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REGISTERED NUMBER: 00639690 (England and Wales)






















Strategic Report, Report of the Directors and

Financial Statements

for the Period 1 March 2023 to 3 March 2024

for

Stange & Co. Limited

Stange & Co. Limited (Registered number: 00639690)






Contents of the Financial Statements
for the period 1 March 2023 to 3 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Stange & Co. Limited

Company Information
for the period 1 March 2023 to 3 March 2024







DIRECTORS: N L Rowlands
D McLennan





SECRETARY: D McLennan





REGISTERED OFFICE: 19 Trinity Square
Llandudno
North Wales
LL30 2RD





REGISTERED NUMBER: 00639690 (England and Wales)





AUDITORS: Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

Stange & Co. Limited (Registered number: 00639690)

Strategic Report
for the period 1 March 2023 to 3 March 2024

The directors present their strategic report for the period 1 March 2023 to 3 March 2024. The financial statements are prepared to the Sunday closest to the February accounting reference date.

REVIEW OF BUSINESS
The year, whilst challenging, didn't throw any world altering events at us. We finally seem to have had a year without a new global disaster, Mr Putin appears contained, pandemics appear to be out of fashion and inflation by most accounts, appears to have peaked.

The number of pubs we operated this year increased from eight to nine, with the Ring O'Bells opening in West Kirby in mid-December 2023 and I'm pleased to report, has traded very well from the start. Annual sales for the group increased from £13.7m to £15.9m, £600k being attributable to the new pub, the rest being a continued post COVID recovery and The Ship and The Glengower continuing to build following refurbishments in the prior year.

Thankfully some of those sales have made it to the bottom line, with Pub EBITDA (being EBITDA generated by the pubs, before central costs) increasing from £2.1m to £2.8m, Group EBITDA increasing from £1.4m to £1.9m and net profits before tax increasing from £571k to £1.10m. These metrics are the company's key performance indicators and all show positive movements

This increase in performance hides some serious cost challenges faced by the business. The National Living Wage increase, and the corresponding increases right the way up the pay scale, have placed immense pressure on the bottom line. Whilst we have always strived to pay well, above inflationary increases year on year, have not been matched by above inflation increases in our selling prices, resulting in operating margins getting squeezed. The break-even point for a pub now, compared to five years ago, has moved on by several thousand a week, which we're just not seeing represented in sales growth. The viability of many smaller pubs in our industry will certainly be in doubt. This may create some opportunity but undoubtedly reduces choice, variation and the seeds from which great hospitality industries can grow.

During the year there were also continued increased costs in utilities, products and consumables, some of which we've passed on through price or mitigated, some we've had to absorb.

These cost pressures have also been felt in our customers pockets, and whilst they have, on aggregate had pay increases, they have experienced a squeeze on their disposable income, which has been evident in our year on year volumes in some of our more established pubs.

One of the biggest challenges of recent years has been recruitment, this has continued to ease this year, not necessarily to pre-covid levels, but to the extent that all pubs this year have been able to fully trade through peak periods, helping sales and the bottom line.

The poor weather during the summer has impacted sales at a key time for our coastal sites, however this is the cream on the top for those pubs, rather than the mainstay of the trade. But we have missed those bumper days and weeks that we would normally enjoy.

PRINCIPAL RISKS AND UNCERTAINTIES
With ongoing wars in Middle-East and Ukraine and a potential return of Mr Trump to the White House, this does not create conditions for a calm world order. Therefore, the direction of travel for inflation and interest rates remains far from certain and constantly in the news. All of which impacts consumer confidence, behaviour and spending. The incoming Labour government have also made it clear that tax rises are on the way, which could erode consumer spending and business confidence further.

We as a company are somewhat insulated from these movements, with fixed interest rates on much of our debt and fixed price contracts for utilities and most of our supplies. Also with slightly higher operating margins due to operating freeholds we have headroom should margins be challenged.

Having said this, sales within our pubs, and the wider industry has remained remarkably resilient in the face of several serious challenges in recent years and we remain optimistic, with the unique proposition that our pubs offer in their style, location and quality.

