Company registration number 02745298 (England and Wales)
ASKEWS AND HOLTS LIBRARY SERVICES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
ASKEWS AND HOLTS LIBRARY SERVICES LTD
COMPANY INFORMATION
Directors
Mr J J Little
Mr A T Little
Mrs Y J Stafford
Company number
02745298
Registered office
1 Whittle Drive
Eastbourne
BN23 6QH
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
ASKEWS AND HOLTS LIBRARY SERVICES LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
ASKEWS AND HOLTS LIBRARY SERVICES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 29 February 2024.

Review of the business

The company delivered a further strong set of financial results during the year to 29 February 2024. Whilst turnover reduced by 11.3%, to £32,917,715 (2023: £37,086,694), this was expected given the transfer of certain customer accounts to a related business and within the persistent theme of sustained pressure on domestic local authority library budgets, as also seen in prior periods.

 

The company specialises in the supply of books, both printed and eBook, along with related services to public and academic libraries. It possesses particular expertise within the public library market and is looking to further specialise here in the years ahead. The fulfilment line of business has grown in recent years and the directors now view this as one of the company’s principal activities.

 

All businesses operating within the public library market are significantly dependent on funding provided to local authorities. In the majority of cases the company supplies books under a formal contract. Each year a proportion of all contracts will expire and the company has the opportunity to bid for new customers, or is required to bid to retain existing business. The directors assess this market background to be the principal risk that the company must manage, which has remained the case for many years. Whilst acknowledging the nature of the risk, the directors keenly monitor service delivery to customers and seek to demonstrate a knowledgeable and attentive service throughout a contract such that it will stand the company in good stead for the re-tender process.

 

In addition to making reference to turnover as a key performance indicator, the directors also monitor performance using gross profit margin. The statutory gross margin increased to 9.2% (2023: 8.5%), due to increased levels of fulfilment activities. However the board also monitor its commercial gross margin, which includes relevant distribution costs, which is lower at 6.0% (2023: 5.4%). Throughout its operations the company must balance the requirement to price in RRP discounts to customers during the contract tender process with the discount from RRP which the company receives when procuring its books. The former aspect is a requirement of the tender process and necessary in order to remain competitive within the largest markets that the company operates in.

 

A further key performance indicator is the significant positive cash at bank balance of £5,382,315 (2023: £5,264,294). The directors and company finance department monitor working capital controls tightly given the sometime fragmented profile of the company's turnover over the course of a twelve month period. The company therefore remains highly liquid and so has the ability to be agile in its operations and to embrace all suitable opportunities when presented. One opportunity was the increased interest rates seen across the financial year, which the company benefitted from. A further key component of working capital management is the monitoring of credit risk and the company is pleased to report it has not suffered any bad debts during the year under report. Financial risk management is further referenced within the Directors' Report.

 

Pre tax profits have increased to £360,861 (2023: £241,364) and the net asset position on the balance sheet decreased to £6,402,991 (2023: £6,483,908), after all movements related to the company’s defined benefit pension scheme were accounted for. The directors are pleased with the robust financial performance during the year.

 

The Board still hold a medium term view of growth across all service offerings, including via new markets. There have been further investments in all colleagues during the year, covering more efficient ways of working, via significant efforts to communicate the directors' vision for the company internally and through a concentration on the development of colleagues' skills. Together with the additional capital spend incurred during the year to aid the efficient servicing of products, this approach is congruent with our ongoing aim of providing the best means and methods of getting the reading materials in greatest demand to the libraries we serve. In light of this and as in prior years, the directors consider that the company remains well placed to continue to increase market share as part of their strategic plans.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

Finally, the directors would like to place on record their sincere thanks to the dedicated and talented staff employed throughout the company, without whose efforts the company would not continue to thrive.

 

On behalf of the board

Mrs Y J Stafford
Director
24 June 2024
ASKEWS AND HOLTS LIBRARY SERVICES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activities of the company are the supply of books, e-books, multimedia products and related services to public and academic libraries and the provision of fulfilment services.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £50,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J J Little
Mr A T Little
Mrs Y J Stafford
Financial instruments
Financial risk management objectives and policies

The company's operations expose it to a variety of financial risks that include credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effect of these risks on the performance of the company. The company does not use derivative financial instruments and as such no hedge accounting is applied.

