Golley Slater Group Limited
Annual Report and Financial Statements
For the year ended 31 March 2024
Company Registration No. 00584047 (England and Wales)
Golley Slater Group Limited
Company Information
Directors
T Jessen
J Golley
D Longden
M Williams
Secretary
Acuity Secretaries Limited
Company number
00584047
Registered office
Wharton Place
Wharton Street
Cardiff
CF10 1GS
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
Wharton Place
Wharton Street
Cardiff
United Kingdom
CF10 1GS
Bankers
HSBC Bank Plc
56 Queen Street
Cardiff
CF10 2PX
Golley Slater Group Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Notes to the financial statements
15 - 36
Golley Slater Group Limited
Strategic Report
For the year ended 31 March 2024
Page 1

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

Business review

The group and company provide a full range of solutions for marketing and sales related business challenges via a full mix of marketing services tailor made for each client. These disciplines include:

Principal risks and uncertainties

The company operates in a highly competitive market where there is an ongoing risk of losing clients to competitors. The company manages this risk by having in place comprehensive contracts with fixed terms and notice periods of three months or more wherever practical.

 

Credit risk with clients is addressed through credit checks and the risk of financial loss is mitigated through the group’s credit insurance policy.

Key performance indicators

As shown in the consolidated profit and loss account on page 9, the gross profit has remained static over the prior year (2023-10% decrease). Turnover decreased by £2.5m compared to 2023.

 

The company’s key measurement of the effectiveness of its operations is the margin of operating profit (before amortisation of intangibles) against gross profit. As shown in the consolidated profit and loss account, operating profit margin for 2024 is 9% (2023 - 11%). The reduction reflecting the impact of inflation of employment costs and investments on the business’s performance.

 

The consolidated balance sheet on page 11 shows a decrease in net assets of £1.1m at the year end to £13m. Net assets increased by £0.9m before the payment of a dividend to its holding company of £2.1m by way of reducing the inter-company debt. No dividends payments were made by way of cash during the year by the company.

 

The business has good credit controls in place and negotiates terms with suppliers to enable it to maintain a cash positive working capital position.

 

The directors have considered the use of the going concern basis in the preparation of the financial statements and have concluded that it was appropriate. More information is provided in note 1 of the financial statements.

Golley Slater Group Limited
Strategic Report (Continued)
For the year ended 31 March 2024
Page 2
Other performance indicators

The directors are satisfied with the results for the financial period.

The Group continues to transform in line with social, behavioural and technological changes, whilst maintaining strength in ‘traditional’ media and marketing disciplines.

 

On behalf of the board

T Jessen
Director
30 August 2024
Golley Slater Group Limited
Directors' Report
For the year ended 31 March 2024
Page 3

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

Principal activities

The principal activity of the group and company continued to be that of marketing services.

Directors

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

T Jessen
J Golley
D Longden
M Williams
Results and dividends

An interim dividend, to its parent company Golley Group Limited, of £2,100,000 was proposed and paid by the directors for the financial year (2023: £3,000,000).

Future developments

The directors are satisfied with the results for the financial period.

The Group continues to transform in line with social, behavioural and technological changes, whilst maintaining strength in ‘traditional’ media and marketing disciplines.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

On behalf of the board
T Jessen
D Longden
Director
Director
30 August 2024
2024-08-30
Golley Slater Group Limited
Directors' Responsibilities Statement
For the year ended 31 March 2024
Page 4

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.

Golley Slater Group Limited
Independent Auditor's Report
To the Members of Golley Slater Group Limited
Page 5
Opinion

We have audited the financial statements of Golley Slater Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Group Profit And Loss Account, 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 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.

