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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: K Coyle
Mrs N Coyle
C Coyle
Ms A Coyle
P Groves





SECRETARY: C Coyle





REGISTERED OFFICE: 124 City Road
London
EC1V 2NX





REGISTERED NUMBER: 12182535 (England and Wales)





AUDITORS: Evolve Accounting and Tax Solutions Limited
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:





P Groves - Director


28 October 2024

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.

K Coyle
Mrs N Coyle
C Coyle
Ms A Coyle

Other changes in directors holding office are as follows:

P Groves - appointed 1 December 2022

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:





P Groves - Director


28 October 2024

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.




Paul O'Rourke FCA (Senior Statutory Auditor)
for and on behalf of Evolve Accounting and Tax Solutions Limited
Statutory Auditors
2nd Floor Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

28 October 2024


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 8,454,725 6,497,900
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 43,601,505 43,614,023
Investment property 12 - -
43,601,505 43,614,023

CURRENT ASSETS
Debtors 13 6,592,443 1,219,046
Investments 14 75 75
Cash at bank 337,111 567,595
6,929,629 1,786,716
CREDITORS
Amounts falling due within one year 15 2,579,492 32,161
NET CURRENT ASSETS 4,350,137 1,754,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,951,642

45,368,578

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 47,951,642 45,368,578

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 28 October 2024 and were signed on its behalf by:





P Groves - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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
410 387

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 - - 43,601,505 43,601,595
Other investments not loans 30,798,182 22,728,181 - 12,428
30,798,182 22,728,181 43,601,505 43,614,023

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 43,601,595
Disposals (90 )
At 30 September 2023 43,601,505
NET BOOK VALUE
At 30 September 2023 43,601,505
At 30 September 2022 43,601,595

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

Coyle Personnel Limited
Registered office: Hygeia, 66-68 College Road, Harrow, Middlesex HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 15,816,642 15,466,182
Profit for the year 4,793,552 5,213,159

Mayday Healthcare Limited
Registered office: Hygeia House, 66-68 College Road, Harrow, Middlesex HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 1,845,799 2,220,314
Profit for the year 719,021 1,522,813

Nutrix Personnel Limited
Registered office: 124 City Road, Old Street, London EC1V 2NX
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 1,577,822 1,810,022
Profit for the year 733,682 1,463,530

Change Education Limited
Registered office: Hygeia House 66-68 College Road, Harrow, Middlesex HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 80.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves (331,004 ) (114,486 )
Loss for the year (216,518 ) (95,778 )

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

Panther Software Limited
Registered office: 71-75 Shelton Street, London WC2H 9JQ
Nature of business: Computer software provider
%
Class of shares: holding
Ordinary 80.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 207,585 99,085
Profit for the year 268,629 78,798

Alert Health 24 Limited
Registered office: Pure Offices, Pastures Avenue, St Georges, Weston-Super-Mare BS22 7SB
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 70.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 360,624 413,203
Profit for the year 1,045,908 745,459

Genesis Nursing Limited
Registered office: 60-68 College Road, Harrow, Middlesex HA1 1BE
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 66,619 155,118
Profit for the year 215,058 603,209

Coyle Family Investments Limited
Registered office: 124 City Road, London EC1V 2NX
Nature of business: Property and investment
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 28,400,133 27,628,108
Profit/(loss) for the year 772,025 (7,411,888 )

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

Signal Software Limited
Registered office: 71-75 Shelton Street, London, WC2H 9JQ
Nature of business: Computer software provider
%
Class of shares: holding
Ordinary 20.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 109,370 96,638
Profit for the year 92,568 92,887


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 - - - 646,292
Other debtors 3,412,125 852,758 - -
Directors' current accounts 133,500 13,500 - -
VAT 592,443 572,754 592,443 572,754
27,264,558 34,335,804 592,443 1,219,046

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 - - 6,000,000 -

Aggregate amounts 27,264,558 34,335,804 6,592,443 1,219,046

14. CURRENT ASSET INVESTMENTS

Company
30.9.23 30.9.22
£    £   
Shares in group undertakings 75 75

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 - - 619,579 -
Tax 1,836,442 1,944,009 - 22,086
Social security and other taxes 2,902,808 2,837,262 - -
Other creditors 7,639,204 4,273,704 1,949,840 -
Invoice discounting 164,504 16,599,390 - -
Accruals and deferred income 490,248 458,859 10,073 10,075
13,638,964 26,711,724 2,579,492 32,161

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.