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Registered number: 13062750










COOMERS GROUP HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
COOMERS GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
G B Coomer 




Registered number
13062750



Registered office
3-5 Woolmer Way

Bordon

Hampshire

GU35 9QE




Independent auditors
Shaw Gibbs (Audit) Limited
Statutory Auditors

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
COOMERS GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11 - 12
Company Statement of Financial Position
 
13
Consolidated Statement of Changes in Equity
 
14 - 15
Company Statement of Changes in Equity
 
16 - 17
Consolidated Statement of Cash Flows
 
18 - 19
Consolidated Analysis of Net Debt
 
20
Notes to the Financial Statements
 
21 - 40


 
COOMERS GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

 
Trading since 1956, Coomers continues to serve the full spectrum of professional trades, along with local businesses and the general public, with a broad offer of timber and building materials, and home improvement products.  The business evolves each year, with new ranges and services introduced on a regular basis, but the focus on outstanding customer service, quality products and good value is a constant.

 
It is fair to say that the business is operating in challenging times.  Product availability has generally improved over the past 12 months, but supplier pricing is less settled than in the past, and the price of core ranges both increases and decreases fairly quickly, making it difficult to maintain consistency in selling out rates.  The flat market has also resulted in strong competition for business locally, leading to a squeeze on trading margins.  Relatively high interest rates and a general lack of willingness from consumers to spend on significant projects has led to a tough trading environment, with merchants all battling to secure their share of the shrinking market.
 
As a result, overall turnover in Coomers Ltd fell on the previous year by 2%, gross trading margin was eroded by over 3% and customer footfall was down by over 2%.  Though disappointing in some respects, the business is reliant on a strong economy and consumer confidence, so this is felt to be a reasonable performance given the general downturn in the builders merchant market.  Coomers Group Holdings turnover remained level, year on year.

 
The Directors and Management continue to remain very proactive in looking for new revenue streams, managing overheads carefully and investing in the future.  Both the Bordon and Alton branches have re-branded Studio kitchen and bathroom showrooms, with new tile showrooms recently introduced.  The business is also now own-branding a handful of products and this will be rolled out further if the early successes are repeated.  The recently installed solar panels are reducing electric costs, and the business continues to transition to electric-powered forklift trucks which brings both cost and environmental benefits.  Branch refurbishment continues, with upgrades undertaken at all 3 branches over the past 12 months, including a raft of new signage.

 
The online trading side of the business is performing well, with sales up by over 2% on the previous year, and customer numbers up by almost 7%.  New products are being added every month, and a lot of work is going into refining and improving the customer experience online.

 
All in all, therefore, the business remains financially strong in spite of the current challenges.  Investment and improvement is ongoing, and the business is well-placed to take advantage of an upturn in the market, when the time comes.

Page 1

 
COOMERS GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


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







G B Coomer
Director
Date: 16 October 2024

Page 2

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The director presents his report and the financial statements for the year ended 31 January 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £900,693 (2023 - £812,002).

The group paid £89,556 (2023: £97,899) of dividends to its shareholders.

Director

The director who served during the year was:

G B Coomer 

Matters covered in the Group Strategic Report

The principal risks and uncertainties and future developments are covered in the Strategic report.

Page 3

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 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 auditors are aware of that information.

Post balance sheet events

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

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







G B Coomer
Director

Date: 16 October 2024

Page 4

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOMERS GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Coomers Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and 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 31 January 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 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOMERS GROUP HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The director is responsible for the other information contained within the Annual Report.  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. 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 Director's 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 Director's 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 Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOMERS GROUP HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOMERS GROUP HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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:

We gained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, and considered the risk of acts by the Group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and inspection of legal correspondence.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. This included an assessment of judgemental areas, for example stock and dilapidation provisions. 
We did not identify any key audit matters relating to irregularities, including fraud. 


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 Auditors' Report.


Page 8

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOMERS GROUP HOLDINGS LIMITED (CONTINUED)


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 Auditors' 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.







Stephen South (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditors
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

23 October 2024
Page 9

 
COOMERS GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,125,574
15,432,956

Cost of sales
  
(11,250,786)
(11,374,281)

Gross profit
  
3,874,788
4,058,675

Administrative expenses
  
(1,690,716)
(1,582,863)

Other operating income
 5 
10,339
11,587

Fair value movements
  
108,479
(325,052)

Operating profit
  
2,302,890
2,162,347

Interest receivable and similar income
 10 
57,739
11,502

Interest payable and similar expenses
 11 
(428,389)
(462,773)

Profit before taxation
  
1,932,240
1,711,076

Tax on profit
 12 
(538,217)
(492,666)

Profit for the financial year
  
1,394,023
1,218,410

  

Unrealised surplus/(loss) on revaluation of tangible fixed assets
  
84,985
(51,774)

Other comprehensive income for the year
  
84,985
(51,774)

Total comprehensive income for the year
  
1,479,008
1,166,636

Profit for the year attributable to:
  

Non-controlling interests
  
464,983
406,406

Controlling interests
  
929,040
812,004

  
1,394,023
1,218,410

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
493,330
389,137

Controlling interests
  
985,678
777,499

  
1,479,008
1,166,636

The notes on pages 21 to 40 form part of these financial statements.

