REGISTERED NUMBER: 12182535 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 September 2023 |
for |
Greencastle Holdings Limited |
REGISTERED NUMBER: 12182535 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 September 2023 |
for |
Greencastle Holdings Limited |
Greencastle Holdings Limited (Registered number: 12182535) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
Greencastle Holdings Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
2nd Floor Congress House |
14 Lyon Road |
Harrow |
Middlesex |
HA1 2EN |
Greencastle Holdings Limited (Registered number: 12182535) |
Group Strategic Report |
for the Year Ended 30 September 2023 |
The Board present the strategic report for the year ended 30 September 2023. |
This strategic report has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Greencastle Holdings Limited and its subsidiary undertakings when viewed as a whole. |
REVIEW OF BUSINESS |
The Board considers that the company has had a successful period of trading, showing an increase in turnover, gross profit, and profitability. |
The Board monitors the Group's performance through the use of a variety of measurements, both financial and non-financial in order to maintain effective control over the business. The most important of these are known as key performance indicators (KPIs). The main financial KPIs that the company monitors are turnover, gross profit and gross margin % and these are set out below. |
2023 | 2022 | 2021 |
Turnover | £ 199,603,841 | £ 176,230,677 | £ 129,017,173 |
Turnover movement | £ 23,373,164 | £ 47,213,504 | £ 31,419,502 |
Gross profit margin | 20% | 20% | 18% |
Profit before tax | 6.23% | 4.5% | 8.7% |
The turnover of the Group increased by 13.26% year on year, amounting to £199,603,841 (2022: 36.59% to £176,230,677). |
Greencastle Holdings Limited (Registered number: 12182535) |
Group Strategic Report |
for the Year Ended 30 September 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Board takes a conservative approach to risk and financial stability leaving investment in the business to allow the business to expand and grow. |
Principal risks |
Downturns in the economic environment have historically been the biggest threat to the service sector. The Group is also exposed to changes in government policy in the markets in which it operates such as changes in employment law and changes in the legislation around sensitive data management. |
We mitigate these risks by closely managing our cost base as well as adjusting headcount through periods of economic uncertainty |
Financial risks |
The Group's operations expose it to a variety of financial risks including the effects of changes in interest rates, credit risk, and liquidity risk. |
The Group's principal financial instruments comprise cash and bank deposits, together with trade and intercompany debtors that arise directly from its operations. |
The main risks from the Group's financial instruments can be analysed below: |
Credit risk |
The Group's principal financial assets are trade and intercompany debtors, which represent the Group's major exposure to credit risk in relation to the financial assets of the Group. Reporting in this area covers weekly aged debt for every client as well as overall ledger profiles from the invoicing date taking into account any pre agreed payment terms. |
The Group has no significant concentration of credit risk, with the exposure spread over a large number of customers. The risk is further mitigated with a strong credit control function with minimal bad debts experienced. |
Liquidity risk |
The Group's policy has been to ensure continuity of funding through the operation of invoice discounting facilities. |
The Group was not materially exposed in its trading operations to the risk of changes in foreign currency exchange rates as, until close to the year end, our principal operations remained within the UK. |
SECTION 172(1) STATEMENT |
As a Board we take seriously our roles and responsibilities and as such we have regular monthly board meetings where we discuss all areas of the business. The Board focuses on the strategic direction of the Group in order to maximise our return on capital to ensure the long-term ability of the Group to provide the best services to our clients, maintain a well reimbursed workforce with the potential to hire extra staff if growth materialises, and support our local community by hiring locally where possible. |
We review all our support functions to ensure all suppliers are paid promptly and that we get the best value for money possible. We provide temporary workers to key sectors in the economy and over the last year our supply of teachers and nurses in areas where we did not face Covid restrictions was very key to supporting the wider community. At all times we ensure every decision made is for the greater good of all our stakeholders at various levels and try to create the very best business enterprise which delivers rewards to all involved. |
