IRIS Accounts Productionv24.3.0.55303899913Board of Directors1.3.2329.2.2429.2.24114108truefalsetruetruefalsefalsetruefalse"A" Ordinary voting1.00000"B" Ordinary non-voting1.00000"C" Ordinary non-voting1.00000"D" Ordinary non-voting1.00000"E" Ordinary non-voting1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038999132023-02-28038999132024-02-29038999132023-03-012024-02-29038999132022-02-28038999132022-03-012023-02-28038999132023-02-2803899913ns15:EnglandWales2023-03-012024-02-2903899913ns14:PoundSterling2023-03-012024-02-2903899913ns10:Director12023-03-012024-02-2903899913ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2903899913ns10:FRS1022023-03-012024-02-2903899913ns10:Audited2023-03-012024-02-2903899913ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2903899913ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-03-012024-02-2903899913ns10:FullAccounts2023-03-012024-02-2903899913ns10:OrdinaryShareClass12023-03-012024-02-2903899913ns10:OrdinaryShareClass22023-03-012024-02-2903899913ns10:OrdinaryShareClass32023-03-012024-02-2903899913ns10:OrdinaryShareClass42023-03-012024-02-2903899913ns10:OrdinaryShareClass52023-03-012024-02-2903899913ns10:Director32023-03-012024-02-2903899913ns10:RegisteredOffice2023-03-012024-02-2903899913ns10:Director22023-03-012024-02-2903899913ns5:CurrentFinancialInstruments2024-02-2903899913ns5:CurrentFinancialInstruments2023-02-2803899913ns5:ShareCapital2024-02-2903899913ns5:ShareCapital2023-02-2803899913ns5:CapitalRedemptionReserve2024-02-2903899913ns5:CapitalRedemptionReserve2023-02-2803899913ns5:FurtherSpecificReserve1ComponentTotalEquity2024-02-2903899913ns5:FurtherSpecificReserve1ComponentTotalEquity2023-02-2803899913ns5:RetainedEarningsAccumulatedLosses2024-02-2903899913ns5:RetainedEarningsAccumulatedLosses2023-02-2803899913ns5:ShareCapital2022-02-2803899913ns5:RetainedEarningsAccumulatedLosses2022-02-2803899913ns5:CapitalRedemptionReserve2022-02-2803899913ns5:FurtherSpecificReserve1ComponentTotalEquity2022-02-2803899913ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2803899913ns5:CapitalRedemptionReserve2022-03-012023-02-2803899913ns5:FurtherSpecificReserve1ComponentTotalEquity2022-03-012023-02-2803899913ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2903899913ns5:CapitalRedemptionReserve2023-03-012024-02-2903899913ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-012024-02-2903899913ns5:OwnedAssets2023-03-012024-02-2903899913ns5:OwnedAssets2022-03-012023-02-280389991312023-03-012024-02-290389991312022-03-012023-02-2803899913112023-03-012024-02-2903899913112022-03-012023-02-2803899913132023-03-012024-02-2903899913132022-03-012023-02-2803899913142023-03-012024-02-2903899913142022-03-012023-02-280389991322023-03-012024-02-290389991322022-03-012023-02-280389991332023-03-012024-02-290389991332022-03-012023-02-280389991352023-03-012024-02-290389991352022-03-012023-02-2803899913ns5:PlantMachinery2023-02-2803899913ns5:FurnitureFittings2023-02-2803899913ns5:ComputerEquipment2023-02-2803899913ns5:PlantMachinery2023-03-012024-02-2903899913ns5:FurnitureFittings2023-03-012024-02-2903899913ns5:ComputerEquipment2023-03-012024-02-2903899913ns5:PlantMachinery2024-02-2903899913ns5:FurnitureFittings2024-02-2903899913ns5:ComputerEquipment2024-02-2903899913ns5:PlantMachinery2023-02-2803899913ns5:FurnitureFittings2023-02-2803899913ns5:ComputerEquipment2023-02-2803899913ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2903899913ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2803899913ns5:WithinOneYear2024-02-2903899913ns5:WithinOneYear2023-02-2803899913ns5:BetweenOneFiveYears2024-02-2903899913ns5:BetweenOneFiveYears2023-02-2803899913ns5:AllPeriods2024-02-2903899913ns5:AllPeriods2023-02-2803899913ns5:DeferredTaxation2023-02-2803899913ns5:DeferredTaxation2024-02-2903899913ns10:OrdinaryShareClass12024-02-2903899913ns10:OrdinaryShareClass22024-02-2903899913ns10:OrdinaryShareClass42024-02-2903899913ns5:RetainedEarningsAccumulatedLosses2023-02-2803899913ns5:CapitalRedemptionReserve2023-02-2803899913ns5:FurtherSpecificReserve1ComponentTotalEquity2023-02-28038999131ns10:Director12023-02-28038999131ns10:Director12022-02-28038999131ns10:Director12023-03-012024-02-29038999131ns10:Director12022-03-012023-02-28038999131ns10:Director12024-02-29038999131ns10:Director12023-02-2803899913ns5:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties2023-03-012024-02-2903899913ns5:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties2022-03-012023-02-2803899913ns5:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties2024-02-2903899913ns5:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties2023-02-28

