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REGISTERED NUMBER: 06034018 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

CSS GROUP LIMITED

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


CSS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: B K H Thakrar





SECRETARY: Mrs S Crompton





REGISTERED OFFICE: Unit 3 Crompton Way
Segensworth West
Fareham
Hampshire
PO15 5SS





REGISTERED NUMBER: 06034018 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The director presents his strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
We are an industry leading supply & distribution expert to the global travel retail industry, backed by the infrastructure and personnel to make the company the largest UK based duty-free FMCG provider within 5 years. Our network of preferred partners provides us with the scale, focus and execution to provide specialist logistics, distribution and consolidation, supplying tailor-made, bespoke delivery options to guarantee ease, expediency and exceptional customer service to our busy clients.

Over the next few years, we will continue to extend our reach within both the international Aviation and Maritime sectors, opening up new supply routes into domestic and international Military, NATO and Duty-Free Retail, while continuing to grow our historic UK customer base.

Key Performance Indicators of the company

The below key performance indicators are used by the director to measure the group's success against tangible objectives and target setting:



2023 Actual

2022 Actual
Yr-on-Yr
Change
2023
Budget
2022
Budget
Yr-on-Yr
Change
£ £ % £ £ %
Turnover(Ex
VAT)

14,395,544

12,017,141

20%

13,746,621

11,000,546

25%
Gross Profit 3,278,922 2,859,584 15% 2,749,324 2,200,109 20%
Margin 23% 24% 20% 20%

We track our performance using a mixture of financial and non-financial measures, which we believe best reflect our strategic priorities for growth, efficiency and shareholder returns underpinned by safe and responsible working practices.


CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
In addition to the ongoing competitive pressures, the principal risks facing the company are the continued
economic uncertainty due to Covid-19 and the impact this has on the recovery of the Duty-Free Travel sector,
increased regulation post Brexit and security concerns that impact upon the travel and tourist industry. The
director continues to assess the implications of these risks and mitigate them by working closely with our core
customers and suppliers to manage the current economic uncertainty and sector security concerns whilst
continuing to manage and improve our robust due diligence process

Going concern

The director has considered it appropriate to prepare these financial statements on a going concern basis.

The company is closely monitored by the director and the after effect of the pandemic on the hospitality
industry. The company has seen an increase in the trading following the easing of lockdown measures and
continues to receive support from its bankers and parent company. In addition, forecasts have been prepared
which indicate the company will have sufficient funds to meet its liabilities. The company has access to cash balances, if required, from associated companies and beneficial owners and is therefore well placed to cover working capital and funding requirements.

Credit risk

The company's main financial assets are cash and trade debtors. The director considers there to be minimal
risk in relation to the company's cash balances as these are all held at reputable financial institutions. The
director manages credit risk in respect of the company's trade debtors by reviewing and stipulating credit
limits for all customers. The company has implemented policies to undertake due diligence and credit checks
on customers to manage credit risk.

Liquidity risk

The company actively manages its liquidity risk in order to meet its foreseeable needs both in the short term
and medium term.

Currency risk

A small proportion of the company's sales and purchases are denominated in currencies other than Sterling.
Therefore, the directors consider there to be limited exposure to currency risk and where limited risk arises,
the company makes use of short term forward currency contracts as required.

FUTURE PROSPECTS AND COVID 19
The company has implemented measures to ensure our skilled workforce are retained. With our staff and our
financial investors remaining strong, this places the company in a very strong position to take advantage of
the forthcoming travel boom. We are already seeing a growth due to the company fulfilling the underlying
needs of customers where many of our competitors have not fared so well.

As we continue to drive forward our award-winning Global Travel Retail and Bonded Solutions business(es)
within the wider group, investing in talent, supporting the modern-day apprenticeship schemes and vital real
world experience is fundamental to our continued success and the retention of people.

The group contains a general storage & distribution warehouse; we see huge potential to compete against not
only the main UK bonds, but with borders returning to the UK following Brexit, we are competing with the
major EU bonds exporting outside the EU.


CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

THANKS
No business is successful without the full support and commitment of its employees. The result for the year is
built on their dedication and hard work for which the Board would like to thank them.

ON BEHALF OF THE BOARD:





B K H Thakrar - Director


31 July 2024

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a holding company.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2023.

DIRECTORS
B K H Thakrar has held office during the whole of the period from 1 November 2022 to the date of this report.

Other changes in directors holding office are as follows:

F R Welkerling - resigned 1 June 2023

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he 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.

