Company registration number 04072354 (England and Wales)
COX MANAGEMENT SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
COX MANAGEMENT SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr A Key
(Appointed 31 October 2023)
Mr D C Palmer-Jones
(Appointed 4 July 2023)
Company number
04072354
Registered office
Burleigh Oaks Farm
East Street
Turners Hill
West Sussex
RH10 4PZ
Auditor
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
Burleigh Oaks Farm
East Street
Turners Hill
West Sussex
RH10 4PZ
COX MANAGEMENT SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
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
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 32
COX MANAGEMENT SERVICES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -
Strategic Report for Cox Management Services Limited and Subsidiaries for the Period Ended 31 December 2023
Business Review
The Directors are pleased to present the strategic report for Cox Management Services Limited and its subsidiaries (collectively referred to as "the Group") for the period ended 31 December 2023.
This report encompasses the business activities of Cox Management Services Limited ("the Company") and its trading subsidiaries: Cox Skips Limited and The Recycling Partnership Limited.
On the 4 July 2023 the Company was acquired by Cox Bidco Limited. On 13 Jul 2023 the Company’s year-end was shortened to bring it in line with the new owners of the Group and these financial statements cover the 9-month period to 31 December 2023.
The Group's operational compliance is ensured through adherence to ISO 9001 (2015), ISO 14001 (2015), and OHSAS 45001 (2018) standards, with updates completed in December 2023.
The Group's core operations are within a sector that is highly regulated. It has a very good relationship with environmental regulators and maintains high levels of compliance across all operations. Our services encompass waste collection, disposal, management, reduction, reuse and recycling, all conducted within a safe and sustainably managed framework.
Business strategy
The Directors' strategic focus is on delivering sustainable waste management services regionally, with an emphasis on growth amidst changing market conditions. The Group prioritises environmental consciousness, customer orientation, and health and safety, ensuring continuous improvement across all operations. Adherence to government guidelines and legislation remains a key commitment.
Customer relations and service excellence are cornerstones of the Group’s strategy, supported by streamlined processes and procedures to enhance efficiency without sacrificing service quality. The Group's investment in new equipment and technologies underscores its commitment to environmental sustainability.
COX MANAGEMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Financial performance
Over the past five years, the Group's turnover has shown consistent year-on-year growth, driven by strategic public and local authority as well as commercial contracts and efficient management. However, the COVID-19 pandemic led to a temporary downturn in early 2020, reflected in the turnover figures.
Turnover 2019 to 2023
2019/2020: -3.9%
2020/2021: -20.90%
2021/2022: +29.83%
2022/2023: +6.79%
2023 9mth: +6.19%
Comparison for period 01/04/2022 – 31/03/2023 v 01/04/2023 – 31/12/2023 (9 mths)
Profit before taxation decreased by 2.89% to £2,237,714 (2022/2023: £2,304,360)
Net assets increased to £14,464,121 (2023: £7,293,928).
The Group plans to continue investing in business and administrative systems to enhance customer service and operational efficiency. As in previous years the Group will continue investment, site development and acquisition of key customers in strategically chosen sectors.
Principal risks and uncertainties
The execution of the Group’s strategy involves managing several risks. The Group maintains strong control over these risks. The identified risks include:
Financial risks (capital management, cash flow, interest rate, price, credit, liquidity)
Operational risks
Competitive risks
Legislative risks
Health and safety risks
Regular Board meetings, compliant with the Group’s ISO management structure, are held to discuss and manage these risks. These meetings include reports from key managers, future task proposals, and development strategies.
The Directors are confident that this focus is appropriate to allow the Group to achieve its financial targets in the future, even when considering plausible downsides.
Strategic outlook
The Group remains resilient amidst economic pressures and continues to monitor the impact on its operations. The Turners Hill facility, with full planning permission and a license to accept 260,000 tonnes of waste per annum, supports the growth of the Group.
As a Group regulated by the Environmental Agency, they continue to hold WAMITAB accreditation certificates to ensure legislation compliance with the site waste management licence and working plan which is held at the Turners Hill site.
Future developments at Turners Hill include enhancements to the Waste Transfer Station & Recycling Centre and new Vehicle Workshop Facilities continued compliance with health, safety, environmental and VOSA standards. The Directors anticipate these initiatives will contribute to financial stability and growth.