Greencastle Holdings Limited (Registered number: 12182535) |
Group Strategic Report |
for the Year Ended 30 September 2023 |
GREENHOUSE EMISSIONS |
In accordance with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, a summary of that compliance report is set out below. |
Greencastle Holdings believes that it has materially complied with Companies Act during the relevant period. There have been no instances during the reporting period in which suppliers have either alleged a breach or made a reference to potential non-compliance with the Companies Act. |
Below is a detailed summary of the compliance report. |
Total Greencastle Holdings Greenhouse Gas Emissions 2022/23 |
This year | Last year |
2022/23 | 2021/22 | % |
('000 tonnes) | ('000 tonnes) | Change |
Scope 1 emissions | 593 | 610 | -3% |
Scope 2 emissions | 57 | 91.4 | -38% |
Scope 3 emissions | 66 | 89.95 | -27% |
Total location based scope 1, 2 and 3 emissions | 716 | 791.35 | -10% |
ENERGY EFFICIENCY INITIATIVES IMPLEMENTED THIS YEAR |
100% renewable energy being used at all offices, except for the York Office which is using 49% of renewable energy. |
LED lighting in all offices including automatic timers for when the lights are not in use. |
Recycling facilities in all offices. |
Use of electric vehicles thereby reducing the fuel consumption. |
Use of digital timesheets has reduced paper usage. |
Behaviour change – Energy efficiency has been a focus in our communications to colleagues this year, reminding colleagues to switch off lights when not in use, limit their use of paper, and encouraging recycling. |
ON BEHALF OF THE BOARD: |
Greencastle Holdings Limited (Registered number: 12182535) |
Report of the Directors |
for the Year Ended 30 September 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the provision of recruitment services. |
DIVIDENDS |
No interim dividends were paid during the year ended 30 September 2023. |
The directors recommend final dividends per share as follows: |
Ordinary £1 shares | 52.23 |
A Ordinary £1 shares | NIL |
B Ordinary £1 shares | NIL |
The total distribution of dividends for the year ended 30 September 2023 will be £ 5,605,058 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DONATIONS AND EXPENDITURE |
During the year the company made charitable donations of £20,000 to the NSPCC. |
Greencastle Holdings Limited (Registered number: 12182535) |
Report of the Directors |
for the Year Ended 30 September 2023 |
ENGAGEMENT WITH EMPLOYEES |
The Group recognises the significance of employee engagement in fostering a positive work environment and driving organisational success. |
The Group has established systematic channels to provide employees with information on matters of concern. This includes regular team meetings, Group-wide communication via email newsletters and intranet portals, and an open-door policy allowing employees to raise any work-related matters with their supervisors or management. These communication channels ensure that employees are informed about Group policies, changes, and other matters that impact their employment. |
To encourage employee involvement in the Group's performance, the Group utilises a commission-based compensation model across many employees. By providing an opportunity for employees to share in the Group's financial performance, the Group fosters a sense of ownership and motivation amongst its workforce. |
The Group recognises the importance of ensuring a common awareness among all employees regarding the Group's performance. The Group distributes key performance information including economic trends with employees. These updates help employees understand the financial context in which the Group operates, fostering a sense of shared responsibility and engagement. |
Throughout the year, the directors of the Group have actively engaged with employees to understand their perspectives and consider their interests. By considering employee viewpoints and concerns, the directors ensure that decisions taken align with employee interests and contribute to a positive work environment. |
The Group is committed to promoting equality, diversity, and inclusion within the workplace. The Group will not discriminate against employees on the grounds of race, colour, ethnic or national origin, nationality, disability, marital or civil partnership status, sexual orientation, pregnancy or maternity, age, religion or belief, sex and gender reassignment. |
Disability |
The Group has implemented a comprehensive policy regarding the employment of disabled persons, which emphasises equal opportunities and non-discrimination. Furthermore, the Group is dedicated to supporting the continued employment and training of persons who become disabled during their employment. |