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2023


AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




B K H Thakrar - Director


31 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CSS GROUP LIMITED

Opinion
We have audited the financial statements of CSS Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 31 October 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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
CSS GROUP 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CSS GROUP 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for
fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired
financial results and the manipulation of exceptional items and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- enquiries with management, including consideration of known or suspected instances of fraud and
non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws;
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;
- challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to valuation of investment property, impairment of investments in subsidiaries and the measurement and classification of exceptional items;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CSS GROUP 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.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

31 July 2024

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

TURNOVER 14,395,544 12,017,141

Cost of sales (11,116,622 ) (9,157,557 )
GROSS PROFIT 3,278,922 2,859,584

Administrative expenses (2,970,920 ) (2,310,983 )
OPERATING PROFIT 4 308,002 548,601

Interest receivable and similar income (1 ) 610
308,001 549,211

Interest payable and similar expenses 5 (139,407 ) (145,450 )
PROFIT BEFORE TAXATION 168,594 403,761

Tax on profit 6 (62,366 ) (88,956 )
PROFIT FOR THE FINANCIAL YEAR 106,228 314,805
Profit attributable to:
Owners of the parent 106,228 314,805

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 106,228 314,805


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

106,228

314,805

Total comprehensive income attributable to:
Owners of the parent 106,228 314,805

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

CONSOLIDATED BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 8 286,624 382,293
Tangible assets 9 261,154 325,352
Investments 10 7,500 7,500
555,278 715,145

CURRENT ASSETS
Stocks 11 1,740,261 1,403,262
Debtors 12 3,894,107 2,627,516
Cash at bank 32,749 49,709
5,667,117 4,080,487
CREDITORS
Amounts falling due within one year 13 (4,785,258 ) (3,013,861 )
NET CURRENT ASSETS 881,859 1,066,626
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,437,137

1,781,771

CREDITORS
Amounts falling due after more than one
year

14

(946,790

)

(1,388,173

)

PROVISIONS FOR LIABILITIES 18 (54,607 ) (64,086 )

ACCRUALS AND DEFERRED INCOME 19 2,495 2,495
NET ASSETS 438,235 332,007

CAPITAL AND RESERVES
Called up share capital 20 351,000 351,000
Share premium 21 8,263,951 8,263,951
Retained earnings 21 (8,176,716 ) (8,282,944 )
438,235 332,007

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





B K H Thakrar - Director


CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

COMPANY BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 7,401,803 7,401,803
7,401,803 7,401,803

CURRENT ASSETS
Debtors 12 161,828 160,428
Prepayments and accrued income - 1,400
161,828 161,828
CREDITORS
Amounts falling due within one year 13 (1,710,280 ) (1,477,306 )
NET CURRENT LIABILITIES (1,548,452 ) (1,315,478 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,853,351

6,086,325

CREDITORS
Amounts falling due after more than one
year

14

(1,400,000

)

(1,400,000

)
NET ASSETS 4,453,351 4,686,325

CAPITAL AND RESERVES
Called up share capital 20 351,000 351,000
Share premium 21 8,263,951 8,263,951
Retained earnings 21 (4,161,600 ) (3,928,626 )
4,453,351 4,686,325

Company's loss for the financial year (232,974 ) (147,783 )

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





B K H Thakrar - Director


CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2021 351,000 (8,597,749 ) 8,263,951 17,202

Changes in equity
Total comprehensive income - 314,805 - 314,805
Balance at 31 October 2022 351,000 (8,282,944 ) 8,263,951 332,007

Changes in equity
Total comprehensive income - 106,228 - 106,228
Balance at 31 October 2023 351,000 (8,176,716 ) 8,263,951 438,235

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2021 351,000 (3,780,843 ) 8,263,951 4,834,108

Changes in equity
Total comprehensive income - (147,783 ) - (147,783 )
Balance at 31 October 2022 351,000 (3,928,626 ) 8,263,951 4,686,325

Changes in equity
Total comprehensive income - (232,974 ) - (232,974 )
Balance at 31 October 2023 351,000 (4,161,600 ) 8,263,951 4,453,351

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (785,448 ) (181,889 )
Interest paid (134,586 ) (130,099 )
Interest element of hire purchase
payments paid

(4,821

)

(15,351

)
Tax paid (218 ) -
Taxation refund - 65,851
Net cash from operating activities (925,073 ) (261,488 )