COX MANAGEMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Mr A Key
Director
12 September 2024
COX MANAGEMENT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
The directors present their annual report and financial statements for the period ended 31 December 2023.
Principal activities
The principal activity of the company and group continued to be that of a holding company. The principal activities of the company's subsidiaries were that of waste management and recycling.
The Company owns its principal site in Turners Hill, West Sussex. This property is unencumbered by financial loans or mortgages. The Directors bring over 50 years of combined industry experience and adopt a hands-on approach to business management.
Results and dividends
The results for the period are set out on page 9.
Ordinary dividends were paid amounting to £Nil (March 2023: £2,200,000). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr A Key
(Appointed 31 October 2023)
Mr D C Palmer-Jones
(Appointed 4 July 2023)
Mr J Taylor
(Appointed 4 July 2023 and resigned 3 May 2024)
Mr S James
(Appointed 4 July 2023 and resigned 31 October 2023)
Ms M Cox
(Resigned 4 July 2023)
Mr S P Cox
(Resigned 4 July 2023)
Mrs A C Page
(Resigned 4 July 2023)
Mr A B Page
(Resigned 4 July 2023)
Political donations
The Group made £nil political donations during the period (to Mar 2023: £nil).
Auditor
The auditor, Bryden Johnson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
COX MANAGEMENT SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr A Key
Director
12 September 2024
COX MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COX MANAGEMENT SERVICES LIMITED
- 6 -
Opinion
We have audited the financial statements of Cox Management Services Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 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, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the period 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.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
COX MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COX MANAGEMENT SERVICES LIMITED
- 7 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included:
- Reviewing minutes of meetings of those charged with governance;
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).
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 misrepresentation, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
COX MANAGEMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COX MANAGEMENT SERVICES LIMITED
- 8 -
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.
Neil Johnson ( Senior Statutory Auditor)
For and on behalf of Bryden Johnson Limited
16 September 2024
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
COX MANAGEMENT SERVICES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
Period
Year
ended
ended
31 March
31 December 2023
2023
Notes
Turnover
3
11,957,708
15,286,537
Cost of sales
(7,427,010)
(10,176,038)
Gross profit
4,530,698
5,110,499
Administrative expenses
(2,304,631)
(2,815,065)
Operating profit
4
2,226,067
2,295,434
Interest payable and similar expenses
8
11,647
8,926
Profit before taxation
2,237,714
2,304,360
Tax on profit
9
(356,774)
(691,798)
Profit for the financial period
1,880,940
1,612,562
Profit for the financial period 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.
COX MANAGEMENT SERVICES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
Period
Year
ended
ended
31 March
31 December 2023
2023
Profit for the period
1,880,940
1,612,562
Other comprehensive income
-
-
Total comprehensive income for the period
1,880,940
1,612,562
Total comprehensive income for the period is all attributable to the owners of the parent company.
COX MANAGEMENT SERVICES LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
31 December 2023
31 March 2023
Notes
Fixed assets
Goodwill
11
1,608,537
1,234,803
Tangible assets
12
10,638,079
2,423,489
12,246,616
3,658,292
Current assets
Stocks
15
2,000
12,010
Debtors
16
2,133,678
2,540,080
Cash at bank and in hand
2,166,557
3,760,707
4,302,235
6,312,797
Creditors: amounts falling due within one year
17
(1,470,074)
(2,068,168)
Net current assets
2,832,161
4,244,629
Total assets less current liabilities
15,078,777
7,902,921
Provisions for liabilities
Deferred tax liability
19
614,655
608,992
(614,655)
(608,992)
Net assets
14,464,122
7,293,929
Capital and reserves
Called up share capital
21
43,580
102
Share premium account
5,245,775
Other reserves
1,538,364
1,666,502
Profit and loss reserves
7,636,403
5,627,325
Total equity
14,464,122
7,293,929
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
12 September 2024
Mr A Key
Director