The Group is committed to ensuring equal opportunities for the training, career development, and promotion of disabled persons employed by the Group. The Group provides accessible training programs, mentorship opportunities, and career advancement pathways to disabled employees, fostering their professional growth and advancement within the organisation. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Greencastle Holdings Limited (Registered number: 12182535) |
Report of the Directors |
for the Year Ended 30 September 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Evolve Accounting and Tax Solutions Limited, were appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Greencastle Holdings Limited |
Opinion |
We have audited the financial statements of Greencastle Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 September 2023 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Greencastle Holdings Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
Report of the Independent Auditors to the Members of |
Greencastle Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and responding to risks of material misstatement due to fraud |
To identify risks of material misstatement due to fraud ('fraud risks') we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. |
Our risk assessment procedures included: |
- Enquiring of directors and inspection of policy documentation at the company's high level policies and procedures to prevent and detect fraud including the company's channel for whistle blowing as well as whether they have knowledge of any actual or alleged fraud. |
- Reading board minutes |
- Considering remuneration incentive schemes and performance targets |
- Using analytical procedures to identify any unusual or unexpected relationships |
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. |
As required by auditing standards, and taking into account possible pressures to meet profit targets, we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. |
We did not identify any additional fraud risks. |
We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included unusual journals posted to cash and borrowing accounts. |
Identifying and responding to risks of material misstatement due to non compliance with laws and regulations. |
We identified areas of laws and regulations that could be reasonably expected to have a material effect on the financial statements from more general commercial sector experience and through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence and discussed with the directors and other management for policies and procedures regarding compliance with laws and regulations. |
We communicated identified laws and regulations throughout our audit team and remained alert to any indications of noncompliance throughout the audit. |
The potential effect of these laws and regulations on the financial statements varies considerably. |
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related parties legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Whilst the company is subject to many other laws and regulations, we did not identify any others where the consequences of non compliance alone could have a material effect on amounts or disclosures in their financial statements. |
Report of the Independent Auditors to the Members of |
Greencastle Holdings Limited |
Context of the ability of the audit to detect fraud or breaches of law or regulation |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we may have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
In addition, as with any audit, there remained a higher risk of non detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect noncompliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
2nd Floor Congress House |
14 Lyon Road |
Harrow |
Middlesex |
HA1 2EN |
Evolve Accounting and Tax Solutions Limited |
Greencastle Holdings Limited (Registered number: 12182535) |
Consolidated Income Statement |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 199,603,841 | 176,230,677 |
Cost of sales | 159,418,539 | 140,601,492 |
GROSS PROFIT | 40,185,302 | 35,629,185 |
Administrative expenses | 31,043,632 | 24,277,013 |
9,141,670 | 11,352,172 |
Other operating income | 4 | 1,018,060 | 497,905 |
Gain/loss on revaluation of assets | 1,881,740 | (4,063,391 | ) |
OPERATING PROFIT | 6 | 12,041,470 | 7,786,686 |
Income from fixed asset investments | 393,062 | 161,667 |
Interest receivable and similar income | 13,865 | 223 |
406,927 | 161,890 |
PROFIT BEFORE TAXATION | 12,448,397 | 7,948,576 |
Tax on profit | 7 | 3,993,672 | 1,450,676 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 8,492,103 | 6,380,404 |
