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Registered number: 12392237










XDR REGENT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
XDR REGENT LIMITED
 
 
COMPANY INFORMATION


Directors
D W Prince 
R Prince 




Registered number
12392237



Registered office
11 Merus Court
Meridian Business Park

Leicester

LE19 1RJ




Independent auditor
MHA
Chartered Accountants & Statutory Auditor

11 Merus Court

Meridian Business Park

Leicester

LE19 1RJ





 
XDR REGENT LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditor's Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11 - 12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 36


 
XDR REGENT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction

The directors present their Strategic Report for the year ended 30 June 2024.

Business review
 
The principal activity of the Group is that of supplying Bulk Liquid Fuels to commercial, agricultural  and domestic customers.
 
During the year under review the marketplace in which the Group operates began a return to more normalised trading  conditions, following a long period of customer concern around security of supply during the effects of Covid and the war in the Ukraine, which had affected prior year’s performance, but has now lessened or ceased to be as significant a factor.
 
As a consequence of this prices likewise returned to more typical levels, albeit demand remained strong and therefore relationships with suppliers continued to be critical, meaning that the board and senior management team continue to remain alert to changing market conditions and to maintain a clear focus on the close management of supply lines and supplier relationships, as well as maintaining high levels of customer service.
 
The business also experienced the impact of rising costs, particularly in wages and motor running costs and the control of these (along with all costs) remains a challenge going forward.
 
As a consequence of all these factors the reported results are more modest than previous years ,notwithstanding the Group remains profitable. Accordingly, the board are pleased to report that the Group delivered a turnover in excess of £88m in the year (an increase of nearly £16m on the previous year) and generated an operating profit of £893.5k and a profit before tax of £624.8k during the year.
As noted above, this result was impacted by both a fall in gross profit margin (of 1% versus the 2023)  and the impact of increased direct costs.

Principal risks and uncertainties
 
As referred to above, the business has been affected by the impacts of the conflict in the Ukraine and volatile market and economic conditions, but has been able to successfully manage these impacts and to maintain a robust position financially, which reflects its overall resilience and strength of management.
Notwithstanding this, there is still uncertainty surrounding the ultimate short and long term impact of the Ukrainian conflict which, allied with increased levels of global uncertainty generally and the greater volatility seemingly felt by all businesses, means that inherent uncertainty and risk remains prevalent across the broader domestic and international economies.
Because of these factors, the board will continue to be prudent in its management policies and strategies,  particularly around key supply lines, as well as the evolution towards new products, which are more environmentally acceptable. Focus will also continue to be made on asset and working capital retention such that risk and uncertainty is mitigated as far as practically possible.

Page 1

 
XDR REGENT LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Development and performance
 
The Group is currently continuing to experience strong demand for its products, which the senior management team are working hard to ensure it can fulfil on a profitable and sustainable basis. 
The business is well placed to react to this ongoing strong level of demand and will continue to invest in its people, asset base, systems, and infrastructure to ensure that it remains focused on customer service and delivery. The long history of the business, together with the wide experience of its senior management team, means that it is well placed to build on the longevity of its key customer, supplier and other stakeholder relationships, to further develop and strengthen the offering.
Accordingly, the board are cautiously optimistic about the future prospects of the Group and are committed to continuing to strategically invest and commit resource to generate sustainable and profitable growth in its core markets.

Financial key performance indicators
 
Management focus on several key performance indicators to assist them in assessing the performance of the business and its growth and development, against agreed strategic objectives and goals.
From a trading perspective, the volume of product sold and product mix are regularly monitored and compared to previous periods data to assess underlying growth and market trends by sector and industry type. This allied with similarly regular reviews of gross profit margin, again by product, provide the information needed by management to enable it to make strategic decisions around capital expenditure, headcount and other investments in systems and technology, thus ensuring that profitable and sustainable growth is maintained and controlled.
Working capital is also measured and monitored on a regular basis with debtor days being the principal controllable variable where focus is applied, along with the utilisation of the business' invoice finance facility.


