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REGISTERED NUMBER: 03560161 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

CORNWALL GROUP LIMITED

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


CORNWALL GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: M J Mitchell
T S Julian
K E Bunt


SECRETARY: D P Mitchell


REGISTERED OFFICE: Old Mansion House
9 Quay Street
TRURO
Cornwall
TR1 2HE


REGISTERED NUMBER: 03560161 (England and Wales)


SENIOR STATUTORY AUDITOR: Mr J Pearce


AUDITORS: TC Group
Statutory Auditors
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG


BANKERS: Barclays Bank plc
14 King Street
Truro
Cornwall
TR1 2RB


SOLICITORS: Carlyon & Son
78 Lemon Street
Truro
TR1 2PN

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
As we look back over the last 12 trading months, it has been a very challenging market place, with supply exceeding demand, and a European market generally very flat. Prices have been kept arguably unsustainably low, given significant increases in many overheads such as labour and energy.

We believe this will improve as we enter QTR 4 of 2024 and into 2025. With the new incoming government providing some longer term stability along with anticipated reductions in interest rates and a tight control of inflationary pressures we strongly feel 2025 will provide a much needed return to a more settled period for the whole economy within the UK.

During our last trading year we made a significant and strategic investment, the largest in our family business's history with the acquisition of Forward Glass Ltd, Birmingham. This investment has brought to our Group approaching 90 new faces and colleagues, with much experience and skills, along with a geographical reach previously unviable for us. This investment will take 2-3 years to fully transition into our Group with many synergies yet to tap into.

During the last 12 months we have invested some £16 million in plant, property, IT and specialist fleet vehicles. As we wrote in our last Strategic Report, we remain steadfast and focused on a 5 - 10 year horizon, which currently with our simple shareholding structure, experienced team of Directors and colleagues throughout the business places us in a strong position as the UK economy stabilises and grows.

Despite a tricky trading year, we have been able to enhance our much loved Charitable Fund, a wonderful legacy for many years to come as we put back into our local Communities much needed resources.

FUTURE DEVELOPMENTS
We expect in the coming 12 months to invest in excess of £4m in new toughening plants and processing equipment throughout various parts of the Group.

Our endeavours with our long established Apprenticeship Journey throughout the Group continues to produce marvellous results for both individuals and the businesses in which they play a vital part. We hope with the new Government in place the Apprenticeship Levy is significantly reviewed and improved so that the next generation of skilled colleagues, Managers and future Directors come through the workplace with meaningful and worthwhile training and qualifications, this is truly essential if we are to sustainably expand our businesses in the coming decade.

Whilst Glass and Glazing is the cornerstone of our Group we continue to look at modest divestment and have and will continue to add rental properties and non-glass related retail outlets to our portfolio when viable.

As we touched on last year, we nudge closer to our Golden Anniversary in 2028 which will be a memorable and significant milestone for us all.

We remain both acquisitive and optimistic for the coming year ahead, and feel well placed to benefit from organic growth, whilst keeping a watchful eye on wider global issues which can impact us all.

KEY PERFORMANCE INDICATORS
The Board use a wide range of financial and non-financial KPI's to assess and monitor the performance of our wider Group businesses. Individual Boards meet quarterly to make strategic decisions, and consider benchmarking data from our like-minded competitors and key account customers.

The turnover and profitability of the group in the period was as follows:

2024 2023

Turnover £ 28,653,123 25,830,000
Gross profit £ 12,754,534 12,300,683
Gross profit Percentage 44.5 47.6


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
With our hands on approach both the Senior Management Team and Board of Directors continually monitor all reasonable day to day operational risks. Our centralized Group team of colleagues focus on matters regarding credit, insurance, financial and cyber risks allowing the Operational team to focus on their ever expanding daily challenges and opportunities.

All Managing Directors along with the current three Group Directors maintain close and regular relationships with our main partners in the supply chain, ensuring wherever possible that we are on the front foot regarding market conditions, trends and numerous networking opportunities both in the UK and wider world.

At the heart of our business is the desire to provide sustainable and stable trading relationships with all stakeholders; colleagues, customers, suppliers and lenders. We work hard to both foster and encourage throughout our Group open, harmonious, credible and reliable longer term working relationships wherever possible.