Company registration number 04072354 (England and Wales)
COX MANAGEMENT SERVICES LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
31 December 2023
31 March 2023
Notes
Fixed assets
Goodwill
11
896,970
1,025,108
Tangible assets
12
7,965,867
46,431
Investments
13
653,253
653,253
9,516,090
1,724,792
Current assets
Debtors
16
932,329
3,201,716
Cash at bank and in hand
245,731
164,027
1,178,060
3,365,743
Creditors: amounts falling due within one year
17
(84,314)
(93,401)
Net current assets
1,093,746
3,272,342
Total assets less current liabilities
10,609,836
4,997,134
Creditors: amounts falling due after more than one year
(1,059,592)
-
Net assets
9,550,244
4,997,134
Capital and reserves
Called up share capital
21
43,580
102
Share premium account
5,245,775
Other reserves
1,538,365
1,666,503
Profit and loss reserves
2,722,524
3,330,529
Total equity
9,550,244
4,997,134
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was 736,143 (2023 - 2,169,425 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
12 September 2024
Mr A Key
Director
Company registration number 04072354 (England and Wales)
COX MANAGEMENT SERVICES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
Balance at 1 April 2022
101
1,837,352
6,043,914
7,881,367
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
1,612,562
1,612,562
Dividends
10
-
-
-
(2,200,000)
(2,200,000)
Other movements
-
-
(170,850)
170,850
-
Balance at 31 March 2023
101
1,666,502
5,627,326
7,293,929
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
-
-
1,880,940
1,880,940
Issue of share capital
21
43,479
5,245,775
-
-
5,289,254
Other movements
-
-
(128,138)
128,138
-
Balance at 31 December 2023
43,579
5,245,775
1,538,364
7,636,404
14,464,122
COX MANAGEMENT SERVICES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
Balance at 1 April 2022
101
1,837,353
3,190,255
5,027,709
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
2,169,424
2,169,424
Dividends
10
-
-
-
(2,200,000)
(2,200,000)
Other movements
-
-
(170,850)
170,850
-
Balance at 31 March 2023
101
1,666,503
3,330,529
4,997,133
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
-
-
(736,143)
(736,143)
Issue of share capital
21
43,479
5,245,775
-
-
5,289,254
Other movements
-
-
(128,138)
128,138
-
Balance at 31 December 2023
43,579
5,245,775
1,538,365
2,722,524
9,550,243
COX MANAGEMENT SERVICES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 15 -
31 December 2023
2023
Notes
Cash flows from operating activities
Cash generated from operations
26
2,935,561
3,760,024
Interest paid
11,647
8,926
Corporation taxes paid
(670,237)
(337,204)
Net cash inflow from operating activities
2,276,971
3,431,746
Investing activities
Purchase of intangible assets
(865,115)
-
Purchase of tangible fixed assets
(9,107,894)
(239,332)
Proceeds on disposal of tangible fixed assets
484,900
101,637
Movement in tangible fixed assets
(32,117)
-
Receipts arising from loans made
359,942
(359,942)
Net cash used in investing activities
(9,160,284)
(497,637)
Financing activities
Proceeds from issue of shares
5,289,254
-
Dividends paid to equity shareholders
-
(2,200,000)
Net cash generated from/(used in) financing activities
5,289,254
(2,200,000)
Net (decrease)/increase in cash and cash equivalents
(1,594,059)
734,109
Cash and cash equivalents at beginning of period
3,760,617
3,026,508
Cash and cash equivalents at end of period
2,166,557
3,760,617
Relating to:
Cash at bank and in hand
2,166,557
3,760,707
Bank overdrafts included in creditors payable within one year
-
(90)
COX MANAGEMENT SERVICES LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 16 -
31 December 2023
2023
Notes
Cash flows from operating activities
Cash generated from operations
27
1,313,791
293,590
Interest paid
1,892
1,538
Corporation taxes paid
(14,952)
(4,138)
Net cash inflow from operating activities
1,300,731
290,990
Investing activities
Purchase of tangible fixed assets
(7,927,814)
(27,901)
Receipts arising from loans made
359,942
(359,942)
Dividends received
2,200,000
Net cash (used in)/generated from investing activities
(7,567,872)
1,812,157
Financing activities
Proceeds from issue of shares
5,289,254
-
Repayment of borrowings
1,059,592
-
Dividends paid to equity shareholders
-
(2,200,000)
Net cash generated from/(used in) financing activities
6,348,846
(2,200,000)
Net increase/(decrease) in cash and cash equivalents
81,705
(96,853)
Cash and cash equivalents at beginning of period
164,027
260,880
Cash and cash equivalents at end of period
245,731
164,027
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information
Cox Management Services Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Burleigh Oaks Farm, East Street, Turners Hill, West Sussex, RH10 4PZ.
