REGISTERED NUMBER: 09583374 (England and Wales) |
JAMESURL LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
REGISTERED NUMBER: 09583374 (England and Wales) |
JAMESURL LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
JAMESURL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Alan Williams FCA |
AUDITORS: |
Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
BANKERS: | HSBC Bank plc |
Mitchell Way |
Southampton International Airport |
Southampton |
Hampshire |
SO18 2XU |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 30 September 2023. |
The group operates warehouse and distribution services from modern facilities situated on the South Coast. It also manages complex supply chain solutions and services in collaboration with chosen partners throughout Europe. Historically the group's core business has been within the pharmaceutical sector although in recent years it has continued to expand its client base and apply its skill sets to new industries. |
REVIEW OF BUSINESS |
In terms of financial performance, we have seen significant improvements compared to the previous year. The group has experienced strong growth throughout the year, this has led to increased profitability and a positive outlook for the future. |
One area that has contributed to our success is the expansion of our e-commerce activities within the luxury goods and cosmetics sectors. We have successfully fulfilled direct-to-consumer orders throughout the UK and EU and expanded our client base within the pharmaceutical/healthcare, animal health, optical, cosmetics and defence industries. |
However, we have also faced similar challenges to the previous year, such as rising labour costs and staff retention. To ensure the sustainability of our operations, we have reviewed and enhanced our remuneration packages for existing and potential employees. This investment in our workforce has resulted in increased wage costs, which we expect to continue into the next year. |
Despite these challenges, we remain committed to minimising our impact on the environment. We continue to use products from FSC approved producers, ensuring that our wood, paper, and other forest products come from well-managed forests and/or recycled sources. Our focus on sustainable packaging will persist, as we strive to identify and implement solutions that are genuinely better for the environment. |
Overall, we are pleased with our financial performance this year and the progress we have made in various areas of our business. We are confident in our ability to continue growing and making a positive impact while maintaining our |
commitment to sustainability. |
KPIs |
2023 | 2022 | Variance |
£ | £ | £ |
Turnover | 15,669,985 | 11,711,719 | 3,958,266 |
Gross Profit | 8,349,711 | 6,600,293 | 1,749,418 |
Gross Profit % | 53.3% | 56.4% | (3.1% | ) |
Profit Before Tax | 924,022 | 419,226 | 504,796 |
RESEARCH AND DEVELOPMENTS |
During the year, the group continued to invest in developing software to enhance efficiencies and allow it to continue to provide bespoke services to its customers. As a business, group's focus is on the technological offering, allowing it to serve customers in varying and specialised sectors. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key business risks and uncertainties affecting the group are expected to come from its customers' continued objectives to drive down supply chain costs. In this respect, the group continues to invest in the development of new and innovative services and systems that will assist its customers to achieve their objectives. The policy has enabled the group to retain and renew existing contracts and at the same time build and develop the customer base. High standards are fundamental to the group and this extends across all aspects of the business. This has allowed it to compete in some of the most highly regulated sectors and work with many blue-chip multinational organisations. |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FUTURE DEVELOPMENTS |
The longer-term strategy of the group is to drive growth and its margins upward by increasing the utilisation of its facilities and value-added services including production, customisation, and IT offerings. |
ON BEHALF OF THE BOARD: |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023. |
DIVIDENDS |
The total distribution of dividends for the period ended 30 September 2023 was £201,500 (2022: £171,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The directors set out an analysis of the company's performance, development activities, key risks and uncertainties and future developments within the separate strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMESURL LIMITED |
Opinion |
We have audited the financial statements of Jamesurl Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMESURL LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMESURL LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Extent to which the audit was capable of detecting irregularities, including fraud |