Golley Slater Group Limited
Independent Auditor's Report (Continued)
To the Members of Golley Slater Group Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

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 group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

Golley Slater Group Limited
Independent Auditor's Report (Continued)
To the Members of Golley Slater Group Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Golley Slater Group Limited
Independent Auditor's Report (Continued)
To the Members of Golley Slater Group Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Joanna Cosgrove (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
2 September 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Golley Slater Group Limited
Group Profit and Loss Account
For the year ended 31 March 2024
Page 9
2024
2023
Notes
£
£
Turnover
3
24,008,655
26,551,927
Cost of sales
(12,823,303)
(15,399,068)
Gross profit
11,185,352
11,152,859
Administrative expenses
(10,148,549)
(9,901,304)
Operating profit before amortisation of goodwill
1,036,803
1,251,555
Amortisation of goodwill
(3,607)
(3,607)
Operating profit
4
1,033,196
1,247,948
Interest receivable and similar income
8
437,077
186,406
Interest payable and similar expenses
9
(1,780)
-
Profit before taxation
1,468,493
1,434,354
Tax on profit
10
(351,509)
(251,612)
Profit for the financial year
1,116,984
1,182,742
Profit for the financial year is all attributable to the owners of the parent company.

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

Golley Slater Group Limited
Group Statement of Comprehensive Income
For the year ended 31 March 2024
Page 10
2024
2023
£
£
Notes
Profit for the year
1,116,984
1,182,742
Other comprehensive income
Actuarial loss on defined benefit pension schemes
20
(82,000)
(204,000)
Deferred tax on actuarial differences
20,500
38,760
Other comprehensive income for the year
(61,500)
(165,240)
Total comprehensive income for the year
1,055,484
1,017,502
Total comprehensive income for the year is all attributable to the owners of the parent company.
Golley Slater Group Limited
Group Balance Sheet
As at 31 March 2024
Page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
39,669
43,276
Tangible assets
13
164,144
275,175
Investments
14
38,623
38,623
242,436
357,074
Current assets
Debtors
17
14,840,836
13,401,914
Cash at bank and in hand
7,381,540
11,081,305
22,222,376
24,483,219
Creditors: amounts falling due within one year
18
(8,912,308)
(10,206,314)
Net current assets
13,310,068
14,276,905
Total assets less current liabilities
13,552,504
14,633,979
Provisions for liabilities
Provisions
19
(493,000)
(493,000)
Deferred tax liability
20
-
0
(36,959)
(493,000)
(529,959)
Net assets
13,059,504
14,104,020
Capital and reserves
Called up share capital
22
2,052,942
2,052,942
Share premium account
374,260
374,260
Capital redemption reserve
9,239
9,239
Other reserves
72,000
72,000
Profit and loss reserves
10,551,063
11,595,579
Total equity
13,059,504
14,104,020
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
30 August 2024
T  Jessen
D  Longden
Director
Director
Golley Slater Group Limited
Company Balance Sheet
As at 31 March 2024
31 March 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
164,144
275,175
Investments
14
38,914
38,914
203,058
314,089
Current assets
Debtors
17
14,492,575
13,053,424
Cash at bank and in hand
7,381,540
11,081,305
21,874,115
24,134,729
Creditors: amounts falling due within one year
18
(8,793,860)
(10,082,508)
Net current assets
13,080,255
14,052,221
Total assets less current liabilities
13,283,313
14,366,310
Provisions for liabilities
Provisions
19
(493,000)
(493,000)
Deferred tax liability
20
-
0
(36,959)
(493,000)
(529,959)
Net assets
12,790,313
13,836,351
Capital and reserves
Called up share capital
22
2,052,942
2,052,942
Share premium account
374,260
374,260
Capital redemption reserve
9,239
9,239
Profit and loss reserves
10,353,872
11,399,910
Total equity
12,790,313
13,836,351