Cash flows from investing activities
Purchase of intangible fixed assets (6,648 ) (8,864 )
Purchase of tangible fixed assets (62,237 ) (8,990 )
Interest received (1 ) 610
Net cash from investing activities (68,886 ) (17,244 )

Cash flows from financing activities
New loans in year 971,733 713,414
Loan repayments in year (429,629 ) (209,876 )
Capital repayments in year (23,188 ) (63,103 )
Net cash from financing activities 518,916 440,435

(Decrease)/increase in cash and cash equivalents (475,043 ) 161,703
Cash and cash equivalents at
beginning of year

2

(811,988

)

(973,691

)

Cash and cash equivalents at end of
year

2

(1,287,031

)

(811,988

)

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 168,594 403,761
Depreciation charges 228,752 224,297
Finance costs 139,407 145,450
Finance income 1 (610 )
536,754 772,898
Increase in stocks (336,999 ) (824,792 )
Increase in trade and other debtors (1,266,590 ) (274,086 )
Increase in trade and other creditors 281,387 144,091
Cash generated from operations (785,448 ) (181,889 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 32,749 49,709
Bank overdrafts (1,319,780 ) (861,697 )
(1,287,031 ) (811,988 )
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 49,709 105,201
Bank overdrafts (861,697 ) (1,078,892 )
(811,988 ) (973,691 )


CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 49,709 (16,960 ) 32,749
Bank overdrafts (861,697 ) (458,083 ) (1,319,780 )
(811,988 ) (475,043 ) (1,287,031 )
Debt
Finance leases (97,346 ) 55,380 (41,966 )
Debts falling due within 1 year (1,443,133 ) (957,413 ) (2,400,546 )
Debts falling due after 1 year (1,346,173 ) 415,308 (930,865 )
(2,886,652 ) (486,725 ) (3,373,377 )
Total (3,698,640 ) (961,768 ) (4,660,408 )

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

CSS Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The cost of inventories is stated net of contributions from suppliers under trade agreements.

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.


CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,043,135 870,919
Social security costs 75,715 84,522
Other pension costs 14,368 11,390
1,133,218 966,831

The average number of employees during the year was as follows:
2023 2022

Directors 1 31
Administration 18 5
Warehouse and distribution 19 1
38 37

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

2023 2022
£    £   
Directors' remuneration 143,605 162,770

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 637,400 508,708
Depreciation - owned assets 126,435 122,618
Goodwill amortisation 101,679 101,679
Computer software amortisation 638 -
Auditors' remuneration 30,000 47,855
Foreign exchange differences (10,554 ) (2,248 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 134,586 130,099
Hire purchase 4,821 15,351
139,407 145,450

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 71,845 1,836

Deferred tax (9,479 ) 87,120
Tax on profit 62,366 88,956

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 168,594 403,761
Profit multiplied by the standard rate of corporation tax in the UK of
22.500 % (2022 - 19 %)

37,934

76,715

Effects of:
Depreciation in excess of capital allowances 33,169 36,949
Effect of tax in overseas entity 742 1,102

Deferred taxation (9,479 ) 87,120
Loss relief brought forward from prior periods - (112,930 )
Total tax charge 62,366 88,956

7. 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.


8. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 November 2022 5,522,508 8,864 5,531,372
Additions - 6,648 6,648
At 31 October 2023 5,522,508 15,512 5,538,020
AMORTISATION
At 1 November 2022 5,149,079 - 5,149,079
Amortisation for year 101,679 638 102,317
At 31 October 2023 5,250,758 638 5,251,396
NET BOOK VALUE
At 31 October 2023 271,750 14,874 286,624
At 31 October 2022 373,429 8,864 382,293

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 294,698 272,580 122,242 689,520
Additions 5,955 56,282 - 62,237
At 31 October 2023 300,653 328,862 122,242 751,757
DEPRECIATION
At 1 November 2022 92,075 179,192 92,901 364,168
Charge for year 42,809 54,285 29,341 126,435
At 31 October 2023 134,884 233,477 122,242 490,603
NET BOOK VALUE
At 31 October 2023 165,769 95,385 - 261,154
At 31 October 2022 202,623 93,388 29,341 325,352

10. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 November 2022
and 31 October 2023 7,500
NET BOOK VALUE
At 31 October 2023 7,500
At 31 October 2022 7,500
Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 7,401,803
NET BOOK VALUE
At 31 October 2023 7,401,803
At 31 October 2022 7,401,803