Non-controlling interests | (37,378 | ) | 117,496 |
8,454,725 | 6,497,900 |
Greencastle Holdings Limited (Registered number: 12182535) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 8,454,725 | 6,497,900 |
OTHER COMPREHENSIVE INCOME |
Merger reserve |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
8,454,725 |
6,497,900 |
Total comprehensive income attributable to: |
Owners of the parent | 8,492,103 | 6,380,404 |
Non-controlling interests | (37,378 | ) | 117,496 |
8,454,725 | 6,497,900 |
Greencastle Holdings Limited (Registered number: 12182535) |
Consolidated Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 907,673 | 972,806 |
Investments | 11 | 30,798,182 | 22,728,181 |
Investment property | 12 | 8,120,000 | 8,120,000 |
39,825,855 | 31,820,987 |
CURRENT ASSETS |
Debtors | 13 | 27,264,558 | 34,335,804 |
Prepayments and accrued income | 1,001,255 | 1,077,392 |
Cash at bank | 2,576,250 | 12,175,645 |
30,842,063 | 47,588,841 |
CREDITORS |
Amounts falling due within one year | 15 | 13,638,964 | 26,711,724 |
NET CURRENT ASSETS | 17,203,099 | 20,877,117 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
57,028,954 |
52,698,104 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(17,416 |
) |
(27,459 |
) |
PROVISIONS FOR LIABILITIES | 20 | (4,723,744 | ) | (3,232,518 | ) |
NET ASSETS | 52,287,794 | 49,438,127 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100,400 | 100,400 |
Share premium | 22 | 5,700 | 5,700 |
Other reserves | 22 | 23,785,867 | 23,785,867 |
Fair value reserve | 22 | 19,023,399 | 17,141,673 |
Retained earnings | 22 | 9,288,925 | 8,283,606 |
SHAREHOLDERS' FUNDS | 52,204,291 | 49,317,246 |
NON-CONTROLLING INTERESTS | 23 | 83,503 | 120,881 |
TOTAL EQUITY | 52,287,794 | 49,438,127 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by: |
P Groves - Director |
Greencastle Holdings Limited (Registered number: 12182535) |
Company Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 13 |
Investments | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100,400 | 100,400 |
Share premium | 22 | 5,700 | 5,700 |
Retained earnings | 22 | 47,845,542 | 45,262,478 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 7,826,550 | 8,250,568 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Greencastle Holdings Limited (Registered number: 12182535) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up |
share | Retained | Share | Other |
capital | earnings | premium | reserves |
£ | £ | £ | £ |
Balance at 1 October 2021 | 100,400 | 4,807,984 | 5,700 | 23,785,867 |
Changes in equity |
Dividends | - | (6,980,601 | ) | - | - |
Total comprehensive income | - | 10,456,223 | - | - |
Balance at 30 September 2022 | 100,400 | 8,283,606 | 5,700 | 23,785,867 |
Changes in equity |
Dividends | - | (5,605,058 | ) | - | - |
Total comprehensive income | - | 6,610,377 | - | - |
Balance at 30 September 2023 | 100,400 | 9,288,925 | 5,700 | 23,785,867 |
Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 October 2021 | 21,217,492 | 49,917,443 | 3,385 | 49,920,828 |
Changes in equity |
Dividends | - | (6,980,601 | ) | - | (6,980,601 | ) |
Total comprehensive income | (4,075,819 | ) | 6,380,404 | 117,496 | 6,497,900 |
Balance at 30 September 2022 | 17,141,673 | 49,317,246 | 120,881 | 49,438,127 |
Changes in equity |
Dividends | - | (5,605,058 | ) | - | (5,605,058 | ) |
Total comprehensive income | 1,881,726 | 8,492,103 | (37,378 | ) | 8,454,725 |
Balance at 30 September 2023 | 19,023,399 | 52,204,291 | 83,503 | 52,287,794 |
Greencastle Holdings Limited (Registered number: 12182535) |
Company Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up | Fair |
share | Retained | Share | value | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2021 | 100,400 | 22,670,943 | 5,700 | 21,217,492 | 43,994,535 |
Changes in equity |
Dividends | - | (6,876,525 | ) | - | - | (6,876,525 | ) |
Total comprehensive income | - | 29,468,060 | - | (21,217,492 | ) | 8,250,568 |
Balance at 30 September 2022 | 100,400 | 45,262,478 | 5,700 | - | 45,368,578 |
Changes in equity |
Dividends | - | (5,243,486 | ) | - | - | (5,243,486 | ) |
Total comprehensive income | - | 7,826,550 | - | - | 7,826,550 |
Balance at 30 September 2023 | 100,400 | 47,845,542 | 5,700 | - | 47,951,642 |
Greencastle Holdings Limited (Registered number: 12182535) |
Consolidated Cash Flow Statement |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,029,664 | 16,715,807 |
Tax paid | (2,610,013 | ) | (994,531 | ) |
Net cash from operating activities | 2,419,651 | 15,721,276 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (502,655 | ) | (566,056 | ) |
Purchase of fixed asset investments | (6,188,261 | ) | - |
Interest received | 13,865 | 223 |
Dividends received | 393,062 | 161,667 |
Net cash from investing activities | (6,283,989 | ) | (404,166 | ) |