The weather in the current year has also remained unpredictable and we have had a second consecutive Summer of wet and windy weather, which has restricted the use of gardens and terraces and has curtailed those bumper weeks that we traditionally get in Spring and Summer. The concern is that, in the medium to longer term this becomes the norm as a result of climate change, whilst our pubs generally work well whatever the weather, that additional trade from outdoor spaces may no longer be relied upon.


Stange & Co. Limited (Registered number: 00639690)

Strategic Report
for the period 1 March 2023 to 3 March 2024

CURRENT TRADING
Trading in the current year remains steady with most pubs in growth on last year, but this tends to be in value rather than volume. With the addition of the Ring O'Bells the group year to date is trading 18% up year on year and 2% on a like for like basis. Unbelievably, the weather has been worse than last year, we weren't sure that was even possible. An early Easter, The Euros and lack of The Open golf championship at Hoylake this year also made for some challenging year on year comparisons.

Costs whilst levelling out, remain at a higher level than a few years ago, wages being the most challenging currently. We are maintaining gross margin, but operating margin is under pressure. Forecast EBITDA for the year is ahead of last year, helped by the opening an additional pub, but frustratingly due to the above factors, not all that incremental EBITDA will make it the bottom line for the group.

FUTURE
We have recently completed on the purchase of our tenth pub, The Brookhouse Mill in Denbigh in North Wales, it's going to require a fair bit of TLC and knocking around, but we're confident it has all the attributes for a great pub. Assuming planning goes smoothly we hope to have it open towards Autumn 2025.

Customer demand appears fairly resilient in our existing pubs, despite the economic headwinds. The desire to meet up with friends and family seems to be as strong as ever and is being prioritised above other forms of discretionary spending. We therefore remain optimistic for our pubs and the group in the months and years ahead.

ON BEHALF OF THE BOARD:





D McLennan - Director


11 November 2024

Stange & Co. Limited (Registered number: 00639690)

Report of the Directors
for the period 1 March 2023 to 3 March 2024

The directors present their report with the financial statements of the company for the period 1 March 2023 to 3 March 2024.

DIVIDENDS
No dividends will be distributed for the period ended 3 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

N L Rowlands
D McLennan

ENGAGEMENT WITH EMPLOYEES
Disabled employees
The company is committed to employment policies which follow best practice, based on equal opportunities for all employees regardless of race, sex, colour, disability or marital status. The company gives full and fair consideration to applications for employment from disabled persons, having regard to their aptitudes and abilities. Appropriate arrangements are made for the continued employment and training, career development and promotion of disabled employees. If members of staff become disabled the company continues employment, either in the same or an alternative role, with provides appropriate retraining if necessary.

Employee involvement
The company provides employees with information on matters of concern to them so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the company is encouraged via regular meetings to update employees on performance and developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Stange & Co. Limited (Registered number: 00639690)

Report of the Directors
for the period 1 March 2023 to 3 March 2024


AUDITORS
The auditors, Bennett Brooks & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




D McLennan - Director


11 November 2024

Report of the Independent Auditors to the Members of
Stange & Co. Limited

Opinion
We have audited the financial statements of Stange & Co. Limited (the 'company') for the period ended 3 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 3 March 2024 and of its profit for the period 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Stange & Co. Limited


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

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

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. Audit procedures performed included:

-Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and regulations;
- Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business; and
- Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations.


There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Stange & Co. Limited


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 2006. Our 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 a Report of the Auditors 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.




Jason Leach FCA (Senior Statutory Auditor)
for and on behalf of Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

12 November 2024

Stange & Co. Limited (Registered number: 00639690)

Income Statement
for the period 1 March 2023 to 3 March 2024

Period
1.3.23
to Year Ended
3.3.24 28.2.23
Notes £ £

TURNOVER 15,858,229 13,669,027

Cost of sales (10,343,911 ) (9,109,644 )
GROSS PROFIT 5,514,318 4,559,383

Administrative expenses (4,161,427 ) (3,703,109 )
1,352,891 856,274

Other operating income 4,113 7,113
OPERATING PROFIT 4 1,357,004 863,387

Interest receivable and similar income 4,453 3
1,361,457 863,390

Interest payable and similar expenses 5 (262,872 ) (291,989 )
PROFIT BEFORE TAXATION 1,098,585 571,401

