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Registered number: 05490770
Pgl Enterprises Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Butterworths
Chartered Accountants
Windsor House
26 Mostyn Avenue
Llandudno
Conwy
LL30 1YY
Financial Statements
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—7
Profit and Loss Account 8
Balance Sheet 9—10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—21
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Principal Activity
The principal activity of the company is the running of McDonald's franchises at restaurants in North West Wales. 
Turnover for the year increased to £27,229,320 from £24,905,249 in the previous year and the gross
profit increased to £9,722,519 (2022: £9,007,538). The profit before tax has increased to £913,199 (2022:£730,936).
Principal Risks and Uncertainties
The company's continued success is significantly dependent on factors associated with the wider economic and political environment as well as potential changes in legislation and regulation. The Director continuously monitors these risks and manages the business with flexibility and prudence in response to them.
Key performance indicators
The company measures its financial performance and position by reference to key performance indicators (KPI's). The KPI's used by the business include those relating to turnover, gross profit, profit before tax, net assets and net current assets. An analysis of the performance of the company during the year and its position at the year end using these KPI's is included in the business review above.
Other performance indicators
The Director monitors the performance of the company through key performance indicators such as sales, gross margin and staffing costs.
On behalf of the board
Mr Phillip Lowndes
Director
18/09/2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Future Developments
The company will continue to plan for the future in line with current business operations.
Dividends
The value of dividends paid amounted to £331,837 .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
Mr Phillip Lowndes
Mrs Carol Lowndes Appointed 20/07/2023
Employees
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee Engagement Statement
The companys' policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employee's interests. 
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Page 3
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, DG Hicks Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Phillip Lowndes
Director
18/09/2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Pgl Enterprises Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
  • the 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 Directors' Responsibilities Statement set out on page 2—3, 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 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 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: 
As part of designing our audit, I determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.
In particular, I looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that a inherently uncertain. I also considered potential financial or other pressures, opportunity and motivations for
fraud. As part of this discussion I identified the internal controls established to mitigate risks related to fraud or non
compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.
I gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on my broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.
I focused on laws and regulations that could give rise to a material misstatement in the financial statements,
including, but not limited to, the Companies Act 2006, UK tax legislation and equivalent local laws and regulations.
I made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of board meetings and legal correspondence with the company solicitors. My tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. I did not identify any key audit matters relating to irregularities, including fraud. I also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the director that represented a risk of material misstatement due
to fraud.
...CONTINUED
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Auditor's Responsibilities for the Audit of the Financial Statements - continued
My audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely I am to become aware of it.
As part of an audit in accordance with ISAs (UK), I exercise professional judgment and maintain professional scepticism throughout the audit. I also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
• Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If I conclude that a material uncertainty exists, we are required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.
This 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 other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty 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.
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 that 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.
Daniel Hicks (Senior Statutory Auditor)
for and on behalf of DG Hicks Limited , Statutory Auditor
18/09/2024
...CONTINUED
Page 6
Page 7
DG Hicks Limited
Unit 11, Mold Business Park
Wrexham Road
Mold
Flintshire
CH7 1XP
Page 7
Page 8
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 3 27,229,320 24,905,249
Cost of sales (17,506,801 ) (15,897,711 )
GROSS PROFIT 9,722,519 9,007,538
Administrative expenses (8,862,709 ) (8,292,936 )
OPERATING PROFIT 4 859,810 714,602
Other interest receivable and similar income 9 62,593 34,849
Interest payable and similar charges 10 (9,204 ) (18,515 )
PROFIT BEFORE TAXATION 913,199 730,936
Tax on Profit 11 (233,213 ) (132,063 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 679,986 598,873
The notes on pages 13 to 21 form part of these financial statements.