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



................................................
Mr D W Prince
Director

Date: 29 October 2024

Page 2

 
XDR REGENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £430,562 (2023 - £804,511).

Ordinary dividends were paid in the year amounting to £500,000 (2023 - £500,000). No further dividend was recommended by the directors. 

Directors

The directors who served during the year were:

D W Prince 
R Prince 

Financial instruments

Price risk
The Group sources its products from a number of suppliers and is exposed to changes in market prices. To mitigate increases in prices, the Group continues to source its products from a number of different suppliers.
Liquidity risk
The Group aims to mitigate liquidity risk by managing cash generation from operations and is financed by both long and short term finance which adequately meets the needs of the business. 
Credit risk
The risk of financial loss due to counterparty's failure to honour its obligations arises principally in relation to transactions where the Group provides goods on deferred credit terms. Group policies are aimed at minimising such losses and require that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. The Group also makes use of the trade credit insurance to minimise its risk of loss should bad debs arise.

Future developments

An indication of likely future developments is included within the business review set out on page 1.

Disclosure of information to auditor

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

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

Post balance sheet events

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

Page 3

 
XDR REGENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
Mr D W Prince
Director

Date: 29 October 2024

Page 4

 
XDR REGENT LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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

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

make judgments and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
XDR REGENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF XDR REGENT LIMITED
 

Opinion


We have audited the financial statements of XDR Regent Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 6

 
XDR REGENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF XDR REGENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
XDR REGENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF XDR REGENT LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
enquiry of management and those charged with governance around actual, potential or suspected litigation,
claims, non-compliance with applicable laws and regulations and fraud;
enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;
performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
reviewing the financial statements disclosures and testing these to supporting documentation to assess compliance with applicable laws and regulations; and
discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

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


Page 8

 
XDR REGENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF XDR REGENT LIMITED (CONTINUED)





Shelley Harvey (FCCA) (Senior Statutory Auditor)
  
for and on behalf of
MHA, Statutory Auditor
 
Statutory Auditor
  
Leicester
United Kingdom

29 October 2024
MHA is the trading name of MacIntryre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 9

 
XDR REGENT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
88,756,278
73,235,505

Cost of sales
  
(84,848,520)
(69,269,680)

Gross profit
  
3,907,758
3,965,825

Distribution costs
  
(1,631,279)
(1,357,016)

Administrative expenses
  
(1,382,978)
(1,281,334)

Other operating income
  
-
3,115

Operating profit
 5 
893,501
1,330,590

Interest receivable and similar income
 9 
1,103
-

Interest payable and similar expenses
 10 
(269,806)
(169,396)

Profit before taxation
  
624,798
1,161,194

Tax on profit
 11 
(194,236)
(356,683)

Profit for the financial year
  
430,562
804,511

Profit for the year attributable to:
  

Owners of the parent Company
  
430,562
804,511

  
430,562
804,511

There were no recognised gains and losses for 2024 or 2023 other than those included in the Consolidated Statement of Comprehensive Income. 

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

The notes on pages 19 to 36 form part of these financial statements.

Page 10

 
XDR REGENT LIMITED
REGISTERED NUMBER: 12392237

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
696,501
819,413

Tangible assets
 14 
2,473,041
2,035,019

  
3,169,542
2,854,432

Current assets
  

Stocks
 16 
61,577
144,519

Debtors: amounts falling due within one year
 17 
8,283,957
6,527,632

Cash at bank and in hand
 18 
628,580
285,953

  
8,974,114
6,958,104

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(9,597,179)
(7,192,231)

Net current liabilities
  
 
 
(623,065)
 
 
(234,127)

Total assets less current liabilities
  
2,546,477
2,620,305

Creditors: amounts falling due after more than one year
 20 
(727,992)
(756,627)

Provisions for liabilities
  

Deferred taxation
 21 
(421,328)
(397,083)

  
 
 
(421,328)
 
 
(397,083)

Net assets
  
1,397,157
1,466,595


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Profit and loss account
  
1,396,157
1,465,595

  
1,397,157
1,466,595


Page 11

 
XDR REGENT LIMITED
REGISTERED NUMBER: 12392237
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr D W Prince
Director

Date: 29 October 2024

The notes on pages 19 to 36 form part of these financial statements.