Page 10

 
COOMERS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13062750

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
622,101
700,757

Tangible assets
 15 
9,662,097
9,298,274

Investments
 16 
1,300
1,300

  
10,285,498
10,000,331

Current assets
  

Stocks
 17 
1,668,463
1,794,222

Debtors: amounts falling due within one year
 18 
1,598,765
1,481,287

Cash at bank and in hand
 19 
2,028,866
1,766,534

  
5,296,094
5,042,043

Creditors: amounts falling due within one year
 20 
(2,636,440)
(2,528,726)

Net current assets
  
 
 
2,659,654
 
 
2,513,317

Total assets less current liabilities
  
12,945,152
12,513,648

Creditors: amounts falling due after more than one year
 21 
(7,526,534)
(8,273,155)

Provisions for liabilities
  

Deferred taxation
 23 
(321,188)
(257,511)

  
 
 
(321,188)
 
 
(257,511)

Net assets
  
5,097,430
3,982,982


Capital and reserves
  

Called up share capital 
 24 
100
100

Revaluation reserve
 25 
58,154
1,516

Profit and loss account
 25 
2,959,477
2,119,997

Equity attributable to Controlling interests
  
3,017,731
2,121,613

Non-controlling interests
  
2,079,699
1,861,369

  
5,097,430
3,982,982


Page 11

 
COOMERS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13062750
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

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






G B Coomer
Director

Date: 16 October 2024

The notes on pages 21 to 40 form part of these financial statements.

Page 12

 
COOMERS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13062750

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
4,543,289
4,543,289

  
4,543,289
4,543,289

Current assets
  

Debtors: amounts falling due after more than one year
 18 
3,434,593
3,396,502

Cash at bank and in hand
 19 
7,121
7,770

  
3,441,714
3,404,272

Creditors: amounts falling due within one year
 20 
(6,050,717)
(6,023,976)

Net current liabilities
  
 
 
(2,609,003)
 
 
(2,619,704)

Total assets less current liabilities
  
1,934,286
1,923,585

  

Creditors: amounts falling due after more than one year
 21 
-
(690,000)

  

Net assets
  
1,934,286
1,233,585


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account
 25 
1,934,186
1,233,485

  
1,934,286
1,233,585


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






G B Coomer
Director

Date: 16 October 2024

The notes on pages 21 to 40 form part of these financial statements.

Page 13

 

 
COOMERS GROUP HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024



Called up share capital
Freehold revaluation reserve
Profit and loss account
Equity attributable to Controlling interests
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 February 2023 (restated)
100
1,516
2,119,997
2,121,613
1,861,369
3,982,982



Comprehensive income for the year


Profit for the year

-
-
929,040
929,040
464,983
1,394,023


Surplus on revaluation of freehold property
-
56,638
-
56,638
28,347
84,985



Other comprehensive income for the year
-
56,638
-
56,638
28,347
84,985



Total comprehensive income for the year
-
56,638
929,040
985,678
493,330
1,479,008



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(89,560)
(89,560)
(275,000)
(364,560)



Total transactions with owners
-
-
(89,560)
(89,560)
(275,000)
(364,560)



At 31 January 2024
100
58,154
2,959,477
3,017,731
2,079,699
5,097,430



The notes on pages 21 to 40 form part of these financial statements.

Page 14

 

 
COOMERS GROUP HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023



Called up share capital
Freehold revaluation reserve
Profit and loss account
Equity attributable to Controlling interests
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 February 2022 (restated)
100
36,021
1,405,892
1,442,013
1,922,232
3,364,245



Comprehensive income for the year


Profit for the year

-
-
812,004
812,004
406,406
1,218,410


Deficit on revaluation of freehold property
-
(34,505)
-
(34,505)
(17,269)
(51,774)



Other comprehensive income for the year
-
(34,505)
-
(34,505)
(17,269)
(51,774)



Total comprehensive income for the year
-
(34,505)
812,004
777,499
389,137
1,166,636



Contributions by and distributions to owners


Dividends: Equity capital (restated)
-
-
(97,899)
(97,899)
(450,000)
(547,899)



Total transactions with owners
-
-
(97,899)
(97,899)
(450,000)
(547,899)



At 31 January 2023
100
1,516
2,119,997
2,121,613
1,861,369
3,982,982



The notes on pages 21 to 40 form part of these financial statements.

