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Company registration number: 10971795







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023


ANTHRACITE HOLDINGS LTD






































img154f.png                        

 


ANTHRACITE HOLDINGS LTD
 


 
COMPANY INFORMATION


Directors
Mr T Ahmed 
Mr M Ahmed 




Registered number
10971795



Registered office
46-48 Portman Road

Reading

RG30 1EA




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


ANTHRACITE HOLDINGS LTD
 



CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Consolidated analysis of net debt
14
Notes to the financial statements
15 - 30


 


ANTHRACITE HOLDINGS LTD
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors have pleasure in presenting their report and the financial statements of Anthracite Holdings Ltd and its subsidiaries (the Group) for the year ended 30 September 2023.  The Group is involved in the sale of books.

Business review
 
The financial year was a robust one for the Group. Turnover increased to £33.6m vs £31.0m in the previous year. Pre-tax profits were £379k (2022: £309k).
After a year of consolidating upon previous growth in 2022, the focus turned once again to further growth in 2023. The business has managed this in both turnover and profit and has positioned itself for sustained growth in future periods, which will be supported by the increased stock holding at the year end.
The challenges managed during 2022 & 2023 have largely continued into 2024, namely the macro-economic effects of the war in the Ukraine and the cost of living crisis in the UK which has seen continued high levels of inflation. Consecutive years of large increases in the minimum wage have also had an inflationary effect on the wage expectations of those not directly impacted by these changes. This added to a restricted labor pool raise a different set of challenges than the preceding years that continue to be managed through improved efficiency in Operations in particular. As a result of recent performance, the business is confident in being able to continue to weather these scenarios, bolstered by a balance sheet strengthened in recent years, with current assets increasing from £6.9m to £8.0m. 
We have continued to make investments to protect staff, optimise sales and improve operational efficiency resulting in reduced costs and increased resilience. This includes investment in automation, continuing to improve internal systems, increasing the quality of our workforce and expanding the sales mix.

Principal risks and uncertainties
 
The Group’s operations expose it to a variety of financial risks, changes in exchange rates being key among them, which is managed through foreign exchange accounts. The Group has in place a risk management programme that seeks to limit the adverse effects on the Group. Cash flow is an area that is regularly monitored and the Group is supported by an overdraft facility, which was not in use at the year end. Since Brexit and the Covid pandemic, uncertainty in trading conditions has been a constant risk which has continued throughout the Ukraine conflict and into the cost of living issues.

Financial key performance indicators
 
The directors consider that an analysis using key performance indicators includes only the overall gross profit percentage for an understanding of the performance and development of the Group. Gross profit percentage for 2023 was 10.8% (2022: 10.2%), which has remained consistent with the prior year.


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



Mr T Ahmed
Director

Date: 7 August 2024

Page 1

 


ANTHRACITE HOLDINGS LTD
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Directors present their report and the financial statements for the year ended 30 September 2023.

Directors

The Directors who served during the year were:

Mr T Ahmed 
Mr M Ahmed 

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £290,992 (2022 -£241,191).

Dividends were paid in the prior year of £100,000.  The Directors have not recommended a dividend in the current year.

Future developments

The focus of the business over the coming year is to nurture the new growth streams currently in development and also to continue to optimise existing sales channels. Continued emphasis will also be placed on cost reduction initiatives in order to further improve gross margins.

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These
provisions remain in force at the reporting date.

Page 2

 


ANTHRACITE HOLDINGS LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Disclosure of information to auditors

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

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

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

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

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





Mr T Ahmed
Director

Date: 7 August 2024

Page 3

 


ANTHRACITE HOLDINGS LTD
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANTHRACITE HOLDINGS LTD

Opinion


We have audited the financial statements of Anthracite Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 


ANTHRACITE HOLDINGS LTD


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANTHRACITE HOLDINGS LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


ANTHRACITE HOLDINGS LTD


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANTHRACITE HOLDINGS LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant: 

The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation; and
UK tax legislation; 

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. 

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the measures management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 
Challenging assumptions and judgments made by management in its significant accounting estimates; and 
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests; or
Posting of unusual journals and complex transactions. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 


ANTHRACITE HOLDINGS LTD


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANTHRACITE HOLDINGS LTD (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sarah Hallam FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

7 August 2024
Page 7

 


ANTHRACITE HOLDINGS LTD
 


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

2023
2022
Note
£
£

  

Turnover
 4 
33,606,798
30,957,329

Cost of sales
  
(29,973,519)
(27,791,760)

Gross profit
  
3,633,279
3,165,569

Administrative expenses
  
(3,367,286)
(3,079,219)

Other operating income
 5 
20,000
135,000

Operating profit
 6 
285,993
221,350

Interest receivable and similar income
 10 
128,764
93,592

Interest payable and similar expenses
 11 
(35,762)
(6,098)

Profit before taxation
  
378,995
308,844

Tax on profit
 12 
(88,003)
(67,653)

Profit for the financial year
  
290,992
241,191

Profit for the year attributable to:
  

Owners of the parent Company
  
290,992
241,191

  
290,992
241,191

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 30 form part of these financial statements.

