REGISTERED NUMBER: 06493076 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
ACTION PROPERTIES (NORTH WEST) LIMITED |
REGISTERED NUMBER: 06493076 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
ACTION PROPERTIES (NORTH WEST) LIMITED |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Consolidated Statement of Income and Retained Earnings |
10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Statement of Cash Flows | 14 | to | 15 |
Notes to the Consolidated Financial Statements | 16 | to | 31 |
ACTION PROPERTIES (NORTH WEST) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 30 November 2023. |
The group's principal trading activity is that of exhibition and fair organisers. |
REVIEW OF THE BUSINESS |
The results of the audit show a pre tax profit of £2,541,783, which is an increase of 3.1% compared to the previous year of £2,456,745. Revenue has increased year on year by 17.5% from £19,104,584 in 2022 to £22,451,011 in 2023. The directors are pleased with the group performance over the year with significant growth. |
The group has bounced back significantly over the last 2 years post Covid, increasing our market share year on year. |
The group recognises its responsibilities in terms of equality and human rights towards its employees and individuals involved with the group. To these ends a high priority is given to ethical considerations in supplier and employee selection and partnership. The group has well established codes in respect of employee welfare and respect for the community and the group operates these. |
KPIs |
KPIs for turnover, gross profit, year on year trading, performance against budget are reviewed by the group and board. |
The group gross profit margin has been maintained year on year.. |
Turnover was up year on year by £3,346,427, 17.5%. |
There will a continued focus on the upselling to exhibitors where we are the main contractors on site to drive revenue and increase margin. |
We have taken a strategic approach to how invested in 2022, with sustainability principals in mind, to reduce our environmental impact. Transitioning from conventional timber products to sustainable stock is at center of our design thinking process. |
The directors review cash flow on a weekly and monthly basis to ensure all our short and long term obligations and strategies can be met. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Exposure to bad debts is considered to be the biggest risk to the group. However, a large proportion of the group's debtors are large well-established companies with good credit history. In addition, the Group operates internal credit checking and control processes that have been developed over several years. Together these mitigate credit risk to what is considered an acceptable level. |
FINANCIAL RISK MANAGEMENT |
Credit risk is addressed by carrying out regular checks of our customers with a reputable credit risk agency and holding a provision for doubtful debts on the balance sheet. |
CORPORATE AND SOCIAL RESPONSIBILITY |
The group recognises its responsibilities in terms of equality and human rights towards its employees and individuals involved with the group. To these ends a high priority is given to ethical considerations in supplier and employee selection and partnership. The group has well established codes in respect of employee welfare and respect for the community and the group operates these. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
OPERATING EXPENSES |
Operational expenses are monitored continually for each expense category and the directors are satisfied that the business continues to demonstrate strong cost control and caution in its decision making. |
WORKING CAPITAL |
The group meets its day to day working capital requirements through cash receipts from customers. These are closely monitored to ensure adherence to agreed credit terms. Stock is regularly reviewed to ensure that the valuation is in line with UK accounting standards and is deemed recoverable. Any obsolete stock that is identified is fully provided for within these financial statements. |
ON BEHALF OF THE BOARD: |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a holding company. |
DIVIDENDS |
Particulars of recommended dividends are detailed in the notes to the financial statements. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
EMPLOYMENT OF DISABLED PERSONS |
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. |
EMPLOYEE INVOLVEMENT |
During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, including the future developments of the group. |
The strategic report can be found on page 2-3 of the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACTION PROPERTIES (NORTH WEST) LIMITED |
Qualified Opinion |
We have audited the financial statements of ACTION PROPERTIES (NORTH WEST) LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion, other than the information in the basis for qualified opinion paragraph, the financial statements: |
- give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2023 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 qualified opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. |
