275
false
false
false
false
true
false
false
false
false
false
false
true
false
false
false
false
true
false
2022-04-04
Sage Accounts Production Advanced 2023 - FRS102_2023
264
156,689
5,900
3,933
1,967
5,900
1,967
xbrli:pure
xbrli:shares
iso4217:GBP
06692651
2022-04-04
2023-04-01
06692651
2023-04-01
06692651
2022-04-03
06692651
2021-04-02
2022-04-03
06692651
2022-04-03
06692651
2021-04-01
06692651
core:PlantMachinery
2022-04-04
2023-04-01
06692651
bus:RegisteredOffice
2022-04-04
2023-04-01
06692651
bus:OrdinaryShareClass1
2022-04-04
2023-04-01
06692651
bus:LeadAgentIfApplicable
2022-04-04
2023-04-01
06692651
bus:Director1
2022-04-04
2023-04-01
06692651
bus:Director2
2022-04-04
2023-04-01
06692651
core:WithinOneYear
2023-04-01
06692651
core:WithinOneYear
2022-04-03
06692651
core:PlantMachinery
2022-04-03
06692651
core:PlantMachinery
2023-04-01
06692651
core:AfterOneYear
2023-04-01
06692651
core:AfterOneYear
2022-04-03
06692651
core:RetainedEarningsAccumulatedLosses
2021-04-02
2022-04-03
06692651
core:RetainedEarningsAccumulatedLosses
2022-04-04
2023-04-01
06692651
core:UKTax
2022-04-04
2023-04-01
06692651
core:UKTax
2021-04-02
2022-04-03
06692651
bus:AllOrdinaryShares
2022-04-04
2023-04-01
06692651
bus:AllOrdinaryShares
2021-04-02
2022-04-03
06692651
core:ShareCapital
2023-04-01
06692651
core:ShareCapital
2022-04-03
06692651
core:RetainedEarningsAccumulatedLosses
2023-04-01
06692651
core:RetainedEarningsAccumulatedLosses
2022-04-03
06692651
core:ShareCapital
2021-04-01
06692651
core:RetainedEarningsAccumulatedLosses
2021-04-01
06692651
core:PlantMachinery
2022-04-03
06692651
bus:LeadAgentIfApplicable
2021-04-02
2022-04-03
06692651
bus:MediumEntities
2022-04-04
2023-04-01
06692651
bus:Audited
2022-04-04
2023-04-01
06692651
bus:Medium-sizedCompaniesRegimeForAccounts
2022-04-04
2023-04-01
06692651
bus:PrivateLimitedCompanyLtd
2022-04-04
2023-04-01
06692651
bus:FullAccounts
2022-04-04
2023-04-01
06692651
bus:OrdinaryShareClass1
2023-04-01
06692651
bus:OrdinaryShareClass1
2022-04-03
06692651
core:ParentEntities
2022-04-04
2023-04-01
COMPANY REGISTRATION NUMBER:
06692651
Year ended 1 April 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
6 |
|
|
Statement of comprehensive income |
10 |
|
|
Statement of financial position |
11 |
|
|
Statement of changes in equity |
12 |
|
|
Notes to the financial statements |
13 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr L McLachlan |
|
Miss L McLachlan |
|
|
Registered office |
Old Hall Farm |
|
19 Barnston Lane |
|
Moreton |
|
Wirral |
|
England |
|
CH46 7TN |
|
|
Registered number
06692651
(England and Wales)
Auditor |
Hailwood & Co. |
|
Chartered accountants & statutory auditor |
|
392-394 Hoylake Road |
|
Moreton |
|
Wirral |
|
CH46 6DF |
|
|
Year ended 1 April 2023
The directors present their strategic report for the year ended 1 April 2023. The company's business activity consists of the provision of workers.
Review of business
Turnover decreased from £14.5 million to £12.3 million this year. The company's gross profit has decreased from 13.8% to 11.8%. The employee numbers have decreased from 358 to 275.
Principal risks and uncertainties
The group operates within the gig industry, working with umbrella employees in the sector. This is an area which is impacted by legislative changes with its principal risks being governmental changes and the associated impact on the regulations along with any changes in employment law and agency workers regulations. The group's credit and price risk are very low as the structure of the business means monies are received upfront so the group does not have any external debtors. There is an unsecured intercompany debtor to an associated non group entity; no interest is charged on this loan. It is considered recoverable due the other assets held within the associated company. The group manages financial risk by monitoring cash flow to ensure that the group is able to meet its foreseeable debts as they fall due. The directors recognise the importance of the group's environmental responsibilities. The group monitors its impact on the environment, and designs and implements policies to mitigate any adverse impact that might be caused by its activities. These include recycling and reduction of energy consumption. The group communicates wherever possible with electronic methods in order to minimise its carbon footprint.