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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company, and the industry in which they operate. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the group and the parent company. |
- We obtained an understanding of how the group and parent company is complying with these frameworks through discussions with management. |
- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
- We assessed the susceptibility of the group\'s and parent company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. |
- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the group and parent company operates in, and their practical experience through training and participation with audit engagements of a similar nature. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMESURL LIMITED |
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 |
Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 15,669,985 | 11,711,719 |
Cost of sales | (7,320,274 | ) | (5,111,426 | ) |
GROSS PROFIT | 8,349,711 | 6,600,293 |
Administrative expenses | (6,810,146 | ) | (5,865,858 | ) |
1,539,565 | 734,435 |
Other operating income | - | 1,786 |
OPERATING PROFIT | 4 | 1,539,565 | 736,221 |
Interest receivable and similar income | - | 36 |
1,539,565 | 736,257 |
Interest payable and similar expenses | 6 | (615,543 | ) | (317,031 | ) |
PROFIT BEFORE TAXATION | 924,022 | 419,226 |
Tax on profit | 7 | (82,926 | ) | 56,600 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 841,096 | 475,826 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 841,096 | 475,826 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
841,096 |
475,826 |
Total comprehensive income attributable to: |
Owners of the parent | 841,096 | 475,826 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 3,884,345 | 3,716,702 |
Tangible assets | 11 | 4,073,512 | 4,210,639 |
Investments | 12 | - | - |
7,957,857 | 7,927,341 |
CURRENT ASSETS |
Stocks | 13 | 64,321 | 67,882 |
Debtors | 14 | 4,675,517 | 4,543,568 |
Cash at bank and in hand | 181,953 | 218,664 |
4,921,791 | 4,830,114 |
CREDITORS |
Amounts falling due within one year | 15 | (6,797,732 | ) | (7,464,244 | ) |
NET CURRENT LIABILITIES | (1,875,941 | ) | (2,634,130 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,081,916 |
5,293,211 |
CREDITORS |
Amounts falling due after more than one year | 16 | (3,585,671 | ) | (3,519,488 | ) |
PROVISIONS FOR LIABILITIES | 20 | (772,181 | ) | (689,255 | ) |
NET ASSETS | 1,724,064 | 1,084,468 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 358 | 358 |
Merger reserve | 22 | 710,955 | 710,955 |
Capital contribution reserve | 22 | 121,428 | 121,428 |
Retained earnings | 22 | 891,323 | 251,727 |
SHAREHOLDERS' FUNDS | 1,724,064 | 1,084,468 |
The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by: |
R A Lord - Director |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's profit for the financial year | 201,654 | 220,855 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Called up | Capital |
share | Retained | Merger | contribution | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2021 | 358 | (53,099 | ) | 710,955 | 121,428 | 779,642 |
Changes in equity |
Dividends | - | (171,000 | ) | - | - | (171,000 | ) |
Total comprehensive income | - | 475,826 | - | - | 475,826 |
Balance at 30 September 2022 | 358 | 251,727 | 710,955 | 121,428 | 1,084,468 |
Changes in equity |
Dividends | - | (201,500 | ) | - | - | (201,500 | ) |
Total comprehensive income | - | 841,096 | - | - | 841,096 |
Balance at 30 September 2023 | 358 | 891,323 | 710,955 | 121,428 | 1,724,064 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2021 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2022 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 | ( |
) | ( |
) |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,586,241 | 1,793,206 |
Interest paid | (516,544 | ) | (345,613 | ) |
Interest element of hire purchase payments paid |
(69,612 |
) |
(61,890 |
) |
Tax paid | (21,083 | ) | (16,374 | ) |
R & D tax credit | 85,455 | 90,262 |
Net cash from operating activities | 2,064,457 | 1,459,591 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (686,440 | ) | (641,650 | ) |
Purchase of tangible fixed assets | (180,926 | ) | (24,752 | ) |
Sale of tangible fixed assets | 2,000 | 18,950 |
Interest received | - | 36 |
Net cash from investing activities | (865,366 | ) | (647,416 | ) |
Cash flows from financing activities |
New loans in year | 1,260,000 | - |
Loan repayments in year | (1,256,718 | ) | (1,133,170 | ) |
Hire purchase capital repayments in year | (267,866 | ) | (185,710 | ) |
Amount introduced by directors | 475,000 | - |
Amount withdrawn by directors | (92,782 | ) | (80,167 | ) |
Invoice discounting facility movement | (1,001,171 | ) | 550,865 |
Equity dividends paid | (201,500 | ) | (171,000 | ) |
Net cash from financing activities | (1,085,037 | ) | (1,019,182 | ) |
Increase/(decrease) in cash and cash equivalents | 114,054 | (207,007 | ) |
Cash and cash equivalents at beginning of year |
