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Registration number: 1037540

Spiers & Hartwell Limited

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

Spiers & Hartwell Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 31

 

Spiers & Hartwell Limited

Company Information

Directors

C A Hartwell

Mrs D A Hartwell

A G Hartwell

C A Hartwell

Registered office

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

Auditors

Clement Rabjohns Limited
Registered Auditors and Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Spiers & Hartwell Limited

Strategic Report for the Year Ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

Principal activity

The principal activity of the company is haulage and transportation of general and perishable goods, and vehicle servicing.

Fair review of the business

The haulage and distribution section of the business continues to perform well and represents the majority of the turnover for the company. The vehicle servicing business acquired some years ago trading under the name Spencer Commercial is also running smoothly.

Given the straightforward nature of the business, the company’s directors are of the opinion that analysis using non-financial key performance indicators is not necessary for an understanding of the development, performance or position of the business.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

14,617,035

14,953,681

Gross profit

%

16

13

Profit before tax

£

797,124

953,642

Cash

£

678,406

2,288,095

Principal risks and uncertainties

The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent hauliers and providers of storage, employee retention and product availability.

Impact of Brexit related risks

Following on the from Brexit and the war in Ukraine there are risks and uncertainties that could affect the company around supply chain disruptions, particularly around fuel, unavailability of personnel, reductions in sales, disruptions around travel, and closure of buildings.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
C A Hartwell
Director

 

Spiers & Hartwell Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

The directors who held office during the year were as follows:

C A Hartwell

Mrs D A Hartwell

A G Hartwell

C A Hartwell

Financial instruments

Objectives and policies

The company’s activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the company’s policies approved by the board of directors. The company does not use derivative financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The company is exposed to commodity price risk. The company does not manage its exposure to commodity price risk due to cost benefit considerations.

Credit risk
The company’s principal financial assets are bank balances and cash, trade and other debtors, and investments.

The company’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.

The company has no significant concentration of credit risk with exposure spread over a large number of counterparties and customers.

Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.

Cash flow risk
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Going concern

 

Spiers & Hartwell Limited

Directors' Report for the Year Ended 29 February 2024

The company is expected to continue to generate profits and positive cash flows for the foreseeable future.

The directors, having assessed future profit forecasts and the level of financial support available, where necessary, have no reason to believe that a material uncertainty exists about the ability of the company to ensure that is can continue as a going concern for a period of at least a year from the date of approval of the financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
C A Hartwell
Director

 

Spiers & Hartwell Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Spiers & Hartwell Limited

Independent Auditor's Report to the Members of Spiers & Hartwell Limited

Opinion

We have audited the financial statements of Spiers & Hartwell Limited (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, 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 29 February 2024 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 auditor 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Spiers & Hartwell Limited

Independent Auditor's Report to the Members of Spiers & Hartwell Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management, those charged with governance around actual and potential litigation and claims.

Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

Reviewing minutes of meetings of those charged with governance.

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

 

Spiers & Hartwell Limited

Independent Auditor's Report to the Members of Spiers & Hartwell Limited

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.

......................................
Philip Parsons FCA (Senior Statutory Auditor)
For and on behalf of Clement Rabjohns Limited, Statutory Auditor

111/113 High Street
Evesham
Worcestershire
WR11 4XP

20 August 2024

 

Spiers & Hartwell Limited

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

14,617,034

14,953,681

Cost of sales

 

(12,288,414)

(12,969,039)

Gross profit

 

2,328,620

1,984,642

Administrative expenses

 

(1,752,641)

(1,285,216)

Other operating income

4

345,348

340,794

Operating profit

6

921,327

1,040,220

Other interest receivable and similar income

8

13,229

407

Interest payable and similar expenses

9

(137,432)

(86,985)

   

(124,203)

(86,578)

Profit before tax

 

797,124

953,642

Tax on profit

13

(240,757)

(106,000)

Profit for the financial year

 

556,367

847,642

The above results were derived from continuing operations.

