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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
4 |
Independent auditor's report to the members |
6 |
Consolidated statement of comprehensive income |
10 |
Consolidated balance sheet |
11 |
Balance sheet |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 |
|
Officers and Professional Advisers |
Director |
|
Registered office |
|
|
|
|
|
|
|
|
|
Auditor |
|
Chartered accountants & statutory auditor |
|
384 Linthorpe Road |
|
Middlesbrough |
|
TS5 6HA |
|
Bankers |
|
83-85 Linthorpe Road |
|
Middlesbrough |
|
TS1 5BU |
|
Solicitors |
|
17 Falcon Court |
|
Preston Farm Industrial Estate |
|
Stockton-on-Tees |
|
TS18 3TU |
|
|
Strategic Report |
2024 | 2023 | ||
Gross profit margin (%) | 25 | 29 | |
Net profit margin (%) | 4 | 3 | |
Current ratio | 1 | 1 | |
|
|
Director |
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Registered office: |
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Director's Report |
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(Resigned
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Director |
|
Registered office: |
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Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
384 Linthorpe Road |
Middlesbrough |
TS5 6HA |
|
Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
(
|
(
|
------------- |
------------- |
|
Gross profit |
|
|
Distribution costs |
(
|
(
|
|
Administrative expenses |
(
|
(
|
|
Rental and other operating income |
5 |
|
|
------------- |
------------- |
||
Operating profit |
6 |
|
|
Other interest receivable and similar income |
10 |
|
– |
Interest payable and similar expenses |
11 |
(
|
(
|
------------- |
------------- |
||
Profit before taxation |
|
|
|
Tax on profit |
12 |
(
|
(
|
------------ |
------------ |
||
Profit for the financial year |
|
|
|
------------ |
------------ |
||
Revaluation of tangible assets |
(
|
|
Tax relating to components of other comprehensive income |
(
|
(
|
--------- |
------------ |
|
Other comprehensive income for the year |
(
|
|
------------ |
------------ |
|
Total comprehensive income for the year |
|
|
------------ |
------------ |
|
|
Consolidated Balance Sheet |
2024 |
2023 |
|
Note |
£ |
£ |
Intangible assets |
14 |
|
|
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
------------- |
------------- |
||
|
|
||
Stocks |
17 |
|
|
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
------------- |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
19 |
(
|
(
|
------------- |
------------- |
||
Net current assets |
|
|
|
------------- |
------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
(
|
(
|
Provisions |
22 |
(
|
(
|
------------- |
------------- |
||
Net assets |
|
|
|
------------- |
------------- |
||
Called up share capital |
26 |
|
|
Revaluation reserve |
27 |
|
|
Merger reserve |
27 |
3,695,005 |
3,695,005 |
Profit and loss account |
27 |
|
|
------------- |
------------- |
||
Shareholders funds |
|
|
|
------------- |
------------- |
||
|
|
Director |
|
|
Balance Sheet |
2024 |
2023 |
|
Note |
£ |
£ |
Investments |
16 |
|
|
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
------------ |
--------- |
||
|
|
||
Creditors: amounts falling due within one year |
19 |
(
|
(
|
------------ |
--------- |
||
Net current assets/(liabilities) |
|
(
|
|
------------ |
--------- |
||
Total assets less current liabilities |
|
|
|
------------ |
--------- |
||
Net assets |
|
|
|
------------ |
--------- |
||
Called up share capital |
26 |
|
|
Profit and loss account |
27 |
|
|
------------ |
--------- |
||
Shareholders funds |
|
|
|
------------ |
--------- |
||
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Director |
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|
Consolidated Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Merger reserve |
Profit and loss account |
Total |
|||
Note |
£ |
£ |
£ |
£ |
£ |
||
At 1 April 2022 |
|
|
3,695,005 |
|
|
||
Profit for the year |
|
|
|||||
Other comprehensive income for the year: |
|||||||
Revaluation of tangible assets |
15 |
– |
|
– |
– |
|
|
Tax relating to components of other comprehensive income |
12 |
– |
(
|
– |
– |
(
|
|
---- |
------------ |
------------ |
------------ |
------------- |
|||
Total comprehensive income for the year |
– |
|
– |
|
|
||
Dividends paid and payable |
13 |
– |
– |
– |
(
|
(
|
|
---- |
------------ |
------------ |
------------ |
------------- |
|||
Total investments by and distributions to owners |
– |
– |
– |
(
|
(
|
||
At 31 March 2023 |
|
|
3,695,005 |
|
|
||
Profit for the year |
|
|
|||||
Other comprehensive income for the year: |
|||||||
Revaluation of tangible assets |
15 |
– |
(
|
– |
– |
(
|
|
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
– |
|
– |
||
Tax relating to components of other comprehensive income |
12 |
– |
(
|
– |
– |
(
|
|
---- |
------------ |
------------ |
------------ |
------------- |
|||
Total comprehensive income for the year |
– |
(
|
– |
|
|
||
Subsidiary net asset position acquired |
– |
– |
– |
1,191 |
1,191 |
||
---- |
---- |
---- |
------- |
------- |
|||
Total investments by and distributions to owners |
– |
– |
– |
|
|
||
---- |
------------ |
------------ |
------------ |
------------- |
|||
At 31 March 2024 |
|
|
3,695,005 |
|
|
||
---- |
------------ |
------------ |
------------ |
------------- |
|||
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 April 2022 |
|
(
|
(
|
|
Profit for the year |
|
|
||
---- |
--------- |
--------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 31 March 2023 |
|
|
|
|
Profit for the year |
|
|
||
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
---- |
------------ |
------------ |
||
At 31 March 2024 |
|
|
|
|
---- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Government grant income |
(
|
(
|
Other interest receivable and similar income |
(
|
– |