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Compass Supply Solutions Limited
Registered office: Unit 3, Crompton Way, Segensworth West, Fareham, Hampshire, PO15 5SS
Nature of business: Supply to the global travel retail industry
%
Class of shares: holding
Ordinary 100.00

Chichester Bond Limited
Registered office: Unit 3, Crompton Way, Segensworth West, Fareham, Hampshire, PO15 5SS
Nature of business: Bonded warehousing and storage
%
Class of shares: holding
Ordinary 100.00

CSS On-Trade Limited
Registered office: Unit 3, Crompton Way, Segensworth West, Fareham, Hampshire, PO15 5SS
Nature of business: Domestic beverage market supplies
%
Class of shares: holding
Ordinary* 100.00

Compass Supply Solutions B.V
Registered office: Schiphol Boulevard 359, WTC Schiphol Airport, D-Tower 11th Floor, 1118BJ Schiphol
Nature of business: Wholesale of beverages
%
Class of shares: holding
Ordinary* 100.00


*Denotes investment held in Compass Supply Solutions Ltd

11. STOCKS

Group
2023 2022
£    £   
Valuation 1,740,261 1,403,262

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,604,090 2,168,414 - -
Amounts owed by group undertakings - - 31,928 31,928
Amounts owed by participating interests 181,982 128,500 128,500 128,500
Other debtors 487,113 58,888 - -
VAT 441,797 153,758 - -
Prepayments and accrued income 179,125 117,956 1,400 -
3,894,107 2,627,516 161,828 160,428

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 3,720,326 2,304,830 - -
Hire purchase contracts (see note 16) 26,041 55,346 - -
Trade creditors 847,125 532,328 1,400 1,400
Amounts owed to group undertakings - - 1,706,385 1,473,411
Tax 73,477 1,850 - -
Social security and other taxes 17,897 4,717 - -
VAT 19,232 21,162 - -
Other creditors 11,757 - - -
Accruals and deferred income 69,403 93,628 2,495 2,495
4,785,258 3,013,861 1,710,280 1,477,306

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 15) 930,865 1,346,173 - -
Hire purchase contracts (see note 16) 15,925 42,000 - -
Amounts owed to group undertakings - - 1,400,000 1,400,000
946,790 1,388,173 1,400,000 1,400,000

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

15. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,319,780 861,697
Bank loans 2,400,546 1,443,133
3,720,326 2,304,830
Amounts falling due between one and two years:
Bank loans - 1-2 years 429,630 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 501,235 1,346,173

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 26,041 55,346
Between one and five years 15,925 42,000
41,966 97,346

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank overdrafts 1,319,780 861,697
Bank loans 3,331,411 2,789,306
Hire purchase contracts 41,966 97,346
4,693,157 3,748,349

The hire purchase contracts are secured over the assets they relate to.

The company has a facility with HSBC Bank Plc, the balance at the year end amounted to £1,970,916
(2022: £999,183). This facility is secured by way of fixed and floating charge over the assets of the company. The company has an arranged overdraft in place which is also secured.

The company has a Coronavirus Business Interruption Loan Scheme (CBILS) of £2,000,000. The loan is repayable within 6 years from the date of the drawdown of the loan. The loan includes a guarantee in favour of the bank from a beneficial owner guaranteeing all liabilities of the borrower under the facility limited to £200,000.

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 54,607 64,086

Group
Deferred
tax
£   
Balance at 1 November 2022 64,086
Credit to Income Statement during year (9,479 )
Balance at 31 October 2023 54,607

19. ACCRUALS AND DEFERRED INCOME

Group
2023 2022
£    £   
Accruals and deferred income (2,495 ) (2,495 )

CSS GROUP LIMITED (REGISTERED NUMBER: 06034018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number

Class
Nominal
Value

2022

2021
£ £
175,000 Ordinary 1 175,000 175,000
175,000 Ordinary A 1 175,000 175,000
500 Ordinary B 1 500 500
500 Ordinary C 1 500 500
351,000 351,000

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2022 (8,282,944 ) 8,263,951 (18,993 )
Profit for the year 106,228 106,228
At 31 October 2023 (8,176,716 ) 8,263,951 87,235

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2022 (3,928,626 ) 8,263,951 4,335,325
Deficit for the year (232,974 ) (232,974 )
At 31 October 2023 (4,161,600 ) 8,263,951 4,102,351


22. RELATED PARTY DISCLOSURES

At the year end a balance of £181,882 (2022 - £128,500) by a company under the control of the directors. This amount is interest free and repayable upon demand.