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Registered number: 01370096










LINSCO LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
LINSCO LIMITED
 

COMPANY INFORMATION


Directors
Mrs N J Evans 
Mr C A Lee 
Mr R J McCafferty 
Mr M R McGregor 




Registered number
01370096



Registered office
2 Lace Market Square
Nottingham

NG1 1PB




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
LINSCO LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 31


 
LINSCO LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties that we face. The directors present the strategic report of the Company and the Group for the year ended 31 March 2024.

Business review
 
The directors are pleased with the results for the year all things considered and thank their colleagues for their efforts throughout this time. 
Our Group continued its strong financial performance, despite the uncertainties brought about by the global economic landscape, we have achieved another increase in turnover compared to the previous year.
We continue to build on our reputation, establishing strong partnerships with our valued clients regionally.

Principal risks and uncertainties
 
Asset management
The Group's liquid financial assets consist primarily of trade debtors and cash balances. The directors manage the Group's exposure to financial risk by insuring all of its sales ledger balances and declining business which cannot be underwritten. Our relationship with our insurers is strong and cash flow is consistent. The Group does not trade speculatively in derivatives or similar instruments.
Market risks
The performance can be significantly impacted by changes to the underlying economic situation in the United Kingdom. We address the risk by aligning our cost base with our activity levels and by diversifying our customer base to allied industries alongside our construction placements.
Compliance risks
Certain checks are required before we place candidates into their roles. For certain roles and industries, those checks are more specific as set out by legislation. Failure to complete, maintain or refresh those checks could lead to legal, financial and reputational consequences. To mitigate these risks, all new employees receive training in respect of the operating standards that are applicable to their role; supplementary processes are in place to ensure compliance with higher risk specialisms (e.g. health and education); and spot checks are carried out on candidate records to ensure that appropriate vetting checks are carried out in line with legal and contractual requirements.
We comply with many client vendor criteria systems in relation to compliance, and receive annual on-site audits to maintain compliance with all relevant legislation.

Financial key performance indicators
 
As mentioned in the business review, financial key performance indicators regarding cashflow, debt and insurance highlight our strength in the market. Turnover increased from £31.8m in 2023 to £32.7m in 2024.

Page 1

 
LINSCO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future outlook
 
Looking ahead we remain cautiously optimistic about the future. We are committed to further advancing our position in the construction temporary market, through embracing technological advancements, marketing and meeting the needs of our ever-increasing customer base. Our strategic focus on customers, growth sustainability and innovation will continue to drive us toward long term success.
Remarks
We extend our sincerest gratitude to our colleagues, customers, candidates and all suppliers for their continued support and dedication. Together we have achieved remarkable results in 2023/2024 and we are excited about the opportunities that lie ahead in 2024/2025.  


This report was approved by the board and signed on its behalf.



Mr M R McGregor
Director

Date: 2 October 2024

Page 2

 
LINSCO LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group is the provision of industrial, clerical and construction labour.

Results and dividends

The profit for the year, after taxation, amounted to £534,292 (2023 - £503,064).

Dividends of £460,000 (2023: £380,000) were paid in the year.

Directors

The directors who served during the year were:

Mrs N J Evans 
Mr C A Lee 
Mr R J McCafferty 
Mr M R McGregor 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 
LINSCO LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr M R McGregor
Director

Date: 2 October 2024

Page 4

 
LINSCO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINSCO LIMITED
 

Opinion


We have audited the financial statements of Linsco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

 
LINSCO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINSCO LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LINSCO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINSCO LIMITED (CONTINUED)


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 an Auditors' 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 Group 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with and regulations related to: 
• management bias in respect of accounting estimates and judgements made;
• management override of control;
• posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to:
• enquiry of management and those charged with governance around actual and potential litigation and    claims, including instances of non-compliance with laws and regulations and fraud;
• reviewing minutes of meetings of those charged with governance where available;
• reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations    and fraud;
• reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations;
• 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.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


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 Auditors' Report.


Page 7

 
LINSCO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINSCO LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Julie Stringer (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

3 October 2024
Page 8

 
LINSCO LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
32,731,278
31,788,921

Cost of sales
  
(28,416,437)
(27,668,855)

Gross profit
  
4,314,841
4,120,066

Administrative expenses
  
(3,322,310)
(3,309,702)

Other operating income
 5 
6,622
-

Operating profit
 6 
999,153
810,364

Interest receivable and similar income
  
45
196

Interest payable and similar expenses
 10 
(262,573)
(164,000)

Profit before taxation
  
736,625
646,560

Tax on profit
 11 
(202,333)
(143,496)

Profit for the financial year
  
534,292
503,064

Profit for the year attributable to:
  

Owners of the parent Company
  
534,292
503,064

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 31 form part of these financial statements.

