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REGISTERED NUMBER: 04292964 (England and Wales)



















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Lawrence Vehicles Limited

Lawrence Vehicles Limited (Registered number: 04292964)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Lawrence Vehicles Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G R Robson
P J Entwistle
I E Marshall



REGISTERED OFFICE: 12 Chequers Road
West Meadows Industrial Estate
Derby
DE21 6EN



REGISTERED NUMBER: 04292964 (England and Wales)



AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ



BANKERS: Bank of Scotland
33 Old Broad Street
London
BX2 1LB



SOLICITORS: Browne Jacobson LLP
Castle Meadow Road
Nottingham
NG2 1BJ

Lawrence Vehicles Limited (Registered number: 04292964)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Lawrence Vehicles Limited retails heavy trucks with its associated activities via a DAF franchise. The company has two main branches, one in Lancashire and the other based in Lothian. The company also has one parts depot. Turnover in the year increased by 20.0%. The gross profit margin has also risen from 4.1% to 4.8%.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the company's strategy are subject to a number of risks.

The directors feel that the principal risk is that of not achieving turnover and the company closely monitors this. There is also the risk of gross profit reduction and cost increases against anticipated performance. The company operates within an industry where margins are low and therefore to be profitable, high volume sales need to occur. This again is closely monitored by the directors with any necessary action undertaken.

SECTION 172(1) STATEMENT
The directors consider, both individually and together, that they have acted in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2023.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors have had regard to the need to foster the company's business relationships with suppliers, customers and others.

ON BEHALF OF THE BOARD:





I E Marshall - Director


6 September 2024

Lawrence Vehicles Limited (Registered number: 04292964)

Report of the Directors
for the Year Ended 31 December 2023

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a motor dealer.

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

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

G R Robson
P J Entwistle
I E Marshall

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The company’s financial assets and liabilities consist of trade debtors and creditors, cash balances, bank loans and overdrafts and stocking loans.

The directors manage the company’s exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the company’s providers of finance and its other external financial advisers.

The company does not trade in foreign currencies.

The company does not trade speculatively in derivatives or similar instruments.

DISCLOSURE IN THE STRATEGIC REPORT
The matters required to be disclosed under SI (2008) 410 Sch 7 relating to employees are contained within the Group Strategic Report as applicable in accordance with s414C(11) of the Companies Act 2006.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 accounting standards 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.

Lawrence Vehicles Limited (Registered number: 04292964)

Report of the Directors
for the Year Ended 31 December 2023


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

ON BEHALF OF THE BOARD:





I E Marshall - Director


6 September 2024

Report of the Independent Auditors to the Members of
Lawrence Vehicles Limited

Opinion
We have audited the financial statements of Lawrence Vehicles Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

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

Report of the Independent Auditors to the Members of
Lawrence Vehicles Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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

Based on our understanding of the company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the motor trade industry 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. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Lawrence Vehicles Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ian Neal FCA CTA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

24 September 2024

Lawrence Vehicles Limited (Registered number: 04292964)

Profit and Loss Account
for the Year Ended 31 December 2023

2023 2022
as restated
Notes £'000 £'000

TURNOVER 262,705 218,891

Cost of sales 250,042 209,873
GROSS PROFIT 12,663 9,018

Administrative expenses 4,154 3,761
OPERATING PROFIT 4 8,509 5,257

Interest receivable and similar income - 5
8,509 5,262

Interest payable and similar expenses 5 3,178 1,038
PROFIT BEFORE TAXATION 5,331 4,224

Tax on profit 6 1,203 799
PROFIT FOR THE FINANCIAL YEAR 4,128 3,425

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,128

3,425
Prior year adjustment 7 (675 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

3,453

Lawrence Vehicles Limited (Registered number: 04292964)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 8 883 622

CURRENT ASSETS
Stocks 9 73,701 85,526
Debtors 10 18,741 36,240
Cash at bank and in hand 5,190 2,197
97,632 123,963
CREDITORS
Amounts falling due within one year 11 76,783 106,981
NET CURRENT ASSETS 20,849 16,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,732

17,604

CAPITAL AND RESERVES
Called up share capital 13 350 350
Retained earnings 14 21,382 17,254
SHAREHOLDERS' FUNDS 21,732 17,604

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





I E Marshall - Director


Lawrence Vehicles Limited (Registered number: 04292964)

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

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 January 2022 350 13,829 14,179

Changes in equity
Total comprehensive income - 4,100 4,100
Balance at 31 December 2022 350 17,929 18,279
Prior year adjustment - (675 ) (675 )
As restated 350 17,254 17,604

Changes in equity
Total comprehensive income - 4,128 4,128
Balance at 31 December 2023 350 21,382 21,732

Lawrence Vehicles Limited (Registered number: 04292964)

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

1. STATUTORY INFORMATION

Lawrence Vehicles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to third party and group customers during the year. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on all fixed assets, with the exception of loose tools, to write off the cost less the estimated residual value in annual instalments over their estimated useful lives as follows :-

Fixtures, fittings and equipment - 10% to 20% on cost

Vehicles are written off systematically on a straight line basis by reference to their estimated residual value at proposed date of disposal over a range of 2 to 5 years. Loose tools are accounted for on a renewals basis.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'cost of sales' and 'administrative expenses' in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for slow moving and obsolete items. In the case of work in progress, cost includes direct labour. Cost represents the invoiced cost of materials, parts and vehicles on an average cost basis.

At each reporting date, stock is assessed for impairment. If impaired, the carrying amount is reduced and the impairment loss is recognised immediately in the profit and loss account.


