The director presents the strategic report for the Period ended 31 December 2023.
The group's principal activity continued to be workplace design and refurbishment of commercial premises, including retailing office furniture.
The Group consists of six continuing trading companies, Advanced lnterior Solutions Limited, Advanced lnterior Solutions (Projects) Limited, AIS Contracts Limited, AIS Life Sciences Limited, Advanced Interior Solutions International B.V. (The Netherlands) and AIS Interiors Malta Limited (Malta).
The Group has gone through a difficult trading period, which has resulted in Group operating profit of £0.5m compared to £2.29m operating profit in the previous period. One of our subsidiaries, AIS Contracts Limited has underperformed, with one particular project providing the shortfall of part of the Group’s overall results and has also been compounded by a highly competitive market which we expect to continue for the foreseeable future. The resultant of this event has caused the re-evaluation of all processes and procedures within this company including restructuring of the Group. We now have in place a new management team within AIS Contracts Limited. Our high standards require us to make the necessary changes ensuring our commitment to our clients as well as to our staff.
The Group's results for the financial period were as follows:
This period sales were up to £57.6m (March 2023: £51.6m & July 2022: £51.6m) and profit before tax was £0.55m (March 2023: £2.32m & July 2022: £2.56m). The overall results were affected as discussed above.
Despite the above, successful introduction of measures including working capital preservation, KPI’s monitoring as well as operating cash generation have maintained our efficiency and strength of available cash position of £16.1m (March 2023 £16.0m & July 2022: £16.9m) – particularly for the group in the industry.
Our continuing success and excellent reputation gained in the market has allowed us to retain and attract the best personnel in the market. Our staff numbers have stayed relatively level. We are grateful for the continuing support of the staff.
RIDDOR Reportable Incidents
For the period to December 2023 - Employee nil (March 2023: nil, July 2022: nil) and Subcontractor nil (March 2023: nil, July 2022: nil)
We are very pleased of our successful record over the past six years. This reflects our continuous investment in protocols and processes in both our client's workplace environments, as well as our own work premises.
The Group operates in a sector that is directly impacted by wider economy activity. The success depends predominantly on commercial property development in the UK and throughout Europe. Any slowdown in the economy will have an impact. The group look to mitigate this risk by increasing its customer base and widening the categories it offers so that any exposure to a specific client or sector difficulties is reduced.
The discontinuation of the membership of the EU have affected large areas of the UK economy. However, the risk of impact on our work in Europe is mitigated by the incorporation of our Dutch and Maltese entities; our ability to serve our European client continues to be readily available and growing steadily.
The Group maintains sufficient cash reserves to support itself and the welfare of the employees and for any projects in any event.
Health and Safety
The Group is exposed to health and safety risks. As such, a comprehensive approach to mitigating those risks is carried out on a continuous basis, in-house as well as obtaining expert external consultancy advice.
Section 172 (1) of the Companies Act 2006 requires each director to act in the way that he or she considers, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole. in doing this, section 172 requires each director to have regard to the matters listed below. In discharging his duties in this respect, the director has the support of a senior management team:
a) The likely consequence of any decision in the long term.
Our planning is designed to have a long-term beneficial impact on the Group and contribute to its future success through improving quality operating within budgetary controls. This requires us to consider the long term in all of our strategic decisions at board level.
b) The interests of the Groups employees
Our employees are fundamental to the success of the Group. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of the primary considerations in how we operate. In this regard we have ISO 45001 - Occupational Health & Safety Management certification.
c) The need to foster the Group's business relationships with suppliers, customers, and others
We aim to act responsibly and fairly in how we engage with suppliers. The board has oversight of the procurement processes and receives regular updates on any matter of significance. The Group is very much focused on our customers, and the director and senior management team commit considerable time, effort and resources into understanding and responding to the needs of our customers. We also seek to build strong relationships with other stakeholders in the areas where we operate.
d) The impact of the Groups' operations on the community and environment
The director understands the impact of our operations on the communities we operate in. the positive impact we can have on the environment (we have ISO 14001 - Environmental Management certification in this respect) and attribute importance to behaving as a responsible business.
e) The desirability of the Group maintaining a reputation for high standards of business conduct
The director’s intention is to behave responsibly and ensure that management operates in a responsible manner, operating within the high standards of conduct and good governance required for a business in our sector. All of our people are expected to act within the regulatory framework dictated by our sector. Our reputation is important, and the reputational impact of decisions made by the director and senior management team are always considered.
f) The need to act fairly between members of the Group
As Board of Directors, the intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the Group's success.
Financial KPIs Dec 2023 Mar 2023
Turnover £57.6m £51.6m
Operating profit £0.47m £2.29m
Equity shareholders fund £16.02m £15.59m
The company operates a wide range of non-financial KPl's across its business units in line with its ISO 9001 (2015) quality assurance accreditation. Every project undertaken by the company is monitored and measured by a series of KPl's at various key stages throughout the lifecycle of the project. The company is particularly conscious of its corporate and social responsibilities in terms of health and safety and environmental compliance. In addition, the company conducts its affairs in accordance with its ISO 14001 and BS OHSAS 18001 accreditations.