 

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity and interest rate risk

The company currently has sufficient cash balances to make debt finance unnecessary, Bank interest rates are monitored to ensure the company is earning maximum interest whilst maintaining liquidity. The directors have considered liquidity risk in the context of the current economic environment and are satisfied that no further action is required.

Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
Information referred to in the strategic report

The company has chosen in accordance with section 414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the Directors' Report. It has done so in respect of future developments.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs Y J Stafford
Director
24 June 2024
ASKEWS AND HOLTS LIBRARY SERVICES LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -

The directors are responsible for preparing the annual report 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). 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:

 

 

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.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASKEWS AND HOLTS LIBRARY SERVICES LTD
- 6 -
Opinion

We have audited the financial statements of Askews and Holts Library Services Ltd (the 'company') for the year ended 29 February 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASKEWS AND HOLTS LIBRARY SERVICES LTD (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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 directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

ASKEWS AND HOLTS LIBRARY SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASKEWS AND HOLTS LIBRARY SERVICES LTD (CONTINUED)
- 8 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joe Sullivan FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
24 June 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
ASKEWS AND HOLTS LIBRARY SERVICES LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
32,917,715
37,086,694
Cost of sales
(29,907,210)
(33,942,615)
Gross profit
3,010,505
3,144,079
Distribution costs
(1,013,756)
(1,122,937)
Administrative expenses
(2,144,393)
(2,167,946)
Other operating income
318,487
336,884
Operating profit
4
170,843
190,080
Interest receivable and similar income
7
190,174
51,284
Interest payable and similar expenses
8
(156)
-
0
Profit before taxation
360,861
241,364
Tax on profit
9
(91,028)
(65,813)
Profit for the financial year
269,833
175,551

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
2024
2023
£
£
Profit for the year
269,833
175,551
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(401,000)
(47,000)
Tax relating to other comprehensive income
100,250
11,750
Other comprehensive income for the year
(300,750)
(35,250)
Total comprehensive income for the year
(30,917)
140,301
ASKEWS AND HOLTS LIBRARY SERVICES LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 11 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
444,309
357,180
Current assets
Stocks
12
1,052,664
734,372
Debtors
13
3,184,731
3,687,813
Cash at bank and in hand
5,382,315
5,264,294
9,619,710
9,686,479
Creditors: amounts falling due within one year
14
(3,637,461)
(3,526,962)
Net current assets
5,982,249
6,159,517
Total assets less current liabilities
6,426,558
6,516,697
Provisions for liabilities
Deferred tax liability
15
23,567
32,789
(23,567)
(32,789)
Net assets excluding pension liability
6,402,991
6,483,908
Defined benefit pension liability
16
-
0
-
0
Net assets
6,402,991
6,483,908
Capital and reserves
Called up share capital
17
2,000,000
2,000,000
Profit and loss reserves
4,402,991
4,483,908
Total equity
6,402,991
6,483,908

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 June 2024 and are signed on its behalf by:
Mr J J Little
Mrs Y J Stafford
Director
Director
Company registration number 02745298 (England and Wales)
ASKEWS AND HOLTS LIBRARY SERVICES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 28 February 2023:
Balance at 1 March 2022
2,000,000
4,393,607
6,393,607
Year ended 28 February 2023:
Profit
-
175,551
175,551
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(47,000)
(47,000)
Tax relating to other comprehensive income
-
11,750
11,750
Total comprehensive income
-
140,301
140,301
Dividends
10
-
(50,000)
(50,000)
Balance at 28 February 2023
2,000,000
4,483,908
6,483,908
Year ended 29 February 2024:
Profit
-
269,833
269,833
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(401,000)
(401,000)
Tax relating to other comprehensive income
-
100,250
100,250
Total comprehensive income
-
(30,917)
(30,917)
Dividends
10
-
(50,000)
(50,000)
Balance at 29 February 2024
2,000,000
4,402,991
6,402,991
ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
1
Accounting policies
Company information

Askews and Holts Library Services Ltd is a company limited by shares incorporated in England and Wales. The registered office is 1 Whittle Drive, Eastbourne, BN23 6QH. The place of business is 218-222 North Road, Preston, PR1 1SY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of the defined benefit pension scheme at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The results of Askews and Holts Library Services Ltd are included in the consolidated financial statements of The Little Group Limited, which are available from Companies House, Cardiff.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a every expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

After preparing prudent financial budgets for the upcoming year it is projected to have more than sufficient levels of working capital available to see it through the 2024/25 financial year and beyond. It has also received confirmation that the parent company will provide financial support during the upcoming twelve months should it be required.