REGISTERED NUMBER: 03899913 (England and Wales)














STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024


FOR



CROWN JEWELS CONSULTANTS LTD


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024





Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

4




Report of the Independent Auditors  

6




Statement of Comprehensive Income

9




Statement of Financial Position  

10




Statement of Changes in Equity  

11




Statement of Cash Flows  

12




Notes to the Statement of Cash Flows  

13




Notes to the Financial Statements

14





CROWN JEWELS CONSULTANTS LTD



COMPANY INFORMATION

FOR THE YEAR ENDED 29 FEBRUARY 2024









DIRECTORS:

Mr P R Gow


Mr P R Williams





REGISTERED OFFICE:

31 Worship Street


London


EC2A 2DX





REGISTERED NUMBER:

03899913 (England and Wales)





AUDITORS:

Rawlinson & Hunter Audit LLP


Statutory Auditor


Chartered Accountants


Eighth Floor, 6 New Street Square


New Fetter Lane


London


EC4A 3AQ





BANKERS:

HSBC Bank


1-3 Bishopsgate


London


EC2N 3AQ


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



STRATEGIC REPORT

FOR THE YEAR ENDED 29 FEBRUARY 2024


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


Crown Jewels Consultants Ltd ("CJC" or "the company") has reached 25 years of trading, which is a great achievement for a self-funded company. The longevity of CJC can be largely credited to the loyal and dedicated staff who have been with us for 20 plus years. The testament to this is also endorsed by our very low attrition rate which is below 3%.


We are now in the final quarter of our first year of the renewal of contract with our largest client. This contract is proving beneficial for us and our client and discussions are underway to provide more lines of services to the client.


Our partnerships with cloud providers continue to grow and is endorsing CJC's name due to our knowledge and expertise in Market Data.


The predictions that major financial institutions would relocate from Hong Kong to elsewhere in the Far East have proved correct and we have recently opened a new office in Tokyo, Japan which we hope will prove beneficial for us. It will also enhance our 24/7/365 follow the sun support model.


The new management team within our commercial management business has boosted revenues and contributed to the profits and growth in the business.


The academy scheme, which we set up a few years ago to attract new entrants to the world of Market Data and ensure a large pool of talent and expertise, is well established now and attracting substantial third party and client interest and generating revenue for the company too.


REVIEW OF BUSINESS

Company turnover increased by 5.7% from £16,236k to £17,167k and the gross profit percentage reduced by 2.8% from 49.2% to 46.4%, principally due to inflationary pressure.


The company's net profit before tax, ignoring one-off items such as government grants, decreased by 5.1% in the year with higher overall costs.


The company is maintaining a healthy balance sheet with excellent liquidity and net assets up by 22.2%.


PRINCIPAL RISKS AND UNCERTAINTIES

Market risk

Several business initiatives that were implemented in previous years have come to fruition, and this has helped us avoid any major risk by staying ahead of the curve and leading the way in Market data and IT services within our industry.