Cash flows from financing activities |
Loan repayments in year | (9,999 | ) | (10,000 | ) |
Amount withdrawn by directors | (120,000 | ) | (13,500 | ) |
Equity dividends paid | (5,605,058 | ) | (6,980,601 | ) |
Net cash from financing activities | (5,735,057 | ) | (7,004,101 | ) |
(Decrease)/increase in cash and cash equivalents | (9,599,395 | ) | 8,313,009 |
Cash and cash equivalents at beginning of year |
2 |
12,175,645 |
3,862,636 |
Cash and cash equivalents at end of year | 2 | 2,576,250 | 12,175,645 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 September 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.23 | 30.9.22 |
£ | £ |
Profit before taxation | 12,448,397 | 7,948,576 |
Depreciation charges | 567,788 | 326,370 |
(Gain)/loss on revaluation of fixed assets | (1,881,740 | ) | 4,063,391 |
Finance income | (406,927 | ) | (161,890 | ) |
10,727,518 | 12,176,447 |
Decrease/(increase) in trade and other debtors | 7,267,383 | (9,401,062 | ) |
(Decrease)/increase in trade and other creditors | (12,965,237 | ) | 13,940,422 |
Cash generated from operations | 5,029,664 | 16,715,807 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 2,576,250 | 12,175,645 |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 12,175,645 | 3,862,636 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank | 12,175,645 | (9,599,395 | ) | 2,576,250 |
12,175,645 | (9,599,395 | ) | 2,576,250 |
Debt |
Debts falling due within 1 year | (10,041 | ) | (44 | ) | (10,085 | ) |
Debts falling due after 1 year | (27,459 | ) | 10,043 | (17,416 | ) |
(37,500 | ) | 9,999 | (27,501 | ) |
Total | 12,138,145 | (9,589,396 | ) | 2,548,749 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Greencastle Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The company was incorporated on 31 August 2019 and acquired its subsidiaries under common control during the period. The accounts have been consolidated using merger accounting principles. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
All revenue is recognised in the Financial Statements as soon as the service has been supplied to the customer. |
Rental income is recognised when it falls due. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Investment portfolios |
Investment portfolios are stated at market value at the period end. Any aggregate surplus or deficit arising from changes in value is recognised in the profit and loss account. |
Invoice discounting |
Some companies within the group subscribe to an invoice discounting service. As and when loans are drawn down, these amounts are secured on the trade debtors. Discounting charges and interest are charged to the profit and loss account to reflect the cost of borrowing. |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Estimates and judgements are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may differ from those estimates. |
In preparing these financial statements, the directors have had to make the following judgements: |
- Determine whether there are indicators of impairment to the group's tangible assets. Factors taken into consideration in reaching such a decision include economic viability and expected future financial performance of the asset. |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Investment properties are reviewed annually for signs of impairment or appreciation in value. Professional valuations are obtained each year and any change in value is reflected in the profit and loss account of the company, with the change in value included in the fair value reserve. |
4. | OTHER OPERATING INCOME |
30.9.23 | 30.9.22 |
£ | £ |
Rents received | 213,719 | 222,176 |
R&D tax relief | 804,341 | 275,729 |
1,018,060 | 497,905 |
5. | EMPLOYEES AND DIRECTORS |
30.9.23 | 30.9.22 |
£ | £ |
Wages and salaries | 19,015,889 | 14,899,274 |
Social security costs | 2,342,305 | 1,920,177 |
21,358,194 | 16,819,451 |
The average number of employees during the year was as follows: |
30.9.23 | 30.9.22 |
Sales | 266 | 253 |
Administration | 144 | 134 |
30.09.23 | 30.09.22 |
£ | £ |
Directors remuneration | 2,447,184 | 2,270,977 |
Information regarding the highest paid director is as follows: |
30.09.23 | 30.09.22 |
£ | £ |
Emoluments etc, | 935,129 | 712,225 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.9.23 | 30.9.22 |
£ | £ |
Hire of plant and machinery | 7,508 | 3,792 |
Other operating leases | 56,709 | 26,390 |
Depreciation - owned assets | 567,788 | 326,370 |
Auditors' remuneration | 53,000 | 92,800 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.23 | 30.9.22 |
£ | £ |
Current tax: |
UK corporation tax | 2,502,474 | 2,249,481 |
Corporation tax misprovided | (28 | ) | - |
Total current tax | 2,502,446 | 2,249,481 |
Deferred tax | 1,491,226 | (798,805 | ) |
Tax on profit | 3,993,672 | 1,450,676 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.23 | 30.9.22 |