Page 15

 
COOMERS GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2023
100
1,233,485
1,233,585


Comprehensive income for the year

Profit for the year
-
790,261
790,261
Total comprehensive income for the year
-
790,261
790,261


Contributions by and distributions to owners

Dividends: Equity capital
-
(89,560)
(89,560)


Total transactions with owners
-
(89,560)
(89,560)


At 31 January 2024
100
1,934,186
1,934,286


The notes on pages 21 to 40 form part of these financial statements.

Page 16

 
COOMERS GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2022
100
1,130,577
1,130,677


Comprehensive income for the year

Profit for the year
-
200,807
200,807
Total comprehensive income for the year
-
200,807
200,807


Contributions by and distributions to owners

Dividends: Equity capital
-
(97,899)
(97,899)


Total transactions with owners
-
(97,899)
(97,899)


At 31 January 2023
100
1,233,485
1,233,585


The notes on pages 21 to 40 form part of these financial statements.

Page 17

 
COOMERS GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,394,023
1,218,410

Adjustments for:

Amortisation of intangible assets
78,656
78,656

Depreciation of tangible assets
260,836
202,398

Loss on disposal of tangible assets
(3,270)
(5,490)

Government grants
-
(1,098)

Interest paid
428,389
462,773

Interest received
(57,739)
(11,502)

Taxation charge
538,217
492,666

Decrease/(increase) in stocks
125,759
(190,715)

(Increase) in debtors
(117,478)
(37,825)

Increase/(decrease) in creditors
92,715
(36,750)

Net fair value (gains)/losses recognised in P&L
(108,479)
325,052

Corporation tax (paid)
(451,260)
(582,074)

Net cash generated from operating activities

2,180,369
1,914,501


Cash flows from investing activities

Purchase of tangible fixed assets
(477,926)
(371,992)

Sale of tangible fixed assets
50,000
52,999

Sale of trade investments
-
12,487

Government grants received
-
1,098

Interest received
57,739
11,502

Net cash from investing activities

(370,187)
(293,906)

Cash flows from financing activities

Repayment of secured loans
(130,554)
(250,908)

Repayment of other loans
(700,000)
(700,000)

Interest paid
(428,389)
(338,820)

Dividends paid
(364,560)
(547,899)

Issue of preference shares
75,653
67,772

Net cash used in financing activities
(1,547,850)
(1,769,855)

Net increase/(decrease) in cash and cash equivalents
262,332
(149,260)

Cash and cash equivalents at beginning of year
1,766,534
1,915,794

Cash and cash equivalents at the end of year
2,028,866
1,766,534

Page 18

 
COOMERS GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,028,866
1,766,534

2,028,866
1,766,534


The notes on pages 21 to 40 form part of these financial statements.

Page 19

 
COOMERS GROUP HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

1,766,534

262,332

2,028,866

Debt due after 1 year

(1,465,275)

132,270

(1,333,005)

Debt due within 1 year

(829,438)

698,284

(131,154)


(528,179)
1,092,886
564,707

The notes on pages 21 to 40 form part of these financial statements.

Page 20

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Coomers Group Holdings Limited (registered number 13062750) is a private company limited by shares. It was incorporated on 4 December 2020 in England & Wales. 
The registered address of the company is 3-5 Woolmer Way, Bordon, Hampshire, GU35 9QE.

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 financial statements are presented in GBP to whole £s.

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 Statement of Financial Position, 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.

Page 21

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. 
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

Page 22

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 reporting 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 reporting date.

Page 23

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

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.

Other intangible assets

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.

 
2.11

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Held at residual value
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Computer equipment
-
20% reducing balance / 20% straight line

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 profit or loss.

Page 24

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
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 reporting 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.

 
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 reporting 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 profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, 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 of not more than 24 hours. 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.

Page 25

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 26

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


 
2.20

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision or future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Valuation of freehold property:
The directors are aware of movements in commercial property values and compare the carrying value against market data to ensure the carrying value is not materially different from the fair value at the year end.  
Valuation of preference shares:
The market value of the redeemable preference shares is dependent upon estimated future cashflows which are based upon the market value of the freehold properties.  The directors have estimated the change in market value over the anticipated redemption period and calculated the net present value of future cashflows using an estimated discount factor based upon current economic conditions.  The market value of these preference shares and underlying estimates will be assessed annually. 

