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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
5 |
Independent auditor's report to the members |
7 |
Consolidated income statement |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Consolidated statement of changes in equity |
14 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Cumbria |
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Auditor |
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Chartered accountants & statutory auditor |
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Second Floor, Riverside Offices |
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26 St George's Quay |
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Lancaster |
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LA1 1RD |
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Bankers |
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1 Merchant's Drive |
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Parkhouse |
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Carlisle |
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Cumbria |
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CA3 0JW |
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Strategic Report |
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Director |
Registered office: |
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Cumbria |
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Directors' Report |
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Director |
Registered office: |
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Cumbria |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Second Floor, Riverside Offices |
26 St George's Quay |
Lancaster |
LA1 1RD |
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Consolidated Income Statement |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
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------------ |
------------ |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
– |
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------------ |
------------ |
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Operating profit |
6 |
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Income from other fixed asset investments |
10 |
– |
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Other interest receivable and similar income |
11 |
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Interest payable and similar expenses |
12 |
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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
13 |
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------------ |
------------ |
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Profit for the financial year |
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------------ |
------------ |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Intangible assets |
15 |
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Tangible assets |
16 |
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Investments |
17 |
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--------- |
--------- |
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Debtors |
18 |
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Cash at bank and in hand |
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------------ |
------------ |
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Creditors: amounts falling due within one year |
19 |
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------------ |
------------ |
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Net current assets |
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------------ |
------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
– |
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Provisions |
22 |
(
|
(
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
26 |
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Profit and loss account |
27 |
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
15 |
|
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Investments |
17 |
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|
-------- |
-------- |
||
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Debtors |
18 |
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Cash at bank and in hand |
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------------ |
------------ |
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Creditors: amounts falling due within one year |
19 |
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------------ |
------------ |
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Net current assets |
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------------ |
------------ |
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Total assets less current liabilities |
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------------ |
------------ |
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Called up share capital |
26 |
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Profit and loss account |
27 |
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 November 2021 |
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Profit for the year |
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||
-------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
|
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Dividends paid and payable |
14 |
– |
(
|
(
|
-------- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 31 October 2022 |
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Profit for the year |
|
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||
-------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
14 |
– |
(
|
(
|
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
-------- |
------------ |
------------ |
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At 31 October 2023 |
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-------- |
------------ |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 November 2021 |
|
|
|
|
Profit for the year |
|
|
||
-------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
14 |
– |
(
|
(
|
-------- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 31 October 2022 |
|
|
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Profit for the year |
|
|
||
-------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
14 |
– |
(
|
(
|
