Company registration number 00688039 (England and Wales)
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
COMPANY INFORMATION
Directors
H Topham
R Topham
A Taylor
(Appointed 14 October 2022)
Secretary
R Topham
Company number
00688039
Registered office
101 Worthing Road
Sheffield
S9 3JN
Auditor
Hart Shaw LLP
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -

The directors present the strategic report for the year ended 30 April 2023.

Principal activities

The principal activity of the company continued to be the wholesale and retail of safety footwear and clothing.

Review of the business

Towards the end of the financial year to 30 April 2023, it was necessary to revisit and revise our plan and as a result we had to make the necessary step to announce redundancies. The business had to reduce overheads to a level in line with sales performance.

 

Progressive Safety’s post pandemic hangover saw an increase of sales after a difficult pandemic trading period. Post pandemic sales were more than forecast and we equipped ourselves with the stock to supply this demand. However, the rate was unsustainable. Once trading came back down to a steadier level, it was clear that adjustments had to be made. These adjustments consisted of the relevant cost savings to maintain sure financial footing. The post pandemic world saw us restructuring the business not only to save costs but the address the skills distribution in the business which was no longer relevant to the key milestones we set ourselves to achieve.

 

Our structure saw a change through all levels of the business from the leadership through the whole organisation. A revised structure and financial model give us a stable foundation to push forward once again as a leading manufacturer and distributor of safety footwear and clothing.

Principal risks and uncertainties

Market & liquidity risks

The market continues to see the hangover from the Covid-19 pandemic with many companies now holding much higher levels of stock than needed. Production lead times have returned to pre-pandemic time scales and many businesses in this market have seen surplus stock delivered too soon. Many of Progressive Safety’s customers have ‘stocked up’ during the pandemic and then with the decline of their own sales have been left with slower moving stock than they would like, which results in them not buying at the same rate as they have previously.

 

At Progressive we too have some product lines which are now overstocked, and we are holding more than we need. This is because we bought in stock units when demand was high and the reduction in that demand has seen us left with extra units. These lines will sell over time, but we cannot afford for our cash to be tied up in slow moving lines. The focus of Progressive Safety must be to sell as much of this stock as possible to inject cash back into the business before those product lines become old or obsolete. This emphasizes the importance of continuous new business for our organisation.

 

This over investment in stock has lead to strain in the company's banking facilities which are subject to ongoing review with the bank. To date the bank have supported the company and continued to renew the company's facilities. These are next due for review in October 2024, see note 1.2, going concern, for further details.

 

Supply chain risk

At the start of this financial year the stock level at Progressive Safety was high.

Ongoing overseas orders have been unaffected.

 

We continue to source our products from various factories, being sure not to rely too heavily on one supplier. Our products have been produced by more than one supplier which allows us to source one product from more than one factory should we see any delays from one or the other.

 

Foreign currency risk

The Company sources a considerable amount of product from China, Pakistan, and the EU. Therefore, the Company is exposed to transaction and translation foreign exchange risk. Currently no formal hedging of any foreign exchange risk is undertaken in the UK, but this position is continually reviewed.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -

Brexit Risk

Whilst Brexit and the Free Trade Agreement have come into force the impact it is having on the Company is considerably less than anticipated. There have been marginal increases to costs once logistical and administrative tasks have been undertaken to bring product into the UK. Other than a change to processes and small increases to costs, we feel that the impact on our company is minimal.

 

Covid-19 Risk

The market continues to see the hangover from the Covid-19 pandemic with many companies now holding much higher levels of stock than needed.

Key performance indicators

Financial key performance indicators

 

The Company's key financial performance indicators include the monitoring of margins and profitability. The following show the key financial indicators:

2023
2022
Turnover
£7,834,243
£9,051,016
Gross Profit
£940,507
£1,583,061
Gross Profit Margin
12.00%
17.49%
Loss before taxation
£1,969,115
£760,352

Non-financial performance indicators

The Company prides itself on its fast turnaround of orders and one of the main KPl's is the despatch and receipt of goods within 48 hours. In April 2023 this figure was 95.2% (94.1% April 2019). The Company also records picking errors and attempts to reduce these to a minimum and these averaged 0.82% of total picks in 2023 (0.15% in 2019).

 

Future developments

With the exit of the Managing Director (May 2023), the company strides into a new era with an energy and focus on developing our own brands and increasing exclusivity within the market.