Page 9

 
LINSCO LIMITED
REGISTERED NUMBER: 01370096

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
295,616
333,134

  
295,616
333,134

Current assets
  

Debtors: amounts falling due within one year
 17 
5,522,777
4,966,549

Cash at bank and in hand
 18 
1,098,281
843,352

  
6,621,058
5,809,901

Creditors: amounts falling due within one year
 19 
(5,602,420)
(4,851,205)

Net current assets
  
 
 
1,018,638
 
 
958,696

Total assets less current liabilities
  
1,314,254
1,291,830

Creditors: amounts falling due after more than one year
 20 
(89,472)
(132,384)

Provisions for liabilities
  

Deferred taxation
 23 
(14,495)
(23,451)

Net assets
  
1,210,287
1,135,995


Capital and reserves
  

Called up share capital 
 24 
620
620

Capital redemption reserve
 25 
570
570

Profit and loss account
 25 
1,209,097
1,134,805

  
1,210,287
1,135,995


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.




Mr M R McGregor
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 10

 
LINSCO LIMITED
REGISTERED NUMBER: 01370096

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
295,616
333,134

Investments
 16 
604,500
604,500

  
900,116
937,634

Current assets
  

Debtors: amounts falling due within one year
 17 
5,699,472
5,015,043

Cash at bank and in hand
 18 
67,343
90,329

  
5,766,815
5,105,372

Creditors: amounts falling due within one year
 19 
(5,547,816)
(4,804,916)

Net current assets
  
 
 
218,999
 
 
300,456

Total assets less current liabilities
  
1,119,115
1,238,090

  

Creditors: amounts falling due after more than one year
 20 
(89,472)
(132,384)

Provisions for liabilities
  

Deferred taxation
 23 
(14,495)
(23,451)

Net assets
  
1,015,148
1,082,255


Capital and reserves
  

Called up share capital 
 24 
620
620

Capital redemption reserve
 25 
570
570

Profit and loss account
 25 
1,013,958
1,081,065

  
1,015,148
1,082,255


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.


Mr M R McGregor
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 11

 
LINSCO LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
620
570
1,011,741
1,012,931


Comprehensive income for the year

Profit for the year
-
-
503,064
503,064


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(380,000)
(380,000)



At 1 April 2023
620
570
1,134,805
1,135,995


Comprehensive income for the year

Profit for the year
-
-
534,292
534,292


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(460,000)
(460,000)


At 31 March 2024
620
570
1,209,097
1,210,287


The notes on pages 16 to 31 form part of these financial statements.

Page 12

 
LINSCO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
620
570
1,080,445
1,081,635


Comprehensive income for the year

Profit for the year
-
-
380,620
380,620


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(380,000)
(380,000)



At 1 April 2023
620
570
1,081,065
1,082,255


Comprehensive income for the year

Profit for the year
-
-
392,893
392,893


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(460,000)
(460,000)


At 31 March 2024
620
570
1,013,958
1,015,148


The notes on pages 16 to 31 form part of these financial statements.

Page 13

 
LINSCO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
534,292
503,064

Adjustments for:

Amortisation of intangible assets
-
21,658

Depreciation of tangible assets
101,403
71,100

Loss on disposal of tangible assets
23,023
(2,394)

Interest paid
262,573
164,000

Interest received
(45)
(196)

Taxation charge
202,333
143,496

(Increase)/decrease in debtors
(556,228)
398,861

Increase/(decrease) in creditors
200,055
(437,281)

Corporation tax (paid)
(108,121)
(123,133)

Net cash generated from operating activities

659,285
739,175


Cash flows from investing activities

Purchase of tangible fixed assets
(86,908)
(232,567)

Sale of tangible fixed assets
-
10,700

Interest received
45
196

HP interest paid
(12,157)
(3,805)

Net cash from investing activities

(99,020)
(225,476)

Cash flows from financing activities

Invoice financing
458,551
(642,560)

Repayment of loans
(13,889)
(83,333)

Repayment of/new finance leases
(39,582)
142,411

Dividends paid
(460,000)
(380,000)

Interest paid
(250,416)
(160,195)

Net cash used in financing activities
(305,336)
(1,123,677)

Net increase/(decrease) in cash and cash equivalents
254,929
(609,978)

Cash and cash equivalents at beginning of year
843,352
1,453,330

Cash and cash equivalents at the end of year
1,098,281
843,352


Cash at bank and in hand
1,098,281
843,352


Page 14

 
LINSCO LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

843,352

254,929

1,098,281

Debt due within 1 year

(3,114,467)

(471,902)

(3,586,369)

Finance leases

(168,509)

39,582

(128,927)


(2,439,624)
(177,391)
(2,617,015)

The notes on pages 16 to 31 form part of these financial statements.