Tax on profit 6 (287,267 ) (124,485 )
PROFIT FOR THE FINANCIAL PERIOD 811,318 446,916

Stange & Co. Limited (Registered number: 00639690)

Other Comprehensive Income
for the period 1 March 2023 to 3 March 2024

Period
1.3.23
to Year Ended
3.3.24 28.2.23
Notes £ £

PROFIT FOR THE PERIOD 811,318 446,916


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

811,318

446,916

Stange & Co. Limited (Registered number: 00639690)

Balance Sheet
3 March 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 7 206,056 257,570
Tangible assets 8 13,150,325 11,382,226
Investments 9 100 100
13,356,481 11,639,896

CURRENT ASSETS
Stocks 10 178,879 145,731
Debtors 11 215,819 200,242
Cash at bank and in hand 537,867 321,034
932,565 667,007
CREDITORS
Amounts falling due within one year 12 (3,504,831 ) (2,969,661 )
NET CURRENT LIABILITIES (2,572,266 ) (2,302,654 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,784,215

9,337,242

CREDITORS
Amounts falling due after more than one year 13 (4,531,543 ) (4,034,359 )

PROVISIONS FOR LIABILITIES 17 (728,958 ) (590,487 )
NET ASSETS 5,523,714 4,712,396

CAPITAL AND RESERVES
Called up share capital 18 219,250 219,250
Revaluation reserve 19 153,833 153,833
Retained earnings 19 5,150,631 4,339,313
SHAREHOLDERS' FUNDS 5,523,714 4,712,396

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





D McLennan - Director


Stange & Co. Limited (Registered number: 00639690)

Statement of Changes in Equity
for the period 1 March 2023 to 3 March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 March 2022 219,250 3,892,397 153,833 4,265,480

Changes in equity
Total comprehensive income - 446,916 - 446,916
Total transactions with owners,
recognised directly in equity

-

-

-

-
Balance at 28 February 2023 219,250 4,339,313 153,833 4,712,396

Changes in equity
Total comprehensive income - 811,318 - 811,318
Total transactions with owners,
recognised directly in equity

-

-

-

-
Balance at 3 March 2024 219,250 5,150,631 153,833 5,523,714

Stange & Co. Limited (Registered number: 00639690)

Cash Flow Statement
for the period 1 March 2023 to 3 March 2024

Period
1.3.23
to Year Ended
3.3.24 28.2.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,259,882 2,207,754
Interest paid (245,084 ) (291,989 )
Interest element of finance lease payments paid (17,788 ) -
Tax paid (139,797 ) -
Net cash from operating activities 1,857,213 1,915,765

Cash flows from investing activities
Purchase of tangible fixed assets (2,072,216 ) (1,098,482 )
Sale of tangible fixed assets 1,480 -
Interest received 4,453 3
Net cash from investing activities (2,066,283 ) (1,098,479 )

Cash flows from financing activities
New loans in year 850,000 -
Loan repayments in year (412,866 ) (572,502 )
Capital repayments in year (17,048 ) (133,576 )
Amount introduced by directors 5,817 -
Amount withdrawn by directors - (6,000 )
Net cash from financing activities 425,903 (712,078 )

Increase in cash and cash equivalents 216,833 105,208
Cash and cash equivalents at beginning of period 2 321,034 215,826

Cash and cash equivalents at end of period 2 537,867 321,034

Stange & Co. Limited (Registered number: 00639690)

Notes to the Cash Flow Statement
for the period 1 March 2023 to 3 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.3.23
to Year Ended
3.3.24 28.2.23
£ £
Profit before taxation 1,098,585 571,401
Depreciation charges 544,458 499,814
Profit on disposal of fixed assets (222 ) -
Finance costs 262,872 291,989
Finance income (4,453 ) (3 )
1,901,240 1,363,201
Increase in stocks (33,148 ) (29,474 )
Increase in trade and other debtors (21,394 ) (38,551 )
Increase in trade and other creditors 413,184 912,578
Cash generated from operations 2,259,882 2,207,754

