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Registered number: 07762538










LABLOGIC GROUP HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
R A Brown 
J K Clapham 
P K Clapham 




Company secretary
M Brown



Registered number
07762538



Registered office
Innovation House
6 Europa View

Sheffield

South Yorkshire

S9 1XH




Independent auditors
Shorts
Chartered Accountants & Registered Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
Yorkshire Bank





Svenska Handelsbanken AB





Barclays Bank plc





 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Profit and Loss Account
 
8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
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
 
15 - 32


 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Business review
 
The principal activity of the Group is the design and production of scientific instruments and software. 
The directors are satisfied with the overall performance of the Group and the state of affairs at the balance sheet date. 
For Lablogic Systems Limited sales to pharma has continued to be steady with new products recently introduced with success into the market. The PET market has continued to grow with a number of significant contracts won in new countries with more in the pipeline plus we have continued to introduce new products. 
Lablogic Inc showed a good level of business including several sales for new products during the year. We have recruited new local staff who have cut down on travel from the UK. 
Southern Scientific Limited have significantly increased sales. 
After a number of years as part of the Group, the decision was made to make a trade sale of Bartec Technologies Limited, completing on 31 March 2022. We wish the new owners and our former colleagues well for the future.
The Group has continued to invest significant resources in its research and development activities. 
The ongoing co-operation with the University of Sheffield continues to be positive. 
The Group acquired its distributor in France in June 2019 which continues to improve our sales in that country and gives us an owned outlet in the EU. 
Key performance indicators 
The directors consider the financial KPIs of the Group to be turnover, profit before tax and the cash balance. 
For the year to 30 June 2023 Group turnover was £34.1m (2022: £28.2m) and the Group profit before tax was £4.5m (2022: £5.7m). At 30 June 2023 the Group had cash balances of £28.7m (2022: £26.0m). 

Principal risks and uncertainties
 
The immediate outlook for the PET related products looks good with the projects already in the pipeline. The outlook for pharma research products is steady but with new applications in environmental research. 
To minimise credit risk, where the Group considers it wise, it requires a substantial payment on order rather than extending open credit terms. 
The Group trades in pounds sterling, dollars and euros. It provides dollars and euros to other associated companies who import in those currencies. This mechanism buffers the exchange risk effectively. 


This report was approved by the board on 12 March 2024 and signed on its behalf.


R A Brown
Director

Page 1

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and UnitedKingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FinancialReporting 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 for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the CompaniesAct 2006They 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.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £3,804,565 (2022 - £5,195,742).

No dividends have been paid during the year.

Directors

The directors who served during the year were:

R A Brown 
J K Clapham 
P K Clapham 

Directors' indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.

Page 2

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 12 March 2024 and signed on its behalf.
 






R A Brown
Director

Page 3

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LABLOGIC GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Lablogic Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Group Profit and Loss Account, the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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'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; 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LABLOGIC GROUP HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  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. 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 course of 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group 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 set out on page 2, 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.

Page 5

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LABLOGIC GROUP HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
the engagement team collectively had the appropriate competence, capabilities and skills to identify or
recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and
experience of the sectors that the Group operates in, we identified the laws and regulations applicable to the
Group; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the Group, we assessed the extent of compliance with those laws
and regulations identified above through making enquiries of management and inspecting relevant
correspondence.

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining
an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing any correspondence with HMRC, relevant regulators and the Group’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
 
Page 6

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LABLOGIC GROUP HOLDINGS LIMITED (CONTINUED)


Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if
any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.

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 Auditors' Report.

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 2006Our 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 Auditors' 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.