Page 15

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Linsco Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The nature of the Company’s operations and principal activities are given in the Directors' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are rounded to the nearest £1 and prepared in Sterling which is the functional currency of the Group.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The group financial statements consolidate the financial statements of the Company and its subsidiary undertaking drawn up to 31 March each year.
Subsidiary undertakings are included using the acquisition method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition to the date of sale outside the Group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 
2.3

Going concern

In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the group. In the Directors’ opinion, the group is a going concern for a minimum of twelve months from the date of the approval of the financial statements.

Page 16

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan
The Group operates a defined contribution pension scheme and contributions to the scheme are recognised in the profit and loss account in the period in which they become payable.

Page 17

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, unless it relates to items in other comprehensive income or directly in equity. In such cases, the related tax is also recognised other comprehensive income or directly in equity.
Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

 
2.12

Intangible assets

Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life. In the light of the continued growth of the acquired company and future plans, the directors are satisfied that the goodwill has durability beyond five years. This matter is being considered on an annual basis.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.13

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. 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. 
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may be affected.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
33%
straight line

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 18

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 
Financial assets that are measured at cost an amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. 

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. However, the nature of estimation means the actual outcomes could differ from those estimates.
There are no significant judgements (apart from those involving estimates) which have had an effect on amounts recognised in the financial statements.

Page 20

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
32,731,278
31,788,921


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Insurance claims receivable
6,622
-



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

(Profit)/loss on disposal of fixed assets
23,023
(2,394)

Depreciation
101,403
71,100

Other operating lease rentals
73,272
61,292

Amortisation
-
21,658


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,250
15,150

Fees payable to the Company's auditors in respect of:

The auditing of accounts of associates of the Group pursuant to legislation
4,000
3,750

Other services relating to taxation
6,000
6,000

All other services
13,500
13,592

Page 21

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
29,184,887
28,572,957
29,184,887
28,572,957

Social security costs
938,139
1,006,794
938,139
1,006,794

Cost of defined contribution scheme
189,695
201,417
189,695
201,417

30,312,721
29,781,168
30,312,721
29,781,168


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Direct labour - agency staff
380
434
380
434



Selling and administrative
42
44
42
44

422
478
422
478


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
252,691
317,553

Group contributions to defined contribution pension schemes
83,251
96,133

335,942
413,686


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £115,071 (2023 - £145,378).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,525 (2023 - £6,500).

Page 22

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
250,416
160,195

Finance leases and hire purchase contracts
12,157
3,805

262,573
164,000


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
212,679
109,466

Adjustments in respect of previous periods
(1,390)
(1,386)


Total current tax
211,289
108,080

Deferred tax


Origination and reversal of timing differences
(8,956)
35,416

Total deferred tax
(8,956)
35,416


Taxation on profit on ordinary activities
202,333
143,496
Page 23

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
736,625
646,560


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
184,156
122,846

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
19,567
13,755

Capital allowances for year in excess of depreciation
-
(31,250)

Goodwill amortisation on consolidation
-
4,115

Adjustments to tax charge in respect of prior periods
(1,390)
(1,386)

Deferred tax: origination and reversal of timing differences
-
35,416

Total tax charge for the year
202,333
143,496


12.


Dividends

2024
2023
£
£


Ordinary 'A' shares
380,000
380,000


Ordinary 'B' shares
40,000
-


Ordinary 'E' shares
40,000
-

460,000
380,000


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £392,893 (2023 - £380,620).

Page 24

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2023
371,271



At 31 March 2024

371,271



Amortisation


At 1 April 2023
371,271



At 31 March 2024

371,271



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 25

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group and Company






Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 April 2023
300,231
28,514
117,135
445,880


Additions
-
86,908
-
86,908


Disposals
-
(28,515)
(68,458)
(96,973)



At 31 March 2024

300,231
86,907
48,677
435,815



Depreciation


At 1 April 2023
51,800
6,531
54,415
112,746


Charge for the year on owned assets
14,521
8,578
30,718
53,817


Charge for the year on financed assets
47,586
-
-
47,586


Disposals
-
(9,799)
(64,151)
(73,950)