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Page 9
Balance Sheet
Registered number: 05490770
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 101,638 115,462
Tangible Assets 13 1,253,121 1,710,149
Investments 14 7,500 7,500
1,362,259 1,833,111
CURRENT ASSETS
Stocks 15 137,139 124,753
Debtors 16 1,189,572 1,141,859
Cash at bank and in hand 3,736,823 3,498,162
5,063,534 4,764,774
Creditors: Amounts Falling Due Within One Year 17 (2,176,084 ) (2,260,146 )
NET CURRENT ASSETS (LIABILITIES) 2,887,450 2,504,628
TOTAL ASSETS LESS CURRENT LIABILITIES 4,249,709 4,337,739
Creditors: Amounts Falling Due After More Than One Year 18 - (364,355 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (157,626 ) (229,450 )
NET ASSETS 4,092,083 3,743,934
CAPITAL AND RESERVES
Called up share capital 21 100 100
Profit and Loss Account 4,091,983 3,743,834
SHAREHOLDERS' FUNDS 4,092,083 3,743,934
Page 9
Page 10
On behalf of the board
Mr Phillip Lowndes
Director
18/09/2024
The notes on pages 13 to 21 form part of these financial statements.
Page 10
Page 11
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 100 3,446,150 3,446,250
Profit for the year and total comprehensive income - 598,873 598,873
Dividends paid - (301,189) (301,189)
As at 31 December 2022 and 1 January 2023 100 3,743,834 3,743,934
Profit for the year and total comprehensive income - 679,986 679,986
Dividends paid - (331,837) (331,837)
As at 31 December 2023 100 4,091,983 4,092,083
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Page 12
Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,303,425 1,159,629
Interest paid (9,204 ) (18,515 )
Tax paid (199,070 ) (212,874 )
Net cash generated from operating activities 1,095,151 928,240
Cash flows from investing activities
Purchase of intangible assets - (4,665 )
Purchase of tangible assets (98,865 ) (145,955 )
Interest received 62,593 34,849
Net cash used in investing activities (36,272 ) (115,771 )
Cash flows from financing activities
Equity dividends paid (331,837 ) (301,189 )
Repayment of bank borrowings (488,381 ) (547,014 )
Net cash used in financing activities (820,218 ) (848,203 )
Increase/(decrease) in cash and cash equivalents 238,661 (35,734 )
Cash and cash equivalents at beginning of year 2 3,498,162 3,533,896
Cash and cash equivalents at end of year 2 3,736,823 3,498,162
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 679,986 598,873
Adjustments for:
Tax on profit 233,213 132,063
Interest expense 9,204 18,515
Interest income (62,593 ) (34,849 )
Amortisation of intangible assets 13,824 34,482
Depreciation of tangible assets 555,893 596,376
Movements in working capital:
Increase in stocks (12,386 ) (36,840 )
Increase in trade and other debtors (47,713 ) (559,867 )
(Decrease)/increase in trade and other creditors (66,003 ) 410,876
Net cash generated from operations 1,303,425 1,159,629
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 3,736,823 3,498,162
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 3,498,162 238,661 3,736,823
Debts falling due within one year (124,026 ) 124,026 -
Debts falling due after more than one year (364,355) 364,355 -
3,009,781 727,042 3,736,823
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Notes to the Financial Statements
1. General Information
Pgl Enterprises Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05490770 . The registered office is Windsor House, 26 Mostyn Avenue, Llandudno, Conwy, LL30 1YY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life as follows:  
from 15 years to 20 years or 7 years for re-image costs
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery over 7 years
Motor Vehicles over 4 years
Computer Equipment over 4 years
2.5. Investments
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
Running a franchise 27,229,320 24,905,249
Analysis of turnover by geographical market is as follows:
2023 2022
£ £
United Kingdom 27,229,320 24,905,249
27,229,320 24,905,249
4. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Depreciation of tangible fixed assets 555,893 596,376
Amortisation of intangible fixed assets 13,824 34,482
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5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 7,000 7,000
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 7,011,255 6,603,072
Social security costs 270,369 278,577
Other pension costs 109,938 144,328
7,391,562 7,025,977