 

Based upon the factors noted above the directors believe the company is a going concern at the date of signing.

1.3
Turnover

Turnover represents the net amounts invoiced by the company in respect of goods and services supplied during the year and is stated net of trade discounts and value added tax.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -

Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, being on despatch of physical books or when e-books are downloaded.

Turnover in respect of services provided is recognised when that service is delivered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold property
70 years
Plant and machinery
3 to 15 years
Motor vehicles
3 to 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in first out method of accounting.

At each reporting date, an assessment is made for impairment due to obsolescence or slow movement. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets including cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Other financial assets

All of the company's financial assets are basic financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

Other financial liabilities

All of the company's financial liabilities are basic financial instruments.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

The company also operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company.

 

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit balance arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit balance by the discount rate, taking into account any changes in the net defined benefit balance during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit balance excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The defined benefit pension balance in the balance sheet comprises the plan total of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price.

 

The value of any potential net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

The deferred tax relating to the defined pension scheme balance is not offset against this balance but, rather, included with other deferred tax assets or liabilities as may be the case, as shown in note 15 to the financial statements.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible fixed assets

The useful economic life of tangible fixed assets is judged at the point of purchase and reviewed at each balance sheet date. Further details are provided within note 1.4 to the financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Calculation of the defined benefit pension scheme balance

In order to adhere to the criteria of FRS 102, Section 28 'Employee benefits', the company uses the services of an independent external actuary to deliver the calculation of the estimated defined benefit scheme balance as at the reporting date.

 

The valuation is dependant upon, and highly sensitive to, a number of key actuarial assumptions including the life expectancy, discount rate, price inflation rate, and deferred pension increase rate. Further details of the actuarial assumptions used in respect of the 2024 valuation are provided in note 16 to the financial statements. The directors consider that this reduces the estimation uncertainty to an acceptable level.

Provision for irrecoverable trade debtors

At each balance sheet date, management undertake a review of the outstanding trade debtor balances and estimate the balance that should either be impaired or provided against.

 

This calculation is based on the financial position of the customers, the historical speed of payment compared to approved credit terms and the status/progress of any ongoing communications with them.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Supply of books, e-books and related services
30,443,376
36,714,824
Fulfilment
2,474,339
371,870
32,917,715
37,086,694
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
32,902,262
36,964,129
Overseas
15,453
122,565
32,917,715
37,086,694
2024
2023
£
£
Other revenue
Interest income
190,174
51,284
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(1,032)
5,137
Fees payable to the company's auditor for the audit of the company's financial statements
18,850
18,470
Depreciation of owned tangible fixed assets
58,997
64,079
Profit on disposal of tangible fixed assets
-
(5,600)
Operating lease charges
311,400
282,344
ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production
147
159
Selling and customer services
5
4
Management and administration
8
11
Total
160
174

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,140,226
3,210,605
Social security costs
203,647
222,335
Pension costs
126,380
155,996
3,470,253
3,588,936
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
-
0
237,982
Company pension contributions to defined contribution schemes
-
55,414
-
0
293,396
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
152,606
Company pension contributions to defined contribution schemes
n/a
27,485

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 21 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
113,106
4,284
Interest on the net defined benefit scheme balance
76,000
47,000
Other interest income
1,068
-
0
Total income
190,174
51,284
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
156
-
0
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(19,129)
Deferred tax
Origination and reversal of timing differences
89,178
64,556
Changes in tax rates
1,850
20,386
Total deferred tax
91,028
84,942
Total tax charge
91,028
65,813

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
360,861
241,364
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
88,381
45,859
Tax effect of expenses that are not deductible in determining taxable profit
845
-
0
Effect of change in corporation tax rate
1,850
20,386
Permanent capital allowances in excess of depreciation
(48)
(432)
Taxation charge for the year
91,028
65,813
ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
9
Taxation
(Continued)
- 22 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(100,250)
(11,750)

The Chancellor announced his intention to increase the headline rate of corporation tax to 25% from 1 April 2023. This policy was substantively enacted on 25 May 2021.