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 £1,115,462 (2023 - £1,158,517 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
30 August 2024
T  Jessen
D  Longden
Director
Director
Company Registration No. 00584047 (England and Wales)
Golley Slater Group Limited
Group Statement of Changes in Equity
For the year ended 31 March 2024
Page 13
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
2,052,942
374,260
9,239
72,000
14,378,077
16,886,518
Year ended 31 March 2023:
Profit for the year
-
-
-
-
1,182,742
1,182,742
Other comprehensive income:
Actuarial gain on defined benefit plans
-
-
-
-
(204,000)
(204,000)
Tax relating to other comprehensive income
-
-
-
-
38,760
38,760
Total comprehensive income for the year
-
-
-
-
1,017,502
1,017,502
Dividends
11
-
-
-
-
(3,800,000)
(3,800,000)
Balance at 31 March 2023
2,052,942
374,260
9,239
72,000
11,595,579
14,104,020
Year ended 31 March 2024:
Profit for the year
-
-
-
-
1,116,984
1,116,984
Other comprehensive income:
Actuarial loss on defined benefit plans
-
-
-
-
(82,000)
(82,000)
Deferred tax on actuarial differences
-
-
-
-
20,500
20,500
Total comprehensive income for the year
-
-
-
-
1,055,484
1,055,484
Dividends
11
-
-
-
-
(2,100,000)
(2,100,000)
Balance at 31 March 2024
2,052,942
374,260
9,239
72,000
10,551,063
13,059,504
Golley Slater Group Limited
Company Statement of Changes in Equity
For the year ended 31 March 2024
Page 14
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
2,052,942
374,260
9,239
14,206,633
16,643,074
Year ended 31 March 2023:
Profit for the year
-
-
-
1,158,517
1,158,517
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
(204,000)
(204,000)
Tax relating to other comprehensive income
-
-
-
38,760
38,760
Total comprehensive income for the year
-
-
-
993,277
993,277
Dividends
11
-
-
-
(3,800,000)
(3,800,000)
Balance at 31 March 2023
2,052,942
374,260
9,239
11,399,910
13,836,351
Year ended 31 March 2024:
Profit for the year
-
-
-
1,115,462
1,115,462
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
(82,000)
(82,000)
Deferred tax on actuarial differences
-
-
-
20,500
20,500
Total comprehensive income for the year
-
-
-
1,053,962
1,053,962
Dividends
11
-
-
-
(2,100,000)
(2,100,000)
Balance at 31 March 2024
2,052,942
374,260
9,239
10,353,872
12,790,313
Golley Slater Group Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 15
1
Accounting policies
Company information

Golley Slater Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Wharton Place, Wharton Street, Cardiff, CF10 1GS.

 

The group consists of Golley Slater 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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

The company and group have taken advantage of the exemption available under FRS102 from preparing a cash flow statement, being a wholly-owned subsidiary of Golley Group Limited and included in its consolidated financial statements, which are publicly available.

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 16
1.2
Basis of consolidation

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.

The consolidated group financial statements consist of the financial statements of the parent company Golley Slater 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.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared projected profitability and cash flow information for the period ending 12 months from the date of their approval of these financial statements.Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 17
1.4
Turnover

Group turnover consists of four main sources of revenue: advertising, marketing, digital, and public relations, which is recognised in the period in which the service is performed.

Advertising and marketing production revenue is recognised in the year in which the project is worked on. For projects which fall over the financial year end, income is recognised to reflect the partial completion of the contractual obligation in accordance with FRS102.

Media commissions are recognised in the month to which they relate, and media commissions are recognised as income when the related advertisement appears.

Revenue from fees and services to be performed subject to a specific agreement is recognised in the period that the service is performed in accordance with the terms of the contractual arrangement.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Intangible fixed assets - 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 considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 18
1.6
Tangible fixed assets

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

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

Leasehold property, fixtures and fittings
3-10 years straight line
Office equipment
3-10 years 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.

1.7
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.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 19

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash at bank and in hand

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.

1.10
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.