On all major strategic decisions we remain very mindful of our experienced and dedicated team of colleagues and their reliance on workplace security.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


24 October 2024

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the processing and supply of glass and glazing products and the provision of glazing services.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

RESEARCH AND DEVELOPMENT
The group has engaged in Research and Development activities in relation to improving its manufacturing systems and processes. Costs relating to this activity are recognised in the profit and loss account in the period in which the expenditure is incurred. During the period, the group has made claims for research and development tax relief in relation to earlier accounting periods and the amount calculated in relation to the tax relief is included within the corporation tax charge for the year.

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

M J Mitchell
T S Julian
K E Bunt

DONATIONS
The group made charitable donations to the Cornwall, Devon and Somerset Community Foundations in the combined sum of £114,200 (2023: £87,000) and other charitable donations of £1,131 (2023: £58).

POLICY ON THE EMPLOYMENT OF DISABLED PERSONS
We have an extensive Equal Opportunities Policy at Cornwall Group, which includes Disabled Persons. We aim to promote equality, harmony and respect amongst individuals and to eliminate discrimination, harassment and victimisation of all kinds. We also aim that the composition of our workforce should reflect and promote a diverse mix of colleagues that represent the diversity of our local community and that all colleagues and employment applicants will be offered equal opportunities to achieve their full potential. Every effort is made to ensure that our workplace is made available and suitable for Disabled Persons and we commit to working closely with any colleague who becomes disabled during their employment.

ENGAGEMENT WITH EMPLOYEES
Cornwall Group recognises the importance of an effective colleague engagement policy in that it not only heightens productivity and colleague retention, but also improves colleague wellbeing and job satisfaction. We are committed to maintaining two way lines of communication and ensure that Directors are visible and present to provide opportunities for colleagues to raise any concerns, thoughts or ideas. We also endeavour to nurture our colleagues during their employment and provide training and refresher courses where relevant to ensure their continuing development. We have a designated Apprenticeship Journey which ensures our Apprentices are supported during the whole process. Where possible, relevant information and updates on the Group and its performance are communicated. Colleagues could see this engagement in a number of ways, such as annual reviews with a Director, letters, newsletters that a published and shared, we are also present in the local and national media along with being active on social media platforms. High levels of colleague engagement help shape and influence the decisions that we make during the year, for example highlighting areas in the business which require investment.


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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.

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, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


24 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GROUP LIMITED

Opinion
We have audited the financial statements of Cornwall Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 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 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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
CORNWALL GROUP 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 five, 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
CORNWALL GROUP 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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 have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GROUP LIMITED


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




Mr J Pearce (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditors
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

30 October 2024

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 28,653,123 25,830,000

Cost of sales (15,898,589 ) (13,529,317 )
GROSS PROFIT 12,754,534 12,300,683

Distribution costs (2,109,431 ) (1,792,584 )
Administrative expenses (8,503,608 ) (7,627,021 )
2,141,495 2,881,078

Other operating income 5 392,106 217,757
OPERATING PROFIT 7 2,533,601 3,098,835

Interest receivable and similar income 36,079 -
2,569,680 3,098,835
Gain/loss on revaluation of investment
property

107,829

-
2,677,509 3,098,835

Interest payable and similar expenses 8 (609,186 ) (128,781 )
PROFIT BEFORE TAXATION 2,068,323 2,970,054

Tax on profit 9 (64,003 ) (615,861 )
PROFIT FOR THE FINANCIAL YEAR 2,004,320 2,354,193
Profit attributable to:
Owners of the parent 2,004,320 2,354,193

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,004,320 2,354,193


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 892,171 337,566
Income tax relating to other comprehensive
income

(223,043

)

(63,750

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

669,128

273,816
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,673,448

2,628,009

Total comprehensive income attributable to:
Owners of the parent 2,673,448 2,628,009

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 12 814,882 -
Tangible assets 13 17,837,333 7,939,956
Investments 14 - -
Investment property 15 5,041,899 1,559,574
23,694,114 9,499,530

CURRENT ASSETS
Stocks 16 2,285,457 1,797,415
Debtors 17 5,875,117 4,538,436
Cash at bank and in hand 504,318 3,014,536
8,664,892 9,350,387
CREDITORS
Amounts falling due within one year 18 (5,775,443 ) (4,746,181 )
NET CURRENT ASSETS 2,889,449 4,604,206
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,583,563

14,103,736

CREDITORS
Amounts falling due after more than one
year

19

(11,875,417

)

(3,394,709

)