 

Spiers & Hartwell Limited

Statement of Comprehensive Income for the Year Ended 29 February 2024

2024
£

2023
£

Profit for the year

556,367

847,642

Surplus on property, plant and equipment revaluation

15,563

1,543,680

Total comprehensive income for the year

571,930

2,391,322

 

Spiers & Hartwell Limited

(Registration number: 1037540)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

15

10,593,235

9,998,429

Investment property

16

677,756

677,756

Investments

17

148,240

148,240

 

11,419,231

10,824,425

Current assets

 

Stocks

18

175,159

200,837

Debtors

19

4,219,936

2,888,377

Investments

20

157

157

Cash at bank and in hand

 

678,405

2,288,095

 

5,073,657

5,377,466

Creditors: Amounts falling due within one year

22

(3,000,737)

(3,510,623)

Net current assets

 

2,072,920

1,866,843

Total assets less current liabilities

 

13,492,151

12,691,268

Creditors: Amounts falling due after more than one year

22

(1,324,328)

(1,320,569)

Provisions for liabilities

23

(1,387,825)

(1,162,631)

Net assets

 

10,779,998

10,208,068

Capital and reserves

 

Called up share capital

999

999

Share premium reserve

26

8,940

8,940

Capital redemption reserve

26

4,061

4,061

Revaluation reserve

26

2,405,430

2,426,130

Retained earnings

26

8,360,568

7,767,938

Shareholders' funds

 

10,779,998

10,208,068

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
C A Hartwell
Director

 

Spiers & Hartwell Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 March 2023

999

8,940

4,061

2,426,130

7,767,938

10,208,068

Profit for the year

-

-

-

-

556,367

556,367

Other comprehensive income

-

-

-

15,563

-

15,563

Total comprehensive income

-

-

-

15,563

556,367

571,930

Transfers

-

-

-

(36,263)

36,263

-

At 29 February 2024

999

8,940

4,061

2,405,430

8,360,568

10,779,998

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 March 2022

999

8,940

4,061

891,186

7,711,560

8,616,746

Profit for the year

-

-

-

-

847,642

847,642

Other comprehensive income

-

-

-

1,543,680

-

1,543,680

Total comprehensive income

-

-

-

1,543,680

847,642

2,391,322

Dividends

-

-

-

-

(800,000)

(800,000)

Transfers

-

-

-

(8,736)

8,736

-

At 28 February 2023

999

8,940

4,061

2,426,130

7,767,938

10,208,068

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, UK.

The address of its registered office is:
Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD
United Kingdom

These financial statements were authorised for issue by the Board on 20 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pound Sterling (£).

Summary of disclosure exemptions

Spiers & Hartwell Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its financial statements. Exemptions have been taken in relation to the preparation of a statement of cash flows, financial instruments and key management compensation.

Name of parent of group

These financial statements are consolidated in the financial statements of Spiers & Hartwell Holdings Limited.

The financial statements of Spiers & Hartwell Holdings Limited may be obtained from Birmingham Road, Blackminster, Evesham, Worcestershire, WR11 7TD.

Going concern

The financial statements have been prepared on a going concern basis.

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Nil

Buildings

Straight line over 50 years

Plant and machinery

15-30% reducing balance

Cold store

Straight line over 15 years

Motor fleet

20-25% reducing balance

Racehorses

Straight line over 5 years

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 2 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

3

Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

14,617,034

14,953,681

The analysis of the company's turnover for the year by class of business is as follows:

2024
 £

2023
 £

Haulage and distribution

12,855,638

13,395,793

Vehicle servicing

1,761,396

1,557,888

14,617,034

14,953,681

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

14,617,034

14,953,681

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Government grants

-

2,201

Sub lease rental income

98,740

97,935

Miscellaneous other operating income

246,608

240,658

345,348

340,794

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

100,130

370,564

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,463,589

1,355,801

Operating lease expense - plant and machinery

157,521

133,433

Profit on disposal of property, plant and equipment

(100,130)

(370,564)

7

Government grants

Coronavirus job retention scheme grants have been received on relevant employees on furlough in the prior period.
A coronavirus business interruption payment has been received to cover the first 12 months of interest payments on asset financing loans.

The amount of grants recognised in the financial statements was £Nil (2023 - £2,201).

8

Other interest receivable and similar income

2024
£

2023
£

Dividend income

47

71

Other finance income

13,182

336

13,229

407

9

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

137,432

86,985

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

10

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

5,337,398

5,105,768

Social security costs

486,785

502,759

Other short-term employee benefits

15,278

17,118

Pension costs, defined contribution scheme

99,121

160,246

5,938,582

5,785,891

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

19

19

Sales, marketing and distribution

96

103

Other departments

15

15

130

137

11

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

320,155

215,705

Contributions paid to money purchase schemes

6,150

2,643

326,305

218,348

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

4

4

In respect of the highest paid director:

2024
£

2023
£

Remuneration

104,082

108,325

Company contributions to money purchase pension schemes

4,828

1,321

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

12

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

14,040

14,680

Other fees to auditors

All other non-audit services

8,935

8,515


 