10
Dividends
2024
2023
£
£
Final paid
50,000
50,000
11
Tangible fixed assets
Leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
318,929
1,276,016
72,291
1,667,236
Additions
59,477
86,649
-
0
146,126
Disposals
-
0
-
0
(72,291)
(72,291)
At 29 February 2024
378,406
1,362,665
-
0
1,741,071
Depreciation and impairment
At 1 March 2023
7,399
1,235,400
67,257
1,310,056
Depreciation charged in the year
14,881
39,082
5,034
58,997
Eliminated in respect of disposals
-
0
-
0
(72,291)
(72,291)
At 29 February 2024
22,280
1,274,482
-
0
1,296,762
Carrying amount
At 29 February 2024
356,126
88,183
-
0
444,309
At 28 February 2023
311,530
40,616
5,034
357,180
ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
12
Stocks
2024
2023
£
£
Raw materials and consumables
65,923
69,501
Finished goods and goods for resale
986,741
664,871
1,052,664
734,372
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,649,139
3,328,978
Corporation tax recoverable
20,196
39,129
Amounts owed by group undertakings
46,151
43,525
Other debtors
-
0
41,884
Prepayments and accrued income
469,245
234,297
3,184,731
3,687,813
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
424,310
408,533
Amounts owed to group undertakings
2,494,528
2,631,308
Taxation and social security
80,279
56,124
Accruals and deferred income
638,344
430,997
3,637,461
3,526,962
15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
64,173
37,243
Tax losses
(40,606)
-
Other short term timing differences
-
(4,454)
23,567
32,789
ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
15
Deferred taxation
(Continued)
- 24 -
2024
Movements in the year:
£
Liability at 1 March 2023
32,789
Charge to profit or loss
89,178
Credit to other comprehensive income
(98,212)
Effect of change in tax rate - profit or loss
1,850
Effect of change in tax rate - other comprehensive income
(2,038)
Liability at 29 February 2024
23,567

The deferred tax liability set out above in respect of accelerated capital allowances is not expected to reverse over the next 12 months.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
126,380
155,996

Askews and Holts Library Services Ltd operates a defined benefit pension scheme and two defined contribution pension schemes, the assets of which are held in separate trustee administered funds. The schemes are operated for the benefit of employees of Askews and Holts Library Services Ltd.

Defined benefit schemes

The defined benefit scheme is operated for the benefit of the employees of the company and in respect of two former employees of a related company Book Protectors & Co Limited. Employees were not allowed to contribute any further to the defined benefit scheme with effect from 31 May 2001. Active members at the time were given the option of joining a defined contribution scheme.

Valuation

An actuarial valuation of the defined benefit scheme was last carried out by Broadstone, independent qualified actuaries, as at 1 January 2021. Subsequent calculations have also been carried out by Broadstone, independent qualified actuaries, to determine the scheme's position at 29 February 2024 according to FRS102.

 

The company has not recognised a pension scheme asset at the balance sheet date as it cannot demonstrate that it would likely benefit from either qualifying criteria as stated in FRS102 section 28.22, namely that it cannot recover the surplus either through reduced future contributions or through refunds from the defined pension plan.

 

As a consequence a restriction on the scheme surplus of £44,000 has been recognised such that the scheme surplus is recognised at a balance of £Nil within the balance sheet at 29 February 2024.

Funding policy

The defined benefit obligations arise from plans which are wholly or partly funded.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
16
Retirement benefit schemes
(Continued)
- 25 -
2024
2023
Key assumptions
%
%
Discount rate
4.9
4.9
Expected rate of increase of pensions in payment
3.55
3.3
Expected rate of increase of pensions in deferment
2.7
2.6
Price inflation (RPI)
3.5
3.4
Price inflation (CPI)
2.7
2.6
Mortality assumptions

The assumed life expectations are as stated below. These have been calculated using the following mortality table and by taking the average of the figures for men and women aged 45 and 65 at the effective date:

 

S2PA x100%, CMI 2022 projection with a 1.25% long-term rate for both males and females.