Howard Freeman (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Registered Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

12 March 2024
Page 7

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
2023
2023
2023
2022
2022
2022
Note
£
£
£
£
£
£

  

Turnover
 4 
34,125,925
-
34,125,925
26,340,481
1,863,748
28,204,229

Cost of sales
  
(16,503,628)
-
(16,503,628)
(12,200,866)
(934,460)
(13,135,326)

Gross profit
  
17,622,297
-
17,622,297
14,139,615
929,288
15,068,903

Distribution costs
  
(2,578,915)
-
(2,578,915)
(1,767,455)
(196,764)
(1,964,219)

Administrative expenses
  
(10,855,238)
-
(10,855,238)
(7,550,380)
(140,046)
(7,690,426)

Exceptional other operating charges
  
-
-
-
211,803
-
211,803

Operating profit
 5 
4,188,144
-
4,188,144
5,033,583
592,478
5,626,061

Interest receivable and similar income
 9 
270,827
-
270,827
44,951
-
44,951

Profit before tax
  
4,458,971
-
4,458,971
5,078,534
592,478
5,671,012

Tax on profit
 10 
(637,741)
-
(637,741)
(228,608)
-
(228,608)

Profit for the financial year
  
3,821,230
-
3,821,230
4,849,926
592,478
5,442,404

Profit for the year attributable to:
  

Non-controlling interests
  
16,665
-
16,665
246,662
-
246,662

Owners of the parent
  
3,804,565
-
3,804,565
4,603,264
592,478
5,195,742

  
3,821,230
-
3,821,230
4,849,926
592,478
5,442,404

The notes on pages 15 to 32 form part of these financial statements.

Page 8

 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£


Profit for the financial year

  

3,821,230
5,442,404

Other comprehensive income
  


Currency translation differences on foreign currency investments
  
(13,782)
(96,697)

Total comprehensive income for the year
  
3,807,448
5,345,707

Profit for the year attributable to:
  


Non-controlling interest
  
16,665
246,662

Owners of the parent Company
  
3,804,565
5,195,742

  
3,821,230
5,442,404

Total comprehensive income attributable to:
  


Non-controlling interest
  
16,665
246,662

Owners of the parent Company
  
3,790,783
5,099,045

  
3,807,448
5,345,707

The notes on pages 15 to 32 form part of these financial statements.

Page 9

 
LABLOGIC GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 07762538

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
  
297,094
346,609

Tangible assets
 12 
4,539,320
3,748,561

Investment property
 14 
501,011
231,011

  
5,337,425
4,326,181

Current assets
  

Stocks
  
1,182,872
969,415

Debtors: amounts falling due within one year
 15 
11,358,379
9,722,921

Cash at bank and in hand
  
28,664,871
26,043,668

  
41,206,122
36,736,004

Creditors: amounts falling due within one year
 16 
(5,331,737)
(4,339,442)

Net current assets
  
 
 
35,874,385
 
 
32,396,562

Total assets less current liabilities
  
41,211,810
36,722,743

Provisions for liabilities
  

Deferred taxation
  
(171,154)
-

Accruals and deferred income
 18 
(6,904,987)
(6,394,522)

Net assets
  
34,135,669
30,328,221


Capital and reserves
  

Called up share capital 
 19 
300
300

Profit and loss account
 20 
33,676,293
29,885,510

Equity attributable to owners of the parent Company
  
33,676,593
29,885,810

Non-controlling interests
  
459,076
442,411

  
34,135,669
30,328,221


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2024.


R A Brown
Director

The notes on pages 15 to 32 form part of these financial statements.

Page 10

 
LABLOGIC GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 07762538

COMPANY BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
 (as restated)
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,516,519
3,001,587

Investments
 13 
8,204,453
8,204,453

Investment Property
 14 
501,011
231,011

  
12,221,983
11,437,051

Current assets
  

Debtors: amounts falling due within one year
 15 
4,775,313
5,586,847

Cash at bank and in hand
  
8,453,268
7,578,694

  
13,228,581
13,165,541

Creditors: amounts falling due within one year
 16 
(1,150,081)
(101,432)

Net current assets
  
 
 
12,078,500
 
 
13,064,109

Total assets less current liabilities
  
24,300,483
24,501,160

  

Provisions for liabilities
  

Deferred taxation
  
(171,154)
-

Net assets
  
24,129,329
24,501,160


Capital and reserves
  

Called up share capital 
 19 
300
300

Profit and loss account carried forward
  
24,129,029
24,500,860

  
24,129,329
24,501,160


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2024.