Page 8

 


ANTHRACITE HOLDINGS LTD
REGISTERED NUMBER:10971795



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
512,486
495,919

  
512,486
495,919

Current assets
  

Stocks
 16 
1,182,330
754,365

Debtors: amounts falling due after more than one year
 17 
-
1,058,333

Debtors: amounts falling due within one year
 17 
4,520,371
2,422,402

Cash at bank and in hand
 18 
2,298,847
2,629,328

  
8,001,548
6,864,428

Creditors: amounts falling due within one year
 19 
(6,290,487)
(5,261,577)

Net current assets
  
 
 
1,711,061
 
 
1,602,851

Total assets less current liabilities
  
2,223,547
2,098,770

Creditors: amounts falling due after more than one year
 20 
(148,152)
(318,911)

Provisions for liabilities
  

Deferred taxation
 23 
(108,347)
(103,803)

  
 
 
(108,347)
 
 
(103,803)

Net assets
  
1,967,048
1,676,056


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account
 25 
1,966,948
1,675,956

  
1,967,048
1,676,056


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr T Ahmed
Director
Date: 7 August 2024

The notes on pages 15 to 30 form part of these financial statements.

Page 9

 


ANTHRACITE HOLDINGS LTD
REGISTERED NUMBER:10971795



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
  
203
203

  
203
203

Current assets
  

Debtors: amounts falling due within one year
 17 
98
98

  
98
98

Creditors: amounts falling due within one year
 19 
(201)
(201)

Net current liabilities
  
 
 
(103)
 
 
(103)

Total assets less current liabilities
  
100
100

  

  

Net assets
  
100
100


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit for the year
  
-
100,000

Other changes in the profit and loss account

  

-
(100,000)

  
 
 
100
 
 
100


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr T Ahmed
Director
Date: 7 August 2024

The notes on pages 15 to 30 form part of these financial statements.

Page 10

 


ANTHRACITE HOLDINGS LTD
 



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


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

£
£
£
£


At 1 October 2021
100
1,534,765
1,534,865
1,534,865



Profit for the year
-
241,191
241,191
241,191
Total comprehensive income for the year
-
241,191
241,191
241,191

Dividends: Equity capital
-
(100,000)
(100,000)
(100,000)


Total transactions with owners
-
(100,000)
(100,000)
(100,000)



At 1 October 2022
100
1,675,956
1,676,056
1,676,056



Profit for the year
-
290,992
290,992
290,992
Total comprehensive income for the year
-
290,992
290,992
290,992


At 30 September 2023
100
1,966,948
1,967,048
1,967,048


The notes on pages 15 to 30 form part of these financial statements.

Page 11

 


ANTHRACITE HOLDINGS LTD
 



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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
100
-
100



Profit for the year
-
100,000
100,000
Total comprehensive income for the year
-
100,000
100,000

Dividends: Equity capital
-
(100,000)
(100,000)


Total transactions with owners
-
(100,000)
(100,000)



At 1 October 2022
100
-
100
Total comprehensive income for the year
-
-
-


At 30 September 2023
100
-
100


The notes on pages 15 to 30 form part of these financial statements.

Page 12

 


ANTHRACITE HOLDINGS LTD
 



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

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
290,992
241,191

Adjustments for:

Depreciation of tangible assets
217,437
102,054

Interest payable
35,762
6,098

Interest receivable
(128,764)
(93,592)

Taxation charge
88,003
67,653

(Increase) in stocks
(427,965)
(232,164)

(Increase) in debtors
(322,423)
(493,555)

Increase in creditors
701,282
164,343

Corporation tax (paid)
(11,176)
(7,491)

Net cash generated from operating activities

443,148
(245,463)


Cash flows from investing activities

Purchase of tangible fixed assets
(234,004)
(150,010)

Interest received
128,764
93,592

HP interest paid
-
(4,781)

Net cash from investing activities

(105,240)
(61,199)

Cash flows from financing activities

New secured loans
-
427,283

Repayment of loans
(135,057)
-

Repayment of finance leases
(1,529)
(56,837)

Loans advanced to directors
(496,000)
(250,000)

Dividends paid
-
(100,000)

Interest paid
(35,697)
(1,317)

Net cash used in financing activities
(668,283)
19,129

Net (decrease) in cash and cash equivalents
(330,375)
(287,533)

Cash and cash equivalents at beginning of year
2,629,184
2,916,717

Cash and cash equivalents at the end of year
2,298,809
2,629,184


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,298,847
2,629,328

Bank overdrafts
(38)
(144)

2,298,809
2,629,184


The notes on pages 15 to 30 form part of these financial statements.

