Company registration number 10223134 (England and Wales)
BOLAM GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BOLAM GROUP LIMITED
COMPANY INFORMATION
Directors
CJ Crawford
AD Moody
AR Moody
GR Cape
Company number
10223134
Registered office
Unit 1
Bolam Bussiness Park
Bassington Industrial Estate
Cramlington
Northumberland
NE23 8AL
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ
BOLAM GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 25
BOLAM GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The group has seen another positive result for the year ended 31 March 2024 with turnover across the group increasing to £6,643,617 from £6,424,343.

 

Turnover across two service lines increased in 2024 when compared to 2023, with repairs and servicing seeing particularly good growth. Haulage fees remained consistent with the previous year and marketing fees fell slightly in comparison to 2023.

 

The group has remained profitable this year with group profits for the year totalling £711,649 (2023: £383,458).

 

Business continues to look positive and the directors are confident for another strong year into 2025.

Principal risks and uncertainties

The principal risks and uncertainties to the business are:

 

Key performance indicators

The key performance indicators of the group are turnover and profit. Capital spend on new vehicles is also a significant consideration to the business and is also considered to be a KPI.

 

On behalf of the board

CJ Crawford
Director
31 July 2024
BOLAM GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of a holding company and the letting of property.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £277,138. The directors do not recommend payment of a further dividend.

Directors

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

CJ Crawford
AD Moody
AR Moody
GR Cape
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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

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

BOLAM GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
On behalf of the board
CJ Crawford
Director
31 July 2024
BOLAM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLAM GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Bolam Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BOLAM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOLAM GROUP LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;

 

The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

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.

BOLAM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOLAM GROUP LIMITED
- 6 -

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.

Nicholas Cunningham FCCA Senior Statutory Auditor
For and on behalf of Robson Laidler Accountants Limited
6 August 2024
Accountants
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ
BOLAM GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
6,615,480
6,424,343
Cost of sales
(4,056,010)
(4,085,594)
Gross profit
2,559,470
2,338,749
Administrative expenses
(1,873,911)
(1,698,993)
Other operating income
6,267
4,177
Operating profit
3
691,826
643,933
Interest payable and similar expenses
5
(49,458)
(37,742)
Amounts written off investments
6
8,000
-
Profit before taxation
650,368
606,191
Tax on profit
7
61,281
(222,733)
Profit for the financial year
711,649
383,458
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BOLAM GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,389,111
1,310,437
Investment property
11
3,645,000
3,645,000
Investments
12
58,000
50,000
5,092,111
5,005,437
Current assets
Stocks
14
82,568
88,432
Debtors
15
1,318,669
1,277,706
Cash at bank and in hand
652,799
649,286
2,054,036
2,015,424
Creditors: amounts falling due within one year
16
(1,548,691)
(1,469,646)
Net current assets
505,345
545,778
Total assets less current liabilities
5,597,456
5,551,215
Creditors: amounts falling due after more than one year
17
(807,090)
(1,016,972)
Provisions for liabilities
Deferred tax liability
20
661,384
839,772
(661,384)
(839,772)
Net assets
4,128,982
3,694,471
Capital and reserves
Called up share capital
22
1,008
1,008
Profit and loss reserves
4,127,974
3,693,463
Total equity
4,128,982
3,694,471

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

The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
31 July 2024
CJ Crawford
Director
Company registration number 10223134 (England and Wales)
BOLAM GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
24,312
31,911
Investment property
11
3,645,000
3,645,000
Investments
12
26,000
26,000
3,695,312
3,702,911
Current assets
Debtors
15
113,716
117,933
Cash at bank and in hand
76,223
115,915
189,939
233,848
Creditors: amounts falling due within one year
16
(334,042)
(255,262)
Net current liabilities
(144,103)
(21,414)
Total assets less current liabilities
3,551,209
3,681,497
Creditors: amounts falling due after more than one year
17
(651,051)
(836,364)
Provisions for liabilities
Deferred tax liability
20
372,503
596,443
(372,503)
(596,443)
Net assets
2,527,655
2,248,690
Capital and reserves
Called up share capital
22
1,008
1,008
Profit and loss reserves
2,526,647
2,247,682
Total equity
2,527,655
2,248,690

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £556,103 (2023 - £252,188 profit).