2 |
(998,725 |
) |
(791,718 |
) |
Cash and cash equivalents at end of year | 2 | (884,671 | ) | (998,725 | ) |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 924,022 | 419,226 |
Depreciation charges | 1,145,468 | 1,093,668 |
(Profit)/loss on disposal of fixed assets | (217 | ) | 23,182 |
Finance costs | 615,543 | 317,031 |
Finance income | - | (36 | ) |
2,684,816 | 1,853,071 |
Decrease in stocks | 3,561 | 5,274 |
Increase in trade and other debtors | (581,888 | ) | (442,191 | ) |
Increase in trade and other creditors | 479,752 | 377,052 |
Cash generated from operations | 2,586,241 | 1,793,206 |
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 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 181,953 | 218,664 |
Bank overdrafts | (1,066,624 | ) | (1,217,389 | ) |
(884,671 | ) | (998,725 | ) |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 218,664 | 168,910 |
Bank overdrafts | (1,217,389 | ) | (960,628 | ) |
(998,725 | ) | (791,718 | ) |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 218,664 | (36,711 | ) | 181,953 |
Bank overdrafts | (1,217,389 | ) | 150,765 | (1,066,624 | ) |
(998,725 | ) | 114,054 | (884,671 | ) |
Debt |
Finance leases | (697,244 | ) | (42,536 | ) | (739,780 | ) |
Debts falling due within 1 year | (1,101,618 | ) | 102,740 | (998,878 | ) |
Debts falling due after 1 year | (3,006,551 | ) | (135,408 | ) | (3,141,959 | ) |
(4,805,413 | ) | (75,204 | ) | (4,880,617 | ) |
Total | (5,804,138 | ) | 38,850 | (5,765,288 | ) |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Jamesurl Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
Going concern |
The parent company, Jamesurl Limited, is reliant on the support of its subsidiary, CPG Logistics Limited, in order to meet the demands of its creditors. |
The directors have concluded that, with the right management actions to mitigate any short term risks, and confirmed ongoing support from its bank, the group is a going concern for at least 12 months following the signature of these financial statements. Accordingly, the directors have prepared the financial statements on this basis. |
Basis of consolidation |
The group financial statements consolidate the financial statements of Jamesurl Limited and all its subsidiary undertakings drawn up to 30 September each year. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover represents the provision of services net of VAT and trade discounts. |
The provision of the service is recognised when goods are stored or physically dispatched in accordance with the customer's instructions. |
Goodwill |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially recognised at cost within the financial statements. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Short leasehold | - Over the length of the lease |
Commercial vehicles | - 3-7 years straight line |
Plant and machinery | - 2-25 years straight line |
Fixtures and fittings | - 2-15 years straight line |
Equipment | - 3-10 years straight line |
Upon adoption of FRS 102, the company revalued some items of plant and machinery to fair value. The increase in fair value will is being released to the income statement over the remaining useful life of the assets. |
The profit or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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. |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Development costs (both internal and external) of computer software are capitalised once a detailed program design has been established and are amortised on the straight line basis over the estimated useful life of twelve years. |
Other research and development expenses are charged to the profit and loss account in the year which they are incurred. |
For the purposes of calculating distributable profits, unamortised development costs have not been treated as a realised loss because identifiable sales will result in the near future. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase agreements |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit or loss account over the relevant period. The capital element of future payments is treated as a liability. |
Assets under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
Operating lease agreements |
Rentals payable on operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial assets |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial liabilities |
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 4,029,439 | 3,132,741 |
Social security costs | 414,219 | 314,992 |
Other pension costs | 161,077 | 137,764 |
4,604,735 | 3,585,497 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Distribution | 91 | 76 |
Administration | 58 | 53 |
Management | 5 | 5 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 295,512 | 189,429 |
Directors' pension contributions to money purchase schemes | 6,409 | 3,218 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
Information regarding the highest paid director for the year ended 30 September 2023 is as follows: |
2023 |
£ |
Emoluments etc | 185,430 |