The value added of CJC's development skills is also helping with risk management, as a result of which the big fear of AI taking over the world is laid to rest with our involvement in this technology.


We have embraced the hybrid working system of home and office working and this has helped with people's mental health and by being flexible and keeping attrition low within the organisation.


Treasury operations and financial instruments

The company's principal financial instruments include financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.


Liquidity risk

The company manages its cash in order to ensure that at any point the company has sufficient liquid resources to meet the operating needs of the business. The company has improved its strong balance sheet and has very healthy bank reserves.


Foreign exchange risk

The company transacts in foreign currencies which enhances the risk of significant gains and losses arising in currency fluctuations. The directors monitor movements in foreign currencies and consider options to minimise this risk. With our major client now being a UK company, we are converting our pricing structures back to GBP instead of USD so this will lower any foreign exchange risk to which we may be exposed.



CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 29 FEBRUARY 2024


IMPORTANT EVENTS AFTER THE YEAR END

We are planning a greater involvement in AI technology, not to replace jobs but to enhance services.


We are looking to create self-service portals which will enable our customers to avail of a one stop shop in the delivery of their requirements, especially cloud services.


We are continuing to grow and enhance the academy scheme and plan to turn it into a business stream.


ON BEHALF OF THE BOARD:






Mr P R Gow - Director



15 November 2024


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their report with the financial statements of the company for the year ended 29 February 2024.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of software consultancy and supply.

DIVIDENDS

The total distribution of dividends for the year ended 29 February 2024 was £261,404 (2023: £244,471). Further dividends of £197,202 have been paid after the year end.


RESEARCH AND DEVELOPMENT

The company is incurring non-qualifying research and development costs developing a product to complement its services.


FUTURE DEVELOPMENTS

Future developments are included in the Strategic Report.


DIRECTORS

Mr P R Gow has held office during the whole of the period from 1 March 2023 to the date of this report.


Other changes in directors holding office are as follows:


Mr K J Covington - resigned 19 October 2023

Mr P R Williams - appointed 18 October 2023


DISCLOSURE IN THE STRATEGIC REPORT

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", in the strategic report.


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

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

-so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware,
and
-the director has taken all the steps that ought to have been taken as a director in order to be aware of any
relevant audit information and to establish that the company's auditor is aware of that information.


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



REPORT OF THE DIRECTORS (continued)

FOR THE YEAR ENDED 29 FEBRUARY 2024



AUDITORS

The auditors, Rawlinson & Hunter Audit LLP, will be proposed for re-appointment.


ON BEHALF OF THE BOARD:






Mr P R Gow - Director



15 November 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CROWN JEWELS CONSULTANTS LTD


Opinion

We have audited the financial statements of Crown Jewels Consultants Ltd ("the company") for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting polices. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "Financial Reporting Standard applicable in the UK" (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 29 February 2024 and of its profit for the year 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 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 United Kingdom, including the Financial Reporting Council'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 Strategic Report, Report of the Directors and Financial Statements other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Strategic Report, Report of the Directors and Financial Statements. 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.


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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CROWN JEWELS CONSULTANTS LTD

(continued)


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 in relation to which 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.



Responsibilities of directors

As explained more fully in the statement of Directors' responsibilities set out on page 4, 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.


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


Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulations. 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 preparation of 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 inflate revenue and management bias in accounting estimates and judgemental areas of the financial statements.


We designed our audit procedures to respond to identified risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud are detailed below:


-


the review of control accounts and journal entries for large, unusual or unauthorised entries;


-


the analytical review of the detailed profit and loss account for variances that are either unexpected or



considered not to be in accordance with our understanding of the business during the year;


-


reviewing agreements between the company and its customers and ensuring revenue recognition was



based on timing of service being provided rather than invoicing structure;


-


obtaining and reviewing for completeness a list of entities and persons considered to be related parties (as



defined by Financial Reporting Standard 102) and reviewing the ledgers of the company for previously



unreported related party transactions; and


-


review of transactions and journals for any indication of fraud or management override.



