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REGISTERED NUMBER: 00439454 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2023

for

Cecil Macdonald & Co Limited

Cecil Macdonald & Co Limited (Registered number: 00439454)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Profit and loss 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


Cecil Macdonald & Co Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S R Wescott
G I Sankey





SECRETARY: D Gould





REGISTERED OFFICE: Macdonald House
21-31 Kelvin Way
Crawley
West Sussex
RH10 9SP





REGISTERED NUMBER: 00439454 (England and Wales)





AUDITORS: Brewers Chartered Accountants (Statutory Auditors)
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY

Cecil Macdonald & Co Limited (Registered number: 00439454)

Group Strategic Report
for the Year Ended 31 December 2023

The Group is one of the largest independent specialist distributors of beers, wines, spirits, consumables, fragrance and cosmetics in the United Kingdom supplying the travel retail sector which includes aircraft ground handling companies, airlines, train and ferry operators.

REVIEW OF THE BUSINESS
Cecil Macdonald & Co is the largest specialist distributor of beers, wines, spirits and consumables to the UK Travel Retail sector which includes Airlines, Airline Caterers, Ferries, Cruise Ships and Trains.

The year ending 31st December 2023 truly saw the UK Travel sector operating without any residual effects of the Covid pandemic. Supply chain delays and shortages improved massively and no longer hampered Stock availability and the industry was in full swing.

Our largest customers carried near record passenger numbers and in turn we enjoyed the benefits with record turnover and profitability.

Contracts with existing key customers have been successfully renewed and new supply contracts agreed, specifically in the consumables category.

PRINCIPAL RISKS AND UNCERTAINTIES
With inbound supply chain and UK inflation seemingly back under control our principal risks are exchange rate fluctuations for EU sourced products and competitor activity.

Our customer relationships are very strong and we work hard to maintain these relationships, but we are ever mindful of the presence competitor companies. We believe the service we offer our customers is gold standard and we continue to invest in both human resources and equipment to maintain that standard.

FUTURE PLANS
Continued growth in 2023 has put pressure on the physical capacity of our existing warehouses. We have identified a local site to relocate one warehouse and our head office and plans are underway to complete a move to this new warehouse and office building in 2024. This will give us close to 25% additional warehouse capacity and afford a modern and efficient working environment for our office based personnel.

We continue to predict strong positive growth as we move into 2024.

HEALTH, SAFETY AND COMPLIANCE
The Directors encourage a positive H&S culture within all areas of the business and our HMRC and CAA compliance/due diligence responsibilities are taken very seriously. We have CAA known supplier status with all our major customers.


Cecil Macdonald & Co Limited (Registered number: 00439454)

Group Strategic Report
for the Year Ended 31 December 2023

FINANCIAL PERFORMANCE
Significant growth was achieved in 2023 with turnover of £65 million compared to £46 million the prior year. This was accomplished through growth in the travel industry, expansion of our customer base and substantial increases in the range of products supplied to our customers.

The profit before tax for the financial year amounted to £2,559,044 (2022: £1,973,091) with the gross profit margin dipping from 12.8% to 11.3 % reflecting the inflationary cost pressures in the industry.

The directors use a range of performance indicators across the business as follows:

2023 2022
Gross margin 11.3% 12.8%
Liquidity 1.76 1.93
Debtor days 44 days 26 days

BY ORDER OF THE BOARD:





D Gould - Secretary


1 August 2024

Cecil Macdonald & Co Limited (Registered number: 00439454)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of warehousing and distribution of beers, wines, spirits, consumables, fragrance and cosmetics to the travel retail sector includung aircraft ground handling companies, airlines, train and ferry operators.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S R Wescott
G I Sankey

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Cecil Macdonald & Co Limited (Registered number: 00439454)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Brewers Chartered Accountants, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

BY ORDER OF THE BOARD:



D Gould - Secretary


1 August 2024

Report of the Independent Auditors to the Members of
Cecil Macdonald & Co Limited

Opinion
We have audited the financial statements of Cecil Macdonald & Co Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and loss, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 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 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Cecil Macdonald & Co Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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's financial statements are not in agreement with the accounting records or returns; or
- certain disclosures of directors' remuneration specified by law are not made: or
- we have not received all the information and explanations we require for our audit.

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

Report of the Independent Auditors to the Members of
Cecil Macdonald & Co Limited


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

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

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

o Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

o It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Cecil Macdonald & Co Limited


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 a Report of the Auditors 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.