Lawrence Vehicles Limited (Registered number: 04292964)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax arises from timing differences that are differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted.

Provision is made at current rates for taxation deferred in respect of all material timing differences.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

Related parties
The company is a wholly owned subsidiary undertaking of Pentagon Investments Limited. The company has taken advantage of the exemption contained within Financial Reporting Standard 102 and has therefore not disclosed transactions with entities which form part of the group, other than as normally disclosed in the notes to the financial statements.

Judgements in applying accounting policies and key sources of estimation
In the application of the company's accounting policies the directors are required to make judgement estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

Tangible fixed assets are depreciated over their useful economic lives taking into account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost.

The value of stock is assessed for impairment. In re-assessing the stock value, factors such as slow movement and obsolescence are taken into account.

Lawrence Vehicles Limited (Registered number: 04292964)

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

3. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£'000 £'000
Wages and salaries 7,923 6,344
Social security costs 844 782
Other pension costs 391 345
9,158 7,471

The average number of employees during the year was as follows:
2023 2022
as restated

Staff and office 58 60
Production and sales 116 106
174 166

2023 2022
as restated
£    £   
Directors' remuneration 406,440 365,362
Directors' pension contributions to money purchase schemes 8,182 5,091

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

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2023 2022
as restated
£    £   
Emoluments etc 406,440 365,362
Pension contributions to money purchase schemes 8,182 5,091

4. OPERATING PROFIT

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

2023 2022
as restated
£'000 £'000
Depreciation - owned assets 276 201
Profit on disposal of fixed assets (60 ) (15 )
Auditors' remuneration 23 22
Auditors' remuneration - non audit services 3 3
Operating lease payments 372 372

Lawrence Vehicles Limited (Registered number: 04292964)

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

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£'000 £'000
Interest on taxation 11 -
Stocking loan interest 3,167 1,038
3,178 1,038

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£'000 £'000
Current tax:
UK corporation tax 1,204 799
Adjustment re prior year (1 ) -

Tax on profit 1,203 799

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

2023 2022
as restated
£'000 £'000
Profit before tax 5,331 4,224
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

1,254

803

Effects of:
Expenses not deductible for tax purposes 22 70
Capital allowances in excess of depreciation (72 ) (74 )
Adjustments to tax charge in respect of previous periods (1 ) -

Total tax charge 1,203 799

7. PRIOR YEAR ADJUSTMENT

Turnover has previously been recognised upon invoice of vehicles. Further to a review of sales terms and conditions, it was identified that turnover should be recognised upon delivery of vehicles. In the year to 31 December 2022, an adjustment has been made to decrease turnover by £11.0m, increase closing stock by £21.6m, increase opening stock by £10.8m, increase deferred income by £25.1m and increase accrued income by £2.8m. Opening retained earnings at 01 January 2022 have been amended by £425,000.

Lawrence Vehicles Limited (Registered number: 04292964)

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

8. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and Motor
equipment vehicles Totals
£'000 £'000 £'000
COST
At 1 January 2023 1,923 976 2,899
Additions 13 540 553
Disposals - (267 ) (267 )
At 31 December 2023 1,936 1,249 3,185
DEPRECIATION
At 1 January 2023 1,545 732 2,277
Charge for year 123 153 276
Eliminated on disposal - (251 ) (251 )
At 31 December 2023 1,668 634 2,302
NET BOOK VALUE
At 31 December 2023 268 615 883
At 31 December 2022 378 244 622

9. STOCKS
2023 2022
as restated
£'000 £'000
Vehicles and parts for resale 73,701 85,526

10. DEBTORS
2023 2022
as restated
£'000 £'000
Amounts falling due within one year:
Trade debtors 13,094 26,946
Amounts owed by group undertakings 4,750 2,450
Other debtors 323 2,440
Prepayments and accrued income 459 4,289
18,626 36,125

Amounts falling due after more than one year:
Deferred tax asset 115 115

Aggregate amounts 18,741 36,240

Deferred tax asset


Capital allowances due in future periods115115

Lawrence Vehicles Limited (Registered number: 04292964)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£'000 £'000
Trade creditors 50,205 79,940
Tax 530 398
Social security and other taxes 2,553 285
Other creditors 6 6
Accruals and deferred income 23,489 26,352
76,783 106,981

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£'000 £'000
Within one year 97 97
Between one and five years 284 381
381 478

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£'000 £'000
350,000 Ordinary £1 350 350

14. RESERVES
Retained
earnings
£'000

At 1 January 2023 17,929
Prior year adjustment (675 )
17,254
Profit for the year 4,128
At 31 December 2023 21,382

15. ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent undertaking is Pentagon Investments Limited, which prepares group financial statements. The registered office of Pentagon Investments Limited is 12 Chequers Road, West Meadows Industrial Estate, Derby, DE21 6EN. Copies of the consolidated financial statements of Pentagon Investments Limited are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

Lawrence Vehicles Limited (Registered number: 04292964)

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

16. OTHER FINANCIAL COMMITMENTS

The company has an undertaking to its bankers for full group security incorporating debentures and corporate guarantees for the group's borrowings. The net amount outstanding to the bank in respect of this undertaking at 31 December 2023 was £Nil (2022: £Nil).

17. RELATED PARTY DISCLOSURES

The company occupies premises leased from a Retirement Benefit Scheme of which one of the directors is a member. The rent paid during the year was £97,250 (2022: £97,250).

18. ULTIMATE CONTROLLING PARTY

Mrs H Marshall is the ultimate controlling party.

19. EMPLOYEE BENEFITS

Included in the notes to the financial statements are payments to the defined contribution pension scheme.