The group consists of Cox Management Services Limited and all of its subsidiaries.
1.1
Reporting period
Cox Management Services Limited has changed it's accounting reference date to 31 December 2023 to be in line with the other companies in the group.
1.2
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.
1.3
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.4
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Cox Management Services Ltd 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 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.5
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.6
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The goods and services provided consist of skip hire, waste management and recycling services.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.7
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 between five to twenty 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.
1.8
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.
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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:
Freehold land and buildings
Nil
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
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.
Freehold land and assets are not depreciated on the basis that repairs expenditure is incurred to maintain the condition of the asset. Which is at least equivalent to what depreciation would have been.
Although this accounting policy is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been changed cannot be separately identified or quantified.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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.
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
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.14
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.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.16
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
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.
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.
3
Turnover
An analysis of the group's turnover is as follows:
31 December 2023
2023
Turnover analysed by class of business
Provision of services
11,957,708
15,286,537
31 December 2023
2023
Turnover analysed by geographical market
UK
11,957,708
15,286,537
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 23 -
4
Operating profit
31 December 2023
2023
Operating profit for the period is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
474,535
685,164
Profit on disposal of tangible fixed assets
(34,014)
(35,107)
Amortisation of intangible assets
491,381
634,094
Operating lease charges
39,061
16,522
5
Auditor's remuneration
31 December 2023
2023
Fees payable to the company's auditor and associates:
For audit services
Audit of the financial statements of the group and company
9,525
9,075
Audit of the financial statements of the company's subsidiaries
15,000
13,650
24,525
22,725
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
31 December 2023
2023
31 December 2023
2023
Number
Number
Number
Number
Employees
89
77
17
14
Their aggregate remuneration comprised:
Group
Company
31 December 2023
2023
31 December 2023
2023
Wages and salaries
2,316,684
3,032,230
635,611
641,461
Social security costs
297,333
322,794
66,634
57,934
Pension costs
144,691
97,517
326,186
41,794
2,758,708
3,452,541
1,028,431
741,189
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
7
Directors' remuneration
31 December 2023
2023
Remuneration for qualifying services
125,164
53,802
8
Interest payable and similar expenses
31 December 2023
2023
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
(11,647)
(8,926)
9
Taxation
31 December 2023
2023
Current tax
Corporation tax on profits for the current period
351,111
609,843
Deferred tax
Origination and reversal of timing differences
5,663
81,955
Total tax charge
356,774
691,798
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
31 December 2023
2023
Profit before taxation
2,237,714
2,304,360
Expected tax charge based on the standard rate of corporation tax of 25.00% (2023: 19.00%)
559,429
437,828
Tax effect of expenses that are not deductible in determining taxable profit
112,672
36,238
Effect of change in corporation tax rate
(73,003)
-
Group relief
(153,176)
Permanent capital allowances in excess of depreciation
(179,670)
115,837