At 31 March 2024

113,907
5,310
20,982
140,199



Net book value



At 31 March 2024
186,324
81,597
27,695
295,616



At 31 March 2023
248,431
21,983
62,720
333,134

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
142,759
190,345

Page 26

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2023
604,500



At 31 March 2024
604,500






Net book value



At 31 March 2024
604,500



At 31 March 2023
604,500


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Linsco Recruitment Limited
2 Lace Market Square, Nottingham, NG1 1PB
Ordinary
100%


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
5,448,842
4,309,243
5,421,552
4,258,371

Amounts owed by group undertakings
-
-
203,985
99,366

Other debtors
15,440
3,425
15,440
3,425

Prepayments and accrued income
58,495
653,881
58,495
653,881

5,522,777
4,966,549
5,699,472
5,015,043


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Page 27

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,098,281
843,352
67,343
90,329



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
-
13,889
-
13,889

Invoice financing loan
3,550,568
3,092,017
3,550,568
3,092,017

Trade creditors
84,443
128,365
84,443
128,365

Corporation tax
212,634
109,466
166,020
75,664

Other taxation and social security
584,758
582,608
576,772
570,124

Obligations under finance lease and hire purchase contracts
39,455
36,125
39,455
36,125

Other creditors
612,599
45,206
612,598
45,206

Accruals and deferred income
517,963
843,529
517,960
843,526

5,602,420
4,851,205
5,547,816
4,804,916


Trade finance is provided by Close Brothers and is secured by trade debtors. A debenture containing a fixed and floating charge over the Company's assets was executed by the directors on 13 October 2006 in respect of these borrowings within invoice financing loans totalling £3,550,568 (2023: £3,092,017).
Close Brothers also provided a secured CBILS loan which is shown within other loans which was settled in full during the year (2023: £13,889).
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate. The total amount secured is £39,455 (2023: £36,125).


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Obligations under finance leases and hire purchase contracts
89,472
132,384
89,472
132,384

89,472
132,384
89,472
132,384


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate. The total amount secured is £89,472 (2023: £132,384).

Page 28

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
39,455
36,125
39,455
36,125

Between 1-5 years
89,472
132,384
89,472
132,384

128,927
168,509
128,927
168,509


22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at amortised cost
5,464,282
4,312,668
5,640,947
4,361,162


Financial liabilities

Financial liabilities measured at amortised cost
(3,635,011)
(3,234,271)
(3,635,011)
(3,234,271)


Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other loans and invoice financing loans.

Page 29

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Deferred taxation


Group and company



2024


£






At beginning of year
(23,451)


Credited to profit or loss
8,956



At end of year
(14,495)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(30,686)
(38,786)
(30,686)
(38,786)

Other items
16,191
15,335
16,191
15,335

(14,495)
(23,451)
(14,495)
(23,451)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



277 (2023 - 620) Ordinary 'A' shares of £1.00 each
277
620
277 (2023 - Nil) Ordinary 'B' shares of £1.00 each
277
-
33 (2023 - Nil) Ordinary 'C' shares of £1.00 each
33
-
33 (2023 - Nil) Ordinary 'E' shares of £1.00 each
33
-

620

620

During the year, 343 Ordinary A shares have been redesignated to Ordinary B, C and E shares.



25.


Reserves

Capital redemption reserve

This reserve records the nominal value received for shares sold, less transaction costs. 

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends.

Page 30

 
LINSCO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Pension commitments

The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to £189,695 (2023: £201,417).
Contributions totalling £3,724 (2023: £4,152) were payable to the scheme at the end of the year and are included in other creditors.


27.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
108,674
29,720
108,674
29,720

Later than 1 year and not later than 5 years
302,847
-
302,847
-

411,521
29,720
411,521
29,720


28.


Related party transactions

Dividends totalling £460,000 (2023: £380,000) were paid to directors during the year.
There were two directors loan accounts held during the year:
Loan 1 - the director was owed £19,855 (2023: £6,076) at the end of the year. Advances of £216,221 (2023: £194,427) and dividends of £230,000 (2023: £190,000) represent the movement in the year. No interest was charged on the loan.
Loan 2 - the director was owed £15,946 (2023: £2,485) at the end of the year. Advances of £216,539 (2023: £200,000) and dividends of £230,000 (2023: £190,000) represent the movement in the year. No interest was charged on the loan.
All directors of the parent and subsidiary who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals is £335,941 (2023: £413,686).
The Company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions with other members of the group which are wholly owned by the group.


29.


Controlling party

The Company is controlled by two of the directors.


Page 31