Pension contributions to money purchase schemes | 6,409 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 397,256 | 462,890 |
Depreciation - assets on hire purchase contracts | 229,414 | 167,875 |
(Profit)/loss on disposal of fixed assets | (217 | ) | 23,182 |
Goodwill amortisation | 31,519 | 31,519 |
Research & development amortisation | 487,278 | 431,384 |
Auditors' remuneration | 12,740 | 12,130 |
Auditors' remuneration for non audit work | 20,075 | 18,845 |
Foreign exchange differences | 10,597 | (9,640 | ) |
Hire of plant and machinery | 297,642 | 236,901 |
Other operating leases | 1,755,607 | 1,760,624 |
5. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Loan note fair value |
adjustment | - | 121,428 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 80,075 | 36,865 |
Bank loan interest | 107,921 | 138,646 |
Loan note interest | 29,386 | 30,957 |
Other interest | 184,808 | 78,796 |
Other loan interest | 98,585 | 46,150 |
Hire purchase | 114,768 | 107,045 |
Loan note fair value |
adjustment | - | (121,428 | ) |
615,543 | 317,031 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
R & D tax credit | - | (85,455 | ) |
Deferred tax | 82,926 | 28,855 |
Tax on profit | 82,926 | (56,600 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 924,022 | 419,226 |
Profit multiplied by the standard rate of corporation tax in the UK of 22 % (2022 - 19 %) |
203,285 |
79,653 |
Effects of: |
Expenses not deductible for tax purposes | 29,574 | 17,178 |
Income not taxable for tax purposes | - | (23,071 | ) |
Amortisation on intangible fixed assets | 107,201 | 81,963 |
Depreciation on non-qualifying assets | 16,716 | 15,291 |
Loss on disposal of non-qualifying assets | - | 6,249 |
Intangible assets treated as revenue deductions | (151,017 | ) | (121,914 | ) |
Research and development enhanced deduction | (148,096 | ) | (145,174 | ) |
Effect of different rates of tax for corporation tax and deferred tax | 9,951 | 6,925 |
Election to claim research and development tax credit | - | 26,520 |
Impact of capital allowances super deduction | (1,274 | ) | (8,107 | ) |
Unrelieved losses | 16,586 | 7,887 |
Total tax charge/(credit) | 82,926 | (56,600 | ) |
The average rate of corporation tax for the year was 22%. The rate increased from 19% to 25% on 1 April 2023. |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
The parent company's profit for the financial year was £201,654 (2022: £220,855). |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Interim | 201,500 | 171,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Research & |
Goodwill | development | Totals |
£ | £ | £ |
COST |
At 1 October 2022 | 315,192 | 5,934,940 | 6,250,132 |
Additions | - | 686,440 | 686,440 |
At 30 September 2023 | 315,192 | 6,621,380 | 6,936,572 |
AMORTISATION |
At 1 October 2022 | 206,535 | 2,326,895 | 2,533,430 |
Amortisation for year | 31,519 | 487,278 | 518,797 |
At 30 September 2023 | 238,054 | 2,814,173 | 3,052,227 |
NET BOOK VALUE |
At 30 September 2023 | 77,138 | 3,807,207 | 3,884,345 |
At 30 September 2022 | 108,657 | 3,608,045 | 3,716,702 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Short | Commercial | Plant and |
leasehold | vehicles | machinery |
£ | £ | £ |
COST |
At 1 October 2022 | 639,899 | 340,429 | 4,207,655 |
Additions | 110,953 | - | 333,020 |
Disposals | (3,537 | ) | - | (73,530 | ) |
At 30 September 2023 | 747,315 | 340,429 | 4,467,145 |
DEPRECIATION |
At 1 October 2022 | 146,007 | 137,072 | 1,440,739 |
Charge for year | 42,030 | 67,786 | 296,633 |
Eliminated on disposal | (3,537 | ) | - | (72,654 | ) |
At 30 September 2023 | 184,500 | 204,858 | 1,664,718 |
NET BOOK VALUE |
At 30 September 2023 | 562,815 | 135,571 | 2,802,427 |
At 30 September 2022 | 493,892 | 203,357 | 2,766,916 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2022 | 1,372,371 | 965,588 | 7,525,942 |
Additions | 9,428 | 37,925 | 491,326 |
Disposals | (6,182 | ) | (220,764 | ) | (304,013 | ) |
At 30 September 2023 | 1,375,617 | 782,749 | 7,713,255 |
DEPRECIATION |
At 1 October 2022 | 803,577 | 787,908 | 3,315,303 |
Charge for year | 126,945 | 93,276 | 626,670 |
Eliminated on disposal | (6,182 | ) | (219,857 | ) | (302,230 | ) |
At 30 September 2023 | 924,340 | 661,327 | 3,639,743 |
NET BOOK VALUE |
At 30 September 2023 | 451,277 | 121,422 | 4,073,512 |
At 30 September 2022 | 568,794 | 177,680 | 4,210,639 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
The net book value of assets held on hire purchase contracts included within the above was £922,783 (2022: £831,178). The depreciation charge relating to these assets amounted to £229,414 (2022: £167,874). |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The company's investments at the balance sheet date in the share capital of companies include the following: |
Company |
CPG Holdings Limited |
CPG Logistics Limited |
Medisa Services Limited |