Due to logistical issues, we could not attend the stock take as at 30 November 2022 that was undertaken by the group. Alternative procedures should be performed to obtain sufficient appropriate audit evidence, such as inspection of documentation of the subsequent sale of specific inventory items acquired or purchased prior to the physical inventory counting, however due to the nature of the business this was not possible. Therefore, we were unable to satisfy ourselves concerning the existence of the opening inventory quantities of £555,719. Since the opening inventory affects the determination of the results of operations and company net assets, we were unable to determine whether adjustments to the results of operations and retained earnings might be necessary. |
As a result of the above issue, our opinion on the audited financial statements was qualified because of the possible effect of these matters on the current periods figures. |
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 group's and the parent 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACTION PROPERTIES (NORTH WEST) LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACTION PROPERTIES (NORTH WEST) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to: |
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
Based on this approach, we were able to assess the group risks and ensure the risks were considered throughout all areas of audit testing across all group companies. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information. |
Audit response to risks identified |
As a result of performing the above, we did not identify any key audit matters related to the potential risk of |
fraud or irregularities. Our procedures to identify any potential fraud or irregularities are as follows: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACTION PROPERTIES (NORTH WEST) LIMITED |
Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. |
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- | Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
TURNOVER | 22,451,011 | 19,104,584 |
Cost of sales | (13,897,088 | ) | (12,067,410 | ) |
GROSS PROFIT | 8,553,923 | 7,037,174 |
Administrative expenses | (5,862,975 | ) | (4,441,521 | ) |
2,690,948 | 2,595,653 |
Other operating income | 4 | 17,411 | 3,750 |
OPERATING PROFIT | 6 | 2,708,359 | 2,599,403 |
Interest receivable and similar income | 2,739 | 25,229 |
2,711,098 | 2,624,632 |
Interest payable and similar expenses | 7 | (169,315 | ) | (158,887 | ) |
PROFIT BEFORE TAXATION | 2,541,783 | 2,465,745 |
Tax on profit | 8 | (627,022 | ) | (707,787 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | 4,191,952 | 2,631,097 |
Dividends | 10 | (350,670 | ) | (350,670 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
5,756,043 |
4,038,385 |
Profit attributable to: |
Owners of the parent | 1,914,761 | 1,757,958 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 5,698,388 | 4,832,526 |
Investments | 12 | 21,430 | 21,430 |
5,719,818 | 4,853,956 |
CURRENT ASSETS |
Stocks | 13 | 555,719 | 427,960 |
Debtors | 14 | 3,405,552 | 3,339,206 |
Cash at bank and in hand | 4,953,327 | 3,029,265 |
8,914,598 | 6,796,431 |
CREDITORS |
Amounts falling due within one year | 15 | (6,196,119 | ) | (4,731,989 | ) |
NET CURRENT ASSETS | 2,718,479 | 2,064,442 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,438,297 |
6,918,398 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(1,114,304 |
) |
(1,645,193 |
) |
PROVISIONS FOR LIABILITIES | 20 | (712,558 | ) | (613,697 | ) |
NET ASSETS | 6,611,435 | 4,659,508 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 600 | 600 |
Non-distributable reserve | 22 | 569,702 | 466,356 |
Capital redemption reserve | 22 | 600 | 600 |
Retained earnings | 22 | 6,040,533 | 4,191,952 |
SHAREHOLDERS' FUNDS | 6,611,435 | 4,659,508 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by: |
H A Jones - Director |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 350,670 | 350,670 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,362,578 | 3,815,805 |
Interest paid | (79,176 | ) | (106,294 | ) |
Interest element of hire purchase payments paid |
(90,139 |
) |
(52,593 |
) |
Tax paid | (446,088 | ) | (375,317 | ) |
Net cash from operating activities | 3,747,175 | 3,281,601 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (885,404 | ) | (287,012 | ) |
Sale of tangible fixed assets | 12,450 | 8,939 |
Interest received | 2,739 | 25,229 |
Net cash from investing activities | (870,215 | ) | (252,844 | ) |
Cash flows from financing activities |
Loan repayments in year | (199,986 | ) | (132,126 | ) |
Capital repayments in year | (255,463 | ) | (97,733 | ) |
Amount introduced by directors | 360,670 | 383,562 |
Amount withdrawn by directors | (507,449 | ) | (1,188,492 | ) |
Equity dividends paid | (350,670 | ) | (350,670 | ) |
Net cash from financing activities | (952,898 | ) | (1,385,459 | ) |
Increase in cash and cash equivalents | 1,924,062 | 1,643,298 |
Cash and cash equivalents at beginning of year |
2 |
3,029,265 |
1,385,967 |
Cash and cash equivalents at end of year |
2 |
4,953,327 |
3,029,265 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.11.23 | 30.11.22 |
£ | £ |
Profit before taxation | 2,541,783 | 2,465,745 |
Depreciation charges | 403,115 | 368,842 |
Loss on disposal of fixed assets | 26,260 | 31,965 |
Finance costs | 169,315 | 158,887 |
Finance income | (2,739 | ) | (25,229 | ) |
3,137,734 | 3,000,210 |