Page 27

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

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


2024
2023
£
£

Trading in building materials
15,125,574
15,432,956


2024
2023
£
£

United Kingdom
15,125,574
15,432,956


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
10,339
10,489

Government grants receivable
-
1,098

10,339
11,587



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
260,836
202,399

Amortisation
78,656
78,656

Surplus/(loss) on revaluation of tangible fixed assets
84,985
(51,774)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
12,627
18,635

Page 28

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,083,948
2,122,580

Social security costs
207,880
222,883

Cost of defined contribution scheme
96,785
93,776

2,388,613
2,439,239


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


        2024
        2023
            No.
            No.







All employees 
65
68


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
154,016
162,997

Group contributions to defined contribution pension schemes
23,720
22,101

177,736
185,098


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


10.


Interest receivable

2024
2023
£
£


Other interest receivable
57,739
11,502

Page 29

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
23,825
27,473

Other loan interest payable
63,254
96,480

Other interest payable
341,310
338,820

428,389
462,773


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
474,540
443,435


Deferred tax


Origination and reversal of timing differences
63,677
49,231


Taxation on profit on ordinary activities
538,217
492,666
Page 30

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,932,240
1,711,076


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
483,060
325,104

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,999
3,013

Capital allowances for year in excess of depreciation
18,811
34,655

Utilisation of tax losses
(3,652)
-

Changes in provisions leading to an increase (decrease) in the tax charge
(197)
(5)

Unrelieved tax losses carried forward
-
3,763

Unrealised gain on freehold property valuation
(27,120)
61,760

Preference shares dividends
85,327
64,376

Other differences leading to an increase (decrease) in the tax charge
(1,786)
-

Marginal relief
(19,225)
-

Total tax charge for the year
538,217
492,666


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Parent company profit for the year

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 profit after tax of the parent Company for the year was £790,261 (2023 - £200,807).

Page 31

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 February 2023
858,069



At 31 January 2024

858,069



Amortisation


At 1 February 2023
157,312


Charge for the year on owned assets
78,656



At 31 January 2024

235,968



Net book value



At 31 January 2024
622,101



At 31 January 2023
700,757


Goodwill was recognised on the acquisiton of Coomers Limited and its subsidiaries.




Page 32

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 February 2023
8,406,535
626,112
1,053,676
492,092
144,536


Additions
-
312,987
137,435
17,549
9,955


Disposals
-
(145,900)
(86,445)
(12,461)
(6,031)


Revaluations
193,464
-
-
-
-



At 31 January 2024

8,599,999
793,199
1,104,666
497,180
148,460



Depreciation


At 1 February 2023
-
431,869
530,387
369,453
92,969


Charge for the year on owned assets
-
65,081
153,397
26,784
15,574


Disposals
-
(111,505)
(76,749)
(10,558)
(5,295)



At 31 January 2024

-
385,445
607,035
385,679
103,248



Net book value



At 31 January 2024
8,599,999
407,754
497,631
111,501
45,212



At 31 January 2023
8,406,535
194,243
523,289
122,639
51,567
Page 33

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           15.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 February 2023
10,722,951


Additions
477,926


Disposals
(250,837)


Revaluations
193,464



At 31 January 2024

11,143,504



Depreciation


At 1 February 2023
1,424,678


Charge for the year on owned assets
260,836


Disposals
(204,107)



At 31 January 2024

1,481,407



Net book value



At 31 January 2024
9,662,097



At 31 January 2023
9,298,273

The freehold properties were revalued on 8 December 2023 by Vail Williams on an open market existing use basis and the properties are restated at that valuation. As at the year end the directors have reviewed the valuation of these properties and based upon current market conditions have adjusted the carrying value accordingly.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
9,172,823
9,172,823

Accumulated depreciation
(1,241,491)
(1,133,621)

Net book value
7,931,332
8,039,202

Page 34

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Fixed asset investments

Group





Trade investments

£





At 1 February 2023 and 31 January 2024
1,300






Net book value



At 31 January 2024
1,300



At 31 January 2023
1,300

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
4,543,289



At 31 January 2024
4,543,289






Net book value



At 31 January 2024
4,543,289



At 31 January 2023
4,543,289


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Coomers Limited
5 Woolmer Way, Bordon, Hampshire, GU35 9QE
Ordinary
66.6%

Page 35

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.


Stocks

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

Finished goods and goods for resale
1,668,463
1,794,222
-
-



18.