Page 12

 
XDR REGENT LIMITED
REGISTERED NUMBER: 12392237

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
2,147,361
2,147,361

  
2,147,361
2,147,361

  

Creditors: amounts falling due within one year
 19 
(2,139,204)
(2,139,204)

Net current liabilities
  
 
 
(2,139,204)
 
 
(2,139,204)

Total assets less current liabilities
  
8,157
8,157

  

  

Net assets
  
8,157
8,157


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Profit and loss account carried forward
  
7,157
7,157

  
8,157
8,157


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mr D W Prince
Director

Date: 29 October 2024

The notes on pages 19 to 36 form part of these financial statements.

Page 13

 
XDR REGENT LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 July 2022
1,000
1,161,084
1,162,084
1,162,084


Comprehensive income for the year

Profit for the year
-
804,511
804,511
804,511

Dividends: Equity capital
-
(500,000)
(500,000)
(500,000)



At 1 July 2023
1,000
1,465,595
1,466,595
1,466,595


Comprehensive income for the year

Profit for the year
-
430,562
430,562
430,562

Dividends: Equity capital
-
(500,000)
(500,000)
(500,000)


At 30 June 2024
1,000
1,396,157
1,397,157
1,397,157


The notes on pages 19 to 36 form part of these financial statements.

Profit and loss account
Includes all current and prior period retained profits and losses. All amounts are distributable.

Page 14

 
XDR REGENT LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
1,000
(2,843)
(1,843)


Comprehensive income for the year

Profit for the year
-
510,000
510,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(500,000)
(500,000)



At 1 July 2023
1,000
7,157
8,157


Comprehensive income for the year

Profit for the year
-
500,000
500,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(500,000)
(500,000)


At 30 June 2024
1,000
7,157
8,157


The notes on pages 19 to 36 form part of these financial statements.

Profit and loss account
Includes all current and prior period retained profits and losses. All amounts are distributable.

Page 15

 
XDR REGENT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
430,562
804,511

Adjustments for:

Amortisation of intangible assets
122,912
122,912

Depreciation of tangible assets
305,352
252,744

Loss on disposal of tangible assets
2,367
4,068

Interest paid
269,806
169,396

Interest received
(1,103)
-

Taxation charge
194,236
356,683

Decrease in stocks
82,942
245,112

(Increase)/decrease in debtors
(1,756,325)
948,159

Increase/(decrease) in creditors
826,328
(626,399)

Corporation tax paid
(261,747)
(159,270)

Net cash generated from operating activities

215,330
2,117,916


Cash flows from investing activities

Purchase of tangible fixed assets
(747,741)
(142,646)

Sale of tangible fixed assets
2,000
95,221

Interest received
1,103
-

HP interest paid
(42,334)
(25,649)

Net cash from investing activities

(786,972)
(73,074)
Page 16

 
XDR REGENT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(59,406)
(59,043)

Net cash on other borrowings
1,559,348
(881,887)

New/repayment of finance leases
141,799
(380,816)

Dividends paid
(500,000)
(500,000)

Interest paid
(227,472)
(143,747)

Net cash used in financing activities
914,269
(1,965,493)

Net increase in cash and cash equivalents
342,627
79,349

Cash and cash equivalents at beginning of year
285,953
206,604

Cash and cash equivalents at the end of year
628,580
285,953


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
628,580
285,953

628,580
285,953


The notes on pages 19 to 36 form part of these financial statements.

Page 17

 
XDR REGENT LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
New finance leases
At 30 June 2024
£

£

£

£

Cash at bank and in hand

285,953

342,627

-

628,580

Debt due after 1 year

(258,753)

60,698

-

(198,055)

Debt due within 1 year

(1,275,880)

(1,560,640)

-

(2,836,520)

Hire purchase

(790,615)

292,741

(434,540)

(932,414)


(2,039,295)
(864,574)
(434,540)
(3,338,409)

The notes on pages 19 to 36 form part of these financial statements.