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 20
Derecognition of financial assets

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

Classification of financial liabilities

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

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Taxation

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

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 21
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

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

 

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

 

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

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 22
1.15
Retirement benefits

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

The group operates a defined benefit pension scheme for its employees, providing benefits based on final pensionable pay. Membership to the scheme is closed to new members and in 2016 the scheme was closed to future accrual of benefits. The defined benefit scheme is contributory and contributions are assessed in accordance with the advice of a qualified actuary. The groups contributions to the defined benefit scheme are charged to the profit and loss account so as to spread the cost of pension provisions over the employees’ working lives with the group.

 

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

Prior to the scheme closing to future accrual in 2016, the change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.16
Leases

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
Foreign exchange

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

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 23
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Defined benefit pension scheme

The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 20 for the disclosures relating to the defined benefit pension scheme.

Revenue recognition

Turnover is in respect of the provision for services including fees, rechargeable expenses and sales of materials performed subject to specific contract. Where recorded turnover exceeds amounts invoiced to clients, the excess is classified as accrued income. Where amounts invoiced to clients exceeds turnover, the excess is classified as deferred income.

 

Income is taken on fee income in the period to which it relates. Income is recognised in the period in which each project is worked on. For projects which fall over the accounting year end, income is recognised to reflect the partial performance of the contract obligations.

 

Income is recognised by apportioning the fees billed or billable to the time period for which those fees were earned by relationship to the percentage of completeness of the project to which they relate.

Key sources of estimation uncertainty

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

Dilapidations provisions

Provisions have been made for property dilapidations. These provisions are estimates and the actual costs and timing of future cash flows are dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made.

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 24
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Marketing services
24,008,655
26,551,927
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
24,008,655
26,551,927
2024
2023
£
£
Other revenue
Interest income
437,077
186,406
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
13,484
24,037
Depreciation of owned tangible fixed assets
151,306
159,546
Profit on disposal of tangible fixed assets
(706)
(6,077)
Amortisation of intangible assets
3,607
3,607
Operating lease charges
267,140
211,760
5
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
Production
65
75
58
69
Sales and account handling
80
75
65
62
Administration
18
17
18
17
Total
163
167
141
148
Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
5
Employees
(Continued)
Page 25

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,219,192
6,785,432
6,282,754
6,025,132
Social security costs
630,862
662,630
544,770
587,026
Pension costs
183,309
225,390
158,641
207,088
8,033,363
7,673,452
6,986,165
6,819,246
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
47,000
44,500
For other services
Taxation compliance services
6,000
5,500
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
979,653
944,311
Company pension contributions to defined contribution schemes
54,052
26,600
1,033,705
970,911
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
411,347
373,433
Company pension contributions to defined contribution schemes
10,000
2,100

Remuneration to key management personnel was deemed to be solely that of remuneration paid to the directors of the group.

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 26
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on the net defined benefit asset
59,000
11,000
Other interest income
378,077
175,406
Total income
437,077
186,406
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
1,780
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
375,686
216,711
Deferred tax
Origination and reversal of timing differences
(24,177)
34,901
Total tax charge
351,509
251,612

The Finance Act 2021 increased the rate of corporation tax in the UK from 19% to 25% from 1 April 2023 where a company has taxable profits exceeding £250,000.

The actual 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
1,468,493
1,434,354
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
367,123
272,527
Group relief
(12,818)
(7,583)
Permanent capital allowances in excess of depreciation
24,287
(5,609)
Other permanent differences
(17,700)
41,958
Adjustments in relation to provisions
(9,383)
(49,681)
Taxation charge
351,509
251,612
Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
10
Taxation
(Continued)
Page 27

