interest
613,473
877
Prepayments and accrued income
1,297,685
1,391,061
910,447
746,429
Directors loan account
2,152,098
2,152,098
Other debtors
947,585
677,924
874,815
612,216
-------------
-------------
-------------
-------------
30,258,678
28,734,095
24,961,375
21,202,603
-------------
-------------
-------------
-------------
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
5,760,282
3,154,378
Bank overdrafts
( 2,384)
------------
------------
5,757,898
3,154,378
------------
------------
20. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
38,384
36,000
Payments received on account
4,471,749
5,546,947
4,471,749
5,546,947
Trade creditors
20,855,987
20,582,816
17,844,462
17,324,797
Amounts owed to group undertakings
1,165,876
Accruals and deferred income
2,419,317
2,388,205
1,890,804
1,577,591
Corporation tax
1,302,919
366,118
533,738
295,177
Social security and other taxes
1,286,954
1,260,376
1,017,272
791,926
Obligations under finance leases and hire purchase contracts
641,118
646,152
511,571
508,366
Other creditors
1,167,522
1,583,874
1,085,871
1,568,239
-------------
-------------
-------------
-------------
32,183,950
32,410,488
28,521,343
27,613,043
-------------
-------------
-------------
-------------
21. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Amounts owed to group undertakings
1,000
1,000
Obligations under finance leases and hire purchase contracts
1,179,569
1,430,375
797,355
1,216,594
Other creditors
1,000,000
3,000,000
1,000,000
3,000,000
------------
------------
------------
------------
2,180,569
4,431,375
1,797,355
4,216,594
------------
------------
------------
------------
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
641,118
646,152
511,571
508,366
Later than 1 year and not later than 5 years
1,179,569
1,430,375
797,355
1,216,594
------------
------------
------------
------------
1,820,687
2,076,527
1,308,926
1,724,960
------------
------------
------------
------------
23. Provisions
Group
Deferred tax (note 24)
£
At 1 July 2022
393,846
Additions
136,425
Unused amounts reversed
( 229)
Movement during the year
(47,622)
---------
At 30 June 2023
482,420
---------
Company
Deferred tax (note 24)
£
At 1 July 2022
315,981
Movement during the year
(47,622)
---------
At 30 June 2023
268,359
---------
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)
482,420
393,846
268,359
315,981
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
482,420
393,846
268,359
315,981
---------
---------
---------
---------
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 500,457 (2022: £ 436,706 ).
26. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.10 each
15,000
1,500
15,000
1,500
--------
-------
--------
-------
27. Reserves
Called up share capital - This reserve records the nominal value of shares issued by the company. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
28. Analysis of changes in net debt
At 1 Jul 2022
Cash flows
At 30 Jun 2023
£
£
£
Cash at bank and in hand
3,154,378
2,605,904
5,760,282
Bank overdrafts
(2,384)
(2,384)
Debt due within one year
(682,152)
5,034
(677,118)
Debt due after one year
(1,431,375)
250,806
(1,180,569)
------------
------------
------------
1,040,851
2,859,360
3,900,211
------------
------------
------------
Scott Parnell Limited Group
Notes to the Financial Statements (continued)
Year ended 30 June 2023
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
818,571
334,667
818,571
334,667
Later than 1 year and not later than 5 years
1,698,606
1,112,900
1,698,606
1,112,900
Later than 5 years
481,250
567,083
481,250
567,083
------------
------------
------------
------------
2,998,427
2,014,650
2,998,427
2,014,650
------------
------------
------------
------------
30. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Steven Parnell
316,202
316,202
David Scott
1,835,896
1,835,896
----
------------
------------
2,152,098
2,152,098
----
------------
------------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Steven Parnell
David Scott
----
----
----
----
----
----
31. Related party transactions
Group
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £Nil (2022: £ 31,118 ) .
Company
The following amounts were owed to Scott Parnell Limited in respect of transactions entered into on an arms length basis:
2023
£
Catalogue E UK Limited 582,857
Scott Parnell Water Mgt Limited 30,616
During the year, the company made sales of £180,868 (2022: £271,944) and purchases of £189,070 (2022:£130,937) to Catalogue E (UK) Ltd. During the year, the company made sales of £nil (2022: £230,426) and purchases of £11,585 (2022: £15,296) to Scott Parnell Water Management Ltd.
32. Controlling party
The ultimate controlling party of this company is D Scott. On 1st July 2023 SP Employees Trustees Limited, acting in its capacity as sole corporate trustee of the SP Employee-ownership Trust, acquired 98% of the issued ordinary share capital of Scott Parnell Limited.