£ | £ |
Profit before tax | 12,448,397 | 7,948,576 |
Profit multiplied by the standard rate of corporation tax in the UK of 22 % (2022 - 19 %) |
2,738,647 |
1,510,229 |
Effects of: |
Expenses not deductible for tax purposes | 196,528 | 61,347 |
Income not taxable for tax purposes | (500,439 | ) | (57,477 | ) |
Capital allowances in excess of depreciation | - | (80,464 | ) |
Depreciation in excess of capital allowances | 14,932 | - |
Utilisation of tax losses | 1,538,328 | 17,041 |
Effect of change in tax rate | 5,676 | - |
Total tax charge | 3,993,672 | 1,450,676 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 30 September 2023. |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
7. | TAXATION - continued |
30.9.22 |
Gross | Tax | Net |
£ | £ | £ |
Merger reserve |
The rate of corporation tax was changed from 19% to 25% from 1st April 2023. For the year ended 30 September 2023, the weighted average rate of corporation tax was 22%. |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
30.9.23 | 30.9.22 |
£ | £ |
Ordinary shares of £1 each |
Final | 5,605,058 | 6,980,601 |
Included in the total above are dividends paid to minority interests of £361,572 (2022 - £104,076). |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 | 226,536 | - | 1,570,873 | 1,797,409 |
Additions | 12,130 | 109,250 | 381,275 | 502,655 |
At 30 September 2023 | 238,666 | 109,250 | 1,952,148 | 2,300,064 |
DEPRECIATION |
At 1 October 2022 | 92,493 | - | 732,110 | 824,603 |
Charge for year | 59,101 | 35,874 | 472,813 | 567,788 |
At 30 September 2023 | 151,594 | 35,874 | 1,204,923 | 1,392,391 |
NET BOOK VALUE |
At 30 September 2023 | 87,072 | 73,376 | 747,225 | 907,673 |
At 30 September 2022 | 134,043 | - | 838,763 | 972,806 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | FIXED ASSET INVESTMENTS |
Group | Company |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Other investments not loans | 30,798,182 | 22,728,181 |
30,798,182 | 22,728,181 |
Additional information is as follows: |
Group |
Investments (neither listed nor unlisted) were as follows: |
30.9.23 | 30.9.22 |
£ | £ |
Other investments cost b/f | 22,728,181 | 27,321,572 |
Other investments additions | 6,188,261 | - |
Other investments change in market value | 1,881,740 | (4,593,391 | ) |
30,798,182 | 22,728,181 |
Company |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 October 2022 |
Disposals | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Cost or valuation at 30 September 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Cost | 43,601,505 |
Investments (neither listed nor unlisted) were as follows: |
30.9.23 | 30.9.22 |
£ | £ |
Other investments cost b/f | 12,428 | 27,321,572 |
Other investments disposals | (12,442 | ) | (27,449,994 | ) |
Other investments change in market value | 14 | 140,850 |
- | 12,428 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Hygeia, 66-68 College Road, Harrow, Middlesex HA1 1BE |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Hygeia House, 66-68 College Road, Harrow, Middlesex HA1 1BE |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 124 City Road, Old Street, London EC1V 2NX |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Hygeia House 66-68 College Road, Harrow, Middlesex HA1 1BE |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: 71-75 Shelton Street, London WC2H 9JQ |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Pure Offices, Pastures Avenue, St Georges, Weston-Super-Mare BS22 7SB |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 60-68 College Road, Harrow, Middlesex HA1 1BE |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 124 City Road, London EC1V 2NX |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Associated company |
Registered office: 71-75 Shelton Street, London, WC2H 9JQ |
Nature of business: |
% |
Class of shares: | holding |
30.9.23 | 30.9.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
and 30 September 2023 | 8,120,000 |
NET BOOK VALUE |
At 30 September 2023 | 8,120,000 |
At 30 September 2022 | 8,120,000 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2020 | (824,000 | ) |
Valuation in 2021 | 864,000 |
Valuation in 2022 | 530,000 |
Cost | 7,550,000 |
8,120,000 |
Investment properties were valued on an open market basis basis on 2 December 2022 by Robsons estate agents . |
13. | DEBTORS |
Group | Company |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 23,126,490 | 32,896,792 |
Amounts owed by group undertakings | - | - |
Other debtors | 3,412,125 | 852,758 |
Directors' current accounts | 133,500 | 13,500 | - | - |
VAT | 592,443 | 572,754 |
27,264,558 | 34,335,804 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
13. | DEBTORS - continued |
Group | Company |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 27,264,558 | 34,335,804 |