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 Auditor's report.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CROWN JEWELS CONSULTANTS LTD

(continued)


Use of our report

This report is made solely to the company's directors, 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 directors 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.





Yueling Wei (Senior Statutory Auditor)

for and on behalf of Rawlinson & Hunter Audit LLP

Statutory Auditor

Chartered Accountants

Eighth Floor, 6 New Street Square

New Fetter Lane

London

EC4A 3AQ


15 November 2024


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 29 FEBRUARY 2024



2024


2023

Restated *


Notes

£   

£   



REVENUE

4

17,167,270


16,236,536




Cost of sales

(9,206,057

)

(8,250,300

)


GROSS PROFIT

7,961,213


7,986,236




Administrative expenses

(5,413,092

)

(5,255,922

)


2,548,121


2,730,314




Other operating income

5

23,767


35,035



OPERATING PROFIT

7

2,571,888


2,765,349




Interest receivable and similar income

35,096


11,890



2,606,984


2,777,239




Interest payable and similar expenses

8

(2,747

)

(23,035

)


PROFIT BEFORE TAXATION

2,604,237


2,754,204




Tax on profit

9

(503,450

)

(529,684

)


PROFIT FOR THE FINANCIAL YEAR

2,100,787


2,224,520




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

2,100,787


2,224,520





* £984,176 of Administrative expenses in 2023 have been re-classified as Cost of sales to reflect the nature of the expenses.






CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



STATEMENT OF FINANCIAL POSITION

29 FEBRUARY 2024



2024


2023


Notes

£   

£   


FIXED ASSETS

Property, plant and equipment

11

359,489


358,361




CURRENT ASSETS

Debtors

12

4,515,092


4,113,653



Prepayments and accrued income

394,878


365,125



Cash at bank

3,172,313


3,543,450



8,082,283


8,022,228



CREDITORS

Amounts falling due within one year

13

(3,361,952

)

(4,211,408

)


NET CURRENT ASSETS

4,720,331


3,810,820



TOTAL ASSETS LESS CURRENT

LIABILITIES

5,079,820


4,169,181




PROVISIONS FOR LIABILITIES

15

(39,914

)

(43,947

)


NET ASSETS

5,039,906


4,125,234




CAPITAL AND RESERVES

Called up share capital

16

3,894


4,946



Capital redemption reserve

17

3,855


2,803



Share option reserve

17

101,375


89,360



Retained earnings

17

4,930,782


4,028,125



SHAREHOLDERS' FUNDS

5,039,906


4,125,234




The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:






Mr P R Gow - Director



CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 29 FEBRUARY 2024



Called up


Capital


Share



share


Retained


redemption


option


Total


capital


earnings


reserve


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 March 2022

5,996


3,004,298


1,753


61,141


3,073,188




Changes in equity

Purchase of own shares

(1,050

)

(915,504

)

1,050


-


(915,504

)


Dividends

-


(244,471

)

-


-


(244,471

)


Total comprehensive income

-


2,224,520


-


-


2,224,520



Distribution relating to

director's loan

-


(40,718

)

-


-


(40,718

)


Share based payment charge

-


-


-


28,219


28,219



Balance at 28 February 2023

4,946


4,028,125


2,803


89,360


4,125,234




Changes in equity

Purchase of own shares

(1,052

)

(917,248

)

1,052


-


(917,248

)


Dividends

-


(261,404

)

-


-


(261,404

)


Total comprehensive income

-


2,100,787


-


-


2,100,787



Distribution relating to

director's loan

-


(19,478

)

-


-


(19,478

)


Share based payment charge

-


-


-


12,015


12,015



Balance at 29 February 2024

3,894


4,930,782


3,855


101,375


5,039,906




CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 29 FEBRUARY 2024



2024


2023


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,897,676


2,468,549



Interest paid

(2,747

)

(18,235

)


Tax paid

(941,177

)

(328,559

)


Net cash from operating activities

953,752


2,121,755




Cash flows from investing activities

Purchase of tangible fixed assets

(157,367

)

(272,331

)


Interest received

11,130


3,410



Net cash from investing activities

(146,237

)

(268,921

)



Cash flows from financing activities

Loan repayments in year

-


(250,000

)


Amount withdrawn by directors

-


(500,000

)


Share buyback

(917,248

)

(915,504

)


Equity dividends paid

(261,404

)

(244,471

)


Net cash from financing activities

(1,178,652

)

(1,909,975

)



Decrease in cash and cash equivalents

(371,137

)

(57,141

)


Cash and cash equivalents at beginning of

year

2

3,543,450


3,600,591




Cash and cash equivalents at end of year

3

3,172,313


3,543,450




CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 29 FEBRUARY 2024


1.

RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM

OPERATIONS



2024


2023

£   

£   



Profit for the financial year

2,100,787


2,224,520




Depreciation charges

156,239


97,393




Share based payment charge

12,015


28,219




Finance costs

2,747


23,035




Dividend and interest income

(35,096

)

(11,890

)



Taxation

503,450


529,684



2,740,142


2,890,961




Increase in trade and other debtors

(367,144

)

(866,533

)



(Decrease)/increase in trade and other creditors

(475,322

)

444,121




Cash generated from operations

1,897,676


2,468,549




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 29 February 2024


29.2.24


1.3.23

£   

£   



Cash and cash equivalents

3,172,313


3,543,450




Year ended 28 February 2023


28.2.23


1.3.22

£   

£   



Cash and cash equivalents

3,543,450


3,600,591





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.3.23

Cash flow

At 29.2.24

£   

£   

£   



Net cash



Cash at bank

3,543,450


(371,137

)

3,172,313



3,543,450


(371,137

)

3,172,313




Total

3,543,450


(371,137

)

3,172,313




CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024


1.

STATUTORY INFORMATION



Crown Jewels Consultants Ltd is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Information page.



The presentation currency of the financial statements is GB Pound Sterling (£), which is the company's functional currency.


2.

STATEMENT OF COMPLIANCE



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.  


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.



The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.



Significant judgements and estimates


The preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgement and estimates have been made include:



Judgements



The method of allocating income and costs to the foreign branches which impacts the tax charges in each branch and the company. Income allocation is based on specific contracts/customers based in that jurisdiction and an allocation of income from global contracts based on payroll costs in the relevant branch. Costs are actual costs arising in the particular jurisdiction.



Turnover


Revenue represents amounts receivable from the provision of consultancy services and application support, net of VAT and discounts.



Revenue from services undertaken on a time basis is recognised when the services are undertaken. Where revenue relates to fixed price service contract, revenue is recognised ratably over the term of the contract.


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


3.

ACCOUNTING POLICIES - continued



Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method.

The rates applicable are:

- Plant and machinery 4 years
- Fixtures and fittings 5 years
- Computer equipment 4 years

Impairment of Assets

At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment been recognised for the asset in prior years.

All impairment losses or reversals of impairment losses are recognised immediately in profit or loss.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Research and development

Expenditure on research and development is written off in the year in which it is incurred.


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


3.

ACCOUNTING POLICIES - continued



Foreign currency translation of transactions and balances

Transactions in currencies other than the functional currency are recognised at the date of the transaction. At the end of each month, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences are recognised in profit or loss in the period in which they arise.


Pension costs and other post-retirement benefits


The company operates a UK statutory workplace pension scheme and also makes contributions to certain employees' personal pension schemes which are recognised as an expense in the period in which they are incurred. The company makes contributions to pension schemes for Hong Kong, Singapore and US employees. Retirement benefits under the above money purchase schemes are accruing.



Leased Assets


Leases which do not transfer substantially all risks and rewards of ownership to the company are classified as operating leases. Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.



In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives are recognised as a reduction of rental expenses on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.



Going Concern


After reviewing the company's management accounts to the date of the signing of these accounts and the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.The majority of the company's revenue is generated from its contract with the London Stock Exchange Group, which was renewed on 12 April 2024. The directors also believe that the company is very well placed competitively due to its niche knowledge and expertise, which places the business in a strong position to grow its other existing sources of income. Potential opportunities to move into new geographical markets are also being explored and the company's financial position is currently very healthy with cash reserves of around £3.2m.  The directors therefore continue to adopt the going concern basis in preparing these financial statements.