 

The exit from the licence agreement between Progressive Safety and JCB has meant a structural change in the way that Progressive Safety operates, opening up exciting future opportunities. We look forward to implementing changes over the next 12 months. This does however present some uncertainties which have been further explained in note 1.2, going concern.

 

Ongoing investment is being made into our own brands Worktough and Contractor in addition to securing the exclusive distributorship of Vismo Safety Footwear in the UK. The company looks for new brands and opportunities to increase our product selection and exclusivity within the UK.

 

Progressive Safety’s focus is firmly on digitization and supporting the new digital customer growth. Now that our industry leading Epicor ERP system has been in place for over 24 months, we are looking at further ways to improve and build upon our solid digital foundation. Such developments will include automated drop shipping, order processing efficiencies, data excellence and an improved web ordering facility.

 

The Company continues to recognise the importance of it's people who are at the heart of all activities within the organisation. Progressive Safety hold the standard Investors In People accreditation which is well known throughout the organisation. Employees of Progressive Safety work closely together to live by our core values.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -

 

We continue to be a BSIF registered Safety Supplier which gives our customers confidence (through audits) that we are supplying genuine, certified, quality safety footwear, workwear and PPE products. With the growing amount of cheap counterfeit products in the market we take this very seriously. Our reliable reputation is of paramount importance to us and we want our customers to feel confident in the knowledge that we provide only certified products to our customers. Working with the British Safety Industry Federation we can communicate this well to our customers. We are enrolling several staff (in addition to those who have already done so) to the BSIF examination. They will learn and be tested on industry standards which will give our staff more confidence to sell our certified PPE products.

On behalf of the board

H Topham
Director
5 August 2024
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -

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

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

H Topham
R Topham
A Taylor
(Appointed 14 October 2022)
Auditor

Hart Shaw LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

As noted in the Strategic Report and detailed further in note 1.2 going concern the company has made a loss in the year which has result in the company's liabilities exceeding its assets. See note 1.2 for further details.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
H Topham
Director
5 August 2024
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
- 6 -

Qualified opinion

We have audited the financial statements of Progressive Safety Footwear and Clothing Limited (the 'company') for the year ended 30 April 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

We were appointed as auditors during the year ended 30 April 2023 when the company required an audit for the first time. The opening balance sheet had not been audited and we were unable to carry out procedures to audit the opening balance sheet and therefore we are unable to determine whether any adjustments to the income statement might have been necessary in the current period. Furthermore, we were also unable to ascertain whether accounting estimates and policies were consistently applied. Our opinion on the current period's financial statement is also modified because of the possible effects of this matter on the comparability of the current period's figures and corresponding figures. In addition, were any adjustment to to be required, the strategic report would also need to be amended.

 

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.

Material uncertainty related to going concern

We draw attention to Note 1.2 in the financial statements, which indicates that the company incurred a net loss of £1,969,000 during the year ended 30 April 2023 and, as of that date, the company’s current liabilities exceeded its current assets by £260,000. The company is reliant on its banking facilities which are set for review in October 2024. As stated in Note 1.2, these events or conditions, along with other matters as set forth in Note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

 

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
- 7 -

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 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.

 

As described in the basis for qualified opinion section of our report, we are unable to satisfy ourselves concerning

the opening balances. Therefore, we have concluded that where the other information refers to the profit and loss account for the previous year, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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.

 

In respect solely of the limitation on our work relating to opening balances described above:

 

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:

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.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
- 8 -
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:

At the planning stage we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, as required by auditing standards. The potential effect of any laws and regulation on the financial statements can vary considerably. There are laws and regulations that directly affect the financial statements (e.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Owing to the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere, the risk of material misstatement was deemed to be low, therefore the procedures performed by the audit team were limited to:

 

We have assessed the overall susceptibility of the financial statements to material misstatement due to fraud as low. Management override is the most likely way in which fraud might present itself and as such is inherently high risk on any audit. Management override, which may cause there to be a material misstatement within the financial statements, may present itself in a number of ways, for example:

 

In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed, including:

 

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
- 9 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthermore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all instances of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.

