Directors |
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Secretaries |
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Company Number |
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Registered Office | Abel Smith House |
Gunnels Wood Road | |
Stevenage | |
SG1 2ST | |
Auditors |
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The Mill | |
Pury Hill Business Park | |
Towcester | |
NN12 7LS | |
KPI
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Current year
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Prior year
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Context
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Revenue
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£57.7m
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£66.3.m
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Measure of the growth of the business and success in winning new contracts, and diversifying into adjacent markets.
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Gross Margin
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£9.6m
16.7%
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£13.4m
20.3%
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Reflects the ability to win and sustain contracts at an appropriate margin, and to mitigate price risk.
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Operating profit
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£4.0m
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£3.2m
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Overall measure of profitability for the business.
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EBITDA
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£4.0m
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£3.3m
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Difference between operating profit and EBITDA is depreciation on fixed assets.
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Number of vulnerable households served
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50,142 (2022/3 - 36,697)
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Number of energy efficiency measure provided
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176,363 (2022/3 - 94,465)
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Total annual bill savings from energy saving measures
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£16.1m (2022/3 - £11.8m)
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Average annual savings per household
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£373 (2022/3 - £370)
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Principal Risks
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Nature and Impact
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Mitigation
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Strategic risk
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Government regulation changes to effect that a different funding model is developed for tackling fuel poverty and energy efficency that does not play to the Company's strengths, or funding is ceased or withdrawn in key areas.
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Continuous communication with the government and relevant stakeholders including DESNZ and Ofgem, as well as diversification of funding partners and operations.
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Key-person dependency in senior management and other critical areas of the business.
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Active succession planning, resources planning, investment in training and development.
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Commercial risk
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Key customer goes out of business or ceases to work with the Company.
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Diversification of customer base, diversification of operations, strong relationship management, robust contractual terms.
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Supplier market price movements result in margin pressure.
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Back-to-back contracting, monitoring market intelligence, ensuring contracts are appropriate length.
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Operational risk
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Data breach or mishandling of customer data.
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Clear data handing policy established and regularly reviewed, and compliance monitored.
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I.T security or systems failure.
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Staff training, investment in IT support, penetration testing, external reviews.
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Director
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19 November 2024
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Appointed |
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Appointed |
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Appointed |
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Appointed |
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Appointed |
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Director
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for and on behalf of
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The Mill
Pury Hill Business Park
Towcester
NN12 7LS
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31 March 2024 | 30 September 2023 | |||
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Notes | £ | £ | ||
TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Other interest receivable and similar income | 10 |
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Interest payable and similar charges | 11 |
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PROFIT BEFORE TAXATION |
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Tax on Profit | 12 |
( |
( |
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PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL PERIOD |
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31 March 2024 | 30 September 2023 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 13 |
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Investments | 14 |
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CURRENT ASSETS | |||||
Stocks | 15 |
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Debtors | 16 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 17 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 18 |
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PROVISIONS FOR LIABILITIES | |||||
Provisions for Charges | 21 |
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Deferred taxation | 20 |
( |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 22 |
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Share premium Account |
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Other reserves |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 6,370,015 | 2,239,276 | |||
Director
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Director
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Share Capital | Share Premium | Other reserves | Profit and Loss Account | Total | |
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£ | £ | £ | £ | £ | |
As at 1 October 2022 |
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3,769,049 |
Profit for the year and total comprehensive income | - | - | - |
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1,803,823 |
Dividends paid | - | - | - | (3,791,415) | (3,791,415) |
Movements in other reserves | - | - | 457,819 | - | 457,819 |
As at 30 September 2023 and 1 October 2023 |
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2,239,276 |
Profit for the period and total comprehensive income | - | - | - |
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3,799,496 |