Cash and cash equivalents


Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.



Debtors


Short term debtors are measured at the undiscounted amount of cash or other consideration expected to be received, less any impairment. If the arrangement constitutes a financing transaction, for example receipt is allowed to be deferred beyond normal commercial terms or financed at an interest rate other than at market rate, the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar type of debt.


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


3.

ACCOUNTING POLICIES - continued



Creditors


Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.



Long term creditors are identified and classified separately from short term creditors only where the company has an unconditional right at the end of the accounting period to defer settlement of the creditor for at least one year.



Provisions for Liabilities


Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.



The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.



Employee Benefits


The company has provided for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next twelve months. The provision is measured at the salary cost payable for the period of absence.



The costs of short-term employee benefits are recognised as a liability and an expense.



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.



Share based payments


The company provides share-based payments to certain employees under an Enterprise Management Incentive scheme. Details are outlined in Note 22.



The total expected expense is based on the fair value of the options on the grant date, calculated using a valuation model, and is recognised on a straight line basis over the expected vesting period in the profit and loss account with a corresponding credit to equity.


4.

REVENUE


The revenue and profit before taxation are attributable to services provided by the company.

An analysis of revenue by geographical market is given below:

2024 2023
£ £
United Kingdom10,258,72510,066,522
United States of America3,660,9693,355,353
Asia3,247,5762,814,661
17,167,27016,236,536



CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


5.

OTHER OPERATING INCOME


2024


2023

£   

£   



Sundry receipts

216


1,104




Government grants

23,551


33,931



23,767


35,035




6.

EMPLOYEES AND DIRECTORS


2024 2023
£ £
Wages and salaries8,543,2758,592,682
Social security costs973,427802,364
Other pension costs227,696231,128
9,744,3989,626,184


The average number of employees during the year was a follows:
2024 2023

Directors22
Employees:
Operations6962
Engineering2019
Sales & Marketing35
Administration2020
Total114108




2024  


2023  





   £    


£    




Directors' remuneration


102,681


16,120




Directors' pension contributions to money purchase schemes


490


96,560






During the year, there were no retirement benefits accruing to the company directors in respect of defined contribution schemes (2023 : £Nil).


7.

OPERATING PROFIT



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



2024


2023

£   

£   



Depreciation - owned assets

156,239


97,394




Auditors' remuneration

30,000


25,000




Share-based payments  

12,015


28,219




Operating lease rental costs  

464,012


384,724




Foreign exchange differences  

97,838


(256,259

)



CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


8.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Bank loan interest

-


7,877




Interest payable to HMRC

2,118


2,258




Interest and penalties on US tax

529


12,900




Penalties

100


-



2,747


23,035




9.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2024


2023

£   

£   



Current tax:


UK corporation tax

43,613


143,072




Hong Kong corporation tax

138,948


17,089




USA corporation tax

308,989


304,059




Singapore corporation tax

15,933


38,328




Total current tax

507,483


502,548





Deferred tax

(4,033

)

27,136




Tax on profit

503,450


529,684





UK corporation tax has been charged at 24% (2023 - 19%).



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2024


2023

£   

£   



Profit before tax

2,604,237


2,754,204




Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2023 - 19%)  

651,059


523,299





Effects of:


Expenses not deductible for tax purposes

28,865


14,485




Capital allowances in excess of depreciation

-


(8,232

)



Depreciation in excess of capital allowances

6,764


-




Impact of overseas tax rates  

(156,649

)

(9,721

)



Increase in deferred tax rate  

-


9,853




Marginal relief on UK tax  

(26,589

)

-





Total tax charge

503,450


529,684




CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


9.

TAXATION - continued


Current tax is recognised for the amount of tax payable in respect of the taxable profit for the current or past reporting periods using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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% for companies with profits of over £250,000. A small profits rate will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. This new law was substantively enacted on 24 May 2021and is applicable to the year under review. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

During the year beginning 1 March 2024, the net reversal of deferred tax assets and liabilities on the UK corporation tax for the year is not expected to be significant, due to foreign branch profits being taxed in their respective jurisdictions.