R A Brown
Director

The notes on pages 15 to 32 form part of these financial statements.

Page 11

 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 July 2021
300
24,786,465
24,786,765
195,749
24,982,514



Profit for the year
-
5,195,742
5,195,742
246,662
5,442,404

Currency translation variance on foreign currency investments
-
(96,697)
(96,697)
-
(96,697)



At 1 July 2022
300
29,885,510
29,885,810
442,411
30,328,221



Profit for the year
-
3,804,565
3,804,565
16,665
3,821,230

Currency translation variance on foreign currency investments
-
(13,782)
(13,782)
-
(13,782)


At 30 June 2023
300
33,676,293
33,676,593
459,076
34,135,669


The notes on pages 15 to 32 form part of these financial statements.

Page 12

 
LABLOGIC GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2021
300
20,604,388
20,604,688


Comprehensive income for the year

Profit for the year
-
3,896,472
3,896,472



At 1 July 2022 (as restated)
300
24,500,860
24,501,160



Loss for the year
-
(371,831)
(371,831)


At 30 June 2023
300
24,129,029
24,129,329


The notes on pages 15 to 32 form part of these financial statements.

Page 13

 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,821,230
5,442,404

Adjustments for:

Amortisation of intangible assets
49,515
72,462

Depreciation of tangible assets
272,108
187,716

Loss on disposal of tangible assets
(4,802)
19,287

Interest received
(270,827)
(44,951)

Taxation charge
637,741
228,608

(Increase) in stocks
(213,458)
(195,823)

(Increase) in debtors
(1,635,459)
(1,911,619)

Increase in creditors
1,116,702
108,976

Taxes paid (including overseas tax)
(80,527)
(231,600)

Net cash generated from operating activities

3,692,223
3,675,460


Cash flows from investing activities

Sale of intangible assets
-
173,375

Purchase of tangible fixed assets
(1,322,565)
(2,722,001)

Sale of tangible fixed assets
264,500
6,000

Purchase of investment properties
(270,000)
-

Interest received
270,827
44,950

Net cash from investing activities

(1,057,238)
(2,497,676)


Net increase in cash and cash equivalents
2,634,985
1,177,784

Cash and cash equivalents at beginning of year
26,043,668
24,962,581

Foreign exchange gains and losses
(13,782)
(96,697)

Cash and cash equivalents at the end of year
28,664,871
26,043,668


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
28,664,871
26,043,668

28,664,871
26,043,668


The notes on pages 15 to 32 form part of these financial statements.

Page 14

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Lablogic Group Holdings Limited is a company limited by shares, incorporated in England and Wales, registered number 07762538. Its registered office is Innovation House, 6 Europa View, Sheffield, South Yorkshire, England, S9 1XH.
The principal activity of the Group is the design and production of scientific instruments and software.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the CompaniesAct 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Profit and Loss Account over its useful economic life, which is considered to be 10 years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided at the following rates:

Freehold property
-
2%
Long-term leasehold property
-
2%
Motor vehicles
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Profit and Loss Account.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other debtors receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash
Page 17

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is Pounds Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.11

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.15

Research and development

Research and development expenditure is written off in the year in which it is incurred.

Page 19

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Stock provisioning
When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock. The carrying value of stock after making such a provision was £1,182,872 (2022: £969,415).
(ii) Income deferred on contracts
Management make estimates regarding the recognition of income from contracts. Such estimates are calculated on the bases explained in the accounting policy for revenue. The amount of income from contracts that is deferred is included within creditors. 