PROVISIONS FOR LIABILITIES 23 (2,287,854 ) (962,183 )
NET ASSETS 12,420,292 9,746,844

CAPITAL AND RESERVES
Called up share capital 24 2,002 2,002
Revaluation reserve 25 1,481,647 812,519
Capital redemption reserve 25 1,001 1,001
Fair value reserve 25 80,872 -
Retained earnings 25 10,854,770 8,931,322
SHAREHOLDERS' FUNDS 12,420,292 9,746,844

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





M J Mitchell - Director


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 10,991,284 5,232,596
Investments 14 7,236,735 251,100
Investment property 15 2,454,070 1,559,574
20,682,089 7,043,270

CURRENT ASSETS
Debtors 17 1,344,778 1,271,788
Cash at bank and in hand 18,552 65,814
1,363,330 1,337,602
CREDITORS
Amounts falling due within one year 18 (7,412,981 ) (1,563,676 )
NET CURRENT LIABILITIES (6,049,651 ) (226,074 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,632,438

6,817,196

CREDITORS
Amounts falling due after more than one
year

19

(10,862,831

)

(3,057,141

)

PROVISIONS FOR LIABILITIES 23 (179,556 ) (188,780 )
NET ASSETS 3,590,051 3,571,275

CAPITAL AND RESERVES
Called up share capital 24 2,002 2,002
Revaluation reserve 25 812,519 812,519
Capital redemption reserve 25 1,001 1,001
Retained earnings 25 2,774,529 2,755,753
SHAREHOLDERS' FUNDS 3,590,051 3,571,275

Company's profit for the financial year 18,776 82,932

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





M J Mitchell - Director


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 July 2022 2,002 6,577,129 538,703

Changes in equity
Total comprehensive income - 2,354,193 273,816
Balance at 30 June 2023 2,002 8,931,322 812,519

Changes in equity
Total comprehensive income - 1,923,448 669,128
Balance at 30 June 2024 2,002 10,854,770 1,481,647
Capital Fair
redemption value Total
reserve reserve equity
£    £    £   
Balance at 1 July 2022 1,001 - 7,118,835

Changes in equity
Total comprehensive income - - 2,628,009
Balance at 30 June 2023 1,001 - 9,746,844

Changes in equity
Total comprehensive income - 80,872 2,673,448
Balance at 30 June 2024 1,001 80,872 12,420,292

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 July 2022 2,002 2,672,821 538,703 1,001 3,214,527

Changes in equity
Total comprehensive income - 82,932 273,816 - 356,748
Balance at 30 June 2023 2,002 2,755,753 812,519 1,001 3,571,275

Changes in equity
Total comprehensive income - 18,776 - - 18,776
Balance at 30 June 2024 2,002 2,774,529 812,519 1,001 3,590,051

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,949,978 3,640,855
Interest paid (558,322 ) (116,031 )
Interest element of hire purchase payments
paid

(50,864

)

(12,750

)
Tax paid (209,548 ) (620,403 )
Taxation refund - 5,659
Net cash from operating activities 1,131,244 2,897,330

Cash flows from investing activities
Purchase of intangible fixed assets (311,112 ) -
Purchase of tangible fixed assets (8,501,563 ) (1,199,466 )
Purchase of investment property (3,527,777 ) (510,975 )
Sale of tangible fixed assets 50,333 21,523
Sale of investment property 344,010 -
Interest received 36,079 -
Net cash from investing activities (11,910,030 ) (1,688,918 )

Cash flows from financing activities
Bank loan repayments in year (332,108 ) (184,630 )
New bank loans in year 8,249,200 -
Movement on proceeds of factored debts 589,902 93,120
Hire purchase repayments in year (247,485 ) (223,265 )
Amount introduced by directors 9,059 6,056
Net cash from financing activities 8,268,568 (308,719 )

(Decrease)/increase in cash and cash equivalents (2,510,218 ) 899,693
Cash and cash equivalents at beginning of
year

2

3,014,536

2,114,843

Cash and cash equivalents at end of year 2 504,318 3,014,536

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,068,323 2,970,054
Depreciation charges 756,019 578,822
Profit on disposal of fixed assets (124,449 ) (14,263 )
Gain on revaluation of fixed assets (107,829 ) -
Movement on warranty provision 80,889 36,811
Finance costs 609,186 128,781
Finance income (36,079 ) -
3,246,060 3,700,205
Increase in stocks (488,042 ) (362,879 )
(Increase)/decrease in trade and other debtors (1,309,210 ) 430,171
Increase/(decrease) in trade and other creditors 501,170 (126,642 )
Cash generated from operations 1,949,978 3,640,855