10.

DIVIDENDS


2024


2023

£   

£   



"G" Ordinary non-voting shares of £1 each



Interim div share type G

261,404


244,471




Further dividends of £197,202 have been paid after the year end.

11.

PROPERTY, PLANT AND EQUIPMENT


Fixtures



Plant and


and


Computer



machinery


fittings


equipment


Totals

£   

£   

£   

£   



COST


At 1 March 2023

100,235


148,641


480,760


729,636




Additions

60,792


1,794


94,781


157,367




At 29 February 2024

161,027


150,435


575,541


887,003




DEPRECIATION


At 1 March 2023

38,813


126,640


205,822


371,275




Charge for year

38,260


6,123


111,856


156,239




At 29 February 2024

77,073


132,763


317,678


527,514




NET BOOK VALUE


At 29 February 2024

83,954


17,672


257,863


359,489




At 28 February 2023

61,422


22,001


274,938


358,361




CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


12.

DEBTORS

2024

2023


£   

£   



Amounts falling due within one year:


Trade debtors

3,626,922


3,329,431




Accrued income

128,454


90,024




Other debtors

19,430


3,341




Sundry debtors

(95

)

14,523




Directors' current accounts

472,249


186,916




Tax

268,132


208,572



4,515,092


3,832,807





Amounts falling due after more than one year:


Directors' loan accounts

-


280,846





Aggregate amounts

4,515,092


4,113,653




Refer to Note 19 for the full capital value of the director's loan of £472,249.

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade creditors

382,666


332,779




Tax

286,155


660,289




Social security and other taxes

276,195


226,917




Pension - UK

15,059


-




Pension - HK

-


3,875




VAT

519,668


432,991




Other creditors

500


-




Deferred income

1,423,478


2,057,033




Accrued expenses

458,231


497,524



3,361,952


4,211,408




14.

LEASING COMMITMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023


£   

£   



Within one year

427,119


357,702




Between one and five years

143,324


273,458



570,443


631,160




15.

PROVISIONS FOR LIABILITIES

2024

2023


£   

£   



Deferred tax

39,914


43,947




CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


15.

PROVISIONS FOR LIABILITIES - continued



Deferred



tax


£   



Balance at 1 March 2023

43,947




Share based payments

(2,435

)



Accelerated capital allowances

(1,598

)



Balance at 29 February 2024

39,914




The deferred taxation provision principally relates to accelerated capital allowances.

16.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



3,889

"A" Ordinary voting

£1

3,889


4,938




(2023 - 4,938 )



2

"B" Ordinary non-voting

£1

2


2




NIL

"C" Ordinary non-voting

£1

-


1




(2023 - 1 )



1

"D" Ordinary non-voting

£1

1


1




NIL

"E" Ordinary non-voting

£1

-


2




(2023 - 2 )



2

"G" Ordinary non-voting

£1

2


2



3,894


4,946




On 28 April 2023, 1,049 " A" shares, 1 "C" share and 2 "E" shares were purchased by the company and cancelled. These shares were acquired for a consideration of £917,248 and stamp duty of £4,590 was paid. The shareholders had approved a resolution to purchase these shares. These shares were acquired in order to buy back the shares of a minority shareholder in the company.

The "B", "D", and "G" Ordinary non-voting shares shall not entitle the holders to receive notice of or attend or vote at any General Meeting of the Company.

Any dividend payable on any class of share may be decided at the discretion of the company, may vary from time to time and may be payable on one class of share only or any classes of shares as may be.

Save as aforesaid, the Class "A" Ordinary voting shares and the Class "B" to "G" Ordinary non-voting shares rank pari passu with each other in every respect.


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


17.