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
13,750,251
11,634,125

Rest of Europe
4,811,644
2,559,660

Rest of the world
15,564,029
14,010,444

34,125,924
28,204,229



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
280,621
187,716

Amortisation of goodwill
49,515
72,462

Exchange differences
33,551
(848,113)

Page 20

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Auditors' remuneration

2023
2022
£
£



Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
55,000
54,500


.


Fees payable to the Group's auditor in respect of:

2023
2022
£
£
Taxation compliance services

6,000

-
 
All other services

-

2,470
 
6,000

2,470
 


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
8,045,135
6,860,332

Social security costs
1,029,235
877,708

Cost of defined contribution pension scheme
251,261
250,935

9,325,631
7,988,975


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Mangement and administration
39
30



Production and quality
39
41



Sales, service and support
46
50

124
121

Page 21

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Directors' remuneration

Directors' remuneration for the year, consisting of directors' emoluments and Group contributions to defined contribution pension schemes, totalled £2,984,011 and £17,888 respectively (2022: £2,907,099 and £18,900). The directors are considered to be the key management personnel of the Company and the Group.


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £683,473 (2022 - £674,359).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,333 (2022 - £3,892).


9.


Interest receivable and similar income

2023
2022
£
£


Other interest receivable
270,827
44,951

Page 22

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
428,121
192,543

Adjustments in respect of previous periods
-
15,463


428,121
208,006

Foreign tax


Foreign tax on income for the year
38,466
20,602

Total current tax

466,587
228,608

Deferred tax


Origination and reversal of timing differences
171,154
-


Taxation on profit
637,741
228,608
Page 23

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the calculated rate of corporation tax in the UK of 20.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit before tax
4,458,971
5,383,165


Profit multiplied by calculated rate of corporation tax in the UK of 20.5% (2022 - 19%)
914,089
1,077,492

Effects of:


Non-tax deductible amortisation of goodwill
10,150
13,768

Expenses not deductible for tax purposes
6,742
55,925

Capital allowances for year in excess of depreciation
(16,747)
(8,119)

Utilisation of tax losses
-
(17,849)

Difference in tax rates on overseas earnings
-
(55,199)

Adjustments to tax charge in respect of prior periods
-
15,463

Other timing differences leading to an increase (decrease) in taxation
24,690
-

Research and development tax credit
(423,536)
(395,053)

Other differences leading to a decrease in the tax charge
122,379
(457,820)

Marginal relief
(26)
-

Total tax charge for the year
637,741
228,608


Factors that may affect future tax charges

The Group's continuing investment into research and development could lead to reduced tax charges in the future.

Page 24

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Intangible assets

Group





Goodwill

£



Cost


At 1 July 2022
1,863,626



At 30 June 2023

1,863,626



Amortisation


At 1 July 2022
1,517,017


Charge for the year on owned assets
49,515



At 30 June 2023

1,566,532



Net book value



At 30 June 2023
297,094



At 30 June 2022
346,609



Page 25

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 July 2022
3,039,369
582,758
669,147
553,314
4,844,588


Additions
923,373
143,413
208,940
46,839
1,322,565


Disposals
(250,000)
-
(24,500)
-
(274,500)



At 30 June 2023

3,712,742
726,171
853,587
600,153
5,892,653



Depreciation


At 1 July 2022
292,756
-
363,266
440,005
1,096,027


Charge for the year on owned assets
79,533
10,763
138,255
43,557
272,108


Disposals
-
-
(14,802)
-
(14,802)



At 30 June 2023

372,289
10,763
486,719
483,562
1,353,333



Net book value



At 30 June 2023
3,340,453
715,408
366,868
116,591
4,539,320



At 30 June 2022
2,746,614
582,758
305,881
113,309
3,748,562




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
3,340,453
2,746,613

Long leasehold
715,408
582,758

4,055,861
3,329,371


Page 26

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           12.Tangible fixed assets (continued)


Company






Freehold property
Motor vehicles
Total

£
£
£

Cost


At 1 July 2022
2,891,141
394,360
3,285,501


Additions
923,373
7,320
930,693


Disposals
(250,000)
-
(250,000)