Andrew Skilton (Senior Statutory Auditor)
for and on behalf of Brewers Chartered Accountants (Statutory Auditors)
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY

1 August 2024

Cecil Macdonald & Co Limited (Registered number: 00439454)

Consolidated Profit and loss
for the Year Ended 31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   

TURNOVER 4 65,556,771 45,894,648

Cost of sales 58,093,199 40,003,270
GROSS PROFIT 7,463,572 5,891,378

Distribution costs 487,297 409,458
Administrative expenses 4,641,231 3,694,413
5,128,528 4,103,871
2,335,044 1,787,507

Other operating income 5 98,326 156,234
OPERATING PROFIT 8 2,433,370 1,943,741

Interest receivable and similar income 128,052 31,728
2,561,422 1,975,469

Interest payable and similar expenses 10 2,378 2,378
PROFIT BEFORE TAXATION 2,559,044 1,973,091

Tax on profit 11 709,213 274,646
PROFIT FOR THE FINANCIAL YEAR 1,849,831 1,698,445
Profit attributable to:
Owners of the parent 1,849,831 1,698,445

Cecil Macdonald & Co Limited (Registered number: 00439454)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,849,831 1,698,445


OTHER COMPREHENSIVE INCOME
Impairment of freehold property (140,000 ) (500,000 )
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

(140,000

)

(500,000

)
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,709,831

1,198,445

Total comprehensive income attributable to:
Owners of the parent 1,709,831 1,198,445

Cecil Macdonald & Co Limited (Registered number: 00439454)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 14 1,654,105 1,640,750
Investments 15 - -
1,654,105 1,640,750

CURRENT ASSETS
Stocks 16 3,597,194 4,173,223
Debtors 17 9,010,554 3,905,057
Cash at bank and in hand 2,596,790 3,541,023
15,204,538 11,619,303
CREDITORS
Amounts falling due within one year 18 8,632,966 6,028,643
NET CURRENT ASSETS 6,571,572 5,590,660
TOTAL ASSETS LESS CURRENT LIABILITIES 8,225,677 7,231,410

CREDITORS
Amounts falling due after more than one
year

19

-

(15,300

)

PROVISIONS FOR LIABILITIES 23 (232,996 ) (83,260 )
NET ASSETS 7,992,681 7,132,850

CAPITAL AND RESERVES
Called up share capital 24 74,500 100,000
Revaluation reserve 25 564,989 704,989
Capital redemption reserve 25 25,500 -
Retained earnings 25 7,327,692 6,327,861
SHAREHOLDERS' FUNDS 7,992,681 7,132,850

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





G I Sankey - Director


Cecil Macdonald & Co Limited (Registered number: 00439454)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 14 1,347,117 1,313,915
Investments 15 16,776 16,776
1,363,893 1,330,691

CURRENT ASSETS
Stocks 16 3,368,604 3,829,776
Debtors 17 7,561,793 3,147,117
Cash at bank and in hand 2,518,233 3,145,081
13,448,630 10,121,974
CREDITORS
Amounts falling due within one year 18 7,688,994 6,055,207
NET CURRENT ASSETS 5,759,636 4,066,767
TOTAL ASSETS LESS CURRENT LIABILITIES 7,123,529 5,397,458

PROVISIONS FOR LIABILITIES 23 212,057 60,000
NET ASSETS 6,911,472 5,337,458

CAPITAL AND RESERVES
Called up share capital 24 74,500 100,000
Capital redemption reserve 25 25,500 -
Retained earnings 25 6,811,472 5,237,458
SHAREHOLDERS' FUNDS 6,911,472 5,337,458

Company's profit for the financial year 1,564,014 1,356,262

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





G I Sankey - Director


Cecil Macdonald & Co Limited (Registered number: 00439454)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 100,000 4,459,016 1,204,989 - 5,764,005

Changes in equity
Total comprehensive income - 1,868,845 (500,000 ) - 1,368,845
Balance at 31 December 2022 100,000 6,327,861 704,989 - 7,132,850

Changes in equity
Issue of share capital (25,500 ) - - - (25,500 )
Total comprehensive income - 999,831 (140,000 ) 25,500 885,331
Balance at 31 December 2023 74,500 7,327,692 564,989 25,500 7,992,681