Adam Shield
Senior Statutory Auditor
For and on behalf of Hart Shaw LLP
5 August 2024
Chartered Accountants
Statutory Auditor
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
7,834,243
9,051,016
Cost of sales
(6,893,736)
(7,468,000)
Gross profit
940,507
1,583,016
Administrative expenses
(2,591,973)
(2,304,145)
Redundancy costs
4
(166,511)
-
0
Operating loss
5
(1,817,977)
(721,129)
Interest receivable and similar income
8
-
0
136
Interest payable and similar expenses
9
(151,138)
(39,359)
Loss before taxation
(1,969,115)
(760,352)
Tax on loss
10
-
0
17,057
Loss for the financial year
(1,969,115)
(743,295)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
66,884
68,954
Tangible assets
12
625,310
707,513
692,194
776,467
Current assets
Stocks
13
4,041,017
3,947,038
Debtors
14
1,385,360
1,504,589
Cash at bank and in hand
16,962
29,921
5,443,339
5,481,548
Creditors: amounts falling due within one year
15
(5,703,085)
(4,296,423)
Net current (liabilities)/assets
(259,746)
1,185,125
Total assets less current liabilities
432,448
1,961,592
Creditors: amounts falling due after more than one year
16
(485,568)
(45,597)
Net (liabilities)/assets
(53,120)
1,915,995
Capital and reserves
Called up share capital
20
9,412
9,412
Profit and loss reserves
(62,532)
1,906,583
Total equity
(53,120)
1,915,995

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
H Topham
Director
Company registration number 00688039 (England and Wales)
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
8,000
2,649,878
2,657,878
Year ended 30 April 2022:
Loss and total comprehensive income
-
(743,295)
(743,295)
Issue of share capital
20
1,412
-
1,412
Balance at 30 April 2022
9,412
1,906,583
1,915,995
Year ended 30 April 2023:
Loss and total comprehensive income
-
(1,969,115)
(1,969,115)
Balance at 30 April 2023
9,412
(62,532)
(53,120)
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(777,303)
(1,359,226)
Interest paid
(147,074)
(39,359)
Income taxes refunded/(paid)
17,193
(136)
Net cash outflow from operating activities
(907,184)
(1,398,721)
Investing activities
Purchase of intangible assets
(16,908)
(70,907)
Purchase of tangible fixed assets
(12,684)
(110,860)
Proceeds from disposal of tangible fixed assets
39,358
10,850
Repayment of loans
-
0
1,210
Interest received
-
0
136
Net cash generated from/(used in) investing activities
9,766
(169,571)
Financing activities
Proceeds from issue of shares
-
0
1,412
Proceeds from borrowings
40,000
-
0
Repayment of borrowings
(1,666)
-
0
Repayment of bank loans
(1,360,788)
1,362,685
Payment of finance leases obligations
(94,915)
(22,159)
Net cash (used in)/generated from financing activities
(1,417,369)
1,341,938
Net decrease in cash and cash equivalents
(2,314,787)
(226,354)
Cash and cash equivalents at beginning of year
(671,142)
(444,788)
Cash and cash equivalents at end of year
(2,985,929)
(671,142)
Relating to:
Cash at bank and in hand
16,962
29,921
Bank overdrafts included in creditors payable within one year
(3,002,891)
(701,063)
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 14 -
1
Accounting policies
Company information

Progressive Safety Footwear and Clothing Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is 101 Worthing Road, Sheffield, S9 3JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. In making this assessment the directors have considered what they believe to be the most likely outcome from assessing the following key matters and uncertainties faced by the company:

 

The company is reporting a trading loss for the second consecutive year and has net liabilities at the reporting date. During the year to 30 April 2022, a change in management occurred which resulted in the company over ordering stock becoming loss making which put a significant strain on the company’s banking facilities. After the yearend and the issues noted above, there has been a further change in management.

At the balance sheet date, following the company consolidating its borrowing facilities towards the end of the financial year, the company had access to an overdraft facility of £3,200,000 which was reviewed in July 2023. The overdraft facility was subject to certain Key Performance Indicators (KPIs), however due to the issue noted above, these KPIs were breached throughout the period. The overdraft limit exceeds the value of the security held by the bank.

In July 2023, despite the breaches noted above the overdraft facility was renewed, however, a series of targets were put in place by the bank to reduce the facility to £2,700,000 by 30 September 2023; this facility was then set to be renewed in July 2024. This overdraft facility was also subject to certain Key Performance Indicators, however these were breached on numerous occasions.

In June 2024 the company ceased to hold the licence for JCB clothing and was therefore no longer able to distribute JCB products. In the year to 30 April 2024 revenue from JCB products accounted for approximately £3.8m of revenue and £1m of gross profit after licencing costs. Therefore, the loss of this revenue will negatively impact the results in the year to 30 April 2025.