Employee policy
It is the company's policy that matters which will likely affect the employee's interests are communicated and discussed via unions, staff councils and meetings. The company's policy is to ensure all employees are aware of the financial and economic factors that affect the performance of the company, which is conveyed by providing employees with information on training and other key developments. The company fully considers any applications made by disabled persons for employment, whilst bearing in mind the applicant's aptitudes and abilities. The company's policy includes the arrangement of appropriate training and opportunities for career development of disabled persons are identical to that of other employees. It is the company's policy that in the event of any members of staff becoming disables, the upmost effort is made to ensure their continued employment with the group and that the appropriate training is arranged.
Future developments
In the following year the company expects to attain a number of accreditation's which will provide a higher level of confidence and security for customers as well as improving efficiency.
Assessment of prospects and viability
The directors confirm that they have a reasonable expectation that the company will be able to continue in operation and meets its liabilities.
This report was approved by the board of directors on 31 July 2024 and signed on behalf of the board by:
Miss L McLachlan |
Director |
|
Registered office: |
Old Hall Farm |
19 Barnston Lane |
Moreton |
Wirral |
England |
CH46 7TN |
|
Year ended 1 April 2023
The directors present their report and the financial statements of the company for the year ended
1 April 2023
.
Directors
The directors who served the company during the year were as follows:
Mr L McLachlan |
|
Miss L McLachlan |
|
|
|
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
31 July 2024
and signed on behalf of the board by:
Miss L McLachlan |
Director |
|
Registered office: |
Old Hall Farm |
19 Barnston Lane |
Moreton |
Wirral |
England |
CH46 7TN |
|
Independent Auditor's Report to the Members of
Apex Europe Limited |
|
Year ended 1 April 2023
Opinion
We have audited the financial statements of Apex Europe Limited (the 'company') for the year ended 1 April 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 1 April 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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; or - the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We ascertained what financial controls are in place to prevent loss or misappropriation of the company's assets, reached conclusions on their adequacy, and observed them in operation. - Based on the above we assessed the risk that the accounts could be misstated due to irregularities, and selected appropriately sized samples of transactions to verify through detailed testing. - Sample sizes were such that we would expect to have a reasonable expectation of discovering material misstatements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
A D French |
(Senior Statutory Auditor) |
|
For and on behalf of |
Hailwood & Co. |
Chartered accountants & statutory auditor |
392-394 Hoylake Road |
Moreton |
Wirral |
CH46 6DF |
|
31 July 2024
Statement of Comprehensive Income |
|
Year ended 1 April 2023
|
2023 |
2022 |
Note |
£ |
£ |
Turnover |
4 |
12,250,405 |
14,542,777 |
|
|
|
|
Cost of sales |
(
10,906,962) |
(
12,641,698) |
|
------------- |
------------- |
Gross profit |
1,343,443 |
1,901,079 |
|
|
|
Administrative expenses |
(
1,341,604) |
(
1,702,781) |
|
|
------------ |
------------ |
Operating profit |
5 |
1,839 |
198,298 |
|
|
|
|
Interest payable and similar expenses |
8 |
(
1,052) |
(
2,439) |
|
------------ |
------------ |
Profit before taxation |
787 |
195,859 |
|
|
|
|
Tax on profit |
9 |
(
523) |
(
39,170) |
|
---- |
--------- |
Profit for the financial year and total comprehensive income |
264 |
156,689 |
|
---- |
--------- |
|
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
1 April 2023
Fixed assets
Tangible assets |
11 |
– |
1,967 |
|
|
|
|
Current assets
Debtors |
12 |
1,425,797 |
1,417,709 |
Cash at bank and in hand |
41,748 |
242,423 |
|
------------ |
------------ |
|
1,467,545 |
1,660,132 |
|
|
|
|
Creditors: amounts falling due within one year |
13 |
(
1,280,082) |
(
1,414,030) |
|
------------ |
------------ |
Net current assets |
187,463 |
246,102 |
|
--------- |
--------- |
Total assets less current liabilities |
187,463 |
248,069 |
|
|
|
|
Creditors: amounts falling due after more than one year |
14 |
(
25,797) |
(
36,667) |
|
--------- |
--------- |
Net assets |
161,666 |
211,402 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
16 |
100 |
100 |
Profit and loss account |
161,566 |
211,302 |
|
--------- |
--------- |
Shareholders funds |
161,666 |
211,402 |
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
31 July 2024
, and are signed on behalf of the board by:
Miss L McLachlan |
Director |
|
Company registration number:
06692651
Statement of Changes in Equity |
|
Year ended 1 April 2023
|
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
At 2 April 2021 |
100 |
154,613 |
154,713 |
|
|
|
|
Profit for the year |
|
156,689 |
156,689 |
|
---- |
--------- |
--------- |
Total comprehensive income for the year |
– |
156,689 |
156,689 |
|
|
|
|
Dividends paid and payable |
10 |
– |
(
100,000) |
(
100,000) |
|
---- |
--------- |
--------- |
Total investments by and distributions to owners |
– |
(
100,000) |
(
100,000) |
|
|
|
|
At 3 April 2022 |
100 |
211,302 |
211,402 |
|
|
|
|
Profit for the year |
|
264 |
264 |
|
---- |
--------- |
--------- |
Total comprehensive income for the year |
– |
264 |
264 |
|
|
|
|
Dividends paid and payable |
10 |
– |
(
50,000) |
(
50,000) |
|
---- |
-------- |
-------- |
Total investments by and distributions to owners |
– |
(
50,000) |
(
50,000) |
|
|
|
|
|
---- |
--------- |
--------- |
At 1 April 2023 |
100 |
161,566 |
161,666 |
|
---- |
--------- |
--------- |
|
|
|
|
|
Notes to the Financial Statements |
|
Year ended 1 April 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Hall Farm, 19 Barnston Lane, Moreton, Wirral, CH46 7TN, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtor balances
The directors have made a judgement that a significant amount due from a connected party is recoverable.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: no cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on experience and other factors considered to be relevant. Actual results may differ from these estimates. The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies.