RESERVES


Capital


Share



Retained


redemption


option



earnings


reserve


reserve


Totals

£   

£   

£   

£   




At 1 March 2023

4,028,125


2,803


89,360


4,120,288




Profit for the year

2,100,787


-


-


2,100,787




Dividends

(261,404

)

-


-


(261,404

)



Purchase of own shares

(917,248

)

1,052


-


(916,196

)



Distribution relating to


director's loan

(19,478

)

-


-


(19,478

)



Share based payment charge

-


-


12,015


12,015




At 29 February 2024

4,930,782


3,855


101,375


5,036,012




Capital Redemption Reserve
The capital redemption reserve records the nominal value of shares repurchased by the company.

Share Option Reserve
Share based payment expenses passing through the profit and loss account are credited to the Share Option Reserve.

18.

OTHER FINANCIAL COMMITMENTS


Crown Jewels Consultants Ltd entered into a contract to purchase shares from 2 shareholders in 4 tranches. Clearance was obtained from HM Revenue & Customs under s1033 CTA 2010.

The first 2 tranches took place in 2021 and in total, 1,052 "A" shares were purchased for £917,247.94 and subsequently cancelled.

The next tranche took place in April 2022 when a further 1,050 "A" shares were purchased for £915,504.12. These shares have also been cancelled.

The final tranche took place in April 2023 when 1,049 "A" shares, 1 "C" share and 2 "E" shares were purchased for £917,247.94. These shares have also been cancelled.

19.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:


2024

2023


£   

£   



Mr P R Gow


Balance outstanding at start of year

500,000


-




Amounts advanced

-


500,000




Amounts repaid

-


-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

500,000


500,000




CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


19.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued


Refer to Note 12 for the present value of the above capital amount.

The company made a loan of £250,000 to Mr P R Gow in October 2022 followed by an additional £250,000 in November 2022. Interest is being charged at the HMRC Beneficial loan rate. The loans are still outstanding at the Balance Sheet date and are repayable on demand. The loans have been discounted using a market rate of 7%. The difference between the interest received and the loan discount is £60,196.29 (2023: £40,718), and is included in the financial statements as a distribution relating to the director's loan as shown in the Statement of Changes in Equity.

The director has repaid £225,000 of the loan after the Balance Sheet date in July 2024.

20.

RELATED PARTY DISCLOSURES



Entities that provide key management personnel services to the entity

2024

2023


£   

£   



Professional fees  

18,935


94,896




Amount due to related party  

-


5,150





Companies controlled by directors of Crown Jewels Consultants Limited invoiced Crown Jewels Consultants Limited £18,935 (2023: £94,896) for professional services. There was £Nil (2023: £5,150) owing at the year end.  



During the year, a total of key management personnel compensation of £ 824,858 (2023 - £ 1,014,758 ) was paid.


21.

ULTIMATE CONTROLLING PARTY



At the year end, the company was controlled by the director Mr P R Gow.


22.

SHARE-BASED PAYMENT TRANSACTIONS


The company set up an Enterprise Management Incentive Share Option Plan in January 2020. A total of 566 share options were offered to certain senior employees. The options were granted with a fixed exercise price of £830 per share and are exercisable at the earlier of an exit or five years after the date of the grant. Employees are not entitled to dividends until the shares are exercised. Employees are required to remain in employment with the company until exercise otherwise the options lapse. On exercise of the options by the employees, the company issues new shares. There are 488 options that remain outstanding at the year end.

The fair value of the share options granted during the year was determined using a model based on the Black-Scholes model which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The total charge this year is £12,015 (2023: £28,219).


CROWN JEWELS CONSULTANTS LTD (REGISTERED NUMBER: 03899913)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 29 FEBRUARY 2024


23.

FINANCIAL INSTRUMENTS




2024  


2023  




   




                                                                                                £                         £


Financial assets




Financial assets measured at fair value through profit or loss (a)


3,172,313


3,543,450




Financial assets that are debt instruments measured at amortised cost (b)


4,247,056


3,890,558





7,419,369


7,434,008




Financial liabilities




Financial liabilities measured at amortised cost (c)


856,456


830,303





(a) consists of cash at bank and in hand


(b) consists of trade debtors, accrued income, other debtors, sundry debtors and directors' current accounts


(c) consists of trade creditors, pensions liabilities, other creditors and accrued expenses