Increase in stocks | (127,759 | ) | (125,255 | ) |
(Increase)/decrease in trade and other debtors | (196,924 | ) | 384,335 |
Increase in trade and other creditors | 1,549,527 | 556,515 |
Cash generated from operations | 4,362,578 | 3,815,805 |
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 30 November 2023 |
30.11.23 | 1.12.22 |
£ | £ |
Cash and cash equivalents | 4,953,327 | 3,029,265 |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 3,029,265 | 1,404,748 |
Bank overdrafts | - | (18,781 | ) |
3,029,265 | 1,385,967 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.12.22 | Cash flow | At 30.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,029,265 | 1,924,062 | 4,953,327 |
3,029,265 | 1,924,062 | 4,953,327 |
Debt |
Finance leases | (840,468 | ) | 255,463 | (585,005 | ) |
Debts falling due within 1 year | (177,723 | ) | (33,393 | ) | (211,116 | ) |
Debts falling due after 1 year | (1,042,249 | ) | 233,379 | (808,870 | ) |
(2,060,440 | ) | 455,449 | (1,604,991 | ) |
Total | 968,825 | 2,379,511 | 3,348,336 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
ACTION PROPERTIES (NORTH WEST) LIMITED is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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 under the historical cost convention as modified by the revaluation of certain assets. |
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: |
(a) No cash flow statement has been presented for the company. |
(b) Disclosures in respect of financial instruments have not been presented. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
BASIS OF CONSOLIDATION |
The financial statements consolidate the financial statements of Action Properties (North West) Limited and all of its subsidiary undertakings. |
The Group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the Group's share of the results of associates made up to 30 November 2023. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. |
Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. |
All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group's interest in the entity. |
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. |
Going concern |
The consolidated financial statements have been prepared on a going concern basis. At the balance sheet date the group had a healthy net current assets and net asset position. The group meets its day to day working capital obligations from cash generate by its operations, use of long term debt and utilisation of revolving credit and suppliers. The parent company has provided continuous support to its group undertakings during the year. |
As a result of the information above, the accounts have been prepared on a going concern basis and this is deemed suitable by the directors for the year ended 30 November 2023. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
Investment property was stated in the balance sheet at fair value based on the valuation performed by the directors. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Leasehold improvements | - |
Hire equipment | - |
Theatre systems | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Depreciation is not provided on Freehold Property as it is stated at fair value, a review is undertaken annually for impairment by the directors in accordance with section 17 of financial reporting standard 102. |
The directors are of the opinion that the residual value of the freehold properties is not materially different to the fair value and therefore no depreciation has been provided. |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
STOCKS |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
CORPORATION TAX |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Assets held under finance leases and hire purchase contracts are recognised in the statement of |
financial position as assets and liabilities at the lower of the fair value of the assets and the present |
value of the minimum lease payments, which is determined at the inception of the lease term. Any |
initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding |
lease liability using the effective interest method. Finance charges are allocated to each period so |
as to produce a constant rate of interest on the remaining balance of the liability. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
IMPAIRMENT OF FIXED ASSETS |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to |
which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that |
includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the |
acquisition date, allocated to each of the cash-generating units that are expected to benefit from |
the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. |
PROVISIONS |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
4. | OTHER OPERATING INCOME |
30.11.23 | 30.11.22 |
£ | £ |
Rents received | 17,411 | 3,750 |
5. | EMPLOYEES AND DIRECTORS |
30.11.23 | 30.11.22 |
£ | £ |
Wages and salaries | 4,171,544 | 3,428,127 |
Social security costs | 149,988 | 137,583 |
Other pension costs | 303,677 | 57,109 |
4,625,209 | 3,622,819 |
The average number of employees during the year was as follows: |
30.11.23 | 30.11.22 |
Administration and management |
30.11.23 | 30.11.22 |
£ | £ |
Directors' remuneration | 48,226 | 37,798 |