Cecil Macdonald & Co Limited (Registered number: 00439454)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 100,000 4,254,196 - 4,354,196

Changes in equity
Total comprehensive income - 983,262 - 983,262
Balance at 31 December 2022 100,000 5,237,458 - 5,337,458

Changes in equity
Issue of share capital (25,500 ) - - (25,500 )
Total comprehensive income - 1,574,014 25,500 1,599,514
Balance at 31 December 2023 74,500 6,811,472 25,500 6,911,472

Cecil Macdonald & Co Limited (Registered number: 00439454)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 402,175 617,025
Interest element of hire purchase
payments paid

(2,378

)

(2,378

)
Tax paid (373,009 ) (72,545 )
Net cash from operating activities 26,788 542,102

Cash flows from investing activities
Purchase of tangible fixed assets (434,818 ) (258,336 )
Sale of tangible fixed assets 117,820 78,930
Interest received 128,052 31,727
Net cash from investing activities (188,946 ) (147,679 )

Cash flows from financing activities
Capital repayments in year (18,360 ) (18,360 )
Share buyback (850,000 ) -
Net cash from financing activities (868,360 ) (18,360 )

(Decrease)/increase in cash and cash equivalents (1,030,518 ) 376,063
Cash and cash equivalents at beginning
of year

2

3,409,576

3,033,513

Cash and cash equivalents at end of year 2 2,379,058 3,409,576

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
as restated
£    £   
Profit before taxation 2,559,044 1,973,091
Depreciation charges 172,157 149,464
Profit on disposal of fixed assets (8,514 ) (15,881 )
Dilapidation provision 112,500 60,000
C79 VAT tax recovery - 170,402
Finance costs 2,378 2,378
Finance income (128,052 ) (31,728 )
2,709,513 2,307,726
Decrease/(increase) in stocks 576,029 (2,161,166 )
Increase in trade and other debtors (5,105,497 ) (575,325 )
Increase in trade and other creditors 2,222,130 1,045,790
Cash generated from operations 402,175 617,025

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,596,790 3,541,023
Bank overdrafts (217,732 ) (131,447 )
2,379,058 3,409,576
Year ended 31 December 2022
31.12.22 1.1.22
as restated
£    £   
Cash and cash equivalents 3,541,023 3,074,207
Bank overdrafts (131,447 ) (40,694 )
3,409,576 3,033,513


Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 3,541,023 (944,233 ) 2,596,790
Bank overdrafts (131,447 ) (86,285 ) (217,732 )
3,409,576 (1,030,518 ) 2,379,058
Debt
Finance leases (33,660 ) 18,360 (15,300 )
(33,660 ) 18,360 (15,300 )
Total 3,375,916 (1,012,158 ) 2,363,758

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Cecil Macdonald & Co Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The parent company has taken exemption under Financial Reporting Standard 102, section 1.12 not to present its individual Statement of Cash Flows.

Going concern principle
The financial statements have been prepared on a going concern basis; the Directors have considered the basis of accounting in light of the strength of the Group Balance Sheet and consider that the adoption of the going concern principle is still appropriate.

Basis of consolidation
The consolidated financial statements incorporate the results of Cecil Macdonald & Co Limited and all of it's subsidiary undertakings as at 31 December 2023 using the acquisition or merger method of accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition.

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Critical management judgement in applying accounting policies

In the process of applying the company's accounting policies, management has made the following judgements, apart from those involving estimation, which have the most significant effect on the amounts recognised in the financial statements:

(a) Assessment of financial instruments

The company holds a number of financial instruments, and management exercised judgement in determining whether each instrument was basic or non-basic.

(b) Recognition of provisions and contingencies

Judgement is exercised by management to distinguish between provisions and contingencies.

Key sources of estimation

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period:

(a) Determining net realisable value of stocks

In determining the net realisable value of stocks, management takes into account the most reliable evidence available at the dates the estimates are made.

(b) Estimating useful lives of property, plant and equipment

The company estimates the useful lives of property, plant and equipment based on the period over which the assets are expected to be available for use. The estimates useful lives of property, plant and equipment are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of assets.

Based on management's assessment as at 31 December 2023, the value of the Hotel has been written down from £1 million to £ 800,000.

(c) Calculating deferred tax

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Turnover
Turnover represents sales to external customers at invoiced amounts less Value Added Tax or local taxes on sales. Income is recognised on despatch of goods. Income on rebates is recognised when the right to the income arises.