At 30 June 2023

3,564,514
401,680
3,966,194



Depreciation


At 1 July 2022
144,528
139,386
283,914


Charge for the year on owned assets
79,533
86,228
165,761



At 30 June 2023

224,061
225,614
449,675



Net book value



At 30 June 2023
3,340,453
176,066
3,516,519



At 30 June 2022
2,746,613
254,974
3,001,587





The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
3,340,453
2,746,613

3,340,453
2,746,613


Page 27

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 July 2022
8,204,453



At 30 June 2023
8,204,453





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Lablogic Systems Limited
England & Wales
Design and production of scientific instruments and software
Ordinary & B
100%
Southern Scientific Limited
England & Wales
Design and production of scientific instruments and software
Ordinary
100%
Lablogic Systems Inc
USA
Production and sales of scientific instruments and software
Ordinary
88.47%
Lablogic S.A.
France
Production and sales of scientific instruments and software
Ordinary
100%
Lablogic Systems GmbH
Germany
Registered office only
Ordinary
95%


Group
The Group held no investments during the period.

Page 28

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 July 2022
231,011


Additions at cost
270,000



At 30 June 2023
501,011

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
501,011
231,011


15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
6,169,881
6,626,448
-
-

Amounts owed by group undertakings
-
-
21,008
3,021,008

Other debtors
5,042,952
2,821,870
4,754,305
2,565,839

Prepayments and accrued income
145,546
274,603
-
-

11,358,379
9,722,921
4,775,313
5,586,847


Page 29

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,071,326
1,702,731
3,328
-

Amounts owed to group undertakings
-
-
1,127,253
62,831

Corporation tax
571,821
294,555
-
38,004

Other taxation and social security
438,893
201,265
-
597

Other creditors
3,080,431
2,140,891
-
-

Accruals and deferred income
169,266
-
19,500
-

5,331,737
4,339,442
1,150,081
101,432



17.


Deferred taxation


Group



2023


£






Charged to profit or loss
171,154



At end of year
171,154

Company


2023


£






Charged to profit or loss
171,154



At end of year
171,154

Group
Company
2023
2023
£
£

Accelerated capital allowances
171,154
171,154

171,154
171,154

Page 30

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


Accruals and deferred income

Group
Group
2023
2022
£
£

Deferred income
6,904,987
6,394,522

6,904,987
6,394,522



19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £3.00 each
300
300



20.


Reserves

Profit and loss account

This includes all current and prior period retained profits and losses and is considered by the directors to be fully distributable by the Group companies in which it is held.


21.


Prior year adjustment

Lablogic Group Holdings Limited owns 100% of the shares in Southern Scientific Limited, a UK-incorporated company. 
The financial statements of Lablogic Group Holdings Limited for the year ended 30 June 2022 excluded the final dividend from Southern Scientific Limited to Lablogic Group Holdings Limited. 
Therefore, an adjustments has been made ot the 2022 Balance Sheet of Lablogic Group Holdings Limited, recognising an additional £1,000,000 due from Southern Scientific Limited, which is included within amounts owed by group undertakings in the detailed debtors note in these accounts. A corresponding transactions has been recorded in the 2022 Retained Earnings.
This restatement does not impact the consolidated financial position of the Group as at 30 June 2022. 

Page 31

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £251,261 (2022: £250,935). Contributions totalling £44,945 (2022: £25,627) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 30 June 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
83,069
116,341

Later than 1 year and not later than 5 years
57,500
140,627

140,569
256,968

The Company had no commitments under non-cancellable operating leases as at the balance sheet date.


24.


Related party transactions

Within other debtors is a loan to a property development company in which a director has a shareholding totalling £4,504,905 (2022: £2,565,839). The loan is unsecured, bears interest at 1% above base and is repayable within one month of the sale of the development.


25.


Controlling party

The Group is controlled by J K Clapham.

Page 32