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(20,500)
(38,760)
11
Dividends
2024
2023
£
£
Interim paid
2,100,000
3,800,000
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
5,439,920
(17,969)
5,421,951
Amortisation and impairment
At 1 April 2023
5,396,644
(17,969)
5,378,675
Amortisation charged for the year
3,607
-
0
3,607
At 31 March 2024
5,400,251
(17,969)
5,382,282
Carrying amount
At 31 March 2024
39,669
-
0
39,669
At 31 March 2023
43,276
-
0
43,276
Company
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
710,364
Amortisation and impairment
At 1 April 2023 and 31 March 2024
710,364
Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
12
Intangible fixed assets
(Continued)
Page 28
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
13
Tangible fixed assets
Group
Leasehold property, fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 April 2023
551,913
1,010,178
1,562,091
Additions
-
0
40,275
40,275
Disposals
(238,338)
(296,519)
(534,857)
At 31 March 2024
313,575
753,934
1,067,509
Depreciation and impairment
At 1 April 2023
437,241
849,675
1,286,916
Depreciation charged in the year
61,612
89,694
151,306
Eliminated in respect of disposals
(238,338)
(296,519)
(534,857)
At 31 March 2024
260,515
642,850
903,365
Carrying amount
At 31 March 2024
53,060
111,084
164,144
At 31 March 2023
114,672
160,503
275,175
Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
13
Tangible fixed assets
(Continued)
Page 29
Company
Leasehold property, fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 April 2023
551,913
1,010,178
1,562,091
Additions
-
0
40,275
40,275
Disposals
(238,338)
(296,519)
(534,857)
At 31 March 2024
313,575
753,934
1,067,509
Depreciation and impairment
At 1 April 2023
437,241
849,675
1,286,916
Depreciation charged in the year
61,612
89,694
151,306
Eliminated in respect of disposals
(238,338)
(296,519)
(534,857)
At 31 March 2024
260,515
642,850
903,365
Carrying amount
At 31 March 2024
53,060
111,084
164,144
At 31 March 2023
114,672
160,503
275,175
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
291
291
Unlisted investments
38,623
38,623
38,623
38,623
38,623
38,623
38,914
38,914
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023 and 31 March 2024
38,623
Carrying amount
At 31 March 2024
38,623
At 31 March 2023
38,623
Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
14
Fixed asset investments
(Continued)
Page 30
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023 and 31 March 2024
291
38,623
38,914
Carrying amount
At 31 March 2024
291
38,623
38,914
At 31 March 2023
291
38,623
38,914
15
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Golley Slater Media Limited
1
Media & Recruitment Advertising
Ordinary
100.00
-
Golley Slater London Limited
1
Dormant
Ordinary
100.00
-
Margaret Street Communications Limited
1
Dormant
Ordinary
100.00
-
Voices For Change Limited
1
Dormant
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1. Wharton Place, Wharton Street, Cardiff, CF10 1GS, UK
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
38,623
38,623
38,623
38,623
Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 31
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,479,006
3,884,159
5,479,006
3,884,159
Corporation tax recoverable
-
0
8,240
-
0
8,240
Amounts owed by group undertakings
9,072,600
9,142,773
8,724,339
8,794,283
Other debtors
14,524
73,876
14,524
73,876
Prepayments
274,706
292,866
274,706
292,866
14,840,836
13,401,914
14,492,575
13,053,424
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,099,087
2,892,279
2,099,087
2,892,279
Corporation tax payable
272,549
123,806
154,101
-
0
Other taxation and social security
899,292
851,089
899,292
851,089
Other creditors
258,961
244,335
258,961
244,335
Accruals and deferred income
5,382,419
6,094,805
5,382,419
6,094,805
8,912,308
10,206,314
8,793,860
10,082,508
19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations
493,000
493,000
493,000
493,000
Movements on provisions:
Group
£
At 1 April 2023 and 31 March 2024
493,000
Dilapidations
Company
£
At 1 April 2023 and 31 March 2024
493,000
Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 32
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
-
36,959
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
-
36,959
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
36,959
36,959
Credit to profit or loss
(36,959)
(36,959)
Asset at 31 March 2024
-
-
21
Retirement benefit schemes

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

 

The charge to the profit and loss in respect of defined contribution schemes £183,309 (2023 - £225,390).