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - Period of lease and in accordance with the property
Plant and machinery - 20% on reducing balance and 10% on cost
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 25% on cost and 20% on cost
Computer equipment - 25% on cost

Freehold land is not depreciated.

Where the carrying value of a tangible fixed asset is permanently reduced, the impairment adjustment is written to the Other Comprehensive Income Statement in the year which it arises.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

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

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
as restated
£    £   
Supply of goods 65,022,431 45,366,496
Supply of services 534,340 528,152
65,556,771 45,894,648

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
as restated
£    £   
United Kingdom 59,729,031 42,486,852
Rest of World 5,827,740 3,407,796
65,556,771 45,894,648

5. OTHER OPERATING INCOME
31.12.23 31.12.22
as restated
£    £   
Sundry receipts 83,147 129,000
Government grants 15,179 27,234
98,326 156,234

Other operating income includes recovery of C79 VAT and business rates relief.

6. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
as restated
£    £   
Wages and salaries 2,324,169 1,744,656
Social security costs 278,481 216,184
Other pension costs 62,887 57,353
2,665,537 2,018,193

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

6. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22
as restated

Sales & administration 13 12
Warehousing & distribution 16 15
Hotel & catering 10 9
39 36

The average number of employees within the parent company during the year was 13 (2022 12)

7. DIRECTORS' EMOLUMENTS
31.12.23 31.12.22
as restated
£    £   
Directors' remuneration 1,058,000 712,000
Directors' pension contributions to money purchase schemes 20,000 20,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
as restated
£    £   
Emoluments etc 558,000 384,000
Pension contributions to money purchase schemes 10,000 10,000

Key management personnel
Key management personnel compensation was £1,464,943 (2022: £1,013,200), which includes all persons having authority and responsibility for planning, directing and controlling activities of Group entities, directly and indirectly, including directors.

8. OPERATING PROFIT

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

31.12.23 31.12.22
as restated
£    £   
Hire of plant and machinery 58,649 47,073
Depreciation - owned assets 172,157 129,064
Depreciation - assets on hire purchase contracts - 20,400
Profit on disposal of fixed assets (8,514 ) (15,881 )

9. AUDITORS' REMUNERATION

Fees payable to the Group's auditor for the audit of the Group's annual financial statements was £24,500 (2022: £18,100)

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
as restated
£    £   
Hire purchase 2,378 2,378

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
as restated
£    £   
Current tax:
UK corporation tax 671,977 373,009

Deferred tax 37,236 (98,363 )
Tax on profit 709,213 274,646

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
as restated
£    £   
Profit before tax 2,559,044 1,973,091
Profit multiplied by the standard rate of corporation tax in the UK of
23.400 % (2022 - 19 %)

598,816

374,887

Effects of:
Other adjustments to tax charge 73,161 (1,878 )
Deferred tax 37,236 (98,363 )
Total tax charge 709,213 274,646

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Impairment of freehold property (140,000 ) - (140,000 )

31.12.22
Gross Tax Net
£    £    £   
Impairment of freehold property (500,000 ) - (500,000 )
C79 adjustment 170,400 - 170,400
(329,600 ) - (329,600 )

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. INDIVIDUAL PROFIT AND LOSS

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The profit after tax of the parent company was £1,397,048 (2022 restated: £1,356,262).

13. PRIOR YEAR ADJUSTMENT

In the year the parent company and a subsidiary company claimed backdated C79 VAT recoveries, for the period July 2019 to June 2023, which were received in 2024 in the amount of £362,400, of which £129,000 related to 2022 and £170,000 related to prior years. The comparative figures have been restated to show these claim receipts.

14. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 2,301,360 55,066 538,316
Additions - 98,970 9,990
Disposals - - (13,206 )
At 31 December 2023 2,301,360 154,036 535,100
DEPRECIATION
At 1 January 2023 1,146,654 18,125 432,231
Charge for year 22,667 5,605 45,973
Eliminated on disposal - - (13,206 )
Impairments 140,000 - -
At 31 December 2023 1,309,321 23,730 464,998
NET BOOK VALUE
At 31 December 2023 992,039 130,306 70,102
At 31 December 2022 1,154,706 36,941 106,085