 

2024
2023
Years
Years
Retiring today
- Males
86
87
- Females
88
89
Retiring in 20 years
- Males
87
88
- Females
90
90
2024
2023

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit balance
(76,000)
(47,000)
Other costs and income
173,000
126,000
Total costs
97,000
79,000
2024
2023

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
1,265,000
3,332,000
Add: calculated interest element
543,000
391,000
Return on scheme assets excluding interest income
1,808,000
3,723,000
Actuarial changes related to obligations
(59,000)
(3,277,000)
Effect of changes in the amount of surplus that is not recoverable
(1,348,000)
(399,000)
Total costs
401,000
47,000
ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
16
Retirement benefit schemes
(Continued)
- 26 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
£
£
Present value of defined benefit obligations
9,527,000
9,938,000
Fair value of plan assets
(9,571,000)
(11,330,000)
Surplus in scheme
(44,000)
(1,392,000)
Restriction on scheme assets
44,000
1,392,000
Total balance recognised
-
-
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 March 2023
9,938,000
Benefits paid
(819,000)
Actuarial gains and losses
(59,000)
Interest cost
467,000
At 29 February 2024
9,527,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2024

Movements in the fair value of plan assets

£
Fair value of assets at 1 March 2023
11,330,000
Interest income
543,000
Return on plan assets (excluding amounts included in net interest)
(1,808,000)
Benefits paid
(819,000)
Contributions by the employer
498,000
Other
(173,000)
At 29 February 2024
9,571,000

The scheme's actuary, Broadstone, estimated that it was fully funded as at 29 February 2024. The company is committed to meet all scheme expenses in the year ending 28 February 2025, which are estimated at £100,000.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
16
Retirement benefit schemes
(Continued)
- 27 -
2024
2023

Fair value of plan assets at the reporting period end

£
£
Debt instruments
-
11,167,000
Cash
44,000
163,000
Insurance policies
9,527,000
-
9,571,000
11,330,000

The pension plan assets do not include ordinary shares issued by the sponsoring employer nor do they include property occupied by the sponsoring employer.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000

The shares have attached to them full voting, dividend and capital distribution rights. They do not confer any rights of redemption.

18
Operating lease commitments
Lessee

Operating lease payments represent rentals payable for the company in respect of the building its operates from and adjoining land. Leases are negotiated on a case by case basis.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
311,400
311,400
Between two and five years
790,351
1,098,351
In over five years
127,500
130,900
1,229,251
1,540,651
19
Ultimate controlling party

The ultimate parent company of Askews and Holts Library Services Ltd is The Little Group Limited.

ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
19
Ultimate controlling party
(Continued)
- 28 -

The smallest and largest group into which Askews and Holts Library Services Ltd is consolidated is that of The Little Group Limited, the ultimate parent company. The Little Group Limited is a company registered in the United Kingdom, with a registered office of 1 Whittle Drive, Eastbourne, BN23 6QH. Its group financial statements can be obtained from Companies House, Crown Way, Cardiff.

 

The directors consider that the Little family possess ultimate control of the company.

20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Category
Description of
Income
Expenditure
transaction
2024
2023
2024
2023
£
£
£
£
Other related parties
Rent paid
-
0
-
0
308,000
285,833
21
Prior period adjustment
Reconciliation of changes in equity
1 March
28 February
2022
2023
Notes
£
£
Adjustments to prior year
Turnover
(i)
-
(371,870)
Cost of sales
(i)
-
261,926
Distribution costs
(i)
-
(258,298)
Administrative expenses
(i)
-
(3,628)
Other operating income
(i)
-
371,870
Total adjustments
-
-
Equity as previously reported
6,393,607
6,483,908
Equity as adjusted
6,393,607
6,483,908
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
175,551
Profit as adjusted
175,551
ASKEWS AND HOLTS LIBRARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
21
Prior period adjustment
(Continued)
- 29 -
Notes to reconciliation
(i) Reclassification of fulfilment activities

Certain balances within the prior year profit and loss account have been reclassified to move fulfilment income to turnover from other operating income and to move the related costs from distribution costs and administrative expenses to cost of sales. This reclassification has been recognised as from the current financial year fulfilment operations are viewed as one of the company's principal activities.

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