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 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 504,318 3,014,536
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 3,014,536 2,114,843


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/7/23 Cash flow changes At 30/6/24
£    £    £    £   
Net cash
Cash at bank
and in hand 3,014,536 (2,510,218 ) 504,318
3,014,536 (2,510,218 ) 504,318
Debt
Finance leases (523,757 ) 247,485 - (1,329,272 )
Debts falling due
within 1 year (230,458 ) (168,069 ) - (398,527 )
Debts falling due
after 1 year (2,972,141 ) (7,749,023 ) - (10,721,164 )
(3,726,356 ) (7,669,607 ) - (12,448,963 )
Total (711,820 ) (10,179,825 ) - (11,944,645 )

4. ACQUISITION OF BUSINESS

Included within investment and other cash flows are payments for the acquisition of two subsidiaries at a combined cost of £6,985,635.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Cornwall Group 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 (£).


Amounts in the accounts are rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The activities of the group together with the factors likely to affect its future development, performance and financial position are set out in the Group Strategic Report. The group has net assets of £12.4m at the balance sheet date. The group is exposed to risks including credit risk and other operational risks, however management has prepared detailed forecasts for 12 months from the date of signing the accounts, and having considered the assumptions and conclusions made by management, and the availability of financial resources, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, and as a minimum for a period of at least 12 months from the date of approval of these financial statements.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Basis of consolidation
The consolidated financial statements incorporate the individual financial statements of Cornwall Group Limited and the entities under its control (its subsidiaries).

Subsidiary undertakings include Cornwall Glass (Manufacturing) Limited, Cornwall Glass & Glazing Limited, Mackenzie Glass Limited, Annie & Maude Limited, Forward Glass Limited and Forging Forward Limited. The latter two companies were acquired by the group during the year.

No group company has been excluded from the consolidation.

Control is achieved where the company has the power to govern the financial and operating policies of an invested entity so as to obtain benefits from its activities.

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination. Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill.

The results of subsidiaries acquired or disposed during the year are included in Profit and Loss from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Intra-group transactions, income and expenses are eliminated on consolidation.

The consolidated balance sheet amalgamates all assets and liabilities of the group at the balance sheet date. Intra-group balances are eliminated on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic life of tangible fixed assets
The Company makes an estimate for the useful economic life of tangible fixed assets taking into account the age, condition, residual value and the expectations for the usage of each class of asset and applies a policy to charge depreciation on a systematic basis over that assessment of useful life, taking into account any impairment that has been identified.

Useful economic life of goodwill
The Company makes an estimate for the useful economic life of goodwill acquired in connection with the acquisition of subsidiary companies taking into account the expectations for period of time over which the cash flows arising from the acquisition are expected to arise and applies a policy to charge amortisation on a systematic basis over that assessment of useful life, taking into account any impairment that has been identified.

Valuation of freehold and investment property
Property is included in the accounts at a valuation determined annually by the directors or professional valuers as may be appropriate. The valuation of property is based on observable market prices, adjusted as necessary for any difference in the nature, location or condition of the specific asset. Such valuations are subjective and prone to changes in the market and other economic factors.

Stock valuation
The company applies a policy of valuing stock at the lower of cost and net realisable value which involves making an assessment of cost, based on prices of raw materials and other components from a range of suppliers, and assessing the net realisable value of the goods taking into account the selling prices of those goods to a range of customers.

Provision for warranty
The company sells double glazed units with a warranty of up to 5 years. Based on the expected costs of rectifying claims under warranty and the experience of claims in the previous 5 years, the company estimates the expected future cost based on current levels of production and the history of previous claims, and this is adjusted annually.

Critical judgments
The directors do not believe there are any critical judgments that have been made in applying the company's accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised for the sale of glass and glass-related products when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. This typically occurs when goods are dispatched to a customer.

When the outcome of a contract for glass processing services can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.


Buildings Freehold - 2% on valuation less residual value
Leasehold- Amortised over the lease term

Plant and machinery etc- 8% - 33% on cost

Freehold property is included in the accounts at a valuation determined annually by the directors or professional valuers as may be appropriate. The valuation of property is based on observable market prices, adjusted as necessary for any difference in the nature, location or condition of the specific asset.

Tangible fixed assets are reviewed annually for indicators of impairment and any impairment losses arising from the difference between the carrying amount and the recoverable amount are recognised in profit or loss for the period.