Directors' pension contributions to money purchase schemes | 240,000 | - |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.11.23 | 30.11.22 |
£ | £ |
Other operating leases | 202,911 | 131,035 |
Depreciation - owned assets | 403,116 | 368,841 |
Loss on disposal of fixed assets | 26,260 | 31,965 |
Auditors' remuneration | 31,423 | 28,194 |
Taxation compliance services | 155 | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.11.23 | 30.11.22 |
£ | £ |
Bank loan interest | 77,232 | 106,294 |
Interest on overdue taxation | 1,944 | - |
Hire purchase interest | 90,139 | 52,593 |
169,315 | 158,887 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.23 | 30.11.22 |
£ | £ |
Current tax: |
UK corporation tax | 562,608 | 315,326 |
Deferred tax | 64,414 | 392,461 |
Tax on profit | 627,022 | 707,787 |
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: |
30.11.23 | 30.11.22 |
£ | £ |
Profit before tax | 2,541,783 | 2,465,745 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
635,446 |
468,492 |
Effects of: |
Expenses not deductible for tax purposes | 15,080 | 822 |
Capital allowances in excess of depreciation | (3,701 | ) | (33,926 | ) |
Deferred tax on revaluation of properties | - | 153,567 |
Effects of future changes in tax rates | - | 118,832 |
Adjustment in respect of differing tax rates within period | (19,803 | ) | - |
Total tax charge | 627,022 | 707,787 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
30.11.23 | 30.11.22 |
£ | £ |
Ordinary A shares of £1 each |
Interim | 216,030 | 212,202 |
Ordinary B shares of £1 each |
Interim | 134,640 | 138,468 |
350,670 | 350,670 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Leasehold | Hire | Theatre |
property | improvements | equipment | systems |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 December 2022 | 2,302,716 | 106,649 | 138,644 | 101,452 |
Additions | 70,248 | - | - | - |
Disposals | - | - | - | - |
Revaluations | 422,284 | - | - | - |
At 30 November 2023 | 2,795,248 | 106,649 | 138,644 | 101,452 |
DEPRECIATION |
At 1 December 2022 | - | 49,208 | 83,840 | 59,802 |
Charge for year | - | 15,959 | 6,673 | 4,630 |
Eliminated on disposal | - | - | - | - |
At 30 November 2023 | - | 65,167 | 90,513 | 64,432 |
NET BOOK VALUE |
At 30 November 2023 | 2,795,248 | 41,482 | 48,131 | 37,020 |
At 30 November 2022 | 2,302,716 | 57,441 | 54,804 | 41,650 |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 December 2022 | 2,968,709 | 396,177 | 332,207 | 165,984 | 6,512,538 |
Additions | 293,485 | 30,070 | 367,589 | 124,012 | 885,404 |
Disposals | - | (1,650 | ) | (53,040 | ) | - | (54,690 | ) |
Revaluations | - | - | - | - | 422,284 |
At 30 November 2023 | 3,262,194 | 424,597 | 646,756 | 289,996 | 7,765,536 |
DEPRECIATION |
At 1 December 2022 | 1,018,526 | 154,316 | 241,290 | 73,030 | 1,680,012 |
Charge for year | 234,054 | 33,186 | 69,584 | 39,030 | 403,116 |
Eliminated on disposal | - | (186 | ) | (15,794 | ) | - | (15,980 | ) |
At 30 November 2023 | 1,252,580 | 187,316 | 295,080 | 112,060 | 2,067,148 |
NET BOOK VALUE |
At 30 November 2023 | 2,009,614 | 237,281 | 351,676 | 177,936 | 5,698,388 |
At 30 November 2022 | 1,950,183 | 241,861 | 90,917 | 92,954 | 4,832,526 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
The company has no fixed assets. |
Upon consolidation the investment property held is reclassed as a freehold property. |
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements, plant and machinery £840,461 (2022: £944,589). |
The company has no tangible assets held under finance lease or hire purchase agreements. |
The business had a valuation on 19 July 2023 by WT Gunson the valuations valued Engels House and Unit B2 in full. The director believes the valuations are representative of the fair value at 30 November 2023. |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 | 21,430 |
NET BOOK VALUE |
At 30 November 2023 | 21,430 |
At 30 November 2022 | 21,430 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
SUBSIDIARIES |
Registered office: Engels House, Victoria Mills,Weaste Trading Estate, Liverpool Street, Salford, M5 5HD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Engels House, Victoria Mills,Weaste Trading Estate, Liverpool Street, Salford, M5 5HD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Engels House, Victoria Mills,Weaste Trading Estate, Liverpool Street, Salford, M5 5HD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Engels House, Victoria Mills,Weaste Trading Estate, Liverpool Street, Salford, M5 5HD |
Nature of business: |
% |
Class of shares: | holding |
13. | STOCKS |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Stocks | 555,719 | 427,960 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors | 1,058,170 | 855,821 |
Other debtors | 6,453 | 15,816 |
Directors' loan accounts | 1,427,808 | 1,281,029 |
Tax | 120,021 | 218,932 |
Social security and other tax | - | 89,223 |
Prepayments and accrued income | 793,100 | 878,385 |
3,405,552 | 3,339,206 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans and overdrafts (see note 17) | 211,116 | 177,723 |
Hire purchase contracts (see note 18) | 279,571 | 237,524 |
Trade creditors | 2,947,081 | 2,159,122 |
Tax | 448,396 | 520,010 |
Social security and other taxes | 111,134 | - |
VAT | 104,805 | 411,263 |
Other creditors | 348,441 | 209,121 |
Accruals and deferred income | 1,745,575 | 1,017,226 |