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 31 July 2024 and are signed on its behalf by:
31 July 2024
CJ Crawford
Director
Company registration number 10223134 (England and Wales)
BOLAM GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,008
3,587,361
3,588,369
Year ended 31 March 2023:
Profit and total comprehensive income
-
383,458
383,458
Dividends
8
-
(277,356)
(277,356)
Balance at 31 March 2023
1,008
3,693,463
3,694,471
Year ended 31 March 2024:
Profit and total comprehensive income
-
711,649
711,649
Dividends
8
-
(277,138)
(277,138)
Balance at 31 March 2024
1,008
4,127,974
4,128,982
BOLAM GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,008
2,272,849
2,273,857
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
252,189
252,189
Dividends
8
-
(277,356)
(277,356)
Balance at 31 March 2023
1,008
2,247,682
2,248,690
Year ended 31 March 2024:
Profit and total comprehensive income
-
556,103
556,103
Dividends
8
-
(277,138)
(277,138)
Balance at 31 March 2024
1,008
2,526,647
2,527,655
BOLAM GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,028,476
951,455
Interest paid
(49,458)
(37,742)
Income taxes paid
(72,148)
(94,240)
Net cash inflow from operating activities
906,870
819,473
Investing activities
Purchase of tangible fixed assets
(197,420)
(282,361)
Proceeds from disposal of tangible fixed assets
2,826
28,999
Net cash used in investing activities
(194,594)
(253,362)
Financing activities
Repayment of borrowings
(91,864)
(64,072)
Repayment of bank loans
(93,448)
(103,987)
Payment of finance leases obligations
(246,313)
(271,053)
Dividends paid to equity shareholders
(277,138)
(277,356)
Net cash used in financing activities
(708,763)
(716,468)
Net increase/(decrease) in cash and cash equivalents
3,513
(150,357)
Cash and cash equivalents at beginning of year
649,286
799,643
Cash and cash equivalents at end of year
652,799
649,286
BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

Bolam Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is UnIt 1 Bolam Business Park, Bassington Industrial Estate, Cramlington, Northumberland, NE23 8AL.

 

The group consists of Bolam Group Limited and all of its subsidiaries.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bolam Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases. MCR Marketing Services Limited (Company number 07600055) is exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 479A.

BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
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.

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:

Software
33% straight line
1.7
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:

Plant and equipment
20-33% reducing balance
Fixtures and fittings
25% reducing balance and 33% straight line
Motor vehicles
25% reducing balance and 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 recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.11
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.

1.12
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.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 group after deducting all of its liabilities.

BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
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.

1.14
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 group’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.

1.15
Retirement benefits

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

1.16
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 leased asset are consumed.

1.17

Goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is fully impaired at the balance sheet date.

BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rents received
264,435
236,569
Haulage and transport
4,823,400
4,892,516
Repairs and servicing
1,290,725
1,030,436
Marketing services
236,920
264,822
6,615,480
6,424,343
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
5,213
5,100
Depreciation of owned tangible fixed assets
383,030
322,048
Loss/(profit) on disposal of tangible fixed assets
1,291
(713)
Operating lease charges
64,408
55,912
4
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
65
67
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,129,878
2,066,140
-
0
-
0
Social security costs
136,014
136,533
-
-
Pension costs
37,950
27,676
-
0
-
0
2,303,842
2,230,349
-
0
-
0
BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
5
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
39,163
28,944
Interest on finance leases and hire purchase contracts
10,295
8,798
Total finance costs
49,458
37,742
6
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
8,000
-
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
117,107
72,149
Deferred tax
Origination and reversal of timing differences
(178,388)
150,584
Total tax (credit)/charge
(61,281)
222,733

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

2024
2023
£
£
Profit before taxation
650,368
606,191
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
162,592
115,176
Tax effect of expenses that are not deductible in determining taxable profit
185
601
Tax effect of utilisation of tax losses not previously recognised
(69,165)
-
0
Unutilised tax losses carried forward
46,270
52,566
Permanent capital allowances in excess of depreciation
(22,369)
(96,194)
Deferred tax
(178,388)
150,584
Marginal relief
(406)
-
0
Taxation (credit)/charge
(61,281)
222,733
BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
277,138
277,356
9
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2023 and 31 March 2024
6,603
Amortisation and impairment
At 1 April 2023 and 31 March 2024
6,603
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
10
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
290,102
86,391
1,856,426
2,232,919
Additions
41,900
2,075
421,846
465,821
Disposals
(7,615)
-
0
(64,894)
(72,509)
At 31 March 2024
324,387
88,466
2,213,378
2,626,231
Depreciation and impairment
At 1 April 2023
152,166
54,480
715,836
922,482
Depreciation charged in the year
35,531
8,118
339,381
383,030
Eliminated in respect of disposals
(6,289)
-
0
(62,103)
(68,392)
At 31 March 2024
181,408
62,598
993,114
1,237,120
Carrying amount
At 31 March 2024
142,979
25,868
1,220,264
1,389,111
At 31 March 2023
137,936
31,911
1,140,590
1,310,437
BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Tangible fixed assets
(Continued)
- 20 -
Company
Fixtures and fittings
£
Cost
At 1 April 2023 and 31 March 2024
61,610
Depreciation and impairment
At 1 April 2023
29,699
Depreciation charged in the year
7,599
At 31 March 2024
37,298
Carrying amount
At 31 March 2024
24,312
At 31 March 2023
31,911
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
3,645,000
3,645,000

Investment property comprises commercial buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Bradley Hall Chartered Surveyors on 17 June 2022. The directors have assessed the valuation at the year end and do not believe it to be materially different to fair value.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
26,000
26,000
Unlisted investments
33,000
25,000
-
0
-
0
Loans
25,000
25,000
-
0
-
0
58,000
50,000
26,000
26,000
BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Group
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 April 2023
25,000
25,000
50,000
Valuation changes
8,000
-
8,000
At 31 March 2024
33,000
25,000
58,000
Carrying amount
At 31 March 2024
33,000
25,000
58,000
At 31 March 2023
25,000
25,000
50,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
26,000
Carrying amount
At 31 March 2024
26,000
At 31 March 2023
26,000
BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
D.Moody (Haulage) Limited
United Kingdom
Ordinary
100.00
Heathline Commercials Limited
United Kingdom
Ordinary
100.00
MCR Marketing Services Limited
United Kingdom
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
-
2,530
-
-
Finished goods and goods for resale
82,568
85,902
-
0
-
0
82,568
88,432
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,143,716
1,088,700
7,804
9,126
Amounts owed by group undertakings
-
-
100,207
96,185
Other debtors
1,953
7,579
-
0
7,279
Prepayments and accrued income
173,000
181,427
5,705
5,343
1,318,669
1,277,706
113,716
117,933
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
135,522
135,521
135,522
135,521
Obligations under finance leases
19
195,301
148,644
-
0
-
0
Trade creditors
656,080
698,455
98,372
22,965
Corporation tax payable
117,106
72,147
67,277
49,263
Other taxation and social security
193,929
170,766
21,587
21,581
Other creditors
114,429
133,461
4,947
12,880
Accruals and deferred income
136,324
110,652
6,337
13,052
1,548,691
1,469,646
334,042
255,262
BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
372,109
465,558
372,109
465,558
Obligations under finance leases
19
156,039
180,608
-
0
-
0
Other borrowings
18
278,942
370,806
278,942
370,806
807,090
1,016,972
651,051
836,364
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
507,631
601,079
507,631
601,079
Other loans
278,942
370,806
278,942
370,806
786,573
971,885
786,573
971,885
Payable within one year
135,522
135,521
135,522
135,521
Payable after one year
651,051
836,364
651,051
836,364

Included within creditors are bank loans of £507,631 (2023: £601,079) which are secured over the investment property.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
214,087
161,158
-
0
-
0
In two to five years
158,712
195,313
-
0
-
0
372,799
356,471
-
-
Less: future finance charges
(21,459)
(27,219)
-
0
-
0
351,340
329,252
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
332,199
310,187
Tax losses
(46,270)
(69,165)
Revaluations
375,455
598,750
661,384
839,772
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
(2,952)
(2,307)
Revaluations
375,455
598,750
372,503
596,443
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
839,772
596,443
Credit to profit or loss
(178,388)
(223,940)
Liability at 31 March 2024
661,384
372,503

 

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,950
27,676

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

BOLAM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of 10p each
10,000
10,000
1,000
1,000
Ordinary 'B' shares of 10p each
30
30
3
3
Ordinary 'C' shares of 10p each
50
50
5
5
10,080
10,080
1,008
1,008
23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
711,649
383,458
Adjustments for:
Taxation (credited)/charged
(61,281)
222,733
Finance costs
49,458
37,742
Loss/(gain) on disposal of tangible fixed assets
1,291
(713)
Depreciation and impairment of tangible fixed assets
383,030
322,048
Other gains and losses
(8,000)
-
Movements in working capital:
Decrease/(increase) in stocks
5,864
(18,683)
Increase in debtors
(40,963)
(151,087)
(Decrease)/increase in creditors
(12,572)
155,957
Cash generated from operations
1,028,476
951,455
24
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
649,286
3,513
-
652,799
Borrowings excluding overdrafts
(971,885)
185,312
-
(786,573)
Obligations under finance leases
(329,252)
246,313
(268,401)
(351,340)
(651,851)
435,138
(268,401)
(485,114)
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