In June 2024 the company entered into an agreement to sell its remaining stock of JCB products to the new licence holder for approximately £1.6m, payable in instalments over a 60-day period. At the time of approving these financial statements the first of four payments, approximately £400,000 (net of VAT), has been received with the remaining payments currently delayed due to shipping delays.

In July 2024, despite the breaches noted above, the company renewed its overdraft facility of £2,600,000, which is set to reduce to £2,150,000 by October 2024. The facility is for a 3-month period and is therefore set for review in October 2024. The directors believe the company is well placed to achieve this reduction due to the sale of the JCB stock, however, at the time of approving these financial statements, the directors cannot guarantee that the bank will extend the facility. The directors will however pursue all other financing options available to the company should the facility not be extended.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 15 -

The company has prepared budgets and cashflow forecasts to reassess the future performance of the business now they no longer hold the licence for JCB products. The directors are optimistic about the opportunities this provides for the company to focus on its own brands, Worktough and Contractor, where the company achieves a better margin. The company expects to report a loss for the year to 30 April 2024, however, whilst the directors cannot guarantee it, they are optimistic that the company can return to profitability for the accounting year to 30 April 2025.

After assessing the fact outlined above the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
33% straight line
Licences
20% - 33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% straight line
Fixtures and fittings
10% - 33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 19 -
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions to write stocks down to net realisable value

The Company makes provisions for obsolescence, mark downs and shrinkage based on historical experiences and management estimates of future events. Actual outcomes could vary significantly from these estimates.

3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
7,826,004
9,045,935
European Union
8,239
5,081
7,834,243
9,051,016
4
Exceptional item
2023
2022
£
£
Expenditure
Redundancy costs
166,511
-
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 20 -
5
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,180
-
0
Depreciation of owned tangible fixed assets
112,714
104,407
Profit on disposal of tangible fixed assets
(25,235)
(10,847)
Amortisation of intangible assets
18,978
5,796
Operating lease charges
8,413
10,228
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Sales and Distribution
25
24
Administration
28
28
Total
53
52

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,419,995
1,302,869
Social security costs
141,952
116,330
Pension costs
42,829
43,304
1,604,776
1,462,503
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
70,737
44,911
Company pension contributions to defined contribution schemes
13,112
13,932
83,849
58,843

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 2).

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 21 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
-
0
136
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
136,734
34,669
Other interest on financial liabilities
10,580
-
0
147,314
34,669
Other finance costs:
Interest on finance leases and hire purchase contracts
3,824
4,690
151,138
39,359
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
(17,057)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(1,969,115)
(760,352)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(374,132)
(144,467)
Tax effect of expenses that are not deductible in determining taxable profit
591
763
Unutilised tax losses carried forward
363,102
175,053
Adjustments in respect of prior years
-
0
(17,057)
Permanent capital allowances in excess of depreciation
11,627
(30,390)
Amortisation on assets not qualifying for tax allowances
3,606
1,101
Loss/(Profit) on disposal of fixed assets
(4,794)
(2,060)
Taxation charge/(credit) for the year
-
(17,057)

The deferred tax asset of £575,000 (2022: £211,000) has not been recognised as there is uncertainty that in the foreseeable future there will be suitable profits from which the underlying timing differences can be deducted.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 22 -
11
Intangible fixed assets
Website
Licenses
Total
£
£
£
Cost
At 1 May 2022
88,342
91,424
179,766
Additions
-
0
16,908
16,908
At 30 April 2023
88,342
108,332
196,674
Amortisation and impairment
At 1 May 2022
79,285
31,527
110,812
Amortisation charged for the year
3,831
15,147
18,978
At 30 April 2023
83,116
46,674
129,790
Carrying amount
At 30 April 2023
5,226
61,658
66,884
At 30 April 2022
9,057
59,897
68,954
12
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
923,429
592,824
388,815
1,905,068
Additions
-
0
9,044
35,590
44,634
Disposals
-
0
-
0
(50,883)
(50,883)
At 30 April 2023
923,429
601,868
373,522
1,898,819
Depreciation and impairment
At 1 May 2022
439,064
551,948
206,543
1,197,555
Depreciation charged in the year
18,217
17,989
76,508
112,714
Eliminated in respect of disposals
-
0
-
0
(36,760)
(36,760)
At 30 April 2023
457,281
569,937
246,291
1,273,509
Carrying amount
At 30 April 2023
466,148
31,931
127,231
625,310
At 30 April 2022
484,365
40,876
182,272
707,513
13
Stocks
2023
2022
£
£
Finished goods and goods for resale
4,041,017
3,947,038
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
13
Stocks
(Continued)
- 23 -

The Company had £668,148 of stock provisions at the end of the period (2022: £nil).