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

14. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 151,638 407,421 48,957 3,502,758
Additions 175,261 140,910 9,687 434,818
Disposals - (126,226 ) (29,957 ) (169,389 )
At 31 December 2023 326,899 422,105 28,687 3,768,187
DEPRECIATION
At 1 January 2023 146,261 74,530 44,207 1,862,008
Charge for year 1,929 91,233 4,750 172,157
Eliminated on disposal - (16,920 ) (29,957 ) (60,083 )
Impairments - - - 140,000
At 31 December 2023 148,190 148,843 19,000 2,114,082
NET BOOK VALUE
At 31 December 2023 178,709 273,262 9,687 1,654,105
At 31 December 2022 5,377 332,891 4,750 1,640,750

Freehold properties are included at valuation; all other tangible fixed assets are included at cost.

Cost or valuation at 31 December 2023 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2023 2,301,360 154,036 535,100

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2023 326,899 422,105 28,687 3,768,187

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

14. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 102,000
DEPRECIATION
At 1 January 2023
and 31 December 2023 66,300
NET BOOK VALUE
At 31 December 2023 35,700
At 31 December 2022 35,700

Company
Fixtures
Freehold Short and
property leasehold fittings
£    £    £   
COST
At 1 January 2023 1,500,000 55,066 -
Additions - 98,970 175,261
Disposals - - -
At 31 December 2023 1,500,000 154,036 175,261
DEPRECIATION
At 1 January 2023 540,000 18,125 -
Charge for year 20,000 5,605 -
Eliminated on disposal - - -
Impairments 140,000 - -
At 31 December 2023 700,000 23,730 -
NET BOOK VALUE
At 31 December 2023 800,000 130,306 175,261
At 31 December 2022 960,000 36,941 -

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

14. TANGIBLE FIXED ASSETS - continued

Company

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 359,501 48,957 1,963,524
Additions 113,050 9,687 396,968
Disposals (109,306 ) (29,957 ) (139,263 )
At 31 December 2023 363,245 28,687 2,221,229
DEPRECIATION
At 1 January 2023 47,277 44,207 649,609
Charge for year 84,105 4,750 114,460
Eliminated on disposal - (29,957 ) (29,957 )
Impairments - - 140,000
At 31 December 2023 131,382 19,000 874,112
NET BOOK VALUE
At 31 December 2023 231,863 9,687 1,347,117
At 31 December 2022 312,224 4,750 1,313,915

The freehold property, The Hope Anchor Hotel in Rye, East Sussex, had previously been included at valuation of £1,500,000 on an existing use basis, assessed by local agent, J Stubbs of Stubbs & Partners in 2019. Last year the property was written down to £1,000,000 and after a further review this year, the property was written down to an estimated realisable value of £800,000, so a £140,000 impairment loss has been recognised in these accounts.

Fixtures and fittings to be used in a newly leased property were purchased shortly before the year end. No depreciation has been recognised this year. Depreciation commenced shortly after the year end when the newly leased property was occupied by the company.

15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 16,776
NET BOOK VALUE
At 31 December 2023 16,776
At 31 December 2022 16,776

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

15. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ambassadors Choice Limited
Registered office: Macdonald House, 1 Lowfield Way, Lowfield Heath, Crawley, West Sussex, UK
Nature of business: Supply of goods in the tax-free sector
%
Class of shares: holding
Ordinary 100.00

D F Warehouses Limited
Registered office: Macdonald House, 1 Lowfield Way, Lowfield Heath, Crawley, West Sussex, UK
Nature of business: Warehousing for group & 3rd party companies.
%
Class of shares: holding
Ordinary 100.00

CMD Hotels & Catering Limited
Registered office: Macdonald House, 1 Lowfield Way, Lowfield Heath, Crawley, West Sussex, UK
Nature of business: Management of a hotel.
%
Class of shares: holding
Ordinary 100.00

CMD Hotels & Catering Limited (company number: 04040918) is exempt from the requirements of this Act relating to the audit of accounts under section 479A of the Companies Act 2006.


16. STOCKS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Stocks 3,597,194 4,173,223 3,368,604 3,829,776

There was a provision against slow moving stock of £219,463 (2022: £165,240) at the Balance Sheet date.

17. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 7,803,448 3,226,969 6,442,185 2,606,588
Amounts owed by group undertakings - - 40,569 -
Other debtors 362,440 306,670 262,040 199,000
Prepayments and accrued income 733,287 371,418 705,620 341,529
8,899,175 3,905,057 7,450,414 3,147,117

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

17. DEBTORS - continued

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 111,379 - 111,379 -

Aggregate amounts 9,010,554 3,905,057 7,561,793 3,147,117

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 20) 217,732 131,447 217,902 128,769
Hire purchase contracts (see note 21) 15,300 18,360 - -
Trade creditors 4,591,527 2,851,031 4,016,172 2,228,894
Amounts owed to group undertakings - - 547,656 1,207,396
Tax 671,977 373,009 538,782 291,606
VAT 687,557 504,863 246,319 217,210
Other creditors 541,882 1,075,244 412,955 1,020,613
Accruals and deferred income 1,906,991 1,074,689 1,709,208 960,719
8,632,966 6,028,643 7,688,994 6,055,207

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.12.23 31.12.22
as restated
£    £   
Hire purchase contracts (see note 21) - 15,300

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 217,732 131,447 217,902 128,769

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
as restated
£    £   
Gross obligations repayable:
Within one year 17,282 20,738
Between one and five years - 17,282
17,282 38,020

Finance charges repayable:
Within one year 1,982 2,378
Between one and five years - 1,982
1,982 4,360

Net obligations repayable:
Within one year 15,300 18,360
Between one and five years - 15,300
15,300 33,660

Group
Non-cancellable operating leases
31.12.23 31.12.22
as restated
£    £   
Within one year 941,420 551,714
Between one and five years 3,337,559 2,206,857
In more than five years 3,124,000 3,581,429
7,402,979 6,340,000

Company
Non-cancellable operating leases
31.12.23 31.12.22
as restated
£    £   
Within one year 941,420 566,760
Between one and five years 3,337,559 2,213,904
In more than five years 3,124,000 3,581,429
7,402,979 6,362,093

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Bank overdraft 217,732 131,447 217,902 128,769
Hire purchase contracts 15,300 33,660 - -
233,032 165,107 217,902 128,769

Barclays Bank PLC hold fixed and floating charges over all the property or undertaking of the parent company, registered as such in July 2016. Hire purchase liabilities are secured upon the assets to which the finance relates.

23. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Deferred tax 60,496 23,260 39,557 -
Other provisions
Dilapidations provision 172,500 60,000 172,500 60,000

Aggregate amounts 232,996 83,260 212,057 60,000

Group
Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 23,260 60,000
Provided during year 39,557 112,500
Released during the year (2,321 ) -
Balance at 31 December 2023 60,496 172,500

Company
Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 - 60,000
Provided during year 39,557 112,500
Balance at 31 December 2023 39,557 172,500

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: as restated
£    £   
74,500 Ordinary shares £1 74,500 100,000

On 31 January 2023 the company bought back 25,500 of its £1 Ordinary shares.

25. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 6,327,861 704,989 - 7,032,850
Profit for the year 1,849,831 1,849,831
Purchase of own shares (850,000 ) - 25,500 (824,500 )
Revaluation - (140,000 ) - (140,000 )
At 31 December 2023 7,327,692 564,989 25,500 7,918,181

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 5,237,458 - 5,237,458
Profit for the year 1,564,014 1,564,014
Purchase of own shares (850,000 ) 25,500 (824,500 )
Revaluation (140,000 ) - (140,000 )
Dividends inter-group 1,000,000 - 1,000,000
At 31 December 2023 6,811,472 25,500 6,836,972


26. PENSION COMMITMENTS

The group operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension charges amounted to £62,887 (2022: £57,353). There were no outstanding or prepaid contributions at either the beginning or end of the financial year.

27. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group. Salaries paid to related parties employed within the Group amounted to £121,604 (2022: £111,249) in aggregate.

Cecil Macdonald & Co Limited (Registered number: 00439454)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

28. POST BALANCE SHEET EVENTS

In June 2024 Cecil Macdonald & Co Limited and CMD Hotels & Catering Limited, a subsidiary company, sold the properties from which CMD Hotels & Catering Limited operated and its trade; from that date, CMD Hotels & Catering Limited ceased to trade and all employees were transferred to the acquirer under TUPE regulations without any cost to the Group. Proceeds of sale were sufficient to cover all outstanding liabilities at cessation of trade.

29. ULTIMATE CONTROLLING PARTY

The group is under the control of Mr GI Sankey and Mr SR Wescott by virtue of their interests in the shareholding of the parent company.