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 3 March 2024
3.3.24 1.3.23
£ £
Cash and cash equivalents 537,867 321,034
Year ended 28 February 2023
28.2.23 1.3.22
£ £
Cash and cash equivalents 321,034 215,826


Stange & Co. Limited (Registered number: 00639690)

Notes to the Cash Flow Statement
for the period 1 March 2023 to 3 March 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.3.23 Cash flow changes At 3.3.24
£ £ £ £
Net cash
Cash at bank
and in hand 321,034 216,833 537,867
321,034 216,833 537,867
Debt
Finance leases (159,312 ) 17,048 (190,084 ) (332,348 )
Debts falling due
within 1 year (398,855 ) (37,863 ) - (436,718 )
Debts falling due
after 1 year (3,959,930 ) (399,372 ) - (4,359,302 )
(4,518,097 ) (420,187 ) (190,084 ) (5,128,368 )
Total (4,197,063 ) (203,354 ) (190,084 ) (4,590,501 )

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements
for the period 1 March 2023 to 3 March 2024

1. STATUTORY INFORMATION

Stange & Co. Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 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.

Preparation of consolidated financial statements
The company is also a parent entity and holds the entire share capital of Stange Inn & Co Limited, which is dormant and has share capital and net assets of £100. The company has not prepared consolidated accounts in accordance with Section 402 of the Companies Act 2006 as its subsidiary undertaking is excluded from consolidation under section 405 of the Companies Act on materiality grounds.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern
The company has net current liabilities at 3 March 2024 of £2,572,266 (2023: £2,302,654). The company meets its day-to-day working capital requirements through its bank facilities which are secured on the company's assets. As noted in the Strategic Report, the current economic conditions continue to create uncertainty over customer confidence and the potential impact on consumer spending in the company's pubs. The directors have prepared cashflow forecasts that take into account this economic uncertainty and the availability of funding from their bankers.

The company's forecasts and projections, taking account a severe but plausible change in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover represents sales (excluding taxes) of goods and services net of discounts. Turnover principally consists of sales of food, drink and accommodation which are recognised at the point at which goods and services are provided.

Cost of sales
Presented within cost of sales are direct costs of operating the company's pubs and inns, including stock purchases (wet and dry) and payroll costs of the service staff. This is considered a more appropriate presentation of the nature of the costs and payroll costs of the service staff of £5,508,325 have been re-classified from administrative expenses for the year ended 28 February 2023.

Goodwill
Goodwill, being the amount paid in connection with acquisitions, is initially measured at cost. After initial recognition goodwill is measured at cost less any accumulated amortisation and any accumulated impairment losses. Goodwill is being amortised evenly over its estimated useful life of 10 years.

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Freehold property are stated at cost (or frozen at deemed cost held at valuation at the date of transition to FRS 102) less accumulated depreciation.

Freehold properties owned by the company and long leaseholds have not been depreciated because, in the opinion of the directors, the programme of the refurbishment and repair maintains the properties to a standard whereby the total residual value will be maintained. Consequently, the amount of any depreciation would not be material.

Other fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings15% reducing balance
Motor vehicles25% reducing balance
Improvements to property 10% straight line

Stocks
Stock is valued at the lower of cost and net realisable value. Cost includes the purchase cost of the item. Provision is made for slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the 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 period 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

2. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each balance sheet date non-financial assets are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of the asset (or asset's cash generating unit).

The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating unit's) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.

If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a. Critical judgements in applying the company's accounting policies
i. Carrying value of freehold and long-leasehold properties

The directors are of the opinion that the programme of refurbishment and repair maintains the properties to a standard whereby the total residual value will be maintained, and as a result, the depreciable amount and annual depreciation charge would not be material. This requires judgement.

b. Key accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below

i. Recoverable amount of fixed assets and goodwill

Annually, the company considers whether fixed assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the pubs (the company's cash generating units or CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

The directors have noted the uncertain economic conditions at the present time, however, given the positive cash generating nature of each individual pub, the directors can foresee no reasonably possible scenario which would see the recoverable amount to be lower than the higher of fair value less costs to sell and value in use.

Subsidiary investment
The subsidiary investment is stated in the parent company’s balance sheet at cost less any provisions for impairment.