Page 13

 


ANTHRACITE HOLDINGS LTD
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023




At 1 October 2022
Cash flows
At 30 September 2023
£

£

£

Cash at bank and in hand

2,629,328

(330,481)

2,298,847

Bank overdrafts

(144)

106

(38)

Debt due after 1 year

(318,911)

170,759

(148,152)

Debt due within 1 year

(158,372)

(35,702)

(194,074)

Finance leases

(1,464)

1,464

-


2,150,437
(193,854)
1,956,583

The notes on pages 15 to 30 form part of these financial statements.

Page 14

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The Company is a private company, limited by shares, incorporated in England. The registered office and company registration number are detailed in Company information. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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

  
2.3

Disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f),
11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7

Page 15

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.  The revenue is recognised on the sale of the books and when they have been delivered to the customer.

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

 
2.11

Tangible fixed assets

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

Page 17

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Leasehold property
-
Over the period of the lease of 10 years
Plant and machinery
-
3 years straight line
Fixtures and fittings
-
3 years straight line
Office equipment
-
3 years straight line

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

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

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

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

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

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.

Page 18

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described above, management is required to make judements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Valuation of Stock
Stock is included at the lower of cost and net realisable value. The directors have reviewed the stock obsolescence policy and are satisfied that stock is fairly valued at the year end.
Debtors
Judgements have been made in relation to the recoverability of trade and other debtors. The directors have reviewed the debtors and are satisfied in relation to recoverability. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales of books and materials
33,606,798
30,957,329

33,606,798
30,957,329


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
21,719,755
30,183,598

Rest of Europe
1,559,377
-

North America
8,226,634
-

Rest of the world
2,101,032
773,731

33,606,798
30,957,329


Page 19

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Other operating income

2023
2022
£
£

Management charges receivable
20,000
135,000

20,000
135,000



6.


Operating (loss)/profit

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

2023
2022
£
£

Exchange differences
18,000
(129,571)

Other operating lease rentals
180,000
180,000


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
4,500
24,550

Page 20

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Employees

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


Group
Group
2023
2022
£
£


Wages and salaries
4,263,391
4,362,332

Social security costs
391,392
412,368

Cost of defined contribution scheme
85,085
83,253

4,739,868
4,857,953


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


       Group
2023
      Group
2022
            No.
            No.







Warehouse
147
155



Head office
21
22

168
177

The Company has no employees other than the Directors, who did not receive any remuneration (2022 -£NIL) from the Company.  Directors remuneration disclosed in note 9 is paid by a subsidiary entity.

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
14,700
14,700

14,700
14,700


The directors are considered to be the key management personnel of the Group.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
128,764
93,592

128,764
93,592

Page 21

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
408
39

Other loan interest payable
35,289
1,278

Finance leases and hire purchase contracts
65
4,781

35,762
6,098


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
83,459
25,163


83,459
25,163


Total current tax
83,459
25,163

Deferred tax


Origination and reversal of timing differences
4,544
42,490

Total deferred tax
4,544
42,490


Tax on profit
88,003
67,653
Page 22

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 -higher than) the standard rate of corporation tax in the UK of 22% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
378,995
308,844


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22% (2022 -19%)
83,379
58,680

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,972
1,271

Capital allowances for year in excess of depreciation
(1,418)
7,702

Unrelieved tax losses carried forward
70
-

Total tax charge for the year
88,003
67,653


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Ordinary dividends
-
100,000

-
100,000

Page 23

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Tangible fixed assets

Group






Leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 October 2022
179,920
1,196,606
409,081
97,418
1,883,025


Additions
-
203,494
756
29,754
234,004



At 30 September 2023

179,920
1,400,100
409,837
127,172
2,117,029



Depreciation


At 1 October 2022
148,948
734,552
406,684
96,922
1,387,106


Charge for the year on owned assets
15,880
195,370
1,369
4,818
217,437



At 30 September 2023

164,828
929,922
408,053
101,740
1,604,543



Net book value



At 30 September 2023
15,092
470,178
1,784
25,432
512,486



At 30 September 2022
30,972
462,054
2,397
496
495,919

Page 24

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 October 2022
203



At 30 September 2023
203





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Wrap Ltd
Unit 4, 119 Loverock Road, Reading, 
Berkshire, RG30 1DZ
Ordinary
100%
Bahamut Media Ltd
6th Floor 2 London Wall Place, 
London, EC2Y 5AU
Ordinary
100%
Chiron Media Ltd
42 Duffield Road, Woodley, 
Reading, RG5 4RN
Ordinary
100%
Skarn Ltd
46-48 Portman Road, 
Reading, RG30 1EA
Ordinary
100%

Anthracite Holdings Ltd has provided a statutory guarantee to Bahamut Media Ltd, Chiron Media Ltd and Skarn Ltd, who have taken advantage of the exemption from audit for the year ended 30 September 2023 as conferred by section 479A of the Companies Act 2006 where such guarantees have been provided.







