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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: A G P Whitfield
Mrs A Whitfield





SECRETARY: Brodies Secretarial Services Limited





REGISTERED OFFICE: 58 Morrison Street
Edinburgh
Midlothian
EH3 8BP





REGISTERED NUMBER: SC090477 (Scotland)





ACCOUNTANTS: Sheen Stickland
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.

A G P Whitfield
Mrs A Whitfield

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:





A G P Whitfield - Director


12th November 2024

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 594,611 460,566

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 3,357,000 3,357,000
3,357,000 3,357,000

CURRENT ASSETS
Stocks 8 2,088,955 2,088,173
Debtors 9 215,405 613,488
Cash at bank 436,050 34,746
2,740,410 2,736,407
CREDITORS
Amounts falling due within one year 10 15,509 15,915
NET CURRENT ASSETS 2,724,901 2,720,492
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,081,901

6,077,492

The Conon Group Limited (Registered number: SC090477)

Company Balance Sheet - continued
31st March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 120 120
Share premium 856,980 856,980
Retained earnings 5,224,801 5,220,392
SHAREHOLDERS' FUNDS 6,081,901 6,077,492

Company's profit for the financial year 4,409 2,145

The company is 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 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 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 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 19th August 2024 and were signed on its behalf by:





A G P Whitfield - Director


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 120 5,218,247 856,980 6,075,347

Changes in equity
Total comprehensive income - 2,145 - 2,145
Balance at 31st March 2023 120 5,220,392 856,980 6,077,492

Changes in equity
Total comprehensive income - 4,409 - 4,409
Balance at 31st March 2024 120 5,224,801 856,980 6,081,901

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 40 (2023 - 33 ) .

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 3,357,000
NET BOOK VALUE
At 31st March 2024 3,357,000
At 31st March 2023 3,357,000


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 2,088,955 2,088,173

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 - 8,083
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 1,716,341 215,405 613,488

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 520,393 399,384 72 72
Tax 1,034 2,609 1,034 503
Social security and other taxes 41,004 38,195 - -
Pension Creditor 9,241 - - -
VAT 75,280 111,482 - -
Other creditor 10,502 10,508 10,503 10,000
Payments on account 18,777 23,472 - -
Accruals and deferred income 176,086 211,519 3,900 5,340
852,317 797,169 15,509 15,915

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 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.