Dividends paid | - | - | - | (3,125,000) | (3,125,000) |
Arising on shares issued during the period |
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3,374,484 | - | - | 3,374,484 |
Movements in other reserves | - | - | 81,759 | - | 81,759 |
Transfer to/from Other Reserves | - | - | - | 601,185 | 601,185 |
Transfer to/from Profit & Loss Account | - | - |
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- | (601,185) |
As at 31 March 2024 |
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6,370,015 |
Fixtures & Fittings |
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31 March 2024
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30 September 2023
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£
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£
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Rendering of services
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57,665,553
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62,281,838
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Other revenue
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198
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819
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57,665,751
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66,282,657
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Bad debts | 285 | 27,837 | |
Depreciation of tangible fixed assets |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Audit Services | |||
Audit of the company's financial statements |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Wages and salaries |
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Social security costs |
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Other pension costs |
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31 March 2024 | 30 September 2023 | ||
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Office and administration |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Emoluments |
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Company contributions to money purchase pension schemes |
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31 March 2024 | 30 September 2023 | ||
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Money purchase pension schemes |
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31 March 2024 | 30 September 2023 | ||
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Directors receiving shares under long term incentive schemes |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Other interest receivable | 106,196 | - | |
Dividends from other fixed asset investments | 39,717 | - | |
145,913 | - | ||
31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Other finance charges |
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The tax charge on the profit for the period was as follows:
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Tax Rate | 31 March 2024 | 30 September 2023 | |||
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31 March 2024 | 30 September 2023 | £ | £ | ||
Current tax | |||||
UK Corporation Tax | 25.0% | 22.0% |
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Prior period adjustment |
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( |
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Deferred Tax | |||||
Origination and reversal of timing differences |
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Total tax charge for the period |
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The actual charge for the period can be reconciled to the expected charge for the period based on the profit and the standard rate of corporation tax as follows:
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31 March 2024 | 30 September 2023 | ||||
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£ | £ | ||||
Profit before tax | 4,134,315 | 3,182,570 | |||
Tax on profit at 25% (UK standard rate) |
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Goodwill/depreciation not allowed for tax |
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Expenses not deductible for tax purposes |
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Capital allowances |
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( |
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Short term timing differences |
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Prior period adjustment |
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Dividends from companies |
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Group relief |
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Exercise of employee share options |
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Total tax charge for the period | 334,819 | 1,378,747 | |||
Fixtures & Fittings | |
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£ | |
Cost | |
As at 1 October 2023 |
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Additions |
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Disposals |
( |
As at 31 March 2024 |
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Depreciation | |
As at 1 October 2023 |
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Provided during the period |
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Disposals |
( |
As at 31 March 2024 |
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Net Book Value | |
As at 31 March 2024 |
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As at 1 October 2023 |
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Subsidiaries | Unlisted | Total | |
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£ | £ | £ | |
Cost | |||
As at 1 October 2023 |
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As at 31 March 2024 |
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Provision | |||
As at 1 October 2023 |
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- |
As at 31 March 2024 |
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Net Book Value | |||
As at 31 March 2024 |
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As at 1 October 2023 |
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Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
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Abel Smith House, Gunnels Wood Road, Stevenage, SG1 2ST |
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- |
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Abel Smith House, Gunnels Wood Road, Stevenage, SG1 2ST |
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100.00% |
31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Stock |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Amounts owed by group undertakings | 4,122,649 | 1,207 | |
Other debtors | 7,046,486 | 7,651,168 | |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors | 74,626 | 1,225,575 | |
Corporation tax |
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Taxation and social security | 603,327 | 506,526 | |
Accruals and deferred income |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Other loans |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Amounts falling due between one and five years: | |||
Other loans |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Other timing differences | 14,716 | 12,631 | |
Deferred Tax | Other Provisions | Total | |
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£ | £ | £ | |
As at 1 October 2023 |
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12,631 |
Additions |
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62,085 |
Balance at 31 March 2024 |
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74,716 |
31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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31 March 2024 | 30 September 2023 | ||
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£ | £ | ||
On equity shares: | |||
Interim dividend paid |
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