14. | CURRENT ASSET INVESTMENTS |
Company |
30.9.23 | 30.9.22 |
£ | £ |
Shares in group undertakings |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 10,085 | 10,041 |
Trade creditors | 595,673 | 588,459 |
Amounts owed to group undertakings | - | - |
Tax | 1,836,442 | 1,944,009 |
Social security and other taxes | 2,902,808 | 2,837,262 |
Other creditors | 7,639,204 | 4,273,704 |
Invoice discounting | 164,504 | 16,599,390 | - | - |
Accruals and deferred income | 490,248 | 458,859 |
13,638,964 | 26,711,724 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans (see note 17) | 17,416 | 27,459 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.9.23 | 30.9.22 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 10,085 | 10,041 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 10,340 | 10,085 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 7,076 | 17,374 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.9.23 | 30.9.22 |
£ | £ |
Within one year | 157,757 | 122,280 |
Between one and five years | 859,324 | 510,548 |
In more than five years | 4,658,787 | 6,505,731 |
5,675,868 | 7,138,559 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.9.23 | 30.9.22 |
£ | £ |
Invoice discounting | 164,504 | 16,599,390 |
There is a fixed and floating charge over the assets of the group in favour of RBS Invoice Finance Limited. |
20. | PROVISIONS FOR LIABILITIES |
Group |
30.9.23 | 30.9.22 |
£ | £ |
Deferred tax | 4,723,744 | 3,232,518 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2022 | 3,232,518 |
Provided during year | 1,491,226 |
Balance at 30 September 2023 | 4,723,744 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
2021 |
2020 |
Number: |
Class: |
Nominal value: |
£ |
£ |
100,100 | Ordinary | £1 | 100,100 | 100,100 |
100 | A Ordinary | £1 | 100 | 100 |
100 | B Ordinary | £1 | 100 | 100 |
100 | C Ordinary | £1 | 100 | 100 |
100,400 | 100,400 |
The holders of the A, B, and C Ordinary shares hold no voting rights, but hold the right to receive a dividend or distribution which the company may declare in accordance with its articles. |
22. | RESERVES |
Group |
Fair |
Retained | Share | Other | value |
earnings | premium | reserves | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 October 2022 | 8,283,606 | 5,700 | 23,785,867 | 17,141,673 | 49,216,846 |
Profit for the year | 8,492,103 | 8,492,103 |
Dividends | (5,605,058 | ) | (5,605,058 | ) |
Fair value reserve | (1,881,726 | ) | - | - | 1,881,726 | - |
At 30 September 2023 | 9,288,925 | 5,700 | 23,785,867 | 19,023,399 | 52,103,891 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2022 | 45,262,478 | 5,700 | 45,268,178 |
Profit for the year | 7,826,550 | 7,826,550 |
Dividends | (5,243,486 | ) | (5,243,486 | ) |
At 30 September 2023 | 47,845,542 | 5,700 | 47,851,242 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
22. | RESERVES - continued |
Amounts included in the Fair Value Reserve represent unrealised gains or losses on investment properties and investment portfolios held by the Group and are non-distributable. |
The merger reserve arose as part of the group reconstruction on the preparation of the group accounts. |
23. | NON-CONTROLLING INTERESTS |
Equity |
Company |
Minority interest shares % |
Net assets |
2023 |
Net assets |
2022 |
£ | £ | £ | £ |
Change Education Limited | 20% | -331,004 | -66,201 | -114,586 | -22,897 |
Panther Software Limited | 20% | 207,585 | 41,517 | 19,817 | 19,817 |
Alert Heath 24 Limited | 30% | 360,624 | 108,187 | 413,203 | 123,961 |
83,503 | 120,881 |
£ |
Minority interests brought forward | 120,881 |
Movement in period | -37,378 |
Minority interests carried forward | 83,503 |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors of a group company subsisted during the year ended 30 September 2023: |
30.9.23 |
£ |
R Scott |
Balance outstanding at the start of the year | 13,500 |
Amounts advanced | - |
Amounts repaid | - |
Amounts written off | - |
Amounts waived | - |
Balance outstanding at the end of the year | 13,500 |
30.9.23 |
£ |
S Churches |
Balance outstanding at the start of the year | - |
Amounts advanced | 120,000 |
Amounts repaid | - |
Amounts written off | - |
Amounts waived | - |
Balance outstanding at the end of the year | 120,000 |
The above loan was been repaid in full in May 2024 |
Greencastle Holdings Limited (Registered number: 12182535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
25. | RELATED PARTY DISCLOSURES |
Ms A Coyle, C Coyle and P Groves are also directors of Tapa Holdings Limited. |
Included in other creditors are the following amounts owed to related companies: |
2023 | 2022 |
£ | £ |
Tapa Holdings Limited | 1,949,840 | - |
1,949,840 | - |
No material trading took place between any of the companies. |
26. | ULTIMATE CONTROLLING PARTY |
The controlling party is K Coyle. |