REGISTERED NUMBER: SC090477 (Scotland) |
The Conon Group Limited |
Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31st March 2024 |
REGISTERED NUMBER: SC090477 (Scotland) |
The Conon Group Limited |
Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31st March 2024 |
The Conon Group Limited (Registered number: SC090477) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Consolidated Statement of Changes in Equity | 8 |
Company Statement of Changes in Equity | 9 |
Notes to the Consolidated Financial Statements | 10 |
The Conon Group Limited |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
The Conon Group Limited (Registered number: SC090477) |
Report of the Directors |
for the Year Ended 31st March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
The Conon Group Limited (Registered number: SC090477) |
Consolidated Income Statement |
for the Year Ended 31st March 2024 |
2024 | 2023 |
£ | £ | £ | £ |
TURNOVER | 5,908,170 | 4,762,181 |
Cost of sales | 4,440,738 | 3,560,961 |
GROSS PROFIT | 1,467,432 | 1,201,220 |
Distribution costs | 122,219 | 108,864 |
Administrative expenses | 680,255 | 554,807 |
802,474 | 663,671 |
OPERATING PROFIT | 664,958 | 537,549 |
Interest receivable and similar income | 128,859 | 80,390 |
793,817 | 617,939 |
Interest payable and similar expenses | - | 7 |
PROFIT BEFORE TAXATION | 793,817 | 617,932 |
Tax on profit | 199,206 | 157,366 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 594,611 | 460,566 |
The Conon Group Limited (Registered number: SC090477) |
Consolidated Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 | - | - |
Tangible assets | 6 | 4,100,875 | 3,168,253 |
Investments | 7 | - | - |
4,100,875 | 3,168,253 |
CURRENT ASSETS |
Stocks | 8 | 3,305,297 | 2,998,484 |
Debtors | 9 | 1,484,640 | 1,716,341 |
Cash at bank and in hand | 2,536,901 | 2,691,563 |
7,326,838 | 7,406,388 |
CREDITORS |
Amounts falling due within one year | 10 | 852,317 | 797,169 |
NET CURRENT ASSETS | 6,474,521 | 6,609,219 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,575,396 |
9,777,472 |
PROVISIONS FOR LIABILITIES | 840,191 | 636,878 |
NET ASSETS | 9,735,205 | 9,140,594 |
The Conon Group Limited (Registered number: SC090477) |
Consolidated Balance Sheet - continued |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 | 120 | 120 |
Share premium | 12 | 856,980 | 856,980 |
Retained earnings | 12 | 8,878,105 | 8,283,494 |
SHAREHOLDERS' FUNDS | 9,735,205 | 9,140,594 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 12th November 2024 and were signed on its behalf by: |
A G P Whitfield - Director |
The Conon Group Limited (Registered number: SC090477) |
Company Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
The Conon Group Limited (Registered number: SC090477) |
Company Balance Sheet - continued |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 4,409 | 2,145 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Conon Group Limited (Registered number: SC090477) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31st March 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st April 2022 | 120 | 7,822,928 | 856,980 | 8,680,028 |
Changes in equity |
Total comprehensive income | - | 460,566 | - | 460,566 |
Balance at 31st March 2023 | 120 | 8,283,494 | 856,980 | 9,140,594 |
Changes in equity |
Total comprehensive income | - | 594,611 | - | 594,611 |
Balance at 31st March 2024 | 120 | 8,878,105 | 856,980 | 9,735,205 |
The Conon Group Limited (Registered number: SC090477) |
Company Statement of Changes in Equity |
for the Year Ended 31st March 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31st March 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31st March 2024 |
The Conon Group Limited (Registered number: SC090477) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATEMENT OF COMPLIANCE |
The Conon Group Limited is a private company, limited by shares, incorporated in Scotland. The address of the registered office is 58 Morrison Street, Edinburgh, Midlothian EH3 8BP. The registration number is SC090477. |
The financial statements are presented in sterling which is the functional currency of the group and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A " Small Entities" of Financial Reporting Standard 102, (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Basis of consolidation |
The consolidated financial statements incorporate the results of The Conon Group Limited and |
its subsidiary undertakings as at 31st March 2024 using the acquisition method of accounting. The |