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
-------- |
------------ |
------------ |
||
At 31 October 2023 |
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|
|
|
-------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
74,225 |
69,280 |
Government grant income |
– |
(
|
Income from other fixed asset investments |
– |
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Tax on profit |
659,280 |
478,240 |
Accrued expenses/(income) |
|
(
|
Changes in: |
||
Trade and other debtors |
(
|
(
|
Trade and other creditors |
(
|
|
Provisions and employee benefits |
|
|
------------ |
------------ |
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
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Net cash from operating activities |
|
|
------------ |
------------ |
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Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchases of other investments |
(
|
(
|
Proceeds from sale of other investments |
1,957 |
267,425 |
------------ |
------------ |
|
Net cash (used in)/from investing activities |
(
|
|
------------ |
------------ |
|
Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
6,668,034 |
5,406,403 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Rendering of services |
|
|
Commissions |
|
– |
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Government grant income |
– |
|
---- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Operating lease rentals |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
Audit of the pension scheme |
4,700 |
4,475 |
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Administrative staff |
|
|
Number of directors |
5 |
5 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
– |
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
(Gain)/loss on disposal of other fixed asset investments |
– |
249,685 |
---- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
Other interest receivable and similar income |
|
|
--------- |
------- |
|
|
|
|
--------- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
– |
------- |
---- |
|
|
|
|
------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
– |
(
|
--------- |
--------- |
|
Total current tax |
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
|
– |
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
– |
(
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
(
|
Effect of revenue exempt from tax |
– |
(
|
Utilisation of tax losses |
– |
(
|
Deferred tax |
6,973 |
– |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
--------- |
------------ |
|
Group and company |
Goodwill |
£ |
|
Cost |
|
At 1 November 2022 and 31 October 2023 |
|
---- |
|
Amortisation |
|
At 1 November 2022 and 31 October 2023 |
– |
---- |
|
Carrying amount |
|
At 1 November 2022 and 31 October 2023 |
|
---- |
|
At 31 October 2022 |
|
---- |
|
Group |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 November 2022 |
|
|
|
Additions |
|
|
|
Disposals |
– |
(
|
(
|
--------- |
--------- |
--------- |
|
At 31 October 2023 |
|
|
|
--------- |
--------- |
--------- |
|
Depreciation |
|||
At 1 November 2022 |
|
|
|
Charge for the year |
|
|
|
Disposals |
– |
(
|
(
|
--------- |
--------- |
--------- |
|
At 31 October 2023 |
|
|
|
--------- |
--------- |
--------- |
|
Carrying amount |
|||
At 31 October 2023 |
|
|
|
--------- |
--------- |
--------- |
|
At 31 October 2022 |
|
|
|
--------- |
--------- |
--------- |
|
Group |
Fixtures and fittings |
£ |
|
At 31 October 2023 |
|
------- |
|
At 31 October 2022 |
|
-------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 November 2022 |
|
Additions |
|
Disposals |
(
|
-------- |
|
At 31 October 2023 |
|
-------- |
|
Impairment |
|
At 1 November 2022 and 31 October 2023 |
– |
-------- |
|
Carrying amount |
|
At 31 October 2023 |
|
-------- |
|
At 31 October 2022 |
|
-------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 November 2022 and 31 October 2023 |
|
-------- |
|
Impairment |
|
At 1 November 2022 and 31 October 2023 |
– |
-------- |
|
Carrying amount |
|
At 1 November 2022 and 31 October 2023 |
|
-------- |
|
At 31 October 2022 |
|
-------- |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
Solway House, Solway House Business Park, Carlisle, Cumbria, CA6 4BY |
Ordinary |
100 |
|
Unit 2, The Sidings, Port Road Business Park, Carlisle, Cumbria, CA2 7AF |
Ordinary |
100 |
|
Unit 2, The Sidings, Port Road Business Park, Carlisle, Cumbria, CA2 7AF |
Ordinary |
100 |
Other significant holdings |
|||
HGH Wealth Management Limited |
Club Chambers, Museum Street, York, YO1 7DN |
Ordinary A Shares |
33 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by undertakings in which the company has a participating interest |
|
|
|
|
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
– |
– |
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
– |
– |
Amounts owed to connected parties |
|
|
– |
– |
Accruals and deferred income |
|
|
– |
– |
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
|
– |
– |
--------- |
--------- |
------- |
---- |
|
|
|
|
|
|
--------- |
--------- |
------- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Obligations under finance leases and hire purchase contracts |
– |
|
– |
– |
---- |
------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
– |
|
– |
– |
------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
------- |
-------- |
---- |
---- |
|
Group |
Deferred tax (note 23) |
Clawback provision |
Total |
£ |
£ |
£ |
|
At 1 November 2022 |
– |
|
|
Additions |
|
|
|
Charge against provision |
– |
(
|
(
|
------- |
------- |
------- |
|
At 31 October 2023 |
|
|
|
------- |
------- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
– |
– |
– |
------- |
---- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
– |
– |
– |
------- |
---- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
22,000 |
|
22,000 |
|
|
22 |
|
22 |
|
|
100 |
|
100 |
|
|
100 |
|
100 |
|
|
100 |
|
100 |
-------- |
-------- |
-------- |
-------- |
|
|
22,322 |
|
22,322 |
|
-------- |
-------- |
-------- |
-------- |
|
At 1 Nov 2022 |
Cash flows |
At 31 Oct 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
1,165,232 |
|
Debt due within one year |
(4,227) |
(3,500) |
(7,727) |
Debt due after one year |
(7,000) |
7,000 |
– |
------------ |
------------ |
------------ |
|
|
|
|
|
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
-------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
--------- |
---- |
---- |
|
2019 | 2018 | 2019 | 2018 | ||
£ | £ | £ | £ | ||