Revenue recognition
Turnover represents net invoiced sales from payroll services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised as the service is provided. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax payable or recoverable using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting 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. Current or deferred taxation assets and liabilities are not discounted. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Intercompany loans (being repayable on demand), trade debtors, and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Turnover
Turnover arises from:
|
2023 |
2022 |
|
£ |
£ |
Rendering of services |
12,250,405 |
14,542,777 |
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating profit
Operating profit or loss is stated after charging:
|
2023 |
2022 |
|
£ |
£ |
Depreciation of tangible assets |
1,967 |
1,967 |
Impairment of trade debtors |
216,171 |
8,333 |
|
--------- |
------- |
|
|
|
6.
Auditor's remuneration
|
2023 |
2022 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
5,940 |
3,250 |
|
------- |
------- |
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2023 |
2022 |
|
No. |
No. |
Employees |
275 |
358 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2023 |
2022 |
|
£ |
£ |
Wages and salaries |
9,661,687 |
11,412,520 |
Social security costs |
1,046,864 |
1,132,339 |
Other pension costs |
99,716 |
96,839 |
|
------------- |
------------- |
|
10,808,267 |
12,641,698 |
|
------------- |
------------- |
|
|
|
8.
Interest payable and similar expenses
|
2023 |
2022 |
|
£ |
£ |
Interest on banks loans and overdrafts |
1,052 |
2,258 |
Other interest payable and similar charges |
– |
181 |
|
------- |
------- |
|
1,052 |
2,439 |
|
------- |
------- |
|
|
|
9.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
523 |
39,170 |
|
---- |
-------- |
Tax on profit |
523 |
39,170 |
|
---- |
-------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the
standard rate of corporation tax in the UK
of
19
% (2022:
19
%).
|
2023 |
2022 |
|
£ |
£ |
Profit on ordinary activities before taxation |
787 |
195,859 |
|
---- |
--------- |
Profit on ordinary activities by rate of tax |
150 |
37,213 |
Effect of expenses not deductible for tax purposes |
373 |
2,553 |
Utilisation of tax losses |
– |
(
596) |
|
---- |
--------- |
Tax on profit |
523 |
39,170 |
|
---- |
--------- |
|
|
|
10.
Dividends
|
2023 |
2022 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
50,000 |
100,000 |
|
-------- |
--------- |
|
|
|
11.
Tangible assets
|
Plant and machinery |
|
£ |
Cost |
|
At 4 April 2022 and 1 April 2023 |
5,900 |
|
------- |
Depreciation |
|
At 4 April 2022 |
3,933 |
Charge for the year |
1,967 |
|
------- |
At 1 April 2023 |
5,900 |
|
------- |
Carrying amount |
|
At 1 April 2023 |
– |
|
------- |
At 3 April 2022 |
1,967 |
|
------- |
|
|
12.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
2,788 |
63,369 |
Prepayments and accrued income |
170,029 |
315,612 |
Other debtors |
1,252,980 |
1,038,728 |
|
------------ |
------------ |
|
1,425,797 |
1,417,709 |
|
------------ |
------------ |
|
|
|
13.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
10,911 |
10,000 |
Trade creditors |
13,669 |
1,732 |
Amounts owed to group undertakings |
636,984 |
446,861 |
Accruals and deferred income |
9,190 |
222,601 |
Corporation tax |
39,693 |
39,170 |
Social security and other taxes |
566,251 |
692,430 |
Other creditors |
3,384 |
1,236 |
|
------------ |
------------ |
|
1,280,082 |
1,414,030 |
|
------------ |
------------ |
|
|
|
14.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
25,797 |
36,667 |
|
-------- |
-------- |
|
|
|
15.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
99,716
(2022: £
96,839
).
16.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
17.
Ultimate parent company
Blue Garnet Management Services Limited is regarded by the directors as being the company's ultimate parent company.
Blue Garnet Management Services Limited prepares consolidated financial statements which are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
18.
Ultimate controlling party
The ultimate controlling party of the company is Mr L. McLachlan, who is a director, by virtue of his shareholding in Blue Garnet Management Services Limited.
19.
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.