14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,138,297
1,284,610
Corporation tax recoverable
-
0
17,193
Other debtors
145,197
42,051
Prepayments and accrued income
101,866
160,735
1,385,360
1,504,589
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
3,004,788
2,063,748
Obligations under finance leases
18
34,417
94,915
Trade creditors
2,052,613
1,455,981
Taxation and social security
32,094
39,680
Other creditors
132,479
421,632
Accruals and deferred income
446,694
220,467
5,703,085
4,296,423

Included in bank loans and overdrafts is £3,002,891 (2022: £701,063) relating to bank overdrafts and £1,897 (2022: £1,362,685) relating to trade loans. Both are secured by a fixed and floating charge over the assets of the Company.

 

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

 

 

16
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
18
43,130
45,597
Other borrowings
17
442,438
-
0
485,568
45,597

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 24 -
17
Loans and overdrafts
2023
2022
£
£
Bank loans
1,897
1,362,685
Bank overdrafts
3,002,891
701,063
Other loans
442,438
-
0
3,447,226
2,063,748
Payable within one year
3,004,788
2,063,748
Payable after one year
442,438
-
0

Included in other loans is an amount of £442,438 (2022 - nil) which is provided at a interest rate of 3%. This loan is not secured and is being repaid in equal instalments commencing on 1 May 2024, with the final payment being due on 1 April 2029.

18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
38,829
98,739
In two to five years
45,996
47,508
84,825
146,247
Less: future finance charges
(7,278)
(5,735)
77,547
140,512

Finance lease payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,829
43,304

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 25 -
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary class A shares of £1 each
8,000
8,000
8,000
8,000
Ordinary class B shares of £1 each
1,412
1,412
1,412
1,412
9,412
9,412
9,412
9,412

The company has two classes of ordinary shares being Ordinary class A shares and Ordinary class B shares.

 

The holders of both A and B Ordinary shares shall be entitled to receive notice of and to attend and speak at any general meeting of the Company and shall be entitled to vote on shareholder resolutions. They are also both entitled to such dividends as is declared by the directors on the company on the A and B Ordinary shares.

 

Subject to the payment of the Company's liabilities, the holders of the A Ordinary shares shall, on the liquidation of the Company or a sale or return of capital, are to be entitled to return on capital equal to the initial proceeds. Remaining proceeds are then to be prorated across both class of shares.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
6,380
2,273
Between two and five years
23,925
-
0
30,305
2,273
22
Events after the reporting date

In June 2024 the company ceased to hold the licence for JCB clothing and was therefore no longer able to distribute JCB products. In the year to 30 April 2024 revenue from JCB products accounted for approximately £3.8m of revenue and £1m of gross profit after licencing costs. Therefore, the loss of this revenue will negatively impact the results in the year to 30 April 2025.

Subsequently, in June 2024, the company entered into an agreement to sell its remaining stock of JCB products to the new licence holder for approximately £1.6m. See note 1.2 Going Concern for further information.

PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 26 -
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
243,700
230,793
Other information

Included in creditors due after one year is £442,438 due to a director of the company (2022 - £400,000), subject to interest of 3% (2022 - nil). This creditor is not secured and interest of £10,580 was charged (2022 - £nil)

 

In the year, rent of £27,846 (2022: £13,931) was paid to a director of the company.

24
Ultimate controlling party

The ultimate controlling party is H Topham, who is a director and majority shareholder of Progressive Safety Footwear and Clothing Limited.

25
Cash absorbed by operations
2023
2022
£
£
Loss for the year after tax
(1,969,115)
(743,295)
Adjustments for:
Taxation charged/(credited)
-
0
(17,057)
Finance costs
151,138
39,359
Investment income
-
0
(136)
Gain on disposal of tangible fixed assets
(25,235)
(10,847)
Amortisation and impairment of intangible assets
18,978
5,796
Depreciation and impairment of tangible fixed assets
112,714
104,407
Movements in working capital:
Increase in stocks
(93,979)
(1,872,557)
Decrease in debtors
102,036
244,036
Increase in creditors
926,160
891,068
Cash absorbed by operations
(777,303)
(1,359,226)
PROGRESSIVE SAFETY FOOTWEAR AND CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 27 -
26
Analysis of changes in net debt
1 May 2022
Cash flows
New finance leases
Other non-cash changes
Market value movements
30 April 2023
£
£
£
£
£
£
Cash at bank and in hand
29,921
(12,959)
-
-
-
16,962
Bank overdrafts
(701,063)
(2,301,828)
-
-
-
(3,002,891)
(671,142)
(2,314,787)
-
0
-
-
(2,985,929)
Borrowings excluding overdrafts
(1,362,685)
1,314,326
-
(400,040)
4,064
(444,335)
Obligations under finance leases
(140,512)
94,915
(31,950)
-
-
(77,547)
(2,174,339)
(905,546)
(31,950)
(400,040)
4,064
(3,507,811)