Page 18

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The entity is a private company limited by shares, incorporated in England and Wales. The registered office is 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

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

The functional and presentational currency of the entity is British Pound Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

 
2.3

Going concern

After reviewing the Group's forecasts, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Based on the continued profitability, working capital and available finance, the directors consider the Group has the ability to continue as a going concern for the next 12 months and have not identified any material uncertainty in relation to going concern. The financial statements are therefore prepared on a going concern basis.

Page 19

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Leased assets: the Group as lessee

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

 
2.6

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

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

 
2.8

Borrowing costs

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.

Page 20

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 21

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance and 25% straight line
Motor vehicles
-
15-25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

Page 22

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the the Consolidated Statement of Comprehensive Income.

 
2.15

Debtors

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

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

 
2.17

Creditors

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

 
2.18

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 

Page 23

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Consolidated Balance Sheet when there is an 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.

 
2.19

Dividends

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

Page 24

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will be definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
i) Useful economic life of goodwill
The annual amortisation charge for goodwill is sensitive to changes in the estimated useful economic life of the goodwill. The useful economic life is reassessed annually. Where an indication of impairment is identified, the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. There were no indications of impairment in the year.
ii) Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisations and the physical condition of the assets. See note 14 for the carrying amount of the tangible fixed assets and note 2.12 for the useful economic lives for each class of assets.
(ii) Impairment of debtors
Judgement is required when determining if there is any impairment to the trade and other debtor balances. Trade and other debtors are reviewed for impairment if they are past due and not repaid within the terms of the contract. A provision for impairment will be made if, following the review of the balances, the Group considers it unlikely that any balance will be recovered.

Page 25

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

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


2024
2023
£
£

Fuel and oil
88,691,900
73,156,648

Surcharges
64,378
78,857

88,756,278
73,235,505


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
88,756,278
73,235,505

88,756,278
73,235,505



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
305,352
252,744

Amortisation of goodwill
122,912
122,912

Loss on disposal of tangible fixed assets
2,367
4,068

Page 26

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
4,750
4,500


Fees payable to the Group's auditor and its associates in respect of:

2024
2023
£
£



Audit of subsidiaries
15,000
14,000

All other services
7,350
5,244

22,350
19,244


7.


Employees

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


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


Wages and salaries
1,147,839
917,318
-
-

Social security costs
134,054
107,802
-
-

Cost of defined contribution scheme
31,966
84,225
-
-

1,313,859
1,109,345
-
-


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



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









Transport
14
12
-
-



Sales
3
6
-
-



Administration
11
5
2
2

28
23
2
2

Page 27

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
69,770
55,308

69,770
55,308


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,103
-

1,103
-


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
227,271
143,747

Finance leases and hire purchase contracts
42,334
25,649

Other interest payable
201
-

269,806
169,396

Page 28

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
169,991
243,829


169,991
243,829


Total current tax
169,991
243,829

Deferred tax


Origination and reversal of timing differences
24,245
112,854

Total deferred tax
24,245
112,854


Tax on profit
194,236
356,683

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
624,798
1,161,194


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
156,200
290,299

Effects of:


Non-tax deductible amortisation of goodwill and impairment
30,728
30,728

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,569
10,985

Capital allowances in excess of depreciation
(27,362)
(33,055)

Adjustment for change in UK tax rate leading to a decrease in the tax charge
-
(53,738)

Changes in provisions leading to a decrease in the tax charge
475
(414)

Other timing differences leading to an increase / (decrease) in the tax charge
26,626
111,878

Total tax charge for the year
194,236
356,683

Page 29

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

From 1 April 2023, the Corporation tax main rate increased to 25% for profits over £250,000. A small profits rate was also introduced for profits of £50,000 or less, charging Corporation tax at 19%. Profits between £50,000 and £250,000 will be taxed at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation tax rate. 


12.