Government grants
Government grants relating to revenue expenditure are recognised in the profit and loss account in the period in which the relevant costs are incurred.

Grants relating to capital expenditure are deferred and released to the profit and loss account in line with the depreciation of the associated assets.

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.

Investment property is included in the accounts at a valuation determined annually by the directors or professional valuers as may be appropriate. The valuation of property is based on observable market prices, adjusted as necessary for any difference in the nature, location or condition of the specific asset.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, that the future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

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 trade, other creditors and asset finance agreements are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled. or they expire.

Invoice discounting
The company had entered into an invoice discounting arrangement. The gross amount of invoice debtors are included within current assets, and the liabilities include an amount in respect of proceeds received from the finance provider. The provider's service charge is recognised as it accrues and included in the profit and loss account as bank charges.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
The group has engaged in Research and Development activities in relation to improving its manufacturing systems and processes. Costs relating to this activity are recognised in the profit and loss account in the period in which the expenditure is incurred. During the period, the group has made claims for research and development tax relief in relation to earlier accounting periods and the amount calculated in relation to the tax relief is included within the corporation tax charge for the year.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Warranty provisions
Provisions in respect of warranty claims are made in accordance with FRS 102, in order to cover the likely costs of future claims, calculated by reference to historic experience and the duration of the warranty period.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. OTHER OPERATING INCOME
2024 2023
£    £   
Rents receivable 272,786 99,230
Revenue grant 16,508 10,353
Sundry receipts 93,754 108,174
Profit on sale of tangible fixed assets 9,058 -
392,106 217,757

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 8,886,523 7,229,222
Social security costs 789,362 653,385
Other pension costs 588,307 536,334
10,264,192 8,418,941

The average number of employees during the year was as follows:
2024 2023

Management 21 19
Staff 297 252
318 271

2024 2023
£    £   
Directors' remuneration 169,566 140,642
Directors' pension contributions to money purchase schemes 9,420 7,395

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

Money purchase schemes 3 3

7. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 59,588 71,273
Other operating leases 187,522 128,874
Depreciation - owned assets 476,311 341,576
Depreciation - assets on hire purchase contracts 264,108 237,246
Profit on disposal of fixed assets (124,449 ) (14,263 )
Goodwill amortisation 50,480 -
Auditors' remuneration 67,000 39,439

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest 558,322 116,031
Hire purchase interest 50,864 12,750
609,186 128,781

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (130,691 ) 497,846

Deferred tax 194,694 118,015
Tax on profit 64,003 615,861

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

2024 2023
£    £   
Profit before tax 2,068,323 2,970,054
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.500 %)

517,081

608,861

Effects of:
Expenses not deductible for tax purposes 13,986 4,844
Income not taxable for tax purposes (26,957 ) -
Capital allowances in excess of depreciation (167,140 ) (110,306 )
Adjustments to tax charge in respect of previous periods (423,444 ) (5,553 )
Deferred tax 194,694 118,015
Adjustments arising on consolidation of new subsidiaries (44,217 ) -
Total tax charge 64,003 615,861

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of freehold property 892,171 (223,043 ) 669,128

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property 337,566 (63,750 ) 273,816

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Profit and loss account of the parent company is not presented as part of these financial statements.


11. ACQUISITION OF UNDERTAKINGS

On 30 November 2023, the group acquired two subsidiary companies, Forward Glass Limited and Forging Forward Limited. As described in the accounting policy for the basis of consolidation, the acquisition has been accounted for using the acquisition method of accounting. The fair value of the consideration given by the group inclusive of transaction costs was £6,985,635 and the fair values of the assets and liabilities acquired are given in the table below. Property was revalued to fair value immediately prior to acquisition, the net book value of plant and machinery is considered to represent its fair value and other assets and liabilities are measured on the historic cost basis. The excess of the purchase price over the fair value of the assets was £865,361 and this has been accounted for as goodwill arising on consolidation.




Forward Glass
Limited
Forging
Forward
Limited
£    £   

Property - 5,000,000
Plant and machinery 206,675 -
Stock and work in progress 640,723 -
Trade and other debtors 1,602,549 2,948
Cash at bank and in hand 532,687 140,550
Trade and other creditors (1,001,101 ) (169,732 )
Provisions for liabilities (32,328 ) (802,697 )
Total 1,949,205 4,171,069

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 865,362
At 30 June 2024 865,362
AMORTISATION
Amortisation for year 50,480
At 30 June 2024 50,480
NET BOOK VALUE
At 30 June 2024 814,882

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. TANGIBLE FIXED ASSETS

Group
Freehold Leasehold Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 July 2023 5,058,013 229,910 7,585,212
Additions 8,458,170 30,000 1,341,769
Disposals - - (27,513 )
Revaluations 892,171 - -
Reclassification (92,671 ) - -
At 30 June 2024 14,315,683 259,910 8,899,468
DEPRECIATION
At 1 July 2023 - 135,759 5,445,326
Charge for year 41,774 12,459 519,477
Eliminated on disposal - - (27,513 )
At 30 June 2024 41,774 148,218 5,937,290
NET BOOK VALUE
At 30 June 2024 14,273,909 111,692 2,962,178
At 30 June 2023 5,058,013 94,151 2,139,886

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023 230,157 1,296,245 736,057 15,135,594
Additions 7,681 20,149 4,469 9,862,238
Disposals - (48,645 ) - (76,158 )
Revaluations - - - 892,171
Reclassification - - - (92,671 )
At 30 June 2024 237,838 1,267,749 740,526 25,721,174
DEPRECIATION
At 1 July 2023 199,249 858,317 556,987 7,195,638
Charge for year 7,869 106,783 52,057 740,419
Eliminated on disposal - (24,703 ) - (52,216 )
At 30 June 2024 207,118 940,397 609,044 7,883,841
NET BOOK VALUE
At 30 June 2024 30,720 327,352 131,482 17,837,333
At 30 June 2023 30,908 437,928 179,070 7,939,956

Included in cost or valuation of land and buildings is freehold land of £1,401,217 (2023 - £480,000) which is not depreciated.

Freehold property having a carrying value of £14,273,909 (2023: £5,058,013) has been pledged as security to the bank.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 June 2024 is represented by:

Freehold Leasehold Plant and
property property machinery
£    £    £   
Valuation in 2020 418,041 - -
Valuation in 2023 255,000 - -
Valuation in 2024 892,171 - -
Cost 12,750,471 259,910 8,899,468
14,315,683 259,910 8,899,468

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2020 - - - 418,041
Valuation in 2023 - - - 255,000
Valuation in 2024 - - - 892,171
Cost 237,838 1,267,749 740,526 24,155,962
237,838 1,267,749 740,526 25,721,174

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 12,750,471 4,384,972
Aggregate depreciation 276,478 237,850

Value of land in freehold land and buildings 1,103,075 438,333

Freehold property was valued on an open market basis on 30 June 2024 by the directors .

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 2,485,333 255,971 2,741,304
Additions 1,000,000 - 1,000,000
Reclassification 170,000 - 170,000
At 30 June 2024 3,655,333 255,971 3,911,304
DEPRECIATION
At 1 July 2023 1,708,718 120,900 1,829,618
Charge for year 234,906 29,202 264,108
Reclassification/transfer 1,417 - 1,417
At 30 June 2024 1,945,041 150,102 2,095,143
NET BOOK VALUE
At 30 June 2024 1,710,292 105,869 1,816,161
At 30 June 2023 776,615 135,071 911,686

Company
Fixtures
Freehold Leasehold and
property property fittings
£    £    £   
COST OR VALUATION
At 1 July 2023 5,058,013 16,784 23,054
Additions 5,938,170 - 3,024
Reclassification (92,671 ) - -
At 30 June 2024 10,903,512 16,784 26,078
DEPRECIATION
At 1 July 2023 - 15,356 19,988
Charge for year 41,774 36 1,001
At 30 June 2024 41,774 15,392 20,989
NET BOOK VALUE
At 30 June 2024 10,861,738 1,392 5,089
At 30 June 2023 5,058,013 1,428 3,066

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. TANGIBLE FIXED ASSETS - continued

Company

Motor Office
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 21,496 520,683 5,640,030
Additions - 1,778 5,942,972
Reclassification - - (92,671 )
At 30 June 2024 21,496 522,461 11,490,331
DEPRECIATION
At 1 July 2023 4,333 367,757 407,434
Charge for year 2,800 46,002 91,613
At 30 June 2024 7,133 413,759 499,047
NET BOOK VALUE
At 30 June 2024 14,363 108,702 10,991,284
At 30 June 2023 17,163 152,926 5,232,596

Included in cost or valuation of land and buildings is freehold land of £ 1,060,000 (2023 - £ 480,000 ) which is not depreciated.