Included in "other non-cash changes" are amounts due to a director of the company that were previously included in other creditors due within 1 year as they had no set repayment terms. During the year this balance has been reassigned to a loan due after 1 year following the company entering into an agreement with the director.

2023-04-302022-05-01falseCCH SoftwareCCH Accounts Production 2024.100H TophamA TaylorA TaylorR Tophamfalsefalse006880392022-05-012023-04-3000688039bus:Director12022-05-012023-04-3000688039bus:CompanySecretaryDirector12022-05-012023-04-3000688039bus:Director22022-05-012023-04-3000688039bus:CompanySecretary12022-05-012023-04-3000688039bus:Director32022-05-012023-04-3000688039bus:RegisteredOffice2022-05-012023-04-30006880392023-04-30006880392021-05-012022-04-300068803912022-05-012023-04-300068803912021-05-012022-04-3000688039core:RetainedEarningsAccumulatedLosses2021-05-012022-04-3000688039core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3000688039core:OtherResidualIntangibleAssets2023-04-3000688039core:OtherResidualIntangibleAssets2022-04-3000688039core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-3000688039core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-04-3000688039core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-3000688039core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-04-30006880392022-04-3000688039core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-3000688039core:FurnitureFittings2023-04-3000688039core:MotorVehicles2023-04-3000688039core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-3000688039core:FurnitureFittings2022-04-3000688039core:MotorVehicles2022-04-3000688039core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3000688039core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3000688039core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3000688039core:Non-currentFinancialInstrumentscore:AfterOneYear2022-04-3000688039core:CurrentFinancialInstruments2023-04-3000688039core:CurrentFinancialInstruments2022-04-3000688039core:Non-currentFinancialInstruments2023-04-3000688039core:Non-currentFinancialInstruments2022-04-3000688039core:ShareCapital2023-04-3000688039core:ShareCapital2022-04-3000688039core:RetainedEarningsAccumulatedLosses2023-04-3000688039core:RetainedEarningsAccumulatedLosses2022-04-3000688039core:ShareCapital2021-04-3000688039core:RetainedEarningsAccumulatedLosses2021-04-3000688039core:ShareCapitalOrdinaryShares2023-04-3000688039core:ShareCapitalOrdinaryShares2022-04-3000688039core:ShareCapital2021-05-012022-04-30006880392022-04-30006880392021-04-3000688039core:WithinOneYear2023-04-3000688039core:WithinOneYear2022-04-3000688039core:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3000688039core:ComputerSoftware2022-05-012023-04-3000688039core:PatentsTrademarksLicencesConcessionsSimilar2022-05-012023-04-3000688039core:LandBuildingscore:LongLeaseholdAssets2022-05-012023-04-3000688039core:FurnitureFittings2022-05-012023-04-3000688039core:MotorVehicles2022-05-012023-04-3000688039core:UKTax2022-05-012023-04-3000688039core:UKTax2021-05-012022-04-300068803922022-05-012023-04-300068803922021-05-012022-04-3000688039core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-3000688039core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-04-3000688039core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2022-05-012023-04-3000688039core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2022-05-012023-04-3000688039core:ExternallyAcquiredIntangibleAssets2022-05-012023-04-3000688039core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-05-012023-04-3000688039core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-05-012023-04-3000688039core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-3000688039core:FurnitureFittings2022-04-3000688039core:MotorVehicles2022-04-3000688039core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-05-012023-04-3000688039core:BetweenTwoFiveYears2023-04-3000688039core:BetweenTwoFiveYears2022-04-3000688039bus:OrdinaryShareClass12021-05-012022-04-3000688039bus:PrivateLimitedCompanyLtd2022-05-012023-04-3000688039bus:FRS1022022-05-012023-04-3000688039bus:Audited2022-05-012023-04-3000688039bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP