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Registered number: 14768230









GRANT PALMER (HOLDINGS) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
G Palmer 
D E Shelley 




Registered number
14768230



Registered office
c/o Grant Palmer Ltd
Unit 2c. Commerce Way

Flitwick

Bedfordshire

MK45 5BP




Independent auditors
Hillier Hopkins LLP
Chartered Accountants & Registered Auditor

249 Silbury Boulevard

Milton Keynes

MK9 1NA





 
GRANT PALMER (HOLDINGS) LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 34


 
GRANT PALMER (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

Introduction
 
Grant Palmer (Holdings) Limited is a privately owned company and is the parent company of Grant Palmer Limited, which operating commercial and subsidised bus routes across Bedfordshire for local authorities, businesses and the general public. Grant Palmer Limited was formed in 2010 and has progressively grown through partnership working and the winning of tendered contracts with local authorities, seeking new business to business agreements, and providing replacement services in areas disposed of by other bus operators. 

Business review
 
The Group aims to develop profitable and sustainable revenue streams through the expansion of its commercial bus network and contracted activities, and by being an active group participating in national transport business trends as they appear in Bedfordshire. The directors believe the policy of national government since 2010 has significantly disrupted the markets of the bus industry as laid out by the Transport Act 1985, making the operational and commercial environment for small bus operators increasingly bureaucratic and complex, whilst also undermining the financial performance of the larger national operators in the provinces.  
Our strategy is therefore to seize the opportunities created by the Bus Services Act 2017 and the National Bus Strategy, to seek new commercial opportunities where they become available regionally, and to continue to benefit from the industrial and commercial development of the south Midlands / Home Counties. 
Our strategic goals are to continue to achieve sustainable growth in shareholder value, to improve our operational capability, performance and resilience, and to deliver a consistently high quality of service to our customers. 
We will measure our performance with a focus on revenue and margin, to deliver strong organic growth and a high margin business, our continuing investment in infrastructure, technology and high quality operational assets, and through the monitoring of our operational performance and service standards.  
Board and Shareholder Structure
The Group is jointly owned by two shareholding directors who work full-time and closely together to ensure the business is well managed and controlled.  A shareholders agreement is in place to maintain governance and the directors together bring a variety of skills and experience for the effective management of the business. 
Core Values
As a locally based and operating company, we aim to conduct business in the best interests of our shareholders, employees and customers together, through our organisational beliefs:
 
Safe and risk aware – continually learning and assessing future risks
Collaborative – working with all our stakeholders and local partners
Service led – delivering a high standard of delivery, value and performance
Commercially minded – putting business profitability and sustainability at the heart of what we do
Traditionally innovative – Holding traditional values of care, understanding and service, whilst innovating through technology and best practices where appropriate
Agile – fast moving and quick to adapt
Professional – highly trained, experienced and proficient in what we do throughout the organisation
Results focusses – always keeping an eye on how we are doing, financially and operationally
 
Page 1

 
GRANT PALMER (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Relationships with Stakeholders

There are many different stakeholders and interest groups in the bus industry. Some have statutory powers entrusted in them, or have a more informal influence on our business and success, equally important. The team at Grant Palmer work hard to maintain good contact and relations which all these stakeholders and groups, listening to what they say, taking advice and learning where appropriate, and consulting when best practice of the law require it. 

Of particular importance are our formal stakeholders, and customer representatives:

The Department of Transport and its regulatory bodies such as Traffic Commissioners, Driver and Vehicle Standards Agency and Driver and Vehicle Licensing Agency. 
Local Transport Authorities, Local Councils, local MPs and councillors. 
Bus user representative groups
Industry bodies
Individual bus users and corporate customers

We are in constant contact with all these stakeholders, meeting regularly with them, either individually or through our representatives, giving us insight and guidance, and an up to date awareness of new legal and regulatory requirements, and giving us the strength of knowledge to adapt our business to meet needs.  With our customers, and their representatives, the key matters are service delivery and performance targets, including consideration of individual contract compliance.  

We also work closely with our suppliers, holding them to account to ensure good performance and best value. 

Principal risks and uncertainties
 
The COVID-19 pandemic saw a period of many unforeseen material risks and uncertainties, but the business reacted quickly to ensure financial stability, and to be continue to react to new opportunities to strengthen the business going forward. Consequently, a challenging time was turned into one of expansion and investment.  The pandemic has however clearly changed the nature and extent of risk that should be considered, and the directors have identified the following risks as of concern and needing mitigation. 

Fleet insurance, cover and rates - There is a concern that the Group may not be able to maintain adequate levels of comprehensive cover if our specific Group or wider industry risk increases beyond a level that is viable for underwriters. Accident risk, actual accidents, staff training and review, incident mitigation and a constructive relationship with both our broker and underwriter are actively managed by the directors. 
Legislation - The Bus Services Act 2017 has created the risk of unforeseen costs and additional restrictions being imposed on our business. A change in government would create further uncertainty, with the prospect of franchising, nationalisation and restrictions on employers. The directors continually monitor developments, working closely with local authorities and the DfT when appropriate and possible, lobbying local councillors and MPs when it can.  We seek to maintain an excellent relationship with elected mayors.
Staffing and recruitment - 2022 into 2023 was a period of considerable difficulty in recruiting and retaining bus drivers and this impacted on service delivery. During the period, an action plan was drawn up and roll out commenced to address the situation. The market for labour is volatile and can turn, so there is a constant focus on employee performance, welfare, recruitment and morale. 
Fuel costs - There has been considerable volatility in fuel prices, including periods of significant fuel price increase, in the last few years, which can affect profitability if pricing on contracts and fares cannot be adjusted. Fuel prices are monitored daily, and a policy of annual fuel price hedging is in place. Additionally, there is a focus on fleet investment to deliver improvements in fuel efficiency.
 
Page 2

 
GRANT PALMER (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Management resources - There is a skills deficit within the industry affecting management of engineering, operational and commercial functions. This impacts service delivery and may cause the business to miss opportunities for growth. The directors work closely with managers to maximise morale and motivation, provide career development and training opportunities, and to recruit new talent where they can. 

Financial key performance indicators
 
ole235a.png
Revenue measures our success in the expansion of our market share in the Bedfordshire bus market,  and our ability to grow rates in the face of inflation. 
Gross profit margin is fundamental to the longer term sustainability of our business, its monitoring ensuring that we can continue to invest in the business and react to opportunities for growth, and gives an indication of our position amongst our competitors and the wider market.
Profit before Taxation is a key determiner of shareholder return, and the overall success and sustainability of the business.


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





................................................
G Palmer
Director

Date: 28 August 2024

Page 3

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

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 judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 £847,261 (2022 - £1,291,181).

The Directors have declared and paid dividends from Grant Palmer Limited for the year ending 31 August 2023 of £137,000 (2022 - £126,000). The dividends were paid before Grant Palmer (Holdings) Limited acquired Grant Palmer Limited. Grant Palmer (Holdings) Limited declared no dividends. 

Directors

The directors who served during the year were:

G Palmer 
D E Shelley 

Page 4

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Future developments

There is a trend regionally of other bus service operators, both large and small, scaling back operations or withdrawing from the market. We see this as an opportunity for both organic growth of existing service business, and introduction of new services. The recent opening of an operating site in Biggleswade provides a spring board for us. 
There has been considerable commercial and residential development in the area, this continues apace, and we see opportunity for the introduction of new services to serve new housing estates, funded by developers, and for working with employers on the provision of staff transport. A headline development project is a proposal for a large Universal Studios site to open within 10 miles of our base. 
To ensure we can meet growth opportunities, we intend to increase our licenced operating capability from 40 to 45 buses.

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 auditorsHillier Hopkins 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.
 





................................................
G Palmer
Director

Date: 28 August 2024

Page 5

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT PALMER (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Grant Palmer (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, 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 31 August 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.


Page 6

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT PALMER (HOLDINGS) LIMITED (CONTINUED)


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.


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.


Page 7

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT PALMER (HOLDINGS) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.


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:

we consider the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
 
the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management, about their own identification and assessment of the risks of irregularities;
 
any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
 
the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
 
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 
 
Page 8

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT PALMER (HOLDINGS) LIMITED (CONTINUED)


We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Other matters 
 

As detailed in note 2.2, the merger accounting method has been used to prepare the first set of consolidated financial statements. In the previous accounting period the Directors took advantage of the audit exemption under Companies Act 2006, section 477. Therefore, the prior period financial statements of the subsidiaries were not subject to audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.





Neal Carter ACA (Senior Statutory Auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants
Registered Auditor
249 Silbury Boulevard
Milton Keynes
MK9 1NA

28 August 2024
Page 9

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
6,343,082
5,567,828

Cost of sales
  
(3,761,714)
(3,236,268)

Gross profit
  
2,581,368
2,331,560

Administrative expenses
  
(1,477,702)
(1,190,184)

Other operating income
 5 
101,181
418,549

Operating profit
 6 
1,204,847
1,559,925

Interest payable and similar expenses
 10 
(33,860)
(26,161)

Profit before taxation
  
1,170,987
1,533,764

Tax on profit
 11 
(323,726)
(242,583)

Profit for the financial year
  
847,261
1,291,181

  

Profit for the year attributable to:
  

Owners of the parent Company
  
847,261
1,291,181

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 34 form part of these financial statements.

Page 10

 
GRANT PALMER (HOLDINGS) LIMITED
REGISTERED NUMBER: 14768230

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,642,708
1,626,010

Investment property
 15 
473,681
473,681

  
4,116,389
2,099,691

Current assets
  

Debtors: amounts falling due within one year
 16 
1,232,505
1,088,499

Cash at bank and in hand
 17 
2,171,160
2,978,985

  
3,403,665
4,067,484

Creditors: amounts falling due within one year
 18 
(1,892,085)
(1,600,626)

Net current assets
  
 
 
1,511,580
 
 
2,466,858

Total assets less current liabilities
  
5,627,969
4,566,549

Creditors: amounts falling due after more than one year
 19 
(1,034,001)
(685,679)

Provisions for liabilities
  

Deferred taxation
 22 
(294,386)
(292,449)

Net assets
  
4,299,582
3,588,421


Capital and reserves
  

Called up share capital 
 23 
1,000
100

Profit and loss account
 24 
4,298,582
3,588,321

Equity attributable to owners of the parent Company
  
4,299,582
3,588,421


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




................................................
G Palmer
Director

Date: 28 August 2024

The notes on pages 18 to 34 form part of these financial statements.

Page 11

 
GRANT PALMER (HOLDINGS) LIMITED
REGISTERED NUMBER: 14768230

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023

2023
Note
£

Fixed assets
  

Investments
 14 
100

  
100

Current assets
  

Debtors: amounts falling due within one year
 16 
900

  
900

Total assets less current liabilities
  
 
 
1,000

  

  

Net assets
  
1,000


Capital and reserves
  

Called up share capital 
 23 
1,000

  
1,000


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




................................................
G Palmer
Director

Date: 28 August 2024

The notes on pages 18 to 34 form part of these financial statements.

Page 12

 
GRANT PALMER (HOLDINGS) LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021 (as previously stated)
100
1,618,542
1,618,642

Prior year adjustment
-
804,598
804,598


At 1 September 2021 (as restated)
100
2,423,140
2,423,240


Comprehensive income for the year

Profit for the year
-
1,291,181
1,291,181
Total comprehensive income for the year
-
1,291,181
1,291,181


Contributions by and distributions to owners

Dividends: Equity capital
-
(126,000)
(126,000)


Total transactions with owners
-
(126,000)
(126,000)



At 1 September 2022 (as previously stated)
100
3,777,091
3,777,191

Prior year adjustment
-
(188,770)
(188,770)


At 1 September 2022 (as restated)
100
3,588,321
3,588,421


Comprehensive income for the year

Profit for the year

-
847,261
847,261

Other movement
(100)
-
(100)


Other comprehensive income for the year
(100)
-
(100)


Total comprehensive income for the year
(100)
847,261
847,161


Contributions by and distributions to owners

Dividends: Equity capital
-
(137,000)
(137,000)

Shares issued during the year
1,000
-
1,000


Total transactions with owners
1,000
(137,000)
(136,000)


At 31 August 2023
1,000
4,298,582
4,299,582


The notes on pages 18 to 34 form part of these financial statements.

Page 13

 
GRANT PALMER (HOLDINGS) LIMITED
 

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


Called up share capital
Total equity

£
£


As at incorporation   (30 March 2023)
-
-


Contributions by and distributions to owners

Shares issued during the year
1,000
1,000


Total transactions with owners
1,000
1,000


At 31 August 2023
1,000
1,000


The notes on pages 18 to 34 form part of these financial statements.

Page 14

 
GRANT PALMER (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
847,261
1,291,181

Adjustments for:

Depreciation of tangible assets
411,518
357,365

Loss on disposal of tangible assets
2,983
9,186

Government grants
(70,272)
(397,146)

Interest paid
33,860
26,161

Taxation charge
323,726
242,583

(Increase) in debtors
(144,006)
(799,802)

Increase/(decrease) in creditors
107,084
(764,157)

Corporation tax (paid)/received
(56,334)
92,294

Net cash generated from operating activities

1,455,820
57,665


Cash flows from investing activities

Purchase of tangible fixed assets
(2,480,185)
(605,777)

Sale of tangible fixed assets
48,984
29,249

Government grants received
70,272
397,146

HP interest paid
(33,860)
(25,702)

Net cash from investing activities

(2,394,789)
(205,084)

Cash flows from financing activities

Issue of ordinary shares
1,000
-

New secured loans
731,250
-

Repayment of/new finance leases
(464,106)
108,879

Dividends paid
(137,000)
(126,000)

Interest paid
-
(459)

Net cash used in financing activities
131,144
(17,580)
Page 15

 
GRANT PALMER (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023


2023
2022

£
£



Net (decrease) in cash and cash equivalents
(807,825)
(164,999)

Cash and cash equivalents at beginning of year
2,978,985
3,143,984

Cash and cash equivalents at the end of year
2,171,160
2,978,985


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,171,160
2,978,985


The notes on pages 18 to 34 form part of these financial statements.

Page 16

 
GRANT PALMER (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023





At 1 September 2022
Cash flows
New finance leases
At 31 August 2023
£

£

£

£

Cash at bank and in hand

2,978,985

(807,825)

-

2,171,160

Debt due after 1 year

-

(674,901)

-

(674,901)

Debt due within 1 year

(6,627)

(57,246)

-

(63,873)

Finance leases

(1,101,731)

774,541

(310,435)

(637,625)


1,870,627
(765,431)
(310,435)
794,761

The notes on pages 18 to 34 form part of these financial statements.

Page 17

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Grant Palmer (Holdings)  Limited is a private limited company, incorporated in England & Wales and limited by shares. Its registered office is Unit 2c, Commerce Way, Flitwick, Bedfordshire, MK45 5BP.
The principal activity of the parent company is that of an investment holding entity. 
The financial statements are presented in sterling which is the functional currency of the Company and the
Group and rounded to the nearest £.

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 judgment 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.
On 6 April 2023 the Company acquired Grant Palmer Limited  ("the Subsidiary"). Both the Company and the Subsidiary had common shareholders and as a result the Directors consider the transaction to be a combination of businesses under common control. Accordingly the Directors have applied the guidance within section 19 'Business Combinations and Goodwill' of FRS 102 which allows the use of merger accounting for group reconstructions.
Under the merger accounting method the carrying values of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value. The results and cash flows of all the combining entities are brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information shall be restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformly of accounting policies. The difference, if any, between the nominal value of the shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange shall be shown as a movement on other reserves in the consolidated financial statements.

Page 18

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Group will continue in operational existence for a period of at least 12 months following the approval of these financial statements. The Directors are of the opinion that the Group can meeting its liabilities as they fall due.

 
2.4

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 following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that future economic benefits will flow to the entity; and
specific criteria have been met for each of the entity's activities.
the costs incurred and the costs to complete the contract can be measured reliably.

Rental income is recognised in the period in which the renal has occured. 

 
2.5

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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

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 19

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 Balance Sheet. 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 balance sheet 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 balance sheet 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 balance sheet 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 20

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 21

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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 Balance Sheet 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Page 22

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

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.

Page 23

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and
the amounts reported for revenues and expenses during the year.
Debtors:
The recoverability of debtors has been assessed at the year end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgement of all the available information, and their experience of the specific nature of the debtor in question.
Depreciation:
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and
have concluded that asset lives and residual values are appropriate. 


4.


Turnover

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


2023
2022
£
£

Road passenger transport services
6,343,082
5,567,828


All turnover arose within the United Kingdom.


5.


Other operating income

As restated
2023
2022
£
£

Net rents receivable
17,500
-

Government grants receivable
70,272
397,146

Sundry income
13,409
21,403

101,181
418,549



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
71,399
100,588

Page 24

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,000
-


8.


Employees

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


Group
Group
2023
2022
£
£


Wages and salaries
1,935,025
1,660,586

Social security costs
163,440
160,097

Cost of defined contribution scheme
163,062
72,202

2,261,527
1,892,885


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Administration
7
6
-
-



Cleaners
4
4
-
-



Drivers
58
48
-
-



Engineers
6
5
-
-

77
65
2
2

Page 25

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
16,306
9,996

Group contributions to defined contribution pension schemes
120,000
40,000

136,306
49,996


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
459

Finance leases and hire purchase contracts
33,860
25,702

33,860
26,161


11.


Taxation


As restated
2023
2022
£
£

Corporation tax


Current tax on profits for the year
321,789
210,029


Total current tax
321,789
210,029

Deferred tax


Origination and reversal of timing differences
1,937
32,554

Total deferred tax
1,937
32,554


Tax on profit
323,726
242,583
Page 26

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£
£


Profit on ordinary activities before tax
1,170,987
1,533,764


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
292,747
291,415

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,262
2,227

Capital allowances for year in excess of depreciation
95,008
(51,059)

Changes in provisions leading to an increase (decrease) in the tax charge
(15,000)
-

Change in corporation tax rates during the year
(51,291)
-

Total tax charge for the year
323,726
242,583


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends
137,000
126,000

Page 27

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2022
-
3,176,877
274,723
3,451,600


Additions
2,360,072
120,113
-
2,480,185


Disposals
-
(124,058)
-
(124,058)



At 31 August 2023

2,360,072
3,172,932
274,723
5,807,727



Depreciation


At 1 September 2022
-
1,664,697
160,893
1,825,590


Charge for the year on owned assets
11,500
127,734
22,765
161,999


Charge for the year on financed assets
-
249,520
-
249,520


Disposals
-
(72,090)
-
(72,090)



At 31 August 2023

11,500
1,969,861
183,658
2,165,019



Net book value



At 31 August 2023
2,348,572
1,203,071
91,065
3,642,708



At 31 August 2022
-
1,512,180
113,830
1,626,010

Included in freehold property is land valued at £60,072 that has not been depreciated. 

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
823,420
998,081

Page 28

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


Additions
100



At 31 August 2023
100





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Grant Palmer Limited
Unit 2c, Commerce Way,Flitwick, Bedfordshire,MK45 5BP
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

J.K Developments (Biggleswade) Ltd
Unit 2c, Commerce Way, Flitwick, Bedfordshire, MK45 5BP
100
100%

Page 29

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Investment property

Group


Freehold investment property

£



Valuation


At 1 September 2022
473,681



At 31 August 2023
473,681

The 2023 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
473,681
473,681




16.


Debtors

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


Trade debtors
261,965
155,336
-
-

Other debtors
549,643
839,055
900
-

Prepayments and accrued income
420,897
94,108
-
-

1,232,505
1,088,499
900
-



17.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
2,171,160
2,978,985


Page 30

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

18.


Creditors: Amounts falling due within one year

Group

Group
As restated
2023
2022
£
£

Bank loans
56,349
-

Trade creditors
611,432
297,172

Corporation tax
664,315
398,762

Other taxation and social security
45,829
42,785

Obligations under finance lease and hire purchase contracts
278,525
416,052

Other creditors
57,931
119,778

Accruals and deferred income
177,704
326,077

1,892,085
1,600,626



19.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
674,901
-

Net obligations under finance leases and hire purchase contracts
359,100
685,679

1,034,001
685,679




Page 31

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
56,349
-

Amounts falling due 1-2 years

Bank loans
65,488
-

Amounts falling due 2-5 years

Bank loans
609,413
-


731,250
-


Details of security provided:
The bank loan above relates to a mortgage with Handelsbanken and is secured by way of a fixed charge against the property and all plant, machinery and chattels located at the property. The bank loan is repayable by monthly installments and interest is charged at 7.75% per annum.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
278,525
416,052

Between 1-5 years
359,100
685,679

637,625
1,101,731

Page 32

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
292,449
259,895


Charged to profit or loss
1,937
32,554



At end of year
294,386
292,449






Group
Group
2023
2022
£
£

Accelerated capital allowances
294,386
292,449


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 90) Ordinary shares shares of £1.00 each
1,000
90
Nil (2022 - 10) B Ordinary shares shares of £1.00 each
-
10

1,000

100


On 30 March 2023 1,000 Ordinary shares were issued at par value.   


24.


Reserves

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.

Page 33

 
GRANT PALMER (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

25.


Prior year adjustment

A prior year adjustment was identified in Grant Palmer Limited, the subsidiary, and has been entered to account for grant income in the period in which it was received, and remove the related deferred income. It was deemed the funding met the recognition criteria when it was received and therefore should not have been deferred. 
Grant income has been increased by £384,234, in other operating income, and corporation tax increased by £73,004, for the year ending 31 August 2022. Resulting in a net increase in profits of £311,230. 
Grant income has been increase by £576,587 for year ending 31 August 2020 and £416,744 for year ending 31 August 2021, and the corporation tax has been increased by £97,677 and £91,056, The total of £804,598 has been corrected through a profit and loss reserves adjustment. 
A prior year adjustment was identified in Grant Palmer Limited, the subsidiary, and has been entered to adjust the split between costs of sales and admin costs, for employees' salaries, national insurance and pension. This has resulted in cost of sales reducing by £180,740 and admin costs increasing by this amount , and had no impact on the corporation tax. 
A prior year adjustment was identified in J.K Developments (Biggleswade) Limited, the subsidiary, and stock of £473,681 has been reclassified in the prior year as investment property. The fair value of this has been set at £473,681 and there is no corporation tax effect thereon.


26.


Pension commitments

The Company operates a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions paid during the year amounted to £163,062 (2022 - £72,202). At the year end the sum of £7,523 was owed by the Company (2022 - £6,627) and is included within creditors.


27.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the balance sheet date.


28.


Related party transactions

At the year end, the directors owed the Group £347,643 (2022 - £695,778). 
 
During the year, £250,000 (2022 - £143,024) consultancy fees were paid to other related parties.
See Note 9 for details of Key Management Personnel remuneration. 


29.


Parental company guarantee

The shareholders of Grant Palmer (Holdings) Limited have unanimously agreed to provide a parental guarantee for the year ended 31 August 2023 to its subsidiary entity J.K Developments (Biggleswade) Ltd, a company register in England and Wales (registration number 08500997). J.K Developments (Biggleswade) Ltd are therefore exemption from the requirement for its individual accounts to be audited by virtue of section 479A of the Companies Act 2006. 

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