Finally, the Board of Directors would like to thank all members of the group for the loyalty, hard-work and dedication during the financial period.
On behalf of the board
The director presents his annual report and financial statements for the Period ended 31 December 2023.
The results for the Period are set out on page 11 and cover the period from 1 April 2023 to 31 December 2023.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
The director who held office during the Period and up to the date of signature of the financial statements was as follows:
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Details of future developments can be found in the Strategic Report on page 1 - Principal risks and uncertainties.
UHY Hacker Young (East) Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at the AGM.
Under the Companies (Directors' report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, we are required to disclose our UK energy use and associated greenhouse gas (GHG) emissions. Specifically, we are require to report these GHG emissions relating to natural gas, electricity and transport fuel, as well as an intensification ratio under the regulations.
The Streamlined Energy and Carbon Reporting included in this report covers the period ended 31 December 2023.
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting
Two intensity ratios have been chosen based on the office's internal area in square meters and per £100,000 revenue, these being tCO2/m2/year and tCO2e/£100,000 revenue. Both ratios produced a similar result.
The group is committed to lowering our energy usage and focus on energy efficiency wherever it is feasible to do so.
We recognise that climate change is a threat that affects us all, and that we have a role to play in lowering the greenhouse gas emissions in our operations and within our community.
We are committed, with a dedicated Compliance and Sustaintability manager, to work towards a carbon zero position over the coming years, in line with our commitment to be a socially conscious business.
We have audited the financial statements of AIS Group Companies Limited (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).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director 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 director is 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 director's report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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 director's 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.
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, 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 preparation of 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 posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to construction contracts, and significant one-off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit;
Considering the risk of acts by the company which were contrary to the applicable laws and regulations, including fraud; and
Enquiring of management as to actual and potential litigation and claims.
Our audit procedures in relation to fraud included but were not limited to:
Discussing amongst the engagement team the risks of fraud;
Making enquiries of management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Corroborating the basis for material accounting estimates;
Addressing the risks of fraud through management override of controls by performing substantive and analytical journal testing; and
Obtaining support and reasonable explanation for any manual journal postings.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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 period was £227,886 (2023 - £84,415 loss).
AIS Group Companies Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ground Floor, St Paul's House, 10 Warwick Lane, London, EC4M 7BP.
The group consists of AIS Group Companies Limited and all of its subsidiaries.
These financial statements are presented for a period of 9 months from April 2023 to December 2023.
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.
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.
Where a subsidiary's results are not material to the group, the subsidiaries are excluded from the consolidation.
The directors have assessed that the group is able to continue to operate as a going concern for at least 12 months from the balance sheet date. There are no material uncertainties that may cast significant doubt on the ability of the group to continue to operate as a going concern.
The group has always been financially independent and operated within its liquidity position. However, the board had discussed with our banking partners of over 25 years, for any lending to be made available in any event.
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 group’s activities involve contractual arrangements that are significant in size and span the group’s period end. In order to determine the stage of completeness, the directors make an assessment of time spent on contracts as at the period end relative to the overall time expected to be spent on the contracts. This assumes a linear progression in respect of revenue and costs through the course of contracts which the director considers to be a reasonable policy in the context of the nature of its work. Using the stage of completeness assessments, the requisite adjustments are made to revenue, costs, debtors and creditors so that an appropriate measure of profit is recognised in these financial statements.
The excess of apportioned sales revenue (calculated on the stage of completion basis) over amounts already invoiced is recognised as a debtor. The excess of apportioned total costs over amounts already invoiced is recognised separately as a creditor.
Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
In the parent company accounts, revenue is recognised on the recharge of central services to subsidiaries. The recharge is made as an arms-length transaction and apportioned to the subsidiary companies on the basis of activity in each, taken as their share of group turnover.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
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.
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.
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).
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.
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, 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.
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.
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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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 employees' 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the director is 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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
In order to comply with the accounting standards in relation to contracts for services, the director must estimate the total contract value, cost and stage of completion for each contract in progress at the reporting date. The stage of completion is based around the number of weeks complete at the reporting date, and this makes the assumption that costs and revenues accrue evenly over the course of the contract.
The director considers that the disclosure of a geographical split of revenue will be seriously prejudicial to the interests of the group and have therefore decided to avail themselves of the disclosure exemption in this regard.
The average monthly number of persons (including directors) employed by the group and company during the Period was:
Their aggregate remuneration comprised:
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:
Details of the company's subsidiaries at 31 December 2023 are as follows:
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
During the period the company recorded the issue of 350 ordinary A shares of £1 each, issued at their par value.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel is as follows.
At the year end, the director owed £912,274 (March 23: £420,550) to AIS Group Companies Limited. Interest is charged on the loan at a rate consistent with HMRC guidance on beneficial loans.