Depreciation on assets not qualifying for tax allowances
-
(103)
Amortisation on assets not qualifying for tax allowances
93,362
108,462
5,663
(6,464)
(8,503)
Taxation charge
356,774
691,798
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
10
Dividends
31 December 2023
2023
Recognised as distributions to equity holders:
Interim paid
-
2,200,000
11
Intangible fixed assets
Group
Goodwill
Cost
At 1 April 2023
6,470,934
Additions
865,115
Disposals
(130,002)
At 31 December 2023
7,206,047
Amortisation and impairment
At 1 April 2023
5,236,131
Amortisation charged for the period
491,381
Disposals
(130,002)
At 31 December 2023
5,597,510
Carrying amount
At 31 December 2023
1,608,537
At 31 March 2023
1,234,803
Company
Goodwill
Cost
At 1 April 2023 and 31 December 2023
1,708,510
Amortisation and impairment
At 1 April 2023
683,402
Amortisation charged for the period
128,138
At 31 December 2023
811,540
Carrying amount
At 31 December 2023
896,970
At 31 March 2023
1,025,108
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
Cost
At 1 April 2023
2,784,912
37,254
45,301
5,574,331
8,441,798
Additions
7,909,750
305,170
18,064
874,910
9,107,894
Disposals
(151,750)
(760,460)
(912,210)
Other movements
55,726
55,726
At 31 December 2023
7,909,750
2,994,058
55,318
45,301
5,688,781
16,693,208
Depreciation and impairment
At 1 April 2023
1,978,209
23,136
9,746
4,007,218
6,018,309
Depreciation charged in the period
158,686
2,809
6,128
306,912
474,535
Eliminated in respect of disposals
(141,039)
(320,285)
(461,324)
Other movements
23,609
23,609
At 31 December 2023
2,019,465
25,945
15,874
3,993,845
6,055,129
Carrying amount
At 31 December 2023
7,909,750
974,593
29,373
29,427
1,694,936
10,638,079
At 31 March 2023
806,703
14,118
35,555
1,567,113
2,423,489
Company
Freehold land and buildings
Fixtures and fittings
Computers
Total
Cost
At 1 April 2023
27,997
45,301
73,298
Additions
7,909,750
18,064
7,927,814
At 31 December 2023
7,909,750
46,061
45,301
8,001,112
Depreciation and impairment
At 1 April 2023
17,122
9,745
26,867
Depreciation charged in the period
2,250
6,128
8,378
At 31 December 2023
19,372
15,873
35,245
Carrying amount
At 31 December 2023
7,909,750
26,689
29,428
7,965,867
At 31 March 2023
10,875
35,556
46,431
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 27 -
13
Fixed asset investments
Group
Company
31 December 2023
2023
31 December 2023
2023
Notes
Investments in subsidiaries
14
653,253
653,253
Movements in fixed asset investments
Company
Shares in subsidiaries
Cost or valuation
At 1 April 2023 and 31 December 2023
653,253
Carrying amount
At 31 December 2023
653,253
At 31 March 2023
653,253
14
Subsidiaries
These financial statements are separate company financial statements for Cox Management Services Limited.
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cox Skips Limited
UK
Ordinary
100.00
The Recycling Partnership Limited
UK
Ordinary
100.00
15
Stocks
Group
Company
31 December 2023
2023
31 December 2023
2023
Stocks
2,000
12,010
-
-
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
16
Debtors
Group
Company
31 December 2023
2023
31 December 2023
2023
Amounts falling due within one year:
Trade debtors
1,888,173
1,937,848
Corporation tax recoverable
24,188
13,415
Amounts owed by parent undertakings
144
-
144
1,267
Other debtors
22,236
450,074
359,942
Prepayments and accrued income
198,936
152,158
44,450
27,608
2,133,677
2,540,080
58,009
388,817
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
874,320
2,812,899
Total debtors
2,133,677
2,540,080
932,329
3,201,716
17
Creditors: amounts falling due within one year
Group
Company
31 December 2023
2023
31 December 2023
2023
Notes
Bank loans and overdrafts
18
90
Trade creditors
621,805
875,814
14,727
9,696
Corporation tax payable
69,634
364,572
1,536
Other taxation and social security
365,546
426,500
44,114
45,348
Other creditors
27,097
17,589
14,788
8,179
Accruals and deferred income
385,992
383,603
10,685
28,642
1,470,074
2,068,168
84,314
93,401
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
18
Loans and overdrafts
Group
Company
31 December 2023
2023
31 December 2023
2023
Bank overdrafts
90
Loans from group undertakings
1,059,592
-
90
1,059,592
-
Payable within one year
90
Payable after one year
1,059,592
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
31 December 2023
2023
Group
Accelerated capital allowances
614,655
608,992
The company has no deferred tax assets or liabilities.