Freehold property having a carrying value of £10,861,737 (2023: £5,058,013) has been pledged as security to the bank.

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold Leasehold and
property property fittings
£    £    £   
Valuation in 2020 418,041 - -
Valuation in 2023 255,000 - -
Cost 10,230,471 16,784 26,078
10,903,512 16,784 26,078

Motor Office
vehicles equipment Totals
£    £    £   
Valuation in 2020 - - 418,041
Valuation in 2023 - - 255,000
Cost 21,496 522,461 10,817,290
21,496 522,461 11,490,331

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. TANGIBLE FIXED ASSETS - continued

Company

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 10,230,471 4,384,972
Aggregate depreciation 274,698 237,850

Value of land in freehold land and buildings 1,018,333 438,333

Freehold property was valued on an open market basis on 30 June 2024 by the directors .

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023 251,100
Additions 6,985,635
At 30 June 2024 7,236,735
NET BOOK VALUE
At 30 June 2024 7,236,735
At 30 June 2023 251,100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Mackenzie Glass Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Glass merchants
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,013,445 3,113,732
Profit for the year 899,713 1,214,212

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. FIXED ASSET INVESTMENTS - continued

Cornwall Glass (Manufacturing) Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Glass manufacturing services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,767,458 2,330,713
Profit for the year 436,745 762,469

Cornwall Glass & Glazing Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Glass retailers
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,410,560 1,179,160
Profit for the year 231,400 401,775

Annie & Maude Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Retail sale of homeware
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (269,516 ) (173,387 )
Loss for the year (96,129 ) (87,194 )

Forward Glass Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Glass merchants and processing
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 2,287,461
Profit for the year 338,256

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. FIXED ASSET INVESTMENTS - continued

Forging Forward Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Property ownership
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 5,086,936
Profit for the year 246,739


15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2023 1,559,574
Additions 3,527,777
Disposals (245,952 )
Revaluations 107,829
Reclassification/transfer 92,671
At 30 June 2024 5,041,899
NET BOOK VALUE
At 30 June 2024 5,041,899
At 30 June 2023 1,559,574

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2024 107,829
Cost 4,934,070
5,041,899

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,934,070 1,559,574

Investment property was valued on an open market basis on 30 June 2024 by the directors .

Investment property having a net book value of £5,041,899 (2023: £1,559,574) has been pledged as security to the bank.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

15. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 July 2023 1,559,574
Additions 1,047,777
Disposals (245,952 )
Reclassification/transfer 92,671
At 30 June 2024 2,454,070
NET BOOK VALUE
At 30 June 2024 2,454,070
At 30 June 2023 1,559,574

16. STOCKS

Group
2024 2023
£    £   
Raw materials and consumables 2,285,457 1,797,415

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,255,513 2,999,922 15,297 27,549
Amounts owed by group undertakings - - 427,542 356,879
Amounts recoverable on contracts 341,006 147,061 - -
Other debtors 23,063 - - -
Directors' current accounts 593,794 600,767 593,794 600,834
Directors' loan accounts 1,384 4,081 - -
Corporation tax 274,190 195,860 195,860 195,860
Other debtors 386,167 549,556 112,285 90,666
Proceeds of factored debts - 41,189 - -
5,875,117 4,538,436 1,344,778 1,271,788

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 20) 398,527 230,458 398,527 230,458
Hire purchase contracts (see note 21) 316,686 186,189 - -
Trade creditors 2,349,408 2,451,908 133,331 133,564
Proceeds of factored debts 548,713 - - -
Amounts owed to group undertakings - - 6,484,593 1,003,287
Corporation tax - 261,909 - 1,471
Social security and other taxes 209,317 162,500 16,739 15,132
VAT 810,557 464,950 158,738 56,507
Other creditors 254,937 85,203 176,628 78,391
Directors' current accounts 3,770 4,381 19 -
Accruals and deferred income 883,528 892,181 44,406 38,364
Deferred government grants - 6,502 - 6,502
5,775,443 4,746,181 7,412,981 1,563,676

The company has entered into a confidential invoice discounting facility. At the year end the balance notified to the bank was £3,871,702 (2023: £2,668,987).