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

2. ACCOUNTING POLICIES - continued

Share capital
Ordinary shares are classed as equity.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Distributions to equity holders
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measure at amortised cost using the effective interest rate method, less impairment.

Operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

20242023
£   £   
Wages and salaries6,234,3285,549,504
Social security costs504,597464,659
Pension costs166,953144,992
6,905,8786,159,155

The average number of employees during the year was as follows:
20242023

Directors22
Administration75
Management5760
Service staff283262
349329


Period
1.3.23
to Year Ended
3.3.24 28.2.23
£ £
Directors' remuneration 124,961 119,994
Directors' pension contributions to money purchase schemes 10,992 10,827

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.3.23
to Year Ended
3.3.24 28.2.23
£ £
Hire of plant & machinery 23,306 26,804
Depreciation - owned assets 433,769 387,070
Depreciation - assets on finance leases 59,174 61,230
Profit on disposal of fixed assets (222 ) -
Goodwill amortisation 51,514 51,514
Auditors' remuneration 22,190 32,429

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.3.23
to Year Ended
3.3.24 28.2.23
£ £
Bank interest - 3
Bank loan interest 207,403 208,474
HMRC interest 13,345 70,044
Other interest 24,336 13,468
HP finance interest 17,788 -
262,872 291,989

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.3.23
to Year Ended
3.3.24 28.2.23
£ £
Current tax:
UK corporation tax 148,796 19,844

Deferred tax 138,471 104,641
Tax on profit 287,267 124,485

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.3.23
to Year Ended
3.3.24 28.2.23
£ £
Profit before tax 1,098,585 571,401
Profit multiplied by the standard rate of corporation tax in the UK of 24.492% (2023 -
19%)

269,065

108,566

Effects of:
Expenses not deductible for tax purposes 9,004 19,299
Amortisation of goodwill 12,617 9,787
undertakings

Impact of rate change 2,944 25,114
Impact of super-deduction - (38,281 )
Movement in deferred tax not recognised (6,363 ) -
Total tax charge 287,267 124,485

Factors that may affect future tax charges
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining reducing at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.The blended current tax rate for the period ended 3 March 2024 was 24.5%.

7. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 March 2023
and 3 March 2024 515,141
AMORTISATION
At 1 March 2023 257,571
Amortisation for period 51,514
At 3 March 2024 309,085
NET BOOK VALUE
At 3 March 2024 206,056
At 28 February 2023 257,570

The goodwill relates to the previous acquisition of The Queen's Head in 2019 and the acquisition of Ring O Bells in 2020.

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

8. TANGIBLE FIXED ASSETS
Freehold Long Improvements
property leasehold to property
£ £ £
COST
At 1 March 2023 7,784,737 588,772 1,400,082
Additions 5,640 - 1,478,841
Disposals - - -
At 3 March 2024 7,790,377 588,772 2,878,923
DEPRECIATION
At 1 March 2023 - - 140,008
Charge for period - - 199,561
Eliminated on disposal - - -
At 3 March 2024 - - 339,569
NET BOOK VALUE
At 3 March 2024 7,790,377 588,772 2,539,354
At 28 February 2023 7,784,737 588,772 1,260,074

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 1 March 2023 3,481,449 3,600 13,258,640
Additions 769,486 8,333 2,262,300
Disposals (1,480 ) - (1,480 )
At 3 March 2024 4,249,455 11,933 15,519,460
DEPRECIATION
At 1 March 2023 1,734,325 2,081 1,876,414
Charge for period 290,919 2,463 492,943
Eliminated on disposal (222 ) - (222 )
At 3 March 2024 2,025,022 4,544 2,369,135
NET BOOK VALUE
At 3 March 2024 2,224,433 7,389 13,150,325
At 28 February 2023 1,747,124 1,519 11,382,226

Following the transition to FRS 102, the freehold property is held at deemed cost.