Group
Company
31 December 2023
31 December 2023
Movements in the period:
Liability at 1 April 2023
608,992
-
Charge to profit or loss
5,663
-
Liability at 31 December 2023
614,655
-
20
Retirement benefit schemes
31 December 2023
2023
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes
144,691
97,517
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
20
Retirement benefit schemes
(Continued)
- 30 -
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
21
Share capital
Group and company
31 December 2023
2023
31 December 2023
2023
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary shares of 1p each
4,357,969
4,800
43,580
48
Ordinary A shares of 1p each
-
2,650
-
27
Ordinary B shares of 1p each
-
2,650
-
27
4,357,969
10,100
43,580
102
On 13 July 2023, 1,190 ordinary shares were issued for a total consideration of £942,575. The premium of £942,563 has been credited to the share premium account.
On 21 July 2023, 4,346,679 ordinary shares were issued for a total consideration of £4,346,679. The premium of £4,303,212 has been credited to the share premium account.
On 21 July 2023, 2,650 ordinary A shares of 1p each and 2,650 ordinary B shares of 1p each were re-designated as ordinary shares of 1p each.
22
Operating lease commitments
Lessee
The operating leases represent leases of printers from third parties. The leases are negotiated over terms of three years and rentals are fixed for three years.
23
Events after the reporting date
There are no other post balance sheet events that have taken place between 31 December 2023 and the date of this report that are required to be brought to the attention of shareholders.
24
Directors' transactions
At the reporting date, including in other debtors is an amount of £Nil (March 2023: £359,942) due from directors of the company.
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 31 -
25
Controlling party
The immediate parent company is Cox Bidco Limited, a company registered in England and Wales.
The ultimate controlling parents of the Company are iCON Infrastructure Partners VI, L.P. and iCON Infrastructure Partners VI-B, L.P., entities resident in Guernsey.
The smallest group to consolidate these financial statements is the immediate parent undertaking, Cox Bidco Limited. The largest group to consolidate these financial statements is the intermediate parent undertaking, CIRQLR Group Limited.
Copies of Cox Bidco Limited and CIRQLR Group Limited consolidated financial statements can be obtained from Companies House.
The immediate parent company is Cox Bidco Limited, a company registered in England and Wales.
The ultimate controlling parents of the Company are iCON Infrastructure Partners VI, L.P. and iCON Infrastructure Partners VI-B, L.P., entities resident in Guernsey.
The smallest group to consolidate these financial statements is the immediate parent undertaking, Cox Bidco Limited. The largest group to consolidate these financial statements is the intermediate parent undertaking, CIRQLR Group Limited.
Copies of Cox Bidco Limited and CIRQLR Group Limited consolidated financial statements can be obtained from Companies House.
26
Cash generated from group operations
31 December 2023
2023
Profit for the period after tax
1,880,940
1,612,562
Adjustments for:
Taxation charged
356,773
691,798
Finance costs
(11,647)
(8,926)
Gain on disposal of tangible fixed assets
(34,014)
(35,107)
Amortisation and impairment of intangible assets
491,381
634,094
Depreciation and impairment of tangible fixed assets
474,535
685,164
Movements in working capital:
Decrease in stocks
10,010
81,538
Decrease in debtors
70,648
(6,123)
(Decrease)/increase in creditors
(303,066)
105,024
Cash generated from operations
2,935,560
3,760,024
COX MANAGEMENT SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 32 -
27
Cash generated from operations - company
31 December 2023
2023
(Loss)/profit for the period after tax
(736,143)
2,169,424
Adjustments for:
Taxation charged
28,643
Finance costs
(1,892)
(1,538)
Investment income
(2,200,000)
Amortisation and impairment of intangible assets
128,138
170,851
Depreciation and impairment of tangible fixed assets
8,378
5,587
Movements in working capital:
Decrease in debtors
1,922,860
131,506
Decrease in creditors
(7,551)
(10,883)
Cash generated from operations
1,313,790
293,590
28
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 December 2023
Cash at bank and in hand
3,760,707
(1,594,150)
2,166,557
Bank overdrafts
(90)
90
3,760,617
(1,594,060)
2,166,557
29
Analysis of changes in net funds/(debt) - company
1 April 2023
Cash flows
31 December 2023
Cash at bank and in hand
164,027
81,704
245,731
Borrowings excluding overdrafts
-
(1,059,592)
(1,059,592)
164,027
(977,888)
(813,861)
2023-12-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100Mr A KeyMr D C Palmer-JonesMr J TaylorMr S JamesMs M CoxMr S P CoxMrs A C PageMr A B PageMr S 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