Page 25

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

16.


Stocks

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

Finished goods
1,182,330
754,365
-
-

1,182,330
754,365
-
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

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

Due after more than one year

Other debtors
-
1,058,333
-
-

-
1,058,333
-
-


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

Due within one year

Trade debtors
895,402
1,027,332
-
-

Other debtors
2,841,468
982,374
98
98

Prepayments and accrued income
562,288
412,696
-
-

Tax recoverable
221,213
-
-
-

4,520,371
2,422,402
98
98



18.


Cash and cash equivalents

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

Cash at bank and in hand
2,298,847
2,629,328
-
-

Less: bank overdrafts
(38)
(144)
-
-

2,298,809
2,629,184
-
-


Page 26

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

19.


Creditors: Amounts falling due within one year

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

Bank overdrafts
38
144
-
-

Bank loans
194,074
158,372
-
-

Trade creditors
4,181,986
3,750,557
-
-

Amounts owed to group undertakings
-
-
201
201

Corporation tax
318,659
25,163
-
-

Other taxation and social security
229,205
147,784
-
-

Obligations under finance lease and hire purchase contracts
-
1,464
-
-

Other creditors
387,755
302,905
-
-

Accruals and deferred income
978,770
875,188
-
-

6,290,487
5,261,577
201
201


Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
Included within other creditors is £78,192 (2022: £76,521) due on defined contribution pension schemes.


20.


Creditors: Amounts falling due after more than one year

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

Bank loans
148,152
318,911
-
-

148,152
318,911
-
-




Page 27

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
194,074
158,372
-
-


194,074
158,372
-
-

Amounts falling due 1-2 years

Bank loans
148,152
318,911
-
-


148,152
318,911
-
-



342,226
477,283
-
-


Bank loans are secured over the company's assets.


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
-
1,464

-
1,464

Page 28

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

23.


Deferred taxation


Group



2023


£






At beginning of year
(103,803)


Charged to profit or loss
(4,544)



At end of year
(108,347)

Company


2023





At beginning of year
-



At end of year
-

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(108,347)
(103,803)

(108,347)
(103,803)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 -100) Ordinary shares shares of £1.00 each
100
100



25.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 29

 


ANTHRACITE HOLDINGS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

26.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
135,000
180,000

Later than 1 year and not later than 5 years
-
135,000

135,000
315,000

The Company had no commitments under non-cancellable operating leases at the reporting date.


27.


Related party transactions

During the year, the Group was charged rent of £180,000 (2022: £180,000) for commercial letting of one leased property by a company under common control.
Included within other operating income is £20,000 (2022: £165,000) and included within administative expenses is £41,000 (2022: £70,800) which relates to a management charges receivable and payable, respectively, with companies with common control or control by a family member. The amounts were outstanding at the year end. 
Included within other debtors due within one year at the year end is an amount of £1,058,333 (2022: £1,058,333 due greater than one year), as well as £704,193 (2022: £575,430) of interest included within other debtors due within one year, from companies with common control. Interest charged in the year was £128,763 (2022: £95,530). 
The Group is party to a bank loan secured for £2,100,000 arranged through a company under common control. The bank loan is secured on all the assets of the Group. There is also a cross guarantee and debenture in place to the bankers between the Group and the company under common control.
During the year, sales of £10,999 (2022: £10,018) and purchases of £1,528,938 (2022: £1,671,488) were made to and from companies controlled by close family members. At the year end, the net amount owed to those companies was £327,068 (2022: £478,356), included between trade debtors and trade creditors.
Included within trade creditors at the year end of the Group is an amount of £90,000 (2022: £90,000) due to companies controlled by close family members.
During the year the Group purchased IT consultancy services on an arms length basis for £262,000 (2022: £252,000) from a company under common control. The net balance of trade creditors and accruals at the year end is an amount of £605,719 (2022: £971,544). 
Included within other debtors at year end are amounts of £746,000 (2022: £250,000) owed by director/ shareholders. The amounts advanced in the year are £496,000 (2022: £250,000). No interest is charged.


28.


Controlling party

There is not considered to be one controlling party.

 
Page 30