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Fixtures
and
fittings
£
COST
At 1 March 2023 538,990
Additions 190,084
At 3 March 2024 729,074
DEPRECIATION
At 1 March 2023 192,017
Charge for period 59,174
At 3 March 2024 251,191
NET BOOK VALUE
At 3 March 2024 477,883
At 28 February 2023 346,973

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£
COST
At 1 March 2023
and 3 March 2024 100
NET BOOK VALUE
At 3 March 2024 100
At 28 February 2023 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Stange Inn & Co Limited
Registered office: 19 Trinity Square, Llandudno, Gwynedd, LL30 2RD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

In a prior year, the investment was written down to its recoverable amount accordingly, being £100.

10. STOCKS
2024 2023
£ £
Trading stock 178,879 145,731

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 38,857 19,984
Amounts owed by group
undertakings 882 -
Directors' current accounts 32,334 38,151
Prepayments 143,746 142,107
215,819 200,242

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 14) 436,718 390,455
Other loans (see note 14) - 8,400
Finance leases (see note 15) 160,107 84,883
Trade creditors 1,113,481 736,068
Amounts owed to group undertakings - 100
Corporation tax 168,735 159,736
Social security & other taxes 304,794 169,627
VAT 571,633 826,399
Other creditors 306,315 142,898
Due to related parties 200,000 200,000
Directors' current accounts 113 113
Accrued expenses 242,935 250,982
3,504,831 2,969,661

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 14) 4,359,302 3,959,930
Finance leases (see note 15) 172,241 74,429
4,531,543 4,034,359

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 436,718 390,455
Other loans - 8,400
436,718 398,855

Amounts falling due between one and two years:
Bank loans - 1-2 years 457,060 388,884

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,117,376 1,099,983

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

14. LOANS - continued
2024 2023
£ £
Amounts falling due in more than five years:
Repayable by instalments
Bank loans - 5+ years 2,784,866 2,471,063

Included in bank loans is an amount of £3,622,694 (2023: £3,872,190) which is payable in 133 monthly instalments and carries an interest rate of 4.1% per annum.

A new bank loan was taken out in the period. The loan had a balance of £854,577 at the year end, this is payable in 144 monthly instalments and carries a flat interest rate of 4.27% per annum.

The remainder of the loan balance relates to a CBILS loan. The CBILS loan had a balance of £318,748 (2023: £460,206) at year end, this is payable in 29 monthly instalments and carries an interest rate of 6% pa annum over Bank of England base rate.

15. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
2024 2023
£ £
Net obligations repayable:
Within one year 160,107 84,883
Between one and five years 172,241 74,429
332,348 159,312

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 4,796,020 4,350,385
Other loans - 8,400
4,796,020 4,358,785

Bank loans are secured by first legal mortgages over the company's freehold property and by a fixed and floating charge over all current and future assets of the company.

17. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 728,958 590,487

Deferred tax
£
Balance at 1 March 2023 590,487
Charged to income statement 138,471
Balance at 3 March 2024 728,958

The deferred tax charge/(credit) in the year relates to accelerated capital allowances.

Stange & Co. Limited (Registered number: 00639690)

Notes to the Financial Statements - continued
for the period 1 March 2023 to 3 March 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
219,250 Ordinary £1 219,250 219,250

19. RESERVES
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 March 2023 4,339,313 153,833 4,493,146
Profit for the period 811,318 811,318
At 3 March 2024 5,150,631 153,833 5,304,464

20. PENSION COMMITMENTS

Stange & Co. Limited provides a defined contribution scheme to its employees. The amount recognised as an expense for the defined contribution scheme was £166,953 (2023: £144,992).

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 3 March 2024 and the year ended 28 February 2023:

2024 2023
£ £
D McLennan
Balance outstanding at start of period 38,151 32,151
Amounts advanced 183 6,000
Amounts repaid (6,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 32,334 38,151

22. RELATED PARTY DISCLOSURES

Key management personnel are considered to be the Board of Directors whose emoluments are disclosed in note 3.

During the year the company incurred interest totalling £24,336 (2023: £18,535) paid to a related party of which a director of Stange & Co Limited is also a director.

The balance due to the above related party at the balance sheet date was £200,000 (2023: £200,000).

23. ULTIMATE CONTROLLING PARTY

Mr N Rowlands, Mr C L Rowlands, Mr D C McLennan and Mrs H M McLennan are considered to be the ultimate controlling parties who together hold 100% of the issued share capital.