13

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

240,757

80,560

Arising from changes in tax rates and laws

-

25,440

Total deferred taxation

240,757

106,000

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 24.5% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

797,124

953,642

Corporation tax at standard rate

195,295

181,192

Tax increase/(decrease) from effect of capital allowances and depreciation

28,055

(121,111)

Effect of revenues exempt from taxation

(5,147)

(925)

Effect of expense not deductible in determining taxable profit (tax loss)

28,842

21,417

Tax decrease arising from group relief

(11,092)

-

Deferred tax expense relating to changes in tax rates or laws

-

25,440

Tax decrease from effect of dividends from UK companies

(12)

(13)

Tax increase from other tax effects

4,816

-

Total tax charge

240,757

106,000

The main rate of corporation tax in the UK increased to 25% on 1 April 2023. Deferred tax has been calculated using the 25% rate.

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated tax depreciation

-

1,480,592

Revaluation of property

-

273,446

Tax losses carry-forwards

-

(366,213)

-

1,387,825

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

1,267,660

Provisions

-

(1,766)

Revaluation of property

-

289,009

Tax losses carry-forwards

-

(392,272)

-

1,162,631

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £290,000 (2023 - £250,000).

Tax relating to items recognised in other comprehensive income or equity

2024
£

2023
£

Deferred tax related to items recognised as items of other comprehensive income

(15,563)

289,009

14

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

1,050,004

1,050,004

At 29 February 2024

1,050,004

1,050,004

Amortisation

At 1 March 2023

1,050,004

1,050,004

At 29 February 2024

1,050,004

1,050,004

Carrying amount

At 29 February 2024

-

-

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

15

Tangible assets

Land and buildings
£

Properties under construction
 £

Coldstore
£

Plant and machinery
£

Racehorses
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

3,950,000

-

388,566

855,108

105,795

10,230,132

15,529,601

Additions

-

234,232

39,695

19,478

130,799

2,291,560

2,715,764

Disposals

-

-

-

-

-

(1,895,510)

(1,895,510)

At 29 February 2024

3,950,000

234,232

428,261

874,586

236,594

10,626,182

16,349,855

Depreciation

At 1 March 2023

-

-

114,676

567,322

41,226

4,807,948

5,531,172

Charge for the year

62,253

-

21,658

40,574

47,318

1,291,786

1,463,589

Eliminated on disposal

-

-

-

-

-

(1,238,141)

(1,238,141)

At 29 February 2024

62,253

-

136,334

607,896

88,544

4,861,593

5,756,620

Carrying amount

At 29 February 2024

3,887,747

234,232

291,927

266,690

148,050

5,764,589

10,593,235

At 28 February 2023

3,950,000

-

273,890

287,786

64,569

5,422,184

9,998,429

Included within the net book value of land and buildings above is £3,887,747 (2023 - £3,950,000) in respect of freehold land and buildings.
 

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Revaluation

The fair value of the company's freehold land and buildings was revalued on 24 January 2023 by an independent valuer.
The Blackminster site was valued by Colliers and is based on market value with vacant possession.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,208,870 (2023 - £1,234,861).

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

4,577,859

3,971,683

Cold store

214,157

229,923

4,792,016

4,201,606

Contractual commitments for the acquisition of tangible assets

Contractual commitments for the acquisition of tangible assets were as follows:

2024
£

2023
£

Motor vehicles

386,445

2,329,200

   

16

Investment properties

2024
£

At 1 March

677,756

At 29 February

677,756

Fair value movements in the investment property is based on recent sales in the same area and applying a similar increase or decrease in value.

There has been no valuation of investment property by an independent valuer.

17

Investments

2024
£

2023
£

Investments in associates

148,240

148,240

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Associates

£

Cost

At 1 March 2023

148,240

Provision

Carrying amount

At 29 February 2024

148,240

At 28 February 2023

148,240

Aggregate financial information of associates

2024
£

2023
£

Total assets

1,036,878

1,081,984

Total liabilities

(244,729)

(277,288)

Net assets

792,149

804,696

Revenues

3,445,846

3,166,452

Profit or loss

165,841

80,558

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Associates

CBG Transport Limited

Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD

Ordinary F

50%

50%

 

England, UK

     

Associates

CBG Transport Limited

The principal activity of CBG Transport Limited is road transport and distribution. The profit for the financial period of CBG Transport Limited was £165,841 and the aggregate amount of capital and reserves at the end of the period was £792,149.