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
21
Retirement benefit schemes
(Continued)
Page 33
Defined benefit scheme - group and company

The group operates a defined benefit pension scheme with assets held in a separately administered fund. The scheme provides retirement benefits on the basis of members’ final salary. The plan is administered by an independent trustee, who is responsible for ensuring that the plan is sufficiently funded to meet current and future obligations. The group has agreed a funding plan with the trustee, whereby ordinary contributions are made into the scheme based on a percentage of active employees’ salary. Additional contributions are agreed with the trustee to reduce the funding deficit where necessary.

 

The scheme closed to the future accrual of benefits on 2 December 2016, and from this date active member benefits lost the link to final pensionable salary and became linked to deferred revaluation instead.

 

The most recent full actuarial valuation of the defined benefit scheme was at 1 December 2020 and this was updated to March 2024. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

2024
2023
Key assumptions
%
%
Discount rate
4.70
4.70
LPI maximum 5%
3.40
3.40
LPI maximum 2.5%
2.30
2.30
Inflation assumption
3.60
3.60
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 60:

Years
Years
Retiring today
- Males
24.9
25.5
- Females
27.7
28.2
Retiring in 20 years
- Males
26.1
26.7
- Females
28.8
29.3

Significant demographic assumptions

 

The mortality assumption at 31 March 2024 is based on an experience investigation prior to the previous funding valuation. The current assumption uses 95% of mortality rates included in the standard tables known as S3PxA (2023 - S3PxA). Allowance for future longevity improvements is made in line with the CMI 2022 (2023 - CMI 2021) projections with a long term improvement rate of 1%.

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
21
Retirement benefit schemes
(Continued)
Page 34

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

Group and company
2024
2023
£
£
Present value of defined benefit obligations
4,383,000
4,310,000
Fair value of plan assets
(5,568,000)
(5,550,000)
Surplus in scheme
(1,185,000)
(1,240,000)
Restriction on scheme assets
1,185,000
1,240,000
Total liability recognised
-
-
Group and company
2024
2023

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
(59,000)
(11,000)
Group and company
2024
2023

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(169,000)
66,000
Less: calculated interest element
257,000
151,000
Return on scheme assets excluding interest income
88,000
217,000
Actuarial changes related to obligations
49,000
(942,000)
Effect of changes in the amount of surplus that is not recoverable
(55,000)
929,000
Total costs
82,000
204,000
Group and company
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2023
4,310,000
Benefits paid
(174,000)
Actuarial gains and losses
49,000
Interest cost
198,000
At 31 March 2024
4,383,000
Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
21
Retirement benefit schemes
(Continued)
Page 35
Group and company
2024

Movements in the fair value of plan assets

£
Fair value of assets at 1 April 2023
5,550,000
Interest income
257,000
Return on plan assets (excluding amounts included in net interest)
(88,000)
Benefits paid
(174,000)
Contributions by the employer
23,000
At 31 March 2024
5,568,000
Group and company
2024
2023

Fair value of plan assets at the reporting period end

£
£
Invested assets
5,537,000
5,508,000
Annuity policies
31,000
42,000
5,568,000
5,550,000
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,052,942
2,052,942
2,052,942
2,052,942
23
Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee structure with the Group’s bankers by means of a fixed and floating charge over all the assets of the Group companies in favour of HSBC Plc. The net borrowings related to this guarantee amount to £nil (2023 - £nil).

Golley Slater Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 36
24
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
111,667
98,907
111,667
98,907
Between two and five years
258,594
244,261
258,594
244,261
370,261
343,168
370,261
343,168
25
Controlling party

The ultimate parent is Golley Group Limited a company registered in England and Wales. Golley Group Limited is both the largest and smallest group into which Golley Slater Group Limited is consolidated. Copies of the financial statements of Golley Group Limited are available from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.

 

The ultimate controlling party is The Estate of A Golley, by virtue of it's majority shareholding in Golley Group Limited.

26
Related party transactions

The company and group has taken advantage of the exemption from disclosing relates party transactions with companies under the same control in accordance with FRS102, Section 33 ‘Related Parties’.

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