6,196,119 | 4,731,989 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans (see note 17) | 808,870 | 1,042,249 |
Hire purchase contracts (see note 18) | 305,434 | 602,944 |
1,114,304 | 1,645,193 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 211,116 | 177,723 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 688,195 | 802,448 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 120,675 | 239,801 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.11.23 | 30.11.22 |
£ | £ |
Net obligations repayable: |
Within one year | 279,571 | 237,524 |
Between one and five years | 305,434 | 602,944 |
585,005 | 840,468 |
Group |
Non-cancellable | operating leases |
30.11.23 | 30.11.22 |
£ | £ |
Within one year | 100,000 | 100,000 |
Between one and five years | 391,667 | 400,000 |
In more than five years | - | 91,667 |
491,667 | 591,667 |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans | 1,019,986 | 1,219,972 |
Hire purchase contracts | 585,005 | 840,468 |
1,604,991 | 2,060,440 |
The hire purchase liabilities are secured on the related assets. |
The bank loans are secured by a fixed and floating charge over the assets of the group. |
A debenture charge exists dated 16 January 2014 For Full circle Events and Exhibitions Limited, in favour of National Westminster Bank PLC, incorporating a fixed charge over all land and buildings held by the group.This charge was satisfied on 10 July 2024. |
A debenture charge exists dated 6 October 2017 for API Equity Limited, in favour of National Westminster Bank PLC, incorporating a fixed charge over all property or undertakings.This charge was satisfied on 10 July 2024. |
A debenture charge exists dated 15 December 2005 for API Equity Limited, in favour of National Westminster Bank PLC, incorporating a fixed charge over all property or undertakings.This charge was satisfied on 10 July 2024. |
A debenture charge exists dated 3 August 2015 for Full Circle Events and Exhibitions Limited, in favour of National Westminster Bank PLC, incorporating a fixed charge over all property or undertakings.This charge was satisfied on 10 July 2024. |
A charge exists dated 18 December 2017 for API Equity Limited, in favour of National Westminster Bank PLC, incorporating a fixed charge over Unit B2 and Units 33-42 Victoria Mills, Weaste Lane, Salford.This charge was satisfied on 10 July 2024. |
A charge exists dated 19 February 2008 for API Equity Limited, in favour of National Westminster Bank PLC, incorporating a fixed charge over all property and assets. |
A charge exists dated 17 December 2018 for Psycho Peacock Limited, in favour of National Westminster Bank PLC, incorporating a fixed charge over all property or undertaking of the company. |
The group bankers have fixed and floating charges over all property undertakings of the subsidiary undertakings. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
20. | PROVISIONS FOR LIABILITIES |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 524,543 | 670,054 |
Other timing differences | 188,015 | 153,567 |
Deferred tax | - | (209,924 | ) |
712,558 | 613,697 |
Group |
Deferred |
tax |
£ |
Balance at 1 December 2022 | 613,697 |
Provided during year | 98,861 |
Balance at 30 November 2023 | 712,558 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary A | £1 | 510 | 510 |
Ordinary B | £1 | 90 | 90 |
600 | 600 |
22. | RESERVES |
Non-distributable reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. |
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the |
company. |
Profit and loss account - This reserve records retained earnings and accumulated losses. |
ACTION PROPERTIES (NORTH WEST) LIMITED (REGISTERED NUMBER: 06493076) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022: |
30.11.23 | 30.11.22 |
£ | £ |
S T Barratt |
Balance outstanding at start of year | 1,125,200 | 288,505 |
Amounts advanced | 344,902 | 1,065,503 |
Amounts repaid | (226,027 | ) | (228,808 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,244,075 | 1,125,200 |
H A Jones |
Balance outstanding at start of year | 155,828 | 187,594 |
Amounts advanced | 103,915 | 106,702 |
Amounts repaid | (134,640 | ) | (138,468 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 125,103 | 155,828 |
The directors had an interest free loan during the year. By virtue of the loan account, a liability to taxation exists under section 455 CTA 2010 in the sum of £451,952 which will be repaid or discharged when the loan is repaid. |
The advance is unsecured, repayable on demand and interest free. |
24. | RELATED PARTY DISCLOSURES |
The key personnel of the group are the directors. Directors' remuneration is disclosed in note 5 of the financial statements. |
Except for the transactions noted above, related party transactions including transactions with directors, are conducted under normal market conditions and/or are not material. |
25. | POST BALANCE SHEET EVENTS |
Following the end of the reporting period, the group sold investments in subsidiary undertakings in Full Circle Events & Exhibitions Limited and Psycho Peacock Limited, as part of a full management buyout. |
There were no other material events up to the date of approval of the financial statements by the Board. |
26. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is S T Barratt. |