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

18

Stocks

2024
£

2023
£

Raw materials and consumables

175,159

200,837

19

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,023,382

2,171,184

Amounts owed by related parties

32

1,549,970

83,455

Other debtors

 

-

3,507

Prepayments

 

378,315

375,144

Income tax asset

13

268,269

255,087

   

4,219,936

2,888,377

20

Current asset investments

2024
£

2023
£

Other investments

157

157

21

Cash and cash equivalents

2024
£

2023
£

Cash on hand

1,289

1,350

Cash at bank

677,116

2,286,745

678,405

2,288,095

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

22

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

27

1,566,205

1,486,399

Trade creditors

 

492,949

658,801

Amounts due to related parties

32

338,409

695,342

Social security and other taxes

 

452,741

492,777

Other payables

 

15,825

12,138

Accruals

 

134,608

165,166

 

3,000,737

3,510,623

Due after one year

 

Loans and borrowings

27

1,324,328

1,320,569

23

Provisions for liabilities

Deferred tax
£

Total
£

At 1 March 2023

1,162,631

1,162,631

Increase (decrease) in existing provisions

225,194

225,194

At 29 February 2024

1,387,825

1,387,825

24

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £99,121 (2023 - £160,246).

25

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

999

999

999

999

       
 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

26

Reserves

Share premium

Non-distributable reserve formed of the premium paid for new shares above their nominal value.

Capital redemption reserve

Non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.

Revaluation reserve

Includes revaluation gains and losses relating to the freehold property.

Profit and loss account

Includes all current and prior period retained profits and losses.

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

15,563

15,563

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

1,543,680

1,543,680

27

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

1,324,328

1,320,569

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

1,566,205

1,486,399

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

28

Obligations under leases and hire purchase contracts

Finance leases

Finance leases are secured over the assets to which they relate.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,566,205

1,486,399

Later than one year and not later than five years

1,324,328

1,320,569

2,890,533

2,806,968

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

149,300

51,626

Later than one year and not later than five years

374,083

44,559

523,383

96,185

The amount of non-cancellable operating lease payments recognised as an expense during the year was £172,970 (2023 - £149,939).

29

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £800.80) per ordinary share

-

800,000

 

 

30

Commitments

Capital commitments

At the year end the company had 5 trailers (2023: 12 lorries and 6 trailers) on order.
The total amount contracted for but not provided in the financial statements was £386,445 (2023 - £2,329,200).

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

31

Financial guarantee contracts

The company is party to an omnibus guarantee and set-off agreement given to Lloyds Bank in respect of group borrowings. The agreement provides security over group borrowings in the form of security over the property known as Unit 6a Enterprise Way, Vale Park, Evesham, WR11 1GS, owned by the parent company.

The amount of the financial guarantee contract is £1,951,812.

32

Related party transactions

Dividends paid to directors

2024
£

2023
£

C A Hartwell

Interim dividend on ordinary shares

-

755,155

 

 

Mrs D A Hartwell

Interim dividend on ordinary shares

-

44,845

 

 

Summary of transactions with associates

CBG Transport Ltd (own 50% of the shares)
 Sales, purchases, management charges and rental income from CBG Transport Ltd.
 

Income and receivables from related parties

2024

Associates
£

Receipt of services

2,219,394

Leases

60,900

2,280,294

Amounts receivable from related party

28,963

2023

Associates
£

Receipt of services

2,037,952

Leases

60,000

2,097,952

Amounts receivable from related party

83,455

Expenditure with and payables to related parties

2024

Associates
£

Rendering of services

66,880

 

Spiers & Hartwell Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

2023

Associates
£

Rendering of services

26,161

Loans from related parties

2024

Key management
£

Total
£

At start of period

695,343

695,343

Advanced

159,290

159,290

Repaid

(516,223)

(516,223)

At end of period

338,410

338,410

2023

Key management
£

Total
£

At start of period

37,293

37,293

Advanced

808,025

808,025

Repaid

(149,639)

(149,639)

Interest transactions

(336)

(336)

At end of period

695,343

695,343

Terms of loans from related parties

Loans with key management are repayable on demand and interest is charged on overdrawn amounts only at 2.25% pa.
 

33

Parent and ultimate parent undertaking

A new holding company was formed in May 2023 and a share-for-share exchange between the company and the new holding company occurred on 13 June 2023.

 The company's immediate parent is Spiers & Hartwell Holdings Limited, incorporated in England, UK.

 The most senior parent entity producing publicly available financial statements is Spiers & Hartwell Holdings Limited. These financial statements are available upon request from Birmingham Road, Blackminster, Evesham, Worcestershire, WR11 7TD.

 The ultimate controlling party is Christopher Hartwell.