7. Average Number of Employees
Average number of employees, including directors, during the year was: 718 (2022: 666)
718 666
8. Directors' remuneration
2023 2022
£ £
Emoluments 42,346 33,930
Company contributions to money purchase pension schemes 18,600 9,960
60,946 43,890
The number of directors to whom retirement benefits were accruing was as follows:
2023 2022
Money purchase pension schemes 1 1
9. Interest Receivable and Similar Income
2023 2022
£ £
Other interest receivable 62,593 34,849
62,593 34,849
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10. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 9,204 16,059
Late payment tax charges - 2,456
9,204 18,515
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 23.5% 19.0% 305,037 199,070
Deferred Tax
Origination and reversal of timing differences (71,824 ) (67,007 )
Total tax charge for the period 233,213 132,063
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 913,199 730,936
Tax on profit at 23.5% (UK standard rate) 214,602 138,878
Goodwill/depreciation not allowed for tax 784 -
Expenses not deductible for tax purposes 1,053 1,314
Capital allowances 16,774 (8,129 )
Total tax charge for the period 233,213 132,063
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12. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 821,715
As at 31 December 2023 821,715
Amortisation
As at 1 January 2023 706,253
Provided during the period 13,824
As at 31 December 2023 720,077
Net Book Value
As at 31 December 2023 101,638
As at 1 January 2023 115,462
13. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 5,343,466 125,682 81,485 5,550,633
Additions 98,865 - - 98,865
As at 31 December 2023 5,442,331 125,682 81,485 5,649,498
Depreciation
As at 1 January 2023 3,670,528 88,947 81,009 3,840,484
Provided during the period 546,494 9,183 216 555,893
As at 31 December 2023 4,217,022 98,130 81,225 4,396,377
Net Book Value
As at 31 December 2023 1,225,309 27,552 260 1,253,121
As at 1 January 2023 1,672,938 36,735 476 1,710,149
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14. Investments
Listed
£
Cost
As at 1 January 2023 7,500
As at 31 December 2023 7,500
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 7,500
As at 1 January 2023 7,500
15. Stocks
2023 2022
£ £
Stock 137,139 124,753
16. Debtors
2023 2022
£ £
Due within one year
Trade debtors 23,074 29,969
Prepayments and accrued income 63,219 41,204
Amounts owed by associates 30,000 40,000
116,293 111,173
Due after more than one year
Amounts owed by associates 1,073,279 1,030,686
1,073,279 1,030,686
1,189,572 1,141,859
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17. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 368,449 470,869
Bank loans and overdrafts - 124,026
Other creditors 200,617 196,287
Corporation tax 305,037 199,070
Taxation and social security 699,287 791,211
Accruals and deferred income 602,694 478,683
2,176,084 2,260,146
18. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 364,355
- 364,355
The Bank loans are unsecured and repayable within 5 years. Interest is charged at 1.9%.
19. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Accelerated capital allowances 157,626 229,450
20. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 229,450 229,450
Utilised (71,824 ) (71,824)
Balance at 31 December 2023 157,626 157,626
21. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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22. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 642,684 642,684
Later than one year and not later than five years 2,217,996 2,345,520
Later than five years 3,815,358 4,330,518
6,676,038 7,318,722
23. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £109,938 (2022: £144,328).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
24. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 331,837 301,189
331,837 301,189
25. Related Party Disclosures
Remuneration of key management personnel 
Dividends of £331,837 (2022: £301,189) were paid to P G Lowndes and Mrs C. Lowndes. In addition, included in other debtors there is an advance to PG Property Enterprises Ltd, a company that Mr P G Lowndes is also a director and shareholder. The outstanding balance at the year end was £1,103,279 (2022: £1,070,686). The advance is being repaid over 10 years with interest being charged at 1.2% pa above Bank of England base rate
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