Interest payable and similar expenses |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Gains on disposal of investment property |
(
|
– |
Tax on profit |
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
(
|
|
Trade and other debtors |
|
(
|
Trade and other creditors |
|
(
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
– |
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Acquisition of subsidiaries |
|
– |
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from borrowings |
(
|
|
Government grant income |
|
|
Payments of finance lease liabilities |
|
|
Dividends paid |
– |
(
|
------------ |
------------ |
|
Net cash (used in)/from financing activities |
(
|
|
------------ |
------------ |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
6,582,684 |
3,661,484 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
Straight line over 5 years |
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Government grant income |
|
|
Other operating income |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Gains on disposal of investment property |
(
|
– |
Impairment of trade debtors |
37,485 |
60,492 |
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Administrative staff |
|
|
Management staff |
2 |
2 |
Other employees |
97 |
88 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
– |
-------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest on overdue taxation |
507 |
– |
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax income |
|
|
Origination and reversal of timing differences |
(
|
|
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Effect of expenses not deductible for tax purposes |
(
|
|
Effect of capital allowances and depreciation |
|
|
Utilisation of tax losses |
– |
(
|
Deferred tax movement |
(8,209) |
32,026 |
Fair value movement not allowable |
195,031 |
– |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
– |
|
---- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
--------- |
|
Amortisation |
|
At 1 April 2023 |
|
Charge for the year |
|
--------- |
|
At 31 March 2024 |
|
--------- |
|
Carrying amount |
|
At 31 March 2024 |
|
--------- |
|
At 31 March 2023 |
|
--------- |
|
Group |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Investment property |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 April 2023 |
|
|
|
19,418,104 |
|
Additions |
|
|
|
1,141,739 |
|
Disposals |
(
|
– |
(
|
(
204,900) |
(
|
Acquisitions through business combinations |
– |
– |
– |
62,836 |
|
Revaluations |
– |
– |
– |
(
24,063) |
(
|
--------- |
--------- |
------------ |
------------- |
------------- |
|
At 31 March 2024 |
|
|
|
20,393,716 |
|
--------- |
--------- |
------------ |
------------- |
------------- |
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
– |
|
Charge for the year |
|
|
|
– |
|
Disposals |
– |
– |
(
|
– |
(
|
--------- |
--------- |
------------ |
------------- |
------------- |
|
At 31 March 2024 |
|
|
|
– |
|
--------- |
--------- |
------------ |
------------- |
------------- |
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
20,393,716 |
|
--------- |
--------- |
------------ |
------------- |
------------- |
|
At 31 March 2023 |
|
|
|
19,418,104 |
|
--------- |
--------- |
------------ |
------------- |
------------- |
|
Group |
Investment property |
£ |
|
At 31 March 2024 |
|
Aggregate cost |
8,663,645 |
Aggregate depreciation |
– |
------------ |
|
Carrying value |
8,663,645 |
------------ |
|
At 31 March 2023 |
|
Aggregate cost |
7,669,683 |
Aggregate depreciation |
– |
------------ |
|
Carrying value |
7,669,683 |
------------ |
|
Group |
Motor vehicles |
£ |
|
At 31 March 2024 |
|
--------- |
|
At 31 March 2023 |
|
--------- |
|
Group |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
---- |
|
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
---- |
|
Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
|
---- |
|
At 31 March 2023 |
|
---- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
--------- |
|
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
--------- |
|
Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
|
--------- |
|
At 31 March 2023 |
|
--------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Other significant holdings |
||
Methodist House Living Limited |
Ordinary |
50 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Finished goods and goods for resale |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by undertakings in which the company has a participating interest |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
|
– |
------------ |
------------ |
------------ |
--------- |
|
|
|
|
|
|
------------ |
------------ |
------------ |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Director loan accounts |
|
|
– |
|
Amounts due to Magnum Properties (NE) Limited |
283,076 |
303,076 |
– |
– |
Other creditors |
|
|
|
|
------------- |
------------- |
--------- |
--------- |
|
|
|
|
|
|
------------- |
------------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Accruals and deferred income |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 April 2023 |
|
Additions |
|
Unused amounts reversed |
(
|
------------ |
|
At 31 March 2024 |
|
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Revaluation of tangible assets |
|
|
– |
– |
Fair value adjustment of investment property |
|
– |
– |
– |
------------ |
------------ |
---- |
---- |
|
2,645,582 |
2,305,313 |
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Deferred government grants due after more than one year |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Government grants released to profit or loss |
|
|
– |
– |
------- |
------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(720,438) |
|
Debt due within one year |
(8,237,458) |
7,000,086 |
(1,237,372) |
Debt due after one year |
(5,137,684) |
47,174 |
(5,090,510) |
------------ |
------------ |
------------ |
|
(
|
|
(
|
|
------------ |
------------ |
------------ |
|
|
Notes to the Financial Statements (continued) |