Debtors

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

Due after more than one year

Preference shares held
-
-
3,434,593
3,396,502

-
-
3,434,593
3,396,502


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

Due within one year

Trade debtors
1,193,510
955,809
-
-

Other debtors
362,999
445,464
-
-

Prepayments and accrued income
42,256
80,014
-
-

1,598,765
1,481,287
-
-



19.


Cash and cash equivalents

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

Cash at bank and in hand
2,028,866
1,766,534
7,121
7,770


Page 36

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


Creditors: Amounts falling due within one year

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

Bank loans
131,154
129,438
-
-

Other loans
690,000
700,000
690,000
700,000

Payments received on account
32,078
10,750
-
-

Trade creditors
1,216,240
1,190,175
-
-

Amounts owed to group undertakings
-
-
5,353,117
5,318,278

Corporation tax
185,132
161,851
-
-

Other taxation and social security
198,870
179,119
-
-

Other creditors
65,751
48,831
3,999
3,898

Accruals and deferred income
117,215
108,562
3,601
1,800

2,636,440
2,528,726
6,050,717
6,023,976



21.


Creditors: Amounts falling due after more than one year

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

Bank loans
643,004
775,278
-
-

Other loans
-
690,000
-
690,000

Preference shares classed as debt
6,883,530
6,807,877
-
-

7,526,534
8,273,155
-
690,000


Preference shares classed as debt:
During 2022, 4,518 preference shares of £1 were issued at nominal value.  Dividends are non-discretionary and are to be paid at 4.75% per annum of the market value of three properties owned by the company, after £100,000 has firstly been paid to the ordinary shareholders.  The preference shares are redeemable after 10 years at the issuer's discretion, with the redemption price being the market value of the three properties.  The preference shares have therefore been recognised as a liability at their fair value.  The difference between the transaction price and the fair value has been recognised as a distribution of reserves.  The fair value of the preference shares has been determined by the directors estimating change in market value over the anticipated redemption period and calculating the net present value of future cashflows using an estimated discount factor based upon current economic conditions. 
Secured creditors:
The bank loan is secured by the assets of the business.  £nil (2023 - £216,673) is due in more than 5 years, payable in installments.

Page 37

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
131,154
129,438
-
-

Other loans
690,000
700,000
690,000
700,000


821,154
829,438
690,000
700,000

Amounts falling due 1-2 years

Bank loans
643,005
558,602
-
-

Other loans
-
690,000
-
690,000


643,005
1,248,602
-
690,000


Amounts falling due after more than 5 years

Bank loans
-
216,673
-
-

-
216,673
-
-

1,464,159
2,294,713
690,000
1,390,000



23.


Deferred taxation


Group



2024


£






At beginning of year
(257,511)


Charged to profit or loss
(63,677)



At end of year
(321,188)

Page 38

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
23.Deferred taxation (continued)

Company


2024



Group
Group
2024
2023
£
£

Accelerated capital allowances
321,188
257,511


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary Share Capital shares of £1.00 each
100
100



25.


Reserves

Revaluation reserve

Includes cumulative unrealised gains recognised on the revaluation of freehold properties less deferred
tax thereon. This is a non-distributable reserve.

Profit and loss account

Includes cumulative profits and losses net of other adjustments.


26.


Capital commitments




At 31 January 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£
£

Motor vehicles
-
165,000



Page 39

 
COOMERS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

27.


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. The pension cost charge represents contributions payable by the Group to the fund and amounted to £166,543 (2023: £93,776). Contributions totalling £12,870 (2023: £12,870) were payable to the fund at the balance sheet date.


28.


Related party transactions

During the year Coomers Limited paid £605,000 (2023: £50,000) of dividends to Coomers Holdings Limited, and £275,000 (2023: £450,000) to shareholders that are non-controlling interests. Coomers Holdings Limited paid £89,556 (2023: £97,899) of dividends to its shareholders.
Coomers Limited has 4,518 preference shares in issue, of which 1,504 are held by Coomers Holdings Limited with the remaining 3,014 to non-controlling interests (NCI's).  On which Coomers Limited incurred a £511,965 (2023: £508,231) finance charge within the year, with £170,428 (2023: £169,410) in relation to Coomers Holdings Limited's proportionate ownership and £341,537 (2023: £338,821) to NCIs. At the year end Coomers Limited's liability to Coomers Holdings Limited was £3,434,807 (2023: £3,396,502) and to NCIs was £6,883,316 (2023: £6,807,877).
At the year end Coomers Group Holdings Limited owed Coomers Limited £5,353,117 (2023: £5,318,278).
Key management personnel is the director.


29.


Controlling party

At the time of the audit report, G Coomer is the ultimate controlling party. 

 
Page 40