Dividends

2024
2023
£
£


Dividends paid
500,000
500,000

500,000
500,000


13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 July 2023
1,229,120



At 30 June 2024

1,229,120



Amortisation


At 1 July 2023
409,707


Charge for the year on owned assets
122,912



At 30 June 2024

532,619



Net book value



At 30 June 2024
696,501



At 30 June 2023
819,413



Page 30

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 July 2023
461,788
174,624
1,800,545
2,436,957


Additions
121,229
14,932
611,580
747,741


Disposals
-
-
(10,499)
(10,499)



At 30 June 2024

583,017
189,556
2,401,626
3,174,199



Depreciation


At 1 July 2023
15,099
60,255
326,584
401,938


Charge for the year on owned assets
7,159
35,202
262,991
305,352


Disposals
-
-
(6,132)
(6,132)



At 30 June 2024

22,258
95,457
583,443
701,158



Net book value



At 30 June 2024
560,759
94,099
1,818,183
2,473,041



At 30 June 2023
446,689
114,369
1,473,961
2,035,019

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


2024
2023
£
£



Motor vehicles
1,684,345
1,323,503

1,684,345
1,323,503

Page 31

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
2,147,361



At 30 June 2024
2,147,361





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Prince Petroleum Limited
The Broughton Lodge Oil Depot, Station Road, Upper Broughton, Melton Mowbray, England, LE14 3BH
Supplying fuel & oil to commercial and domestic customers
Ordinary
100%






Page 32

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
61,577
144,519

61,577
144,519



17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
7,613,299
5,982,541

Other debtors
486,321
417,820

Prepayments and accrued income
184,337
127,271

8,283,957
6,527,632



18.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
628,580
285,953

628,580
285,953


Page 33

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Creditors: Amounts falling due within one year

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

Bank loans
73,242
71,950
-
-

Other loans
2,763,278
1,203,930
-
-

Trade creditors
5,944,497
5,058,944
-
-

Amounts owed to group undertakings
-
-
2,139,204
2,139,204

Corporation tax
169,404
244,324
-
-

Other taxation and social security
45,708
55,791
-
-

Obligations under finance lease and hire purchase contracts
402,477
292,741
-
-

Other creditors
3,951
20,787
-
-

Accruals and deferred income
194,622
243,764
-
-

9,597,179
7,192,231
2,139,204
2,139,204


The bank loans are secured on the freehold property of the Group and its associated assets by legal charge.
Obligations under hire purchase contracts are secured on the assets to which they relate.
Included in other loans is a liability of £2,763,278 (2023 - 1,203,930) regarding RBS Invoice Financing. This facility is secured by floating charge over the assets of the Group.


20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
198,055
258,753

Obligations under finance leases and hire purchase contracts
529,937
497,874

727,992
756,627


The bank loans are secured on the freehold property of the Group and its associated assets by legal charge.
Obligations under hire purchase contracts are secured on the assets to which they relate.

Page 34

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Deferred taxation


Group



2024


£






At beginning of year
(397,083)


Charged to the Consolidated Statement of Comprehensive Income
(24,245)



At end of year
(421,328)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
421,328
397,083

421,328
397,083


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



900 (2023 - 900) A Ordinary shares of £1.00 each
900
900
100 (2023 - 100) C Ordinary shares of £1.00 each
100
100

1,000

1,000

Each class of Ordinary share has equal voting and distribution rights, including repayment of capital in the event of winding up.


Page 35

 
XDR REGENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Capital commitments




At 30 June 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£
£

Contracted for but not provided in these financial statements
912,800
453,200

912,800
453,200


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £3,951 (2023 - £Nil) were payable to the fund at the reporting date.


25.


Transactions with directors

At the year end, the directors owed the Group £447,423 (2023 - £359,353) in the form of a director's loan account. All amounts are interest free and repayable on demand.


26.


Related party transactions

The Company has taken advantage of the exemption available under FRS102 33.1A to not disclose transactions with wholly owned subsidiaries of the Group.
Total key management personnel remuneration for the year was £287,124 (2023 - £262,665).


27.


Ultimate controlling party

The ultimate controlling party is Mr David William Prince by virtue of his majority shareholding in the Group.

Page 36