All of the above companies are incorporated in England and Wales and are included in the consolidated group accounts. The registered office and principal place of business of all subsidiaries is Unit 900 Fareham Reach, 166 Fareham Road, Gosport, Hampshire, PO13 0FW. |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 64,321 | 67,882 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 2,877,018 | 2,549,418 |
Other debtors | 3,919 | 47,767 |
Directors' current accounts | 59,518 | 441,736 |
Tax | 156,327 | 224,047 |
Prepayments and accrued income | 1,578,735 | 1,280,600 |
4,675,517 | 4,543,568 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 1,666,624 | 2,094,053 |
Other loans (see note 17) | 398,878 | 224,954 |
Hire purchase contracts (see note 18) | 300,358 | 240,077 |
Trade creditors | 1,909,425 | 1,500,700 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 494,682 | 447,887 |
Other creditors | 1,161,233 | 2,150,441 | - | - |
Accruals and deferred income | 866,532 | 806,132 |
6,797,732 | 7,464,244 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | 1,200,000 | 1,800,000 |
Other loans (see note 17) | 1,941,959 | 1,206,551 |
Hire purchase contracts (see note 18) | 439,422 | 457,167 |
Social security and other taxes | 4,290 | 55,770 |
3,585,671 | 3,519,488 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 1,066,624 | 1,217,389 |
Bank loans - less than 1 year | 600,000 | 876,664 |
Other loans - less than 1 year | 398,878 | 224,954 |
2,065,502 | 2,319,007 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 600,000 | 600,000 |
Other loans - 1-2 years | 340,577 | 76,407 | - |
940,577 | 676,407 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 600,000 | 1,200,000 |
Other loans - 2-5 years | 1,601,382 | 1,130,144 |
2,201,382 | 2,330,144 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year | 363,105 | 303,284 |
Between one and five years | 511,316 | 519,942 |
874,421 | 823,226 |
Finance charges repayable: |
Within one year | 62,747 | 63,207 |
Between one and five years | 71,894 | 62,775 |
134,641 | 125,982 |
Net obligations repayable: |
Within one year | 300,358 | 240,077 |
Between one and five years | 439,422 | 457,167 |
739,780 | 697,244 |
Group |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year | 1,994,858 | 1,937,388 |
Between one and five years | 4,993,632 | 5,817,345 |
In more than five years | 9,342,016 | 10,157,844 |
16,330,506 | 17,912,577 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank overdrafts | 1,066,624 | 1,217,389 |
Bank loans | 1,800,000 | 2,676,664 |
Hire purchase contracts | 739,780 | 697,244 |
Other creditors | 1,075,262 | 2,076,433 |
Other loans | 2,340,938 | 1,431,606 |
7,022,604 | 8,099,336 |
Loans and overdrafts are secured by debenture, including fixed and floating charges over the group's assets. Liabilities under hire purchase are secured on the assets to which they relate. Other creditors are secured by way of a fixed and floating charge over the group's assets. |
Bank loans are partially secured by way of personal guarantee given by a group director. |
In addition to the above, there is also an unlimited multilateral guarantee dated 30 September 2011 given by CPG Logistics Limited, its parent company CPG Holdings Limited, its ultimate parent company Jamesurl Limited and a fellow subsidiary Medisa Services Limited. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 794,703 | 784,215 |
Unutilised tax losses | (22,522 | ) | (94,960 | ) |
772,181 | 689,255 |
Group |
Deferred tax |
£ |
Balance at 1 October 2022 | 689,255 |
Accelerated capital allowances | 10,488 |
Corporation tax losses | 72,438 |
Balance at 30 September 2023 | 772,181 |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 258 | 258 |
Ordinary | 1 | 100 | 100 |
358 | 358 |
22. | RESERVES |
Group |
Capital |
Retained | Merger | contribution |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2022 | 251,727 | 710,955 | 121,428 | 1,084,110 |
Profit for the year | 841,096 | 841,096 |
Dividends | (201,500 | ) | (201,500 | ) |
At 30 September 2023 | 891,323 | 710,955 | 121,428 | 1,723,706 |
Company |
Retained |
earnings |
£ |
At 1 October 2022 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 30 September 2023 | ( |
) |
23. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. Employer's contributions payable for the year amounted to £161,077 (2022: £137,764). Contributions totalling £14,871 (2022: £11,396) were outstanding at the year end and are included within other creditors. |
JAMESURL LIMITED (REGISTERED NUMBER: 09583374) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022: |
2023 | 2022 |
£ | £ |
E Waters |
Balance outstanding at start of year | 156,972 | 140,021 |
Amounts advanced | 14,416 | 16,951 |
Amounts repaid | (150,000 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 21,388 | 156,972 |
R A Lord |
Balance outstanding at start of year | 284,764 | 221,548 |
Amounts advanced | 78,366 | 63,216 |
Amounts repaid | (325,000 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 38,130 | 284,764 |
No interest is charged on the above loans, which are repayable on demand. |
25. | ULTIMATE CONTROLLING PARTY |
The group is under the control of Mr R A Lord and Mr E Waters. |