parent company has taken advantage of section 408 of the Companies Act 2006 and has not |
included its own Profit and Loss Account in these financial statements. |
Turnover |
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Contract revenue recognition |
Revenue in respect of servicing and maintenance contracts is recognised on a straight line basis over the period of the contract. |
Revenue in respect of the hire of the group's tangible fixed assets under short term operating lease is recognised on a straight line basis over the period of the lease. |
Goodwill |
Goodwill is recognised on the acquisitions of businesses and is amortised over a useful life of 10 or 20 years. |
The Conon Group Limited (Registered number: SC090477) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rated in order to write off each asset over its estimated useful life: |
Land and buildings - 2% on cost |
Plant and machinery - 15% and 33% on cost and 15% reducing balance |
Fixtures and Fittings - 10% on cost and 25% and 33% reducing balance |
Motor vehicles - 25% on cost and 25% reducing balance |
These assets are of a different nature, such that a different accounting basis is used against each category of assets. |
Stocks |
Stocks and goods in transit are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks held under joint property development arrangements are valued at the lower of cost and net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
The Conon Group Limited (Registered number: SC090477) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
5. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 | 414,775 |
AMORTISATION |
At 1st April 2023 |
and 31st March 2024 | 414,775 |
NET BOOK VALUE |
At 31st March 2024 | - |
At 31st March 2023 | - |
The Conon Group Limited (Registered number: SC090477) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
6. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2023 | 674,109 | 5,436,726 | 726,891 | - | 6,837,726 |
Additions | 19,252 | 1,456,153 | 87,465 | 28,021 | 1,590,891 |
Disposals | - | (174,750 | ) | (38,464 | ) | - | (213,214 | ) |
At 31st March 2024 | 693,361 | 6,718,129 | 775,892 | 28,021 | 8,215,403 |
DEPRECIATION |
At 1st April 2023 | 117,614 | 3,037,792 | 514,067 | - | 3,669,473 |
Charge for year | 13,578 | 460,200 | 43,899 | 3,739 | 521,416 |
Eliminated on disposal | - | (75,666 | ) | (695 | ) | - | (76,361 | ) |
At 31st March 2024 | 131,192 | 3,422,326 | 557,271 | 3,739 | 4,114,528 |
NET BOOK VALUE |
At 31st March 2024 | 562,169 | 3,295,803 | 218,621 | 24,282 | 4,100,875 |
At 31st March 2023 | 556,495 | 2,398,934 | 212,824 | - | 3,168,253 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The Conon Group Limited (Registered number: SC090477) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
8. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 3,305,297 | 2,998,484 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 859,064 | 815,145 |
Other debtors | 121,575 | 100,692 |
Loans made | 210,250 | 600,250 | 210,250 | 600,250 |
Directors' current accounts | 5,155 | 5,155 | 5,155 | 5,155 |
Prepayments and accrued income | 288,596 | 195,099 |
1,484,640 | 1,716,341 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 520,393 | 399,384 |
Tax | 1,034 | 2,609 |
Social security and other taxes | 41,004 | 38,195 |
Pension Creditor | 9,241 | - | - | - |
VAT | 75,280 | 111,482 | - | - |
Other creditor | 10,502 | 10,508 |
Payments on account | 18,777 | 23,472 | - | - |
Accruals and deferred income | 176,086 | 211,519 |
852,317 | 797,169 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 120 | 120 |
The Conon Group Limited (Registered number: SC090477) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
12. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st April 2023 | 8,283,494 | 856,980 | 9,140,474 |
Profit for the year | 594,611 | 594,611 |
At 31st March 2024 | 8,878,105 | 856,980 | 9,735,085 |
13. | OTHER FINANCIAL COMMITMENTS |
The group's minimum operating lease commitments as at 31st March 2024 is £78,657 (2023: £127,335). |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023: |
2024 | 2023 |
£ | £ |
A G P Whitfield |
Balance outstanding at start of year | 5,155 | 5,183 |
Amounts repaid | - | (28 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 5,155 | 5,155 |
15. | RELATED PARTY DISCLOSURES |
As at the 31st March 2024 the company owned 100% of the share capital in 2CL Communications Limited a company incorporated in England and Wales. The registered office is Unit C Woodside Trade Centre, Parham Drive, Eastleigh, Hampshire, SO50 4NU. |