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 20) 10,721,164 2,972,141 10,721,164 2,972,141
Hire purchase contracts (see note 21) 1,012,586 337,568 - -
Other creditors 141,667 85,000 141,667 85,000
11,875,417 3,394,709 10,862,831 3,057,141

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 398,527 230,458 398,527 230,458
Amounts falling due between two and five years:
Bank loans 10,721,164 2,972,141 10,721,164 2,972,141

The group has 4 bank loans which carry interest rates of between 3.333% and 7.729% with amortisation profiles of between 10 and 20 years and renewal periods of between 3 and 10 years.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 316,686 186,189
Between one and five years 748,500 335,175
In more than five years 264,086 2,393
1,329,272 523,757

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 529,719 350,952
Between one and five years 1,798,300 1,207,560
In more than five years 404,870 391,788
2,732,889 1,950,300

Operating lease commitments relate to a number of the group's properties and vehicles. No amounts are given for properties occupied under a tenancy at will. In accordance with FRS 102, the figures are the total amounts committed to be paid over the entire lease agreements.

22. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 11,119,691 3,202,599 11,119,691 3,202,599
Hire purchase contracts 1,329,272 523,757 - -
Proceeds of factored debts 548,713 - - -
Company credit card 11,271 4,257 180 750
13,008,947 3,730,613 11,119,871 3,203,349

Bank loans, factoring proceeds and overdraft facilities are secured by way of a fixed and floating charge over various properties and other assets of the group.

Liabilities under hire purchase contracts are secured on the assets to which they relate.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

23. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 167,737 118,015 (9,224 ) -
Other timing differences 1,077,045 63,750 - -
Balance brought forward 638,225 456,460 188,780 188,780
1,883,007 638,225 179,556 188,780
Other provisions
Warranty provision 404,847 323,958 - -

Aggregate amounts 2,287,854 962,183 179,556 188,780

Group
Deferred Other
tax provisions
£    £   
Balance at 1 July 2023 638,225 323,958
Charge to Income statement during year - 80,889
Accelerated capital allowances 167,737 -
Deferred tax on valuation 250,000 -
Deferred tax arising in
subsidiaries acquired 827,045 -
Balance at 30 June 2024 1,883,007 404,847

Company
Deferred
tax
£   
Balance at 1 July 2023 188,780
Accelerated capital allowances (9,224 )
Deferred tax on revaluation
Balance at 30 June 2024 179,556

The group provides warranties of between 5 and 10 years on certain products. The warranty provision is based on the historical experience of warranty claims and the number of units under warranty. The calculation is updated annually on a rolling basis.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number:


Class:

Nominal
value:


2023


2022
£    £   
2,000 'A' Ordinary £1.00 2,000 2,000
2 'C' Ordinary £0.50 1 1
2 'D' Ordinary £0.50 1 1
2,002 2,002

25. RESERVES

Group
Capital Fair
Retained Revaluation redemption value
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 1 July 2023 8,931,322 812,519 1,001 - 9,744,842
Profit for the year 2,004,320 2,004,320
Revaluation (107,829 ) 892,171 - 107,829 892,171
Deferred tax on revaluation 26,957 (223,043 ) - (26,957 ) (223,043 )
At 30 June 2024 10,854,770 1,481,647 1,001 80,872 12,418,290

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 July 2023 2,755,753 812,519 1,001 3,569,273
Profit for the year 18,776 18,776
At 30 June 2024 2,774,529 812,519 1,001 3,588,049


26. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions charged to the profit and loss account during the year amounted to £588,307 (2023: £536,335). There were no outstanding contributions at the year end.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

27. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
M J Mitchell
Balance outstanding at start of year 600,767 601,877
Amounts repaid (6,976 ) (1,110 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 593,791 600,767

The loan carries interest at 5% per annum which may be paid together with the capital sum of the loan by or at the end of the loan term.

28. RELATED PARTY DISCLOSURES

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.

During the year the group rented various premises from a director and their close family members, the pension scheme of these individuals, and a trust in which one of the directors and his spouse are trustees at combined rents of £282,608 (2023: £267,983).

A net amount of £2,386 (2023: £300) is outstanding in respect of loans made to the group by directors of subsidiary companies.

Certain property owned by directors have been provided as security to the bank.

The group considers its own directors and those of the subsidiary companies, comprising of thirteen (2023: twelve) individuals to be the key management personnel and their combined remuneration including pension contributions is £949,562 (2023: £782,818).

29. ULTIMATE CONTROLLING PARTY

The group is controlled by M J